Get Pre-Qualified

Home Buying Myths

Don’t let these home buying myths keep you from your dream home!

Myth 1

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.

Myth 2

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.

Myth 3

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.

Myth 4

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.

Myth 5

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.

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