Buying a home is one of the biggest financial decisions you'll ever make, and it comes loaded with opinions, outdated advice and well-meaning myths—all of which can cost you time and money. We’re here to set the record straight so you can buy with confidence.
The Myth: Interest rates are too high. The market is unpredictable. Everyone agrees—just wait.
The Bust: Waiting for the “perfect” market is a strategy that rarely pays off, and the data backs it up. According to the Federal Housing Finance Agency, U.S. home prices have appreciated every quarter since 2012. Every year you wait is another year of lost equity in a home that could have been yours. The best time to buy has always been when you’re financially ready.
The Takeaway: Don’t time the market—prepare for it.
The Myth: Homeownership is a long-term savings project. You'll need years before you're even close to ready.
The Bust: Most buyers overestimate how much they need to save, and many never take the first step of talking to a lender. Down payment assistance programs exist at the federal, state and local level—and many buyers don’t know that they may qualify until they ask. Lennar’s affiliate, Lennar Mortgage, LLC1, has experienced loan officers who can help you understand your purchasing power and explore financing options based on your budget. You may already be closer to homeownership than you think.
The Takeaway: Talk to a Lennar Mortgage, LLC professional before assuming you're not ready to buy.
The Myth: Brand-new homes carry a premium price tag. If you're working with a budget, resale is the more affordable option.
The Bust: Sticker price doesn't tell the whole story. Resale homes often come with hidden costs, like aging systems, deferred maintenance and renovation expenses that can add up fast after closing. New construction homes come with protective warranties, energy-efficient systems for lower monthly utility costs and exclusive incentives that can meaningfully offset the purchase price—without the underlying issues common in the resale market.
The Takeaway: Compare all costs of homeownership, not just the listing price.
The Myth: If you haven't saved 20% of the purchase price, you're not ready to buy.
The Bust: The 20% rule is a decades-old guideline, not a requirement. FHA loans allow down payments as low as 3.5%, some conventional programs can go as low as 3% and VA2 and USDA3 loans offer 0% down for qualifying buyers. For many homebuyers, a lower down payment is the smarter long-term financial move—getting into a home sooner means you may begin building equity sooner.
The Takeaway: Your down payment depends on your situation, and some options start as low as 3.5%.
The Myth: Whatever rate you lock in at closing is the rate you're stuck with for the life of the loan.
The Bust: Refinancing often allows homeowners to take advantage of improved market conditions down the road, and even modest rate reductions can mean significant savings over the life of a loan. Buying now, you can lock in your price and may begin building equity—your rate can always be revisited when the time is right.
The Takeaway: Marry the home, date the rate.
Myths and misinformation are often the biggest obstacle standing between today’s buyers and homeownership. With over 70 years of homebuilding experience, Lennar has the knowledge and resources to help buyers make smart decisions in any market.
See what’s waiting at a Lennar community near you.
1 Financing is available through seller’s affiliate Lennar Mortgage, LLC, but use of Lennar Mortgage, LLC is not required to purchase a home (See Affiliated Business Arrangement Disclosure: https://mcv0gwmvppxkjtntxgnb0-0xn53y.pub.sfmccontent.com/2wss1jvor1f). Lennar Mortgage, LLC – NMLS # 1058. See https://www.lennarmortgage.com/Licensing for a complete list of licenses. 2 Veteran applicant must have sufficient VA entitlement to qualify for 100% financing. 3 Not all property locations are eligible under the USDA program and specific eligibility, credit, and income restrictions apply. Lennar Mortgage, LLC, seller’s affiliate, offers USDA products. Consumers must qualify.
