6 Mortgage Myths Debunked

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We’ve all been cautioned by well-meaning friends and family. “It’s hard to qualify these days, even with a good income.” “You’ll need to put 20 percent down and have perfect credit.”

While there are plenty of mortgage misconceptions floating around these days — from how hard it may be to qualify to how much you should put down — it’s important to learn the facts and how they apply to you.

Not doing so could delay homeownership, and the benefits you would gain, by years.

What You Could Gain

If you are renting now, buying a home could be a better financial decision. Of course, that depends on several factors, such as where you live, current mortgage interest rates, and what you now pay in rent. Assuming your home appreciates in value, you’ll also gain equity. That’s money you’ll benefit from when it comes time to sell.

Aside from the financial aspect, owning a home means you can stay in one place, perhaps ensuring a short commute to work, or allowing kids to grow up in the same neighborhood and stay in the same schools.

Taking the Plunge May Be Easier Than You Think

Despite what you may have heard, getting a mortgage won’t require perfect credit or a large down payment. (However, it’s safe to say you should get your finances in order before you start house hunting or talking to lenders.)

To learn more about 6 mortgage myths and the home buying process, visit the SCOOP! Blog

Comments (1)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Great post, as some buyers still do think they need 20% down to get into their first home.

Dec 06, 2021 09:41 AM
Jackie A. Graves

Hi Joan, thank you for your comment. Very much appreciated. Stay posted for future blogs and make it a great day. 

Dec 06, 2021 09:31 PM