There are several myths surrounding mortgage qualification. It’s enough to make anyone who doesn’t have a perfect financial history throw in the towel before they even check out their options!
If you have mortgages on your mind, ignore the hype. Listen to our mortgage experts instead! Today we’re going to bust some of the most common myths about mortgage qualification and share the truth about what you can expect at the mortgage desk.
Myth #1: I’ll need to endure a lengthy application process to determine if I qualify for a mortgage, and it might be all for nothing.
Fact: While mortgage applications aren’t the easiest things to complete, there are some steps you can take to make them more bearable. One of the most effective things you can do is apply for a mortgage preapproval before you start house hunting. You’ll get a ton of paperwork out of the way. You’ll also get a good idea of how much money a lender will let you borrow. Plus, it gives you an opportunity to remedy any problems with your application before you fall in love with a home.
Myth #2: My credit score needs to be insanely high to qualify for a mortgage.
Fact: The higher your credit score, the lower your mortgage interest rate. If you have a low credit score, all is not lost! Select loan programs accept applicants with scores as low as 580.
Myth #3: I am a freelance employee, so I might as well rent forever.
Fact: There are mortgage programs geared toward people with irregular incomes! At MortgageDepot, we deal with this situation all the time. Talk to one of our loan officers to get into a program that matches your needs.
Myth #4: I don’t have any money to put down on a home, so lenders won’t even look my way.
Fact: Multiple mortgage programs only require a low down payment. Some, such as VA or USDA loans, don’t need a down payment at all! You might end up with a higher interest rate, and you’ll definitely have higher monthly payments, but if saving for a down payment is difficult, these types of loans might be viable options.
Contact Us Today!
Are you wondering if you qualify for a mortgage? The answer might surprise you! Contact MortgageDepot today to learn more about available home loan programs.
Connect with one of our loan consultants for more information.
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