07/10/2025
Common Mortgage myths to stop believing!!!
1. The first step is looking for a house – NO, it is having a consult with a lender and/or getting preapproved.
2. I must have 20% down – NO, there are options available with 0%, 1%, 3%, or even 5% down as well as down payment and closing costs assistance programs.
3. I’ve owned a home, so I am no longer a first-time homebuyer – NO, if you haven’t owned a home within the last 3 years, you are now a 1st time homebuyer (again).
4. You should wait to buy a home until interest rates come down – NO, secure the home, refinance later.
5. I must use the loan officer my real estate agent recommends – NO, you have the right to choose.
6. As the buyer, I need to pay my agent commission fees – NO, a large number of sellers are still handling both sides of the transaction.
7. I don’t have excellent credit, so I cannot buy a home – NO, lets work on that together.
8. I am self-employed and haven’t been for a full 2 years, so I cannot buy a home – NO, in some cases less than a 2 year history is acceptable.
9. I haven’t been at my job for 2 years, so I cannot by a home – NO, you may qualify without a full 2 year work history.
10. The lender will have to do a hard pull on my credit and I am just not ready – NO, a soft pull can be used and it does not have an impact on your scores and can assist with the planning steps.
11. Paying points for a rate always makes sense, because, I really like the rate – NO, review the cost versus the monthly savings along with the break-even point - Let’s do the math together.
12. Lenders won’t do financing on a single or double wide on its own land – NO, there are options available with even a 30 year fixed rate term.
When you are ready…I’d love to have a planning call with you.
📞☎️717-830-0332
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