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Mortgage Myths Explained!
By Deborah Colanino
In uncertain economic times, it is not uncommon for most people to not know where to turn for good solid truthful information. There is so much confusion and misinformation concerning the mortgage industry right now such as articles on the web, television news programs parading out “experts” for interviews, your neighbors’ experiences …and they are all saying different things!
Keep one thing in mind. If your car is making a funny noise, you take it to a mechanic. If your pipes spring a leak, you call a plumber. If you want accurate and correct mortgage information, call a PROFFESIONAL MORTGAGE CONSULTANT!!!
As a Mortgage Consultant with over 24 years of experience in real estate and mortgages, I have worked, lived through and survived both “boom times” and “bubble busts”. Having said that, I firmly believe that this is the best time and the right time to be a first time homebuyer! Let me dispel a few MORTGAGE MYTHS for you.
Are there still programs available to potential homeowners who have little or even NO MONEY for a down payment?
Yes. They are tightly regulated, government backed programs designed to enable mid to lower income buyers to buy a home that will help them break out of the renting cycle and invest in themselves. Often the mortgage payment is the same as the homebuyers previous rent payment!
Know your credit score.
It is still possible to get a mortgage with a 600 credit score. There are restrictions involved but it is worth exploring. There are also steps that can be taken to improve your score.
Rates are currently at an historical low.
Prices have dropped dramatically. I recommend buyers take advantage of this spring’s “bottom out” market.
Plan ahead.
It is very important for buyers to start now to be PRE-APPROVED! Do not shop for a house until you have spoken to a mortgage professional. Know your budget and stay within it.
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