Home Mortgage Blog
Overcoming Your Home Ownership Fears
If you’ve rented for your entire adult life to date, the idea of buying a home can seem like a lofty, complex, maybe someday, goal of home ownership. Listen up: it doesn’t have to be!
If you dream of owning a space all your own, don’t let fear get in the way. Whether it’s fear of not being prepared, fear of the mortgage process, or fear of commitment, many would-be homebuyers have a mental block that is holding them back from pursuing their goal. What is it for you?
Yes, the housing market is competitive. Yes, owning a home is a big investment. Yes, it will take work and planning…but just like anything in life, it all starts with a single step. Take a look at some of the common fears outlined below. Identifying the reality behind these fears may help you move past them. Before you know it, you could be well on your way to owning your own little corner of the world.
Fear: “I’m Not Ready”
This may or may not be true. However, the only way to be ready is to get ready. This is where your Loan Officer comes in. If your goal is homeownership, consider a Loan Officer the coach who will help you get to the finish line. When you meet with a Marketplace Home Mortgage Loan Officer, they will review your financial situation and help you make a plan.
Many people believe they are not ready to become a homeowner because they don’t have perfect credit or 20% down payment saved. The reality is you may not need either of those things to buy a home. There are many different loan options available, including programs designed specifically for buyers with less than perfect credit or limited down payment resources. You might be surprised to find you are more prepared than you thought.
Fear: “I Don’t Understand the Mortgage Process”
Honestly, this is an easy one. At Marketplace Home Mortgage we take this very seriously. Our Loan Officers are committed to making sure you understand the home buying process and all your mortgage options. They will be with you every step of the way to answer questions you might have. You can think of them as your home-buying spirit guides.
Of course, it helps to educate yourself ahead of time. If you want to get a jump start, take a look at some of our other blog posts like (Understanding Mortgage Terminology, Low-Down Payment Mortgage Options, or anything in our First Time Homebuyer Category). If fear of the mortgage process is the only fear keeping you from taking the first step, you’re in luck. When you work with Marketplace Home Mortgage, you can rest assured — we’ve got you covered.
Fear: “I Don’t Want to Be Tied Down”
If fear of commitment is part of what’s keeping you from buying, you are not alone. According to a recent study by NerdWallet about 20% of people between the ages of 18 and 34 are likely to be afraid of the long-term obligation associated with a mortgage*. This fear is worthy of some consideration. If you are unsure about buying a home because you don’t want to be tied down, think about what that means to you. If you don’t want to buy because you think you may move soon, that is important.
Over the long-term, buying a home is often smarter than renting. However, if you plan to move in the next year or two you may not have enough time to build equity and to break even with the purchase and moving costs. However, if you are planning to stay in the same area for the foreseeable future, take a deep breath. Buying a home doesn’t mean you will be tied to the same piece of property for the rest of your life. You may be ready to move up in a few years (maybe using equity you built on your first home). You also might find that you prefer to continue to invest in and improve your purchase, which can be just as enjoyable. Committing to a mortgage can be nerve-wracking, but just like any other kind of commitment, it can be equally as exciting.
Fears can hold you back, but the best way to combat them is with information and action. If you are ready to overcome your fears and take the first step toward home ownership. Contact a Marketplace Home Mortgage Loan Officer.
Not connected with a Loan Officer yet? Visit www.MarketplaceApproved.com and we will get you connected with an expert in your area.