What are homebuying myths?
Buying a home is one of the most exciting milestones in life — but it’s also surrounded by a lot of homebuying myths that can hold people back. From outdated rules about down payments to confusion over credit scores and interest rates, these common myths often make the homebuying process seem more intimidating than it really is.
At Every Door Real Estate, we’ve helped thousands of first-time homebuyers across Seattle and the greater Puget Sound area turn confusion into clarity. Let’s separate fact from fiction and set the record straight.
Myth 1: You need a 20% down payment
You’ve probably heard that you can’t buy a home without putting down at least 20% of the purchase price. It’s one of the most persistent common misconceptions out there.
What’s real: While a 20% down payment can help you avoid private mortgage insurance (PMI) and lower your monthly mortgage payments, it’s not required. Conventional loans often allow as little as 3% down, FHA loans typically require 3.5%, and VA loans for veterans can offer zero-down financing.
There are also down payment assistance programs throughout Washington that help borrowers cover upfront costs. Your lender or loan officer can review your eligibility and explain how your loan terms, loan amount, and closing costs fit your financial situation.
Estimate your potential value with our How Much Is My House Worth tool.
Myth 2: You need perfect credit to buy a home
One of the most repeated homebuying myths is that you need perfect credit to qualify for a mortgage.
What’s real: A strong credit score helps secure better mortgage rates, but you don’t need perfection. Many FHA and VA loans accept scores in the 600s, and certain loan programs allow even lower thresholds. Lenders look at your full profile — including your debt-to-income ratio, payment history, and employment — not just your number.
If your score could use work, focus on reducing debt, paying down student loans, and avoiding new credit inquiries. Over time, these steps can significantly improve your affordability and confidence when applying for home loans.
Myth 3: Renting is always wasted money
It’s common to hear renters say they’re “throwing money away” — but that’s not always true.
What’s real: Renting can make sense in the short term, especially if you’re planning a move or still saving for your first home. But buying gives you something renting never can: the ability to build equity through every payment.
Each month, your mortgage payments increase your ownership stake and help you grow wealth over time. Plus, homeownership comes with perks like stability, tax deductions, and protection against rising rents. Curious whether renting or buying makes more sense for you? Check out our Rent vs. Buying a Home guide.
Myth 4: You should wait for the “best” time to buy
Trying to “time” the housing market is one of the most common homebuying myths — and one of the hardest mistakes to avoid.
What’s real: Interest rates, home prices, and inventory levels fluctuate constantly. Waiting for rates to drop can backfire, since lower rates often trigger more demand and higher prices. Instead of waiting for a perfect moment, focus on what you can control: getting pre-approval, understanding your loan options, and defining what “affordable” means for your lifestyle. A trusted real estate agent can help you evaluate local trends and find the right home when it makes sense for you.
Need guidance on timing and readiness? Read our post on Things You Shouldn’t Do When Buying a Home.
Myth 5: You should always buy the most expensive home you can afford
Just because your lender approves a large loan amount doesn’t mean you should use all of it.
What’s real: That figure represents your maximum approval, not your ideal budget. Buying below your limit gives you breathing room for property taxes, maintenance, or even a future refinance. It also ensures you’re not sacrificing financial goals like travel, savings, or retirement.
The smartest homeowners aim for long-term comfort and flexibility — not the biggest possible floor plans or upgrades.
Myth 6: You don’t need a home inspection
In Seattle’s competitive market, some buyers skip inspections to make their offer stand out — but that’s risky.
What’s real: Even new homes can have hidden issues. A professional inspection uncovers potential problems like electrical hazards, foundation cracks, or roof leaks. This is especially important for older homes where wear and tear can be harder to spot. Your real estate agent can recommend trusted inspectors, review reports, and help you negotiate closing costs or repairs if needed. Skipping this step can lead to costly surprises after move-in.
Learn more about what to ask neighbors and inspectors in our post on Questions to Ask Before Buying a Home.
How to navigate the homebuying process in Washington State
Buying a home in Washington can feel overwhelming — especially for first-time homebuyers — but having the right team makes all the difference. Start by speaking with a lender or loan officer to review your loan terms, loan programs, and potential down payment requirements. Understanding how monthly payments, property taxes, and PMI fit into your budget will help you feel more prepared.
Next, get pre-approved for financing. This gives you a clear loan amount range and shows sellers you’re serious. Once you find the right property, your real estate agent will guide you through making an offer, scheduling inspections, and reviewing all necessary documents before closing.
If you’re unsure where to start, reach out to an experienced agent at Every Door Real Estate. We help buyers understand loan options, coordinate with NMLS-certified lenders, and navigate every step of the journey — from pre-approval to the keys to your dream home.
Conclusion: making confident decisions on your homebuying journey
The path to homeownership doesn’t have to be confusing. Once you see through the homebuying myths, it becomes easier to take practical steps toward your first home or next one. You don’t need a massive down payment, perfect credit, or a “perfect” market to buy confidently. What you do need is the right team: a knowledgeable lender, a trusted real estate agent, and a clear understanding of your goals and budget.
At Every Door Real Estate, we’re here to simplify your homebuying journey — helping Seattle buyers compare loan programs, explore affordability, and make smart, informed choices.
Ready to take the next step? Contact our team today and start your journey toward becoming a confident homeowner.