#MortgageMonday: 3️⃣ Common Homeownership Myths
There are a few common misconceptions about getting a mortgage that may be holding you back from taking the next step. Below are 3 common myths about homeownership.
“I need a perfect credit score to qualify.” ✨ While a good credit score helps, there are various loan options available for different credit profiles. Local lenders can work with a wide range of credit scores.
“I need to save up at least 20% for the down payment.” 💵 There are programs with lower down payment options and opportunities to qualify for down payment assistance. Your local lender will crunch all your numbers up front, so there are no surprises.
“I’ll wait for interest rates to go down.” ⏰ You are not locked into the same rate for the entirety of your ownership of the home. You can always invest now to begin building equity and generational wealth, and then opt to refinance later if rates decrease. What other concerns do you have about the mortgage process? It’s never too early to speak with a local lender to learn more about the process. If you don’t already have a lender, please contact me. I would be happy to provide you with recommendations for knowledgeable, local lenders who will help guide you through the mortgage process. 🏠
About the Author: Megan Mazurek is a full-time residential Realtor with the Charles Reinhart Company serving buyers and sellers in Ann Arbor, Saline, Ypsilanti, and throughout Washtenaw County.
