Throughout the home-buying process, you might encounter conflicting advice from friends, family or neighbors. Doing some research can help you understand what's really involved. Let's clear up 5 common home-buying myths.

• Perfect credit is a must - Many assume that securing a mortgage requires a flawless credit score, but this is not necessarily true. Lenders often collaborate with individuals with less-than-perfect credit to facilitate mortgage approval. While your credit score isn't the sole factor, it does influence the interest rate. Before applying, review your credit report and promptly report any errors to the credit reporting bureaus. Once corrected. you can proceed with your loan application. Click here to read more about how your credit score impacts your interest rate.

• You need 20 percent down - A common misconception is that a 20% down payment is mandatory when purchasing a home, but that's not always the case. First-time home buyer programs allow for a lower down payment. For those eligible for a Federal Housing Administration (FHA) loan, the down payment can be as low as 3.5%. Veterans may qualify for a Veterans Administration (VA) home loan with no down payment required. Click here to read more about how to save for a down payment.

• A 15-year-fixed mortgage rate is the best choice - While many gravitate towards a 30-year-fixed-rate mortgage for its lower monthly payments, it might not be the most cost-effective option. If financially viable, considering a 15-year mortgage is advisable. Alternatively, keeping an open mind about adjustable-rate mortgages could be beneficial. especially if you don't plan on long-term residence. Click here to learn more about different loan products you may qualify for.

• You don't need an agent - While it might seem like a straightforward process, buying a home can be complex. Given that purchasing a home is a significant investment, doing it correctly is crucial. An experienced real estate agent or REALTOR familiar with market intricacies and local real estate specifics can streamline the process. Real estate agents often possess valuable connections with other professionals, such as insurance agents, lenders, and appraisers, making the home-buying process smoother. Click here to view a list of potential questions to ask when interviewing agents.

• You need to waive the inspection contingency to be competitive - In the past year, more home-buyers have opted to skip home inspections to make their offers more appealing. While this tactic can enhance an offer in a competitive market, it poses risks, especially for first-time buyers. Contrary to this recent trend, having a home inspection contingency remains the norm. As the housing market settles, there may be occasions when waiving the home inspection contingency is not obligatory to secure a home. Click here to learn more about home inspections.

Before you know it, you'll be the proud owner of a new home. Remember, not everything you hear is accurate; sometimes, the "truth" is far from reality! If you have any questions about these myths, or would like further clarification, please contact one of our real estate agents today! If you would like to read more about different loan products, please click here.