In the world of homebuying, there’s a lot of noise. Facts, stats, and opinions can all pile up into a confusing mess. There’s a lot of advice out there and not all of it is true. That’s why we’re here. It’s time to set the record straight on the most common homebuying myths so that you can feel completely confident in the best purchase there is … your home. *
Homebuying Myth #1
You need a perfect credit score to buy a home
Taylor Morrison Home Funding, Inc. offers loan programs with credit scores as low as 600, plus their Able. Ready. Own. ® (“ARO”) service is designed specifically to help improve your credit qualifications. **
Homebuying Myth #2
I need 20% for a down payment
Taylor Morrison Home Funding, Inc. offers loans with as little as a 3% down payment, as well as a 0% down payment for VA and USDA loans. It’s a good idea to focus on what you can afford now, not just the ideal 20%.
Homebuying Myth #3
A lower price means a lower monthly payment
Not necessarily. It depends on the interest rate and how much money you put down. With our personalized loan programs, interest rates, and incentives, we can work with you to maximize your budget.
For more on how a lower price doesn’t always mean a lower payment, click here.
Homebuying Myth #4
A 30-Year Fixed Rate mortgage is the only good option
Taylor Morrison Home Funding, Inc. offers adjustable-rate mortgages providing a reduced starting interest rate for the first five or seven years. While the most common mortgage tern in the U.S. is 30 years, the average homeowner only keeps their mortgage for seven to eight years.
Homebuying Myth #5
All lenders offer the same rates ***
Not all lenders offer the same mortgage rate. Rates vary based on lender policies, loan programs, borrower profiles, and market timing. That’s why shopping around and determining the right loan program can save you thousands over the life of your loan.
Homebuying Myth #6
Renting is cheaper than owning*
Buying a home is likely more affordable than renting because you can avoid potential rising rental costs and the expense of moving. By choosing to buy a home, you can also build equity and enjoy available tax benefits. Plus, you’ll own a brand-new home, and Taylor Morrison offers a home warranty.
Thank You for Reading
That’s all for now! Hopefully, we busted some homebuying myths and set your mind at ease knowing that there’s more than one way to buy a new home. When you’re ready to take the next step, explore homes and communities by Taylor Morrison here.
*Communication is intended for general informational purposes only and not as an exhaustive comparison of all factors applicable to your personal financial situation. Data used was derived from third-party sources and deemed reliable as of the date obtained, but not guaranteed, offered as investment or tax advice, or independently verified by Taylor Morrison; all information remains subject to change outside of Taylor Morrison’s control. Financed Buyers are encouraged to independently determine which loan programs are best for them.
**Qualification improvement services are provided free of charge to eligible participants and our Able. Ready.Own.® Program (“ARO”) may absorb certain related out-of-pocket costs, including the cost of consumer credit reports. Enrollment in ARO does not constitute an application for a mortgage loan or other credit. ARO Participants are under no obligation to (1) purchase a home; or (2) use Taylor Morrison Home Funding, Inc. for related mortgage financing as a condition of purchasing a new home or as a condition for obtaining any other settlement service. ARO Participants should have no expectation of, and Taylor Morrison Home Funding, Inc. expressly will not make, any guarantee as to loan approval or financial benefits, the timing of your personalized plan or a credit decision on a mortgage loan as part of the ARO Program’s services. The period for completing such services varies per individual. See ARO Brochure, Purchase Agreement and ARO Addendum for complete details.
***Taylor Morrison Home Funding, Inc., affiliated lender of the respective Taylor Morrison selling entities (“Affiliated Lender”), NMLS # 8588, 495 North Keller Road, Suite 550, Maitland, FL 32751, Licensed locations: AZ: #0917436 | CA: DFPI #4130023 | CO: Registration #8588, PH# (866) 379-5390 | FL: MLD1920 | GA: #52654 | IN: #DFI-66890 | NV: #3938 (branch located at 1820 Festival Plaza Dr., Ste. 220A, Las Vegas, NV 89135 PH# 702-680-1085) | NC: #L-191654 | OR: #ML-4272 | SC: #MLS-8588 | TX: #8588 | WA: #CL-8588 | www.nmlsconsumeraccess.org. Buyer is not required to finance through Affiliated Lender to purchase a home; however, Buyer must elect to utilize the services of Affiliated Lender to receive certain promoted incentives as outlined in Buyer’s specific Purchase Agreement, which may differ by time, home selected, community and jurisdiction or contain other qualifying criteria. All loans are subject to underwriting and loan qualification of the lender. Services not available in all states. Rates, terms and conditions offered are subject to change without notice.
