Mida Derguti-Realtor

Here are 5 myths you may have heard about mortgages. 1️⃣ You need to save 20% of a home’s listing price for a downpayment. In reality, this percentage will vary — work with your lender to find out a more accurate estimate! 2️⃣ You don’t need to get pre-approved until the sale is in process. Big no! Get pre-approved as soon as you start looking for homes to streamline the process and to demonstrate you’re an eager buyer. 3️⃣ You can’t pay off your mortgage early. Though some loans may require a prepayment penalty (where you would pay a fee to pay off your mortgage early) - this is much less commonly seen now. 4️⃣ You must have perfect credit. There’s no doubt credit plays a significant role in qualifying for a mortgage, but there are still options for people who have low credit scores. 5️⃣ Having debt ruins your chances at getting a mortgage loan. Like credit scores, your debt-to-income ratio is important, but definitely not the only factor.