Katarina Angarola
Coldwell Banker Realty 773-965-4889

I was once was a scared and nervous first-time home buyer, (you're only a first-time home buyer once, lol). So I completely understand the anxiety, concerns and needs of a Buyer. I want my Buyer's to be well educated prior to making, arguably, one of the largest purchases in their life.

If you have any questions or concerns, please feel to click here to contact me at anytime.

In the meantime, here are some common misconceptions I have encountered:

"Renting is Cheaper then Owning"

Historically, yes, but not anymore. In the current market, many people are paying more now
to rent, then to own! Everyone should realize unless you are living with your parents rent-free
you are already paying a mortgage - either yours or your landlords! You Pick!

"You need 20% down"

Many do not realize 61% of first-time home buyers put down less then 6%. There are various
programs available to put down as little as 3%, if you qualify for a VA loan it's 0 down!
Discuss some options with a qualified Lender, click here for some local Lenders.

"My credit is bad, I wont qualify"

According to Ellie Mae's closed loans, 29.2% of buyers had only a 600-699 FICO Score, and
another 24.3% were between 700-749. That is a total of 53.5% with fair to good credit.
Talk to a Lender and see if you qualify, it never hurts to ask!

"Owning is not a good investment"

If you are renting you could be evicted on the other hand if you own a property:
You maybe able to sell your home for a profit if you have equity.
You maybe able to rent your home for more then your mortgage and make a few bucks a month
You maybe able to refinance your home and get a lower monthly payment.
You maybe able to get a HELOC (Home Equity Line of Credit) you can use for anything.
Do you see where I am going here? If you own a home you have more options!

"I can wait to buy a house"

Of course you can, but there are many factors that you should consider, ask yourself the following?

1. Are interest rates increasing?

Be aware of the increased monthly payment of just a .5% (half a percent).
A moderate $250,000 loan, rate of 4.6% increased to 5.1% = additional $146.25 a month!
$146.25 x 12 months x 30 years = $52,650!

2. Are home values on the rise?

If homes are increasing in price, you may want to try to buy now, you may not be able to
afford a home in a particular neighborhood a year from now.

3. How is the housing inventory?

If housing inventory is low, your chances of finding the "perfect" home may be impossible.
You may have to settle for what you can afford, instead of what you want. Which may mean
sacrificing a desired school district or perfect location.


If you want to read more please click here to check out some of my blogs for more information.