Real Estate Myth: It’s impossible to buy, because I don’t have enough money for down payment.

Real Estate Myth: It’s impossible to buy, because I don’t have enough money for down payment.

Today's myth is -  it's impossible to buy, I don't have enough money. Is this myth true? Welcome to another episode of Myth Versus the Truth. Many renters think like that. In today's market, In order for you to rent a property, they're asking for three months in advance, right? That's almost $10,000. Now, if you're saving that money to put down on a deposit first, last, and security, there isn't enough room for you to save or grow your savings account.

Now, if continue to think that way, then you'll never purchase a property. Instead, what you should do, if this is something that you want to do, is just set a goal. Set a goal for yourself. First of all, call a Realtor. The realtor will guide you to do the right thing, and will put you probably in contact with a lender. The lender can see your numbers and tell you, okay, we can make a goal of six months, or a year from now. But you can put yourself into a position that you are able to buy a home. There are always homes available and there is always going to be the interest rate that is going to be high or low. You just have to want it.

Exactly correct. Because if someone, my friend, if you're thinking that you can never buy a home, it's guaranteed you will never buy a home. And let me ask you something. Are you afraid of paying a mortgage? Let me tell you, you are paying a mortgage even though when you are renting, you're paying the landlord's mortgage. So do you want to pay your mortgage or do you want to pay the landlord's mortgage? That's the decision you have to make today.

Hopefully, you found this information to inspire you to work on your savings to be able to purchase your new home. See you next week in another episode of Myth Versus the Truth. 

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