First Time Home Buyer Myths and Facts :
It's no secret that home values in Massachusetts are higher than almost anywhere in the country. We have programs to help First Time Home Buyers separate myths from the facts when it comes to financing and explore grants to help cover costs.
Myth: It is cheaper to rent than buy.
Fact: With Century’s First Time Home Buyer Programs, monthly payments may be close to what you pay in rent—and rather than going into a landlord’s pocket, your money goes toward building your equity, or the difference between the property value and the amount owed on the home.
Myth: It is a requirement to save enough for a down payment of 20% of the sales price of your new home.
Fact: Century Bank’s First Time Home Buyer Program requires as little as 3% down. Income eligible grants could make it even lower.
Myth: It isn't important to get pre-qualified.
Fact: Realtors often prefer when a potential buyer has been pre-qualified. Pre-qualification is an easy and FREE service from Century Bank.
Myth: You have to make a lot of money in order to afford your own house.
Fact: Through Century’s participation with the ONE Mortgage Program, a special Massachusetts Housing Partnership (MHP) mortgage designed for low to moderate income First Time Home Buyers, you can have a limited income and qualify for special financing and grants.
Myth: If you don't put down a large down payment, you have to pay private mortgage insurance (PMI), a type of mortgage insurance used with conventional loans, often required when a down payment of less than 20% of the sales price is put down.
Fact: With the ONE Mortgage Program offered through Century Bank, first time home buyers don’t have to pay PMI – and save hundreds of dollars every month.
Myth: A Fixed Interest Rate is better than an Adjustable Interest Rate.
Fact: Century offers a special first time home buyer mortgage that features an incredible introductory low rate for 15 years – so you can build your equity faster.
Myth: It's difficult to get started.
Fact: It’s easy to begin, you can get pre-qualified today! Still have questions? Call or chat to find out more.