The truth is, buying a home and getting a mortgage is easier and faster than you might think. Here are five popular myths and the real truth about home buying.
Myth: It will take a lot of time.
Truth: A good mortgage broker can take your application and give you a pre-approval letter in minutes!
Myth: I have to dig up tons of paperwork.
Truth: These days much of the verification process, like collecting pay stubs, bank statements, and tax info can be done automatically by your mortgage broker and lender.
Myth: I need a 20% down payment.
Truth: You can get a mortgage for as little as 1% down and still have a low monthly payment.
Myth: A bank is the best place to get a mortgage.
Truth: Banks don’t offer choices. A local independent mortgage broker can help find the best options and rates.
Myth: I need to be “settled down” first.
Truth: Even with a low down payment, monthly mortgage payments are often lower than rent prices. Plus, when you’re buying a home, you’re paying yourself, not a landlord.
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