Let’s uncover the truth behind some common mortgage myths. In our quest to provide you with accurate information, we’re here to debunk the top three misconceptions surrounding mortgages. Let’s dive in and separate fact from fiction!
Myth 1: “A 20% Down Payment is Always Required.”
Reality: It’s time to put this myth to rest. While a 20% down payment is often recommended to avoid private mortgage insurance (PMI), it’s not a mandatory requirement. Numerous loan programs exist that offer lower down payment options, such as FHA loans, VA loans, and conventional loans with as little as 3% down. We can help you explore these options and find the one that fits your financial situation.
Myth 2: “Only Perfect Credit Scores Qualify for a Mortgage.”
Reality: Don’t let a less-than-perfect credit score discourage you from pursuing a mortgage. While a higher credit score can improve your chances of securing favorable loan terms, lenders offer a range of loan programs tailored to borrowers with varying credit profiles. We have the expertise to help you navigate the options available and find a suitable mortgage solution based on your unique circumstances.
Myth 3: “Self-Employed Individuals Can’t Get Approved for a Mortgage.”
Reality: This myth couldn’t be further from the truth. While being self-employed adds complexity to the mortgage process, it doesn’t disqualify you from obtaining a home loan. Lenders evaluate your income using tax returns, profit-and-loss statements, and other documentation specific to your business. We have experience working with self-employed individuals and can guide you through the process to help you secure the mortgage you need.
We hope that dispelling these myths has brought clarity and confidence to your journey towards homeownership. If you have any questions or concerns, please don’t hesitate to reach out. Schedule a call with our dedicated team here to provide accurate information and guide you every step of the way.