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.