Busted! Don’t Believe These Mortgage Myths!
When shopping for mortgages, it is beneficial to determine whether it will contribute to your financial needs. As purchasing a property is an expensive affair, you will want a mortgage that is realigned to your financial goals. However, several false facts about mortgages from those who have already been in your shoes often get passed along. Believing in these circulating myths could lead to you missing out on some of the best mortgage products and lenders in the market. Therefore, it’s best to consult a reliable mortgage agent who can clarify specifically on every mortgage misconception and help you move forward in buying your home. To help you separate facts from fiction, Kraft Mortgages has dispelled three of the most widely believed myths about mortgages.
Myth 1: You need to have a 20% down payment
Most of the clients believe that a minimum 20% down payment is required to borrow any mortgage. But many programs are available for those borrowers who are not able to put that much amount. A broker can help to find a suitable program for them.
Myth 2: It isn’t possible to afford to buy a home
Some clients think that they cannot afford to buy a home. But if they can pay their rent, then they can also pay their monthly payments. To figure out how much loan amount they can afford, a mortgage broker can give them an idea about how much amount they can potentially borrow.
Myth 3: It’s not necessary to check the credit score
We have come across several customers who aren’t aware of the importance of a credit score. At times they try to change their credit intentionally. Some customers think that closing out any card or paying off any bill will improve their credit, but it doesn’t work in some cases.
If you’re looking to steer clear of these myths, reach out to Kraft Mortgages. As professional mortgage brokers in Surrey, BC, we help ease the mortgage process and assist you in finding the best mortgage deal. We have a combined experience of twenty-three years providing excellent brokerage service. Our full range of mortgage services include home purchase mortgages, and mortgage refinances, mortgage renewals, private mortgage lending, 2nd mortgages, construction financing, and commercial mortgages.