MYTH: You must have a 20% down payment to buy a house.
TRUTH: Different loans require different down payments—some as low as 0%!
MYTH: You need a stellar credit score to get a mortgage.
TRUTH: For a conventional loan backed by Fannie Mae or Freddie Mac, the minimum score required is 620. The lowest credit score to buy a house with an FHA loan is 580. Mortgages are out there buyers with a wide range of credit scores. Plus, there are things you can do to improve it along the way.
MYTH: You don’t need to shop for mortgage rates. They’re the same no matter where you go.
TRUTH: Just like any major purchase, shop around! Not all mortgage rates are the same. Closing costs and other fees can vary from one lender to another.
MYTH: It’s cheaper to rent a home than it is to own a home.
TRUTH: Owning builds equity, offers tax benefits, and gives you a predictable payment year after year. Not to mention, buying now allows you to lock in historically low rates.
Don’t be fooled by every mortgage myth you hear! Talk to a team who know the truth and can help make homeownership a reality for you.
