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Top 5 Mortgage Myths-Busted

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It’s hard to know who to trust when it comes to mortgages. There are so many myths and misconceptions floating around, that it can be tough to figure out what’s true and what’s not.

You’ve probably heard at least one of these mortgage myths before- maybe someone told you that you need a 20% down payment, or that you can’t get a mortgage if you’re self-employed.

We’re here to bust those myths and set the record straight. Here are the top 5 mortgage myths, debunked!

You’re in the market for a new home and you’ve got your heart set on a mortgage. But before you sign, it’s important to understand all the myths that are out there about mortgages. These can be scary realities if they’re not busted, so we’ll bust them all! In this article, we’ll dispel the top 5 mortgage myths:

You need a 20% down payment

This is one of the most common myths about mortgages. People believe that they need a 20% down payment in order to qualify for a mortgage. But this isn’t always the case. There are many programs available that can help you with a down payment, and some lenders will accept as little as 3% down.

You need perfect credit

Another common myth is that you need perfect credit to qualify for a mortgage. But this isn’t true either. There are many programs available for people with less than perfect credit. So don’t let this myth stop you from applying for a mortgage.

Mortgages are too complicated-

Many people believe that mortgages are too complicated and they don’t understand all the jargon. But this doesn’t have to be the case. There are many resources available to help you understand the mortgage process. And if you have any questions, your lender will be more than happy to answer them.

You’ll never be able to afford a house-

This is another myth that needs to be busted. There are many programs available to help you buy a house, even if you don’t have a lot of money for a down payment. So don’t let this myth stop you from owning your own home.

Mortgage rates are too high-

This is the last myth on our list, but it’s one of the most important. Many people believe that mortgage rates are too high and they’ll never be able to afford a house. But this isn’t true.

Mortgage rates are at historic lows, so now is a great time to buy a house.

So there you have it the top 5 mortgage myths busted! Now that you know the truth about mortgages, you can go out and get the home of your dreams.

So don’t let these myths stop you from owning your own home. Get out there and start shopping for your new home today.

1. You Don’t Need A 20% Down Payment

The first mortgage myth is that you need a 20% down payment to qualify for an FHA or VA home loan.

This couldn’t be further from the truth! The percentage has fallen below what’s required, and now lenders look at your credit score as well – if it checks out then they’ll give approval without any additional requirements on top of this great rate offer

A lot of people believe in their hearts that there must always be legislation involved when getting anything done these days; especially something tapping into dollars which affects our future finances so much more than anything else does…

but sadly enough not true here: all major financial institutions will take anyone who can afford the down payment – it’s that simple

2. You Don’t Need Perfect Credit To Qualify For A Mortgage

You don’t need perfect credit to qualify for a mortgage. It might seem like an impossible feat, but the truth of the matter is that there are many people in this world who have inaccurate or poor records and they still manage to get approved every single time!

The Myth About Mortgages?

That you can only get one if your score hits impeccable levels – which we know isn’t true because while some lenders will take into account specific factors when deciding whether someone deserves their loan more than others; none assesses honesty by checking up on past borrowings… let alone criminal conviction history (so long as these were resolved).

3. Mortgages Are Not Too Complicated And Can Be Easily Understood With Help From Your Lender Or Resources Online

Mortgages are not too complicated and can be easily understood with help from your lender or resources online.

The third mortgage myth is that you need to have an expert handle all aspects of the loan process, but this simply isn’t true! You should always go into any transaction prepared for what will happen at each stage so there are no surprises when they come up later on in negotiations – even if it means doing some research before meeting face-to-face with someone who may very well have different ideas about how things should proceed based off their experiences elsewhere

4. It Is Possible To Buy A House Even If You Have Less Than Perfect Credit, With The Help Of Many Available Programs

If you’re tired of living in your parents’ basement or owe more than five Invest In The American Dream (ITAD) loans, then this article is for YOU! There are tons of programs out there that will allow people with bad credit to get approved and purchase their first home.

A few popular ones include: USDA Home Loan Program – This program offers mortgages directly through banks like Bank Of America; FHA Loans which come complete with insurance from Allstate Insurance Company; VA Grant Programs – available on military bases throughout the – suspensions COVID-19 pandemic

There are many programs available that can help you get approved for a mortgage, even if your credit isn’t perfect.

So don’t let this myth stop you from achieving your dreams of homeownership.

5. Mortgage Rates Are At Historic Lows, So This Is A Great Time To Buy A House!

Mortgage rates are at historic lows, so this is a great time to buy! Right? Actually, the mortgage process isn’t always as easy and straightforward.

It’s true that you might be able to get your hands on some sweet deals from banks with low-interest rates – but there can still be many steps involved before closing one out…

The first thing most people don’t realize when they’re shopping around for mortgages or refinancing their homes due to rate changes etc.,

which actually happens more often than we think nowadays (especially with the recent pandemic), is that their banks will do a hard inquiry on their credit score.

What’s A Hard Inquiry?

It’s when a lender asks for your permission to access your credit report in order to make a lending decision.

And while most people understand that this will result in a slight drop in their credit score, few are aware that multiple hard inquiries from different lenders within a short period of time can actually have a bigger impact and lower your score further. In fact, too many inquiries in a given time frame can even result in you being considered a high-risk borrower!

So there you have it the top 5 mortgage myths busted! Now that you know the real scoop on mortgages, you can go into the process prepared and informed. Remember to do your research before meeting with a lender, and ask lots of questions so you understand everything that’s happening.

And most importantly, don’t let these myths stop you from achieving your dreams of homeownership. With the right knowledge and preparation, you can make it happen!

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If you're considering buying your first property in Canada, be sure to contact us or book your Free 15 minutes call with us, This will help you prepare better for that big decision!

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Serujan Kaneshalingam

Serujan Kaneshalingam

Dedicated Mortgage Broker with One Mission: To help clients obtain the best financing solution for the acquisition or refinancing of your property.

Serujan Kaneshalingam

Serujan Kaneshalingam

Dedicated Mortgage Broker with One Mission: To help clients obtain the best financing solution for the acquisition or refinancing of your property.

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