Some Common Myths about Down Payments Worth Knowing

The property rental business is undeniably booming these days, and this is why more and more business-minded people want to take part in this industry. In fact, even those who are not that business-minded are becoming interested in this kind of business. Are you interested in buying rental property in Malaysia as well? Why Malaysia? Well, the economy in this country is really stable which is not the same in other countries. And is, it is predicted to last for quite some time. Even more with great properties like pantai hillpark phase 2, g residence klcc room for rent and property for rent seni mont kiara. So, if you want to take part in the property rental business, doing it in Malaysia is just perfect.

Unless you are planning to buy the property in cold cash, you have to prepare enough money for the down payment and some other initial costs. Before that though, you might be one of those who believe about the different down payment myths. Yes, they are just myths and not something one should believe in. Check them below:

1. 20% down payment

Though this is not purely just a myth, you should know that this is not always the case. Yes, this is the situation before, but as of today, there are situations where 20% down payment is not what is needed to start the deal. Sometimes, it will also depend on the kind of buyer. In fact, there are types of buyers that only need to come up with 3.5% as the down payment and there are also those that only need to prepare below 20%. Residents at seni condo mont kiara and pantai hillpark condo have validated that they too have paid downpayment below 20% so it purely depends on the kind of buyer when it comes to the percentage.

2. Paying mortgage insurance is better than having to pay a bigger down payment

While mortgage insurance is a must, you should know as well that when it comes to loans, paying less down payment means that you need to deal with bigger monthly dues. So, it goes without saying that it is better to pay a bigger amount upfront, especially if at the moment, you have the funds than having to deal with bigger monthly dues in which you really don’t know if you can keep up. However, that will not be the case if you were to rent properties, you may even rent pantai hillpark or rent property g residence kl to avoid such issues.

3. The down payment should be your own money

This is not always the case. Of course, if you can borrow it from somewhere else, that is totally fine. The bottom line is, the bank that will grant you the loan for the house financing won’t give you a long duration for the down payment. They won’t care whether you will borrow the money or it is from your savings as long as they won’t be burdened by it. In fact, there are now agencies that can help you with this as long as you can pay. There are even agencies that offer house financing without you being bothered with the downy payment. You should seek them out if you have a problem securing the needed amount.

4. Down payment assistance is for first-time homebuyers only

Though there are agencies that just cater to first-time buyers when it comes to down payment assistance, this is not always the case. There are also other agencies that offer the same services to repeat buyers. Besides, there are the different definition of first-time buyers. They consider those who have not bought a property in Malaysia for the last three years as first-time buyers again.

5. A good credit record is a must to avail of a down payment assistance

Well, it would be great if you have great credit as for sure, you won’t have a problem getting the assistance you need. However, this does not mean that if your credit record is not at all that good, you are hopeless in this aspect. You can still find an agency that will allow you the assistance as long as you have a solid plan to show how you can pay them. That is right as there are agencies with higher limits.

6. You might have a hard time getting approval from sellers if you use a down payment assistance

Again, this is not always the case, though of course, you cannot deny the fact that this is partly true. But most of those home buyers who are using down payment assistance actually bring in extra cash in the table. Thus, home sellers still welcome them. They just enjoy the assistance and still use their savings to not have a hard time getting approval from the seller.

Indeed, you should not believe what you will hear right away. Like for instance, if you are planning to get seni mont kiara condo property for rent in Malaysia, you should check out all options so that if at the moment, you lack funds, you can still find a way to get the property you want. Besides, even if you have already check all your options months or even a year ago, you can’t really tell if some of the rules are revised. The bottom line is, what did not work before might already work today. Thus, you should not give up right away and see if there is still something that you can do.

When it comes to property choices, there are so many of them you can find online. If you were to buy property seni mont kiara kl or buy property g residence kl most of them are really the best of choices. Especially if you are buying a property in Malaysia, you can find some of the latest properties in a particular area. Besides that, they also have different types of properties in different areas like if you want a commercial building, residential, condo or an apartment. There are options for you to hire a real estate agent to get familiar with them as if you check these sites, the admins will also be eager to talk to you about whatever kind of property you want to buy. They could also introduce you to an SAP consultant to assist you, once you have chosen your property choice.

Now is the right time to plan to buy a property for sure. Why? Because the prices are quite competitive and most of all, the qualifications for the buyers are quite lenient. With the competitive environment, you won’t have a hard time finding an advocate in this industry. There are will be a lot of real estate people who want to assist you so that you will end up buying what they propose. You should take advantage of this situation and start shopping for a property now.