{"id":3005,"date":"2022-10-02T08:44:29","date_gmt":"2022-10-02T08:44:29","guid":{"rendered":"https:\/\/www.vitalstatistics.info\/?p=3005"},"modified":"2023-05-22T09:30:52","modified_gmt":"2023-05-22T09:30:52","slug":"mortgage-loans-debunking-myths-and-reality","status":"publish","type":"post","link":"https:\/\/www.vitalstatistics.info\/mortgage-loans-debunking-myths-and-reality\/","title":{"rendered":"Mortgage Loans: Debunking Myths and Reality"},"content":{"rendered":"
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.<\/p>\n
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One of the most common myths about mortgages is that you need a 20% down payment to get a loan. This simply isn\u2019t 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\u2019t have the cash on hand. Apart from this, you may even get in touch with a broker for a DSCR mortgage<\/a> to get all other details. So, don\u2019t let the down payment myth stop you from buying a home.<\/p>\n <\/p>\n 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<\/strong><\/a> before you apply for a loan. This way, you’ll be in a better position to negotiate for a lower interest rate.<\/p>\n <\/p>\n <\/p>\nMyth 2: Mortgage Interest Rates are Negotiable<\/h2>\n
Myth 3: You Need Perfect Credit to Qualify for a Mortgage<\/h2>\n