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Happy February! We hope you’ve had a lovely month, but it’s time to share some truth. A successful real estate transaction is all about being in the know. That’s why we thought now was a perfect opportunity to debunk some popular real estate myths we still hear from buyers. After all, our team is all about education regarding real estate and the importance a professional notary has in bringing that journey home.
Myth: You need 20% for a down payment. Yes, we’re starting this list with a myth we thought died years ago. Saving for a down payment is important, but if that’s your main obstacle to homeownership; the mountain may not be as high as you think. Many home loans require far less than that. Conventional loans often accept as little as 3% down, and FHA loans require 3.5%. Some programs, including VA loans for veterans, have no down payment required, so it’s always good to talk to a loan officer for advice.
Myth: PMI is always a bad thing. This next lie on our list directly relates to our last point. Yes, we’re talking about Private Mortgage Insurance, which many still view as a penalty for not putting enough money down. But it’s time to change that mindset. Instead, think of it as a flexibility fee if it makes better financial sense to start with a smaller down payment.
Myth: Not using a buyer’s agent is a good way to save money. One of the big stories in 2024 was how the structure of commissions has changed, especially on the buyer’s side. We know that a segment of the population continues to believe that going alone can save you money, but that’s not usually the case. Working with the right Realtor can make all the difference. They can help you narrow your search, discover what you want, connect you with the right inspectors, contractors and title company, guide you through the negotiation process and so much more.
Myth: All notary services are the same. Yes, we snuck this one in for our benefit, but who you partner with for your real estate transaction matters. Whether you’re the buyer/seller yourself or one of our fellow real estate professionals, we hope you consider working with BBS Notary for your next signing! We know and care about what we’re doing and how we do it. Our leadership is also well-respected and active in the title world, and the entire team understands how important real estate transactions are. Rely on us for security, convenience and affordability.
Ready to level up when it comes to your mobile notary partner? Reach out to the BBS Notary team anytime. We’d love to work with you!
