Chat with us, powered by LiveChat
Make a Payment

Common Mortgage Myths

April 12, 2021

Are you aware of the truth behind mortgages, or have you believed the mortgage myths? 

We are here to bust the common mortgage myths and reveal the options you have in today’s market. Here are some of the top mortgage myths of 2021: 

 

Myth #1: “It’s better to pre-approved after you find your dream home.”

The truth is you should get pre-approved before you begin your home search so you know your budget and can act quickly when you’re ready to make an offer. Having the pre-approval will help strengthen your offer and show the seller you are making a serious offer on the home. 

 

Myth #2: “Getting pre-qualified is the same as getting pre-approved.”

No, these two things are not the same! Getting pre-qualified is an estimate but not an exact loan amount. A pre-approval involves a lender analyzing your finances and must be completed before you can purchase a home. Our loan officers here at Tabor Mortgage Group are experts in the pre-approval process and can get your application started with just a quick, 5 minute phone call. 

 

Myth 3: “You need to have 20% down to purchase a home.”

While this was true years ago, you no longer need to put 20% down for a home loan. Today’s median down payment is actually less than 20%. Tabor Mortgage has multiple 0% and 3% down payment loans available.  

 

Don’t let common misconceptions about today’s competitive market keep you from achieving your goals. If you have questions about how to navigate the home loan process, give us a call  for expert mortgage advice and insight!