Here are the most common myths in the mortgage world.

Myth #1: I shouldn’t look/apply because I am not buying for another 1-5 years

False. Just because you are not thinking of buying a home for a while doesn’t mean you shouldn’t see what your options are. By applying for a loan you can determine what you can qualify for when you are ready and what your credit score is. By knowing this information you can either work on saving up for a down payment or work on increasing your credit. Contact us today to get started on your home buying process.

Myth #2: I need to save a lot of money for a down payment.

False. There are many programs out there that can help you with getting down payment assistance.  With these programs you can have a down payment for little to nothing for a down payment. Please contact us for more details.

Myth #3: I need to have an excellent credit score/history to buy a home.

False. Although most companies do want a particular credit score, this doesn’t mean that you need to have a high score to get a mortgage.  Some down payment assistance programs require a lower minimum credit score. Most lenders want you to get the home of your dreams so if your credit score isn’t at excellent but is good you can still get a home. To look at your credit score and see what you qualify for, please contact us today.

Myth #4: I need to have a lot of income to buy a home.

False. Just because you don’t make enough doesn’t mean you can’t have a mortgage. Although there are some minimum requirements, with the down payment assistance programs you can find a mortgage that is right for you within your monthly budget. Another option would be have a co-borrower to help you with your mortgage. This way you can still afford the home of your dreams. To discuss your options with low income please contact us.

Myth #5: I have such bad income/credit no one will talk with me.

False. Most lenders are willing to talk with you about all your options and how to increase your credit score. Even though you may not have a lot of money or good credit this doesn’t mean that lenders can’t help you find out how to increase your credit or what other options there are for you. Although there are some lenders that won’t talk to you because of this, but not all of them will. To discuss your options with your credit and income please contact us today.

Myth #6: I don’t know where to start so I won’t start at all.

Just because you don’t know where to start doesn’t mean you shouldn’t start looking and getting answers to your questions. It is a very busy and confusing process, but most mortgage lenders understand and can help you with any questions you have. Please contact us to get started.

Myth #7: I am not a first time homebuyer so I can’t receive down payment assistance.

False. Just because you have already bought a home or are in a home currently doesn’t mean you can’t receive down payment assistance. There are programs for all sorts of people and situations along with everywhere in Minnesota.

Myth #8: I am already pre-qualified with someone else so I shouldn’t see about other lenders.

False. Not every lender is the best option for you. Some lenders don’t offer down payment assistance programs and some lenders can’t offer you better rates upon your situation. Please contact us today to be pre-qualified within 24-48 hours.

Myth #9: All realtors are just out for money.

False. Realtors want to be able to find that perfect home, because they don’t get paid until you are happy. They are paid on commission, but that doesn’t start until after you find your home and most of them are willing to go to great lengths to help you find the home of your dreams. If you would like to talk to a realtor today, please contact us.

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