Mortgage myths that are not true

Purchasing a new home can be both exciting and bothersome. And what is common here are the stories and rumours. And the saddest part is that most of them believe it also. Well, we understand buying a new property can be a complete nightmare if things do not work out in the right way. This is why it is essential to get in touch with a mortgage specialist and ask for assistance. This way you will not only understand the procedure better but will also get peace of mind.

Next, every other day we hear stories or rumors from people when it comes to buying a new home. But are they actually true? Are you not hiring the best mortgage lenders because one of your friends or family members have shared some myths with you? My friend don’t let some stupid myths stop you from getting in touch with a mortgage company. In this piece, we have debunked some of the most common misconceptions regarding a mortgage.

After giving it read you may change your perception.

Myth 1# You can’t afford to buy a home

The truth: Well, buying a house is not as difficult as it looks. If you are able to pay a monthly rent, then there is no denying the fact that you will be able to pay the monthly mortgage payment too. To find out the actual mortgage amount, all you have to do is get in touch with the best mortgage lenders. This way you will understand the whole procedure better. You will get an idea about the total amount you need to pay with the interest rate. In addition to this, you will be able to understand how much loan you need to apply for. However, there are some lenders who offer a pre-approval. Do your discussion and check for the same.

Myth 2# Put in twenty percent for sure

The truth: There is no denying the fact that having a twenty percent down payment is just perfect. However, there are people who do not have money and are not able to afford it. If this is the situation with you, don’t worry. The mortgage specialist has got you covered. There are numerous programs available for people who are not able to afford a huge amount of down payment.

Myth 3# A good credit score

The mortgage brokers have said that it is necessary to have a good credit score. Well, this is true to an extent but in case you don’t, there is nothing to worry about. Speak to the experts from the best mortgage companies and they will assist you. Even if you have a bad credit score you can bring in all the necessary documents and let the expert work for you. Thus, do not let the bad credit score stop you from getting the mortgage.

Myth 4# It is better to rent a home rather than buying one

The truth: You may assume that you do not have enough money to buy a new home. But is this the truth? Is it worth paying the monthly rent when you can purchase your own home with the help of the best mortgage lenders? When you pay your monthly mortgage, it is understood that the money is going into the equity of your home. In simple words, you are receiving a real return on your investment as time passes by. Also, the mortgage brokers say that the interest rate and the monthly amount will not change until the period of your loan. Isn’t it the best?

The bottom line

These are some of the myths regarding a mortgage. Do not let them stop you from purchasing your dream home. If you still have any questions, feel free to contact the mortgage specialist at Pierpoint Mortgage. We have been in the business for years. Our mortgage brokers keep in mind the requirements of the customers and work accordingly. We know for a fact that the whole procedure can take away your peace of mind. This is where we put in all our time and effort and make sure you get the best deals.