Three Myths About Buying A House That Are Spreading NOW

Vikki Grodner

Home ownership is always an exciting, and confusing, proposition. Some recent items in the news have only continued to muddy the waters in terms of understanding home ownership.


1. Is a 40-Year Mortgage A Thing? Recent news outlets have spoken, incorrectly, about the availability of 40-year mortgages. While it is true that some lenders may, in fact, offer a 40-year mortgage to certain homeowners, it is far from the norm. Most often, these extended mortgages are provided to current homeowners who have FHA mortgages and need help because they have defaulted on a loan or are in financial distress in some other way. This may allow them to avoid foreclosure by extending an existing, shorter-term loan over a longer period to result in smaller monthly payments.


2. Having A Higher Credit Score Means Higher Mortgage Fees! Say what? We always have heard that having a good credit score will result in better rates and lower fees when securing a loan. Now are we being told something else? Not really. A change in loan-level price adjustments went into effect May 1. People with credit scores between 680 to 780 or higher and with the ability to put down 15-20% were going to be hit with higher fees, media outlets reported. While it is true that some fees in the home buying process went up under the new rule, it is not true that borrowers with higher credit scores are being charged more so that those with lower credit scores could be charged less. As has always been the case, the updated fees will generally increase as credit scores decrease.


3. Home Prices Are About to Crash. We have been hearing that for a while now (and by that, we mean for years). And while some buyers may be hoping that we will see a deep dive in home prices, the reality is that while home prices may not be increasing at the same clip that they were in recent years, we still have a housing deficit. What does that mean? We still do not have enough houses for everybody who wants to buy. And with simple supply and demand, the result is that home prices will likely still increase in most of our markets.

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At Hospitality Network Group at Keller Williams, we believe our mission goes beyond real estate—it’s about investing in people, purpose, and progress. Whether through homeownership or community service, we are committed to helping neighborhoods grow in meaningful and lasting ways. Recently, Recently, we took great pride to be part of an initiative that reflects those very values: the creation of Alabama’s first public Holocaust Memorial, now open to all at Birmingham’s historic Elmwood Cemetery. This powerful new monument was spearheaded by Barbara Bonfield, a visionary leader whose dedication and persistence brought the project to life ( Barbara’s moving interview can be seen in the dedication video ) . Funded by members of Birmingham’s Temple Beth El, including Vikki and Ken Grodner and others in the greater Birmingham community , the memorial stands as a tribute not only to the memory of those who perished in the Holocaust, but also to the survivors who found the strength to rebuild their lives and legacies in new places—including right here in Alabama. When Terry Holzman, a friend and client, approached Ken and Vikki to support this effort, they immediately felt called to contribute. Ken joined the initiative with gratitude and purpose—helping lead outreach efforts and encourage others to support this historic moment. The result is an 8-foot-tall, 700-pound steel sculpture in the form of a dead tree, resting on rusted railroad tracks. The tracks—originally used during the era of slavery in Alabama—evoke a chilling duality: a local legacy of oppression and the haunting memory of the trains that carried millions to Nazi extermination camps. In its starkness, the sculpture demands reflection. Yet, in its permanence, it offers a call to remember, learn, and ensure “never again” truly means never again. The memorial is not just a place of mourning—it is also a place of resilience and renewal. It honors those who survived the Holocaust, rebuilt their lives, started families, and continued their traditions in the face of unimaginable loss. For Ken, Vikki, and all of us at Hospitality Network Group, this project exemplifies our mission to uplift and support causes that enrich the communities we serve. We’re proud to stand behind efforts like this that preserve history, promote understanding, and inspire future generations to act with compassion and courage. We invite you to visit the memorial at Elmwood Cemetery and to learn more by reading the Alabama News Center’s coverage. Thank you to Barbara Bonfield, Terry Holzman, and all those who contributed to making this vision a reality. Together, we’re not only remembering the past—we’re building a stronger future that safeguards pride, protects honor, and upholds the integrity of all people. Hospitality Network Group at Keller Williams – Client focused . Performance driven The Hospitality Network Group at Keller Williams is honored to be part of a company that fosters a culture of excellence, empowering its agents to deliver unmatched service and expertise. This commitment to excellence is why Keller Williams agents consistently achieve results that set the standard in the industry. Whether you're buying, selling, or investing, our team is here to ensure your goals are not only met but exceeded. Trust the Hospitality Network Group at Keller Williams to guide you through every step of your real estate journey. Contact us today to learn how we can help you achieve your real estate dreams.