Don’t let these home buying myths keep you from your dream home!
I NEED A 20% DOWN PAYMENT
This goes back to the days when lenders had far fewer options. Now, you can get a mortgage for as little as 1% down and still have a low monthly payment.
I HAVE TO DIG UP A LOT OF PAPERWORK
A lot goes into qualifying you for a mortgage, but these days much of the verification process — like collecting pay stubs, bank statements, and tax information – can be done automatically by your mortgage broker and lender.
IT WILL TAKE A LOT OF TIME
A good mortgage broker can take your application and give you a pre-approval letter in just minutes. Many even let you do it yourself online.
MY BANK IS THE BEST PLACE TO GET A MORTGAGE
Banks don’t offer many mortgage choices. An independent mortgage broker in your local community can help you find the best options and the lowest rates.
I NEED TO BE “SETTLED DOWN” FIRST
Even with a low down payment, monthly mortgage payments are often lower than rent prices. Plus when you buy a home, you’re paying yourself, not your landlord.