Common Mortgage Myths Busted
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
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.
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.
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!
Mark Spain Real Estate strives to keep our clients as our top priority and deliver an unparalleled client experience. We are grateful to serve our clients in reaching their real estate goals! Contact us today!