Common Mortgage Myths Busted

Common Mortgage Myths Busted

Common Mortgage Myths Busted

By Mark Spain Real Estate

Our trusted partner, Shelter Home Mortgage has provided common mortgage myths and their truths when it comes to buying a home. Kickstart your real estate journey, stop renting and start shopping for your new home now!

To learn more real estate tips, advice, and information, visit our blog.

Mortgage Myths Busted

Loan Programs

Myth: I must put at least 20% down.

Truth: There are loan programs that allow as little as 3% down payment. Although having a 20% down payment is ideal, it is not required. You can find the best loan program that works for you and your financial ability.

Credit History

Myth: I have no credit history or a low credit score

Truth: By opening a credit card account and making timely payments, you can easily have an established credit history in a little as 6-12 months! Also, your credit score doesn’t have to be flawless to find a home mortgage that fits your budget.  There are many mortgage programs available for those with lower credit scores. In fact, even scores in the 600s can qualify for a home loan.

Student Debt

Myth: I have too much student loan debt.

Truth: Only a percentage of your student loan payment is counted in the debt-to-income-ratio!

Interested in selling your home after finding out the truths to these common mortgage myths? Give us a call at 855-299-7653 or visit our website.


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