Six Common Misconceptions Regarding Home Loans

Mortgage and Lending with The Mortgage Market of Delaware

Six Common Misconceptions Regarding Home Loans

A twenty percent down payment is not required. There are many loan programs that allow little or even no down payment.

You do not need stellar credit to qualify for a home loan. Most loan programs are looking for 640 and above although some go down to 600.

You do not need to pay a fee to repair or improve your credit score. For instance, if your credit report is pulled through Credco, they provide a free consumer dispute line for you to start a case file. Then you fax items to have your report amended.

It doesn’t take a long time from loan application to closing. As long as you are cooperative and send in what is needed in a timely manner, things should move along smoothly. It usually takes 45 days for a refinance and 45-60 days for a purchase.

You don’t need a lot of money to purchase a home. With some loan programs, you can get into a home with about $1200 out of pocket. The sellers can pay all of your transfer taxes, closing costs and pre paid escrows.

Home prices and interest rates are still very low. A quick search on shows ample inventory of homes at very affordable prices. Low purchase prices coupled with low interest rates makes for very inexpensive housing payments.

Bottom line- If you are thinking about purchasing or refinancing, now is the time to call a local, trusted loan originator to check out your options. With 30 year fixed rates in the 4.5% range, it makes sense to inquire now rather than later.

Provided by: JoAnn Moore, Licensed Mortgage Professional, Multi Million Dollar Loan Originator, Certified Military Housing Specialist, The Mortgage Market of Delaware, Georgetown, Delaware. 302.855.1306, 302.236.1229      



Posted by

JoAnn Moore

Comments (1)

Trisha Bush-LeFore
Preferred Properties Land & Homes - Walla Walla, WA
Providing Realtor Services in the Walla Walla Area


Thanks for sharing with us the six common misconceptions regarding home loans. This is very helpful information that I will definitely share with my clients.

Aug 02, 2013 02:29 AM

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