It’s not true that you can’t buy a house if you’ve got a few problems with your credit. If you believe that you have to pay your mortgage off as soon as possible, or other similar beliefs, you may be subscribing to mortgage myths that might cost you more money.

Fixed-rate mortgages are best

Fixed-rate mortgages that last 15-30 years are only the best if you intend to live in your house forever. Research shows that the average homeowner only spends nine years in their house. First-time home buyers tend to buy starter homes and move to bigger ones as their family grows. If you know you’re going to stay in your house for only several years, it’s probably better if you get an adjustable rate mortgage that will last three, five or ten years.

Pay your mortgage as soon as possible

It’s good to pay off your mortgage early if you’re trying to satisfy a long-term financial goal and retire without any debts. But there are some instances where your money should go into paying off higher-interest debts like auto loans or credit card bills. It would also be a good idea to invest your money into something that will generate greater returns, then pay your mortgage after taxes.

You must give a down payment of 10% or 20%

This is not always true. There are a lot of mortgage lenders who only ask for a 5% down payment or less for those who cannot afford to give more.

A bad credit record means no mortgage

Lenders always find ways to help out people who have bad records. The term “subprime” refers to a loan for people who have serious credit problems that demand a higher loan rate. Those who have had a house repossessed or have gone bankrupt usually fall under the subprime category. However, there are lending agencies that also cater to subprime borrowers and analyze their credit record so the borrower doesn’t have to pay more than he or she should.

According to feng shui master Joseph Chau, residents at Community Innovation’s The Columns Legaspi Village will be blessed with good luck and prosperity. This residential condominium doesn’t only consider competitive price range, sound architecture, and carefully-crafted interiors. They added another criterion to their residential developer’s checklist: feng shui.

Feng shui is a lot more than just moving furniture around or painting the walls with a strange color. It’s a science that makes sure your living space is constructed so that positive energy or ch’i flows freely. A home with a lot of ch’i brings happiness and prosperity to all who live there. Although the architecture of The Columns is designed for good feng shui, Joseph Chau smoothened the flow of ch’i by suggesting that the developers build water features and include jade tortoises and antique Chinese coins to counter-balance any negative forces.

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Making a few minor changes to your house’s look and color scheme will make it easier for you to attract buyers. Before you embark on doing any changes however, find out the maximum amount your house is worth. Make sure you don’t spend too much on making renovations if it won’t add much to your house’s sale price.

If you want to repaint your walls, choose plain, pale shades as these will maximize the light and give the room a more airy feel. Research shows that buyers usually prefer earth tones to loud colors. To keep the room from looking bland, add a strong color to accent the room or use bold accessories like curtains or pillow cases.

Remove personal items like family photos as these could distract potential buyers. The buyer is interested in looking at the property, not your personal belongings, so be sure to keep them away when you’ve got someone inspecting your place. De-cluttering your house will also help the buyer imagine his or her own furniture and belongings in each room.

If you have a garden, add some color to it by placing potted plants or flowers. If you don’t have time to grow any, you can always buy grown ones.

Do not cook food with strong odors like fish. The smell of fresh coffee though is warm and inviting and will make the buyer feel at home. Try to make the potential buyer feel comfortable by offering him or her a drink and asking them if there’s anything they’d like to know about the property or amenities.

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