By 
When it comes to mortgages, there are a lot of myths out there. From down payments to interest rates, there are many misconceptions about getting a home loan. So, what’s the reality? Today, we’re debunking some of the most common myths about mortgage loans. These are the facts that you need to know before you start shopping for a home.
Myth 1: You Need a 20% Down Payment
One of the most common myths about mortgages is that you need a 20% down payment to get a loan. This simply isn’t true. While a 20% down payment is ideal, you can qualify for a mortgage with as little as a 3% down payment. There are even programs available that can help you with your down payment if you don’t have the cash on hand. Apart from this, you may even get in touch with a broker for a DSCR mortgage to get all other details. So, don’t let the down payment myth stop you from buying a home.
Myth 2: Mortgage Interest Rates are Negotiable
Interest rates on a mortgage loan are not negotiable. The interest rate is determined by the market and your credit score. However, there are things that you can do to get a lower interest rate. One of the best things you can do is to shop around and compare rates from different lenders. Another thing you can do is to improve your credit score before you apply for a loan. This way, you’ll be in a better position to negotiate for a lower interest rate.
Myth 3: You Need Perfect Credit to Qualify for a Mortgage
A good credit score is important when it comes to getting a mortgage, but you don’t need perfect credit to qualify. The reality is that there are many mortgage brokers in Ontario who can help you get a loan even if you have bad credit. With their help, you can find a lender who is willing to work with you to get the loan that you need. Plus, it will help if you can provide a larger down payment. This will show the lender that you’re serious about repaying the loan.
To Sum It Up
These are just some of the myths about mortgage loans that you need to know. Remember, it’s important to do your research before you apply for a loan. This way, you can be sure that you’re getting the best deal possible. If you have any questions, don’t hesitate to ask your mortgage broker and get the facts. They can help you find the loan that’s right for you and your situation.
