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• Apr 17, 2023

For many people, the American dream includes homeownership, yet countless Americans believe purchasing a home is beyond their reach. “But that’s often not the case,” says Michael Innis-Thompson, Head of Community Lending & Development and the Fair Lending Center of Excellence at TD Bank.

Plus, in today’s uncertain economic times, is buying a home even wise or possible right now? Michael answers, in the long run, yes: “While homeownership has different pros and cons for different people, a Federal Reserve study from 2020 found that, on average, a homeowner’s net worth is more than 40 times the average renter’s over time.”

According to Michael, many people simply assume they can’t qualify for a mortgage needed to buy a home. “In effect,” he says, “they self-select into the ‘not-me’ category, often based on untrue information.”

In his role at TD Bank, Michael has found five common, homebuying myths and counters them with the "real story."

Don’t Sell Yourself Short

Michael suggests that it is always beneficial to at least consider the possibility of home ownership and learn about what is available for your specific circumstances.

“The most important thing to know about purchasing a home is that there are plenty of options to suit a wide variety of borrowers," he concluded

For more on personal finance topics

To learn more about first-time homebuyer sentiment and how to break through misconceptions, read TD's most recent first-time homebuyer survey results here.

If you have more questions about other personal finance topics that matter to you, visit the Learning Center on TD Bank’s website.

We hope you found this helpful. This article is based on information available in April 2023 and is subject to change. It is provided as a convenience and for general information purposes only. Our content is not intended to provide legal, tax, investment, or financial advice or to indicate that a particular TD Bank or third-party product or service is available or right for you.

For specific advice about your unique circumstances, consider talking with a qualified professional.

Links to third-party sites do not constitute an endorsement or an approval by TD Bank of any of the products, services or opinions of the corporation or organization or individual. TD Bank bears no responsibility for the accuracy, legality, or content of the external site or for that of subsequent links. Any third-party trademarks or service marks mentioned herein are the property of their respective owners. Contact the external site for answers to questions regarding its content. See our website Terms of Use for more information.

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