Click To Apply Online

Are You Falling for These Common Home Mortgage Myths?

The iServe Blog


It seems like a big, scary step, but getting your own home may be surprisingly streamlined and easy. If you’re still falling for one of these common misconceptions, it’s time to take a fresh new look at home ownership.

Common Myths About Residential Home Loans

Myth: You need a boatload of money to buy a house

Busted: You may be able to buy a home with a surprisingly low down payment. Depending on the loan type you choose, you may purchase a home with as little as 3% down. If you have ever served in the armed forces, you may also qualify for a VA loan, which does not require a down payment.

You can sell your firstborn a la Rumpelstiltskin, work three jobs or live on ramen to come up with 20% for a conventional loan – or simply learn more about FHA residential mortgage loans, which include surprisingly low down payment options and relaxed credit guidelines. A mortgage loan provider can help you learn more about your options and ensure you find a product with an affordable down payment.

Myth: You need perfect credit to buy a house

Busted: While a string of repossessions and late credit card payments is going to hurt you, you don’t have to have perfect credit to buy your own home. Those FHA loans that offer low down payment options also have relaxed credit guidelines. Even if you are in the 500s score wise, you should speak with a mortgage loan officer to find out more about your options; there may be loan products that could work for you.

Myth: You’ll get the best mortgage from your local bank.

Busted: Many of us still have accounts at the same bank our parents used – you set up that savings account when you got your first job and then just signed up for free checking when you needed it. While local banks do offer mortgage loans, they may not be your best bet. Comparison shopping for residential mortgage services with a mortgage loan officer may be the way to go since your bank may only offer one type of product and could even charge higher fees than another mortgage lender.

Myth: Adulting is hard, keep crashing on your mom’s couch!

Busted: While you can couch surf for a while, your friends are going to start getting homes, getting married and even having kids. Your own place may be surprisingly affordable, easy to care for and won’t kick you out if you wake up the baby.

Learning more about your mortgage options helps you decide if the time is right to buy a home – when you’re ready to talk, give us a call to find out just what you could do with the right loan.

 

 

Programs, terms and guidelines subject to change without notice. Not all applicants may qualify. All loans subject to underwriter and investor approval. Arizona Mortgage Banking License BK-0920658; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, CRML License  413-0646; Colorado Supervised Lender #988552; Georgia Residential Mortgage Licensee License #19613; Licensed by the New Jersey Department of Banking and Insurance License # 512567; Licensed Mortgage Banker—New York State Department of Financial Services License # B501014; (www.nmlsconsumeraccess.org)

iServe Residential Lending, LLC 15015 Avenue of Science, Suite 250-San Diego, CA 92128

P: (858)486-4169