If you’re thinking about buying a home, especially here in Spokane or the surrounding area, you’ve probably heard all kinds of advice. From grandma’s “rules of thumb” to friendly posts on social media to well-meaning tips from coworkers, everyone seems to have an opinion about what you need to know before buying a house. But how do you sort out the myths from the real, practical guidance?
At NuKey Realty, we’ve helped dozens of homebuyers navigate the process with confidence. If you’re ready to start browsing listings or learn what works in today’s market, you can begin your search here: Buy a House in Spokane with NuKey Realty. Before you take that first step, or as you weigh your options, it’s worth unlearning some of the most common myths about home buying.
Why It’s Important to Bust Myths Before You Buy
Like many big decisions, home ownership is emotional. It can also be confusing. Myths about how much money you need, when to buy, and how the financing works can discourage or mislead you, sometimes unnecessarily. When you trust old wives’ tales instead of current facts, you might miss good opportunities or pay more than necessary.
That’s why it’s worth investing time up front to recognize common misconceptions. Clearing up these myths helps you make smart decisions, avoid unnecessary stress, and find the home that’s right for you, not one shaped by outdated ideas.
Here are 15 myths about buying a home and the truths every buyer should know, especially in today’s market.
Myth 1: You need a 20% down payment
The truth: A 20% down payment hasn’t been required to buy a home for decades. Many loan programs allow as little as 3–5% down payment, provided you meet income and loan-limit criteria.
If you don’t put down 20%, you may pay private mortgage insurance (PMI), but that cost can be manageable, especially if it helps you get into the right home sooner rather than waiting years to save up a larger down payment.
Myth 2: A bigger down payment is always better
The truth: While putting down more money reduces your monthly payment and may help you skip PMI, dumping all your savings into a down payment isn’t always the most brilliant move. You also need a healthy cushion for closing costs, moving expenses, upkeep, and let’s be real, life’s curveballs.
Balance is key. The “right” down payment depends on your situation and comfort level, not a fixed rule.
Myth 3: You should wait for prices to drop before buying
The truth: Real estate rarely behaves like the stock market. Nationwide and locally, home prices don’t always drop drastically, and waiting to buy in hopes of a dramatic decrease may mean missing out on good opportunities.
Plus, if you find a home you love and the financials make sense, waiting can be riskier than acting, especially in a competitive market.
Are you looking to purchase a home in Spokane?
Myth 4: You should wait until you can afford your “forever home”
The truth: Buying a starter home or a home that fits your current needs can be a smart move. Life changes, jobs, family size, priorities, and a modest home now lets you build equity and flexibility instead of waiting indefinitely for your dream home, although starting to save for that can be a good idea, as well.
If you want growth, resale value, or a launchpad for future moves, starting earlier might make more sense than holding out for perfection.
Myth 5: Buying is always cheaper than renting
The truth: Sometimes, renting is more affordable than buying, and that’s okay. Whether buying or renting makes sense depends on where you live, how long you plan to stay, and how stable your income is.
Homeownership offers long-term value, stability, and the chance to build equity, but it also comes with home expenses such as maintenance, property taxes, and additional costs. For some people, renting remains the smarter option.
Myth 6: You should find a home before applying for a mortgage
The truth: Getting pre-approved, or at least talking to a mortgage lender, before house-hunting can save you a lot of time and heartbreak. Pre-approval gives you clarity about your budget and signals to sellers that you’re serious. It also helps you avoid falling in love with homes you can’t afford.
Myth 7: You must use the lender who pre-approves you
The truth: A pre-approval is just a starting point. You’re not locked in. During the process, it’s smart to shop around for better loan terms, fees, or service, as long as you do it before finalizing a contract.
Myth 8: The interest rate you’re quoted at pre-approval is what you get at closing
The truth: Rates fluctuate. The rate you see at pre-approval might change by the time you lock in. What matters is when you sign the purchase agreement and lock your rate, so talk to your lender about rate-lock terms.
Myth 9: A 30-year fixed mortgage is always the best choice
The truth: A fixed-rate mortgage offers stability. But depending on interest rates and how long you plan to stay in your home, adjustable-rate mortgages (ARMs) can sometimes save money. They carry more risk, but they’re worth considering, especially if you plan to move or refinance in a few years.
Myth 10: You need near-perfect credit to buy a home
The truth: Good rates are easier with higher credit scores, but many loan programs exist for buyers with fair or less-than-perfect credit. Lenders care about overall stability, steady income, reasonable debt-to-income ratio, reliable payment history, not just a single number.
What matters is being realistic, honest, and prepared, not perfect
Are you looking to find a home in Spokane or the surrounding area?
Myth 11: Student loans automatically disqualify you
The truth: Student loans affect your debt-to-income ratio, but they don’t automatically disqualify you. If you’ve kept up with payments and have a steady income, you can still qualify for many mortgages.
Think of student loans like another form of debt: manageable if your overall financial profile is strong.
Myth 12: Self-employed people can’t get a mortgage
The truth:Self-employed borrowers face extra paperwork, things like tax returns, income history, and balance sheets, but many still qualify for home loans. It just means being organized, showing a stable income, and working with a lender who understands variable income.
Plenty of freelancers, contractors, and business owners buy homes every year
Myth 13: Fall and winter are bad times to buy a home
The truth: Fall and winter can be a great time to buy. Markets slow down a bit, there’s often less competition, and sellers might be more motivated. That can mean better deals and less stress for buyers willing to shop outside the usual spring frenzy.
Myth 14: Buying a fixer-upper always saves you money
The truth: Buying a fixer-upper home can be rewarding, but only if you’re realistic about costs. Wall repairs, roof work, plumbing, or electrical issues…these things add up fast. What looks like a bargain now could become a headache (or a money pit) later.
If you go that route, budget carefully and get a professional home inspection before you commit.
Myth 15: If a house sits on the market a long time, there must be something wrong
The truth: Sometimes a long listing just means a house was overpriced, poorly marketed, or in a quiet area. It doesn’t always mean there’s a hidden defect. A good agent, like NuKey Realty in Spokane, can help you evaluate based on comps, condition, and your own needs, instead of making assumptions.
Don't Let Myths Lead; Let Facts Guide
If you’re ready to start your home-buying journey, whether it’s your first house, a move to a bigger space, or even a downsize, start with clarity and confidence. Understanding which myths hold you back, and which beliefs are worth keeping, gives you real power as a buyer.
At NuKey Realty, we believe every buyer deserves honest guidance. If you want help sorting through your questions, exploring realistic options, or beginning a house search in Spokane, we’re here for you.
Ready to find your next home? Start with a home buying consultation from NuKey Realty today!
Here’s to smart decisions, debt-conscious planning, and finding a home that’s right for you.