Myths about Buying a Home

Thinking of buying a home? It’s easier, faster and smarter than you might think.

Myth 1: I need a 20% down payment.

This goes to the days when lenders had a far fewer options. Now, you can get a mortgage with as little as 1% down and still have a low monthly payment.

Myth 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.

Myth 3: It will take a lot of time.

A good mortgage broker can take your application and you a pre-approval letter within minutes!

Myth 4: My bank is the best place to get a mortgage.

Banks don’t offer many mortgages choices. An independent mortgage broker, like Stonecastle, can help you find the best options and lowest rates.

Myth 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.