Buying a home is easier, faster and smarter than you might think. Don’t let these home buying myths of yesterday keep you from buying your home today.
Myth 1: You need a 20% down payment.
This goes back to the days when lenders had far fewer options. Now, you can get a mortgage with as little as 3% down and still have a low monthly payment.
Myth 2: You have to dig up a lot of paperwork.
A lot goes into qualifying for a mortgage, but now, your mortgage broker and lender can do much of the verification process, like income, assets and tax information, automatically, making it easier than ever.
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 minutes. Many even let you do it yourself online, like us.
Myth 4: Your bank is the best place to get a mortgage.
Banks don’t offer many mortgage options. An independent mortgage broker in your local community can help you find the best options and the lowest rates.
Myth 5: You 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.
Myth 6: You need 20% down payment to avoid PMI or Escrow.
Although traditional lenders require 20% down payment to avoid PMI and Escrow, we have programs that allow you to avoid both with as little as 5% or 10% down.
Myth 7: You need 2 years of work history before you apply.
Most of the time all it takes is being on your job for as little as 30 days to receive traditional conventional financing. Call us today and let’s discuss the details.