Busting Summer Mortgage Myths: What Every Homebuyer Should Know During Peak Season

Summer’s real estate market is bustling with activity, but also surrounded by plenty of myths. As one of the busiest times of year for real estate, summer brings longer days, family-friendly moving timelines, and a surge in buyer activity. But along with the seasonal rush comes a lot of confusion about how mortgages really work during this peak season.

If you’re thinking about buying a home this summer, don’t let myths cloud your judgment. First Union Home Finance is here to help you separate fact from fiction so you can make confident, informed decisions.

Myth #1: Summer Is the Worst Time to Buy Because Prices Are Always Higher

Yes, prices can rise in the summer due to high demand, but that doesn’t mean you’re guaranteed to overpay. Not all homes are priced at a premium. Motivated sellers may reduce prices as the season progresses, and some homes might be listed too high initially and later adjusted. More importantly, locking in a favorable mortgage rate can often balance out a slightly higher purchase price over time, keeping your monthly payments within budget.

Myth #2: You Need a 20% Down Payment to Compete

While a larger down payment can make your offer more competitive, it’s not a requirement. Many buyers qualify for mortgage options with down payments as low as 3%. Plus, sellers care about more than just your cash upfront. A pre-approval letter, flexible closing timeline, and clean offer can often win out over a higher bid with more contingencies. Our team at First Union can help you understand your options and put your best foot forward.

Myth #3: Homes Listed in Summer Are Overvalued

Some believe summer listings are all inflated, but that’s not necessarily true. Sellers use recent comparable sales to set their asking price, and spring sales may reflect a temporary spike. Homes that linger on the market into mid- or late summer often see price reductions or seller flexibility. Keep in mind that location, school districts, and home upgrades still play a major role in value, regardless of the season.

Myth #4: It’s Better to Wait Until Fall to Buy

The autumn home market can bring fewer buyers, but also fewer homes. If you wait too long, you may miss out on your ideal home or face rising interest rates. Summer offers more inventory, giving you a wider selection to choose from. If you’re ready and prepared, buying now can give you more control and flexibility.

Myth #5: Mortgage Approvals Take Longer in Summer

It’s true that summer is busy, but experienced lenders like First Union Home Finance are built for it. We’ve streamlined our process to ensure fast turnarounds, even during peak periods. The key is starting early. Getting pre-approved before you shop can make the process smoother and help you move quickly when you find the right home.

Bonus Myth: Pre-Approval Can Wait Until You’re Ready to Make an Offer

Actually, waiting to get pre-approved can slow you down and cost you the home you want. A pre-approval tells sellers you’re a serious buyer and helps you set a realistic budget. In a fast-moving summer market, that head start can make all the difference.

Make Smart Moves This Summer

Don’t let myths and misinformation hold you back. With the right strategy and support from First Union Home Finance, you can take advantage of everything summer has to offer. From personalized loan options to fast, reliable approvals, we’re here to help you move forward with confidence.

Contact our team today to get pre-approved and turn your summer home goals into reality.