Common Myths about Purchasing a Home in Today’s Market

1. It’s better to wait, home prices will continue to fall.
Don’t try to guess when the market will turn and lose out on the current opportunities, the time to buy is now. We are currently in what is known as a “Buyer’s Market”. A buyers market is defined as a market that has more sellers than buyers. Sellers are willing to reduce their price because supply of homes on the market causes competition to be greater which translates to lower prices for the buyer.

2. I need to have 20% down to purchase a home.
There are many types of mortgage programs available, you can purchase a home with no down payment, 100% financing from your lender and help from the seller with closing costs. Talk to one of our loan officers to determine if you qualify for 100% financing or as little as 3% down.

3. My credit is bad, so I can’t qualify for a mortgage.
Your credit profile is something that you can change. If you have a less than perfect credit history, talk to a loan officer about what steps you can follow to improve your credit and increase your credit score. The better your credit history, the more mortgage options you will have available to you.

4. All lenders are the same.
It is very important that you deal with someone that you can trust. DFCU Financial loan officers will work with you to put you into the program that is right for you. Don’t be fooled by “teaser rates” and promotional gimmicks. DFCU Financial has a variety of products to choose from, none of which contain a pre-payment penalty. Beware of a deal that sounds too good to be true. Most importantly, understand the mortgage product you select. If it is an adjustable rate product, make sure you understand the adjustments and how they effect your future payments. Choose a loan officer that explains the product in detail and gives you the information in writing.

5. The mortgage process is long and complicated.
DFCU wants to make your home buying experience as easy as possible. Our loan officers and the loan coordinators in the Mortgage Services Department will be there every step of the way to explain the details and assist you. DFCU will also service your loan until the loan is paid in full so you will continue to deal with the people you’ve come to trust.