Busting a Few Common Mortgage Myths


    If you’re in the market for a home loan, there are a few things we’d like to clear up about how mortgages work.
     
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    There are a lot of misconceptions out there involving the mortgage process, so Matt Wilkerson from @Mortgage joined me recently to dispel a few common myths:

    Myth No. 1: You need 20% for a down payment. Over 25% of people in a recent survey thought that they needed a massive down payment of 20% or more, but that’s simply not true. We have home loan programs with 5% down, 3% down, and even 0% down.

    Myth No. 2: You need to have excellent credit to qualify for a mortgage. In truth, you can qualify for a low down payment home loan with as little as a 580 credit score.

    Myth No. 3: You don’t need to hire a Realtor. While people think they will save money by not hiring a Realtor when buying a home, there is truthfully little to no cost involved when hiring an agent to work on your behalf. They are experts in the market, can help you get a good deal, and will cost very little, if anything at all.

     

    As a buyer, there is little to no cost to hiring a Realtor.

     

    For any mortgage-related questions, feel free to reach out to Matt at (309) 408-0708 or visit his website.

    If you have questions about these three myths or anything else related to buying a home, feel free to reach out to us via phone or email today. We look forward to hearing from you soon.

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