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    17 Common Myths About Buying A Home That Just Aren't True

    Be prepared to rethink everything.

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    Buying a home is probably the biggest financial decision you'll ever make. And yet, there are a TON of misconceptions around the process.

    To set the record straight, I talked with a pro who cleared up some of the most common myths about the home-buying process.

    I interviewed Lexie Holbert, a home and lifestyle expert at who knows a thing or two about buying a home. She gave me the skinny on the truth behind some of the most common misconceptions people have.

    Just keep in mind: Everyone's financial situation is different, so take this advice with a grain of salt and do what makes the most sense for you.

    1. It’s cheaper to rent than own.

    2. Now is a bad time to buy.

    3. You need to make a 20% down payment.

    Screenshot showing a lower down payment

    4. If you want to buy a house, your credit score needs to be excellent.

    Screenshot of credit score ranges

    5. You can’t qualify for a mortgage if you have student loans.

    6. All lenders will give you the same deal.

    Screenshot of various mortgages

    7. You have to have a real estate agent.

    8. You should find a house you want, then apply for a loan.

    Home that's already sold

    9. If you're preapproved for a mortgage, you can automatically get a loan.

    10. You should buy a home for the maximum mortgage you qualify for.

    11. You should always go with a 30-year fixed mortgage.

    Screenshot of five types of mortgages

    12. You should always choose the loan with the lowest interest rate.

    Screenshot of interest rates as of 3/3/2021

    13. Don’t buy until you find your dream home.

    14. It’s smarter and cheaper to buy a fixer-upper.

    15. A house's listing price is what you'll end up paying.

    Screenshot of various homes for sale

    16. Your mortgage will be your only monthly home-related expense.

    17. Your accepted offer is set in stone.

    Are you a homeowner or in the home-buying process? Share your best tips you've learned about buying a home in the comments below.

    And don't forget to check out more of our personal finance posts.