There are a lot of myths about buying a home that are easy to bust. Here are a few of the big ones:
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.
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.
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.
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.
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.
There are a lot of myths and misconceptions out there that could be keeping you from your dream home. If you have any concerns that have been holding you back, please just call us and ask! There is no question too big, too small, or too silly. We’ve heard it all before! And that one simple question may just put you on the path to home ownership!
Email Myles or give him a call today!