3 Common Mortgage Myths

A lot of research can take place before a borrower brings their homebuying questions to a mortgage banker. The challenge is that the internet can make the mortgage process seem complicated and expensive, headlines tend to cast a dark and scary shadow, and stories from friends and family may not reflect what you’ll find in your unique situation. 

If you’ve read article after article about homebuying, played around with the mortgage calculator on the bottom of an online real estate listing, and received conflicting advice from others about what is required for a loan, it’s time for some answers. Below are three common mortgage myths debunked to get you started on the path to clearing up misconceptions. After you read this, the best thing you can do is get in contact with a mortgage banker!  

There’s only one kind of mortgage. 

If you’ve been searching for the requirements to qualify for a mortgage, you’ve probably come across common answers. These typically pertain to the most widely used mortgage, which is a conventional 30-year fixed-rate loan. Meanwhile, there are so many options for specific scenarios. If a buyer has less than perfect credit, fewer months in reserves (the amount in your bank account that would cover your mortgage payment), or needs to put down less than 5%, there are loan programs for that. In fact, the list of potential challenges and types of loans and tools that provide a solution is so long and scenario-specific that it’s a lot more than a Google search could capture. In short, there are a lot of ways in which it would be a mortgage myth to say that you can figure out whether you qualify to buy a home with a little bit of online research.   

The process is long and arduous.

It is a very common mortgage myth that it takes months to buy a home. In reality, did you know a buyer can go from putting in an offer to being approved to close on their home in as little as 10 days? Buying a home is a big deal but that doesn’t automatically make it difficult. Realtors and mortgage bankers go through this process every day and know exactly how to set their buyers up to take things one step at a time. Along the way, you’ll find easy instructions, likely be surprised by how little work you need to do on your end, and feel super confident about how much you’ve learned from the professionals on your real estate team. 

I need perfect market conditions to move.

There really are no perfect markets, only perfect solutions. Every buyer has their own reason for going on a home search and, at the end of the day, almost any time a buyer makes the switch from renting to owning will benefit them in the long run. Realtors have the experience and skills to find the home that best fulfills your reason for searching for a home. Mortgage bankers have the expertise, resources, and tools to help you finance your home in the most affordable way possible. In other words, needing ideal market conditions is a mortgage myth because no two buying situations are the same. 

Get the Truth Behind More Mortgage Myths

The best defense against misconceptions is professional knowledge, backed by the passion for educating potential buyers on the vast possibilities of homeownership that mortgage bankers have. If you feel that you are ready to become a homeowner but have doubts about the process of buying a home, share them with a mortgage banker. You may be surprised to find just how ready you are to buy a home today.