Misty Ropes Realtor

When it comes to the size of your home, more is definitely better! Do you agree?

When it comes to mortgages, there are a lot of myths and misinformation flying around. This page exists to bust those myths. 😎 Here are a few of the most well-known :
🔴 You need 20% down to purchase a home.

While this was true once upon a time in history, you no longer need to have 20% down to buy a home. Conventional loans can run as low as 3% down, and some government-backed loans have 0% down payments.

🔴 Paying off a mortgage early is impossible

While some lenders can include a prepayment penalty if you pay off your mortgage loan too early, but this is much less common than in the past. Some lenders just require you to pay interest that they would have earned. So while there may be consequences, it's not impossible.

🔴 You have to have a great credit score to secure a mortgage.

It's definitely easier to qualify for a mortgage if you have a good credit score, but there are options for people who have a credit score below 600. For example, with an FHA loan, you can buy a home with a credit score of 580 and 3.5% down.

Do you have any other myths you'd like to get busted? Leave them in the comments!

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