Gayle Probst South Bay insideOPENS September 17, 2021

5 Mortgage Myths — DEBUNKED!⁣

MYTH: You have to have a 20% down payment to buy a house. ⁣
⁣TRUTH: Different loans require different down payments—some as low as 0%!⁣
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MYTH: Pre-qualified means the same thing as pre-approved. ⁣
⁣TRUTH: A pre-qualification is a quick assessment of how much money you can borrow based on info you provide—no documentation necessary. A pre-approval letter indicates you’ve provided financial information to a lender and they have approved you for a designated loan amount. Serious about buying? Get pre-approved.⁣
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MYTH: You need a stellar credit score to get a mortgage.⁣
TRUTH: For a conventional loan backed by Fannie Mae or Freddie Mac, the minimum score required is 620. The lowest credit score to buy a house with an FHA loan is 580. Mortgages are out there for folks with a wide range of credit scores. Plus, there are things you can do to improve it along the way. ⁣
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MYTH: You don’t need to shop mortgage rates. They’re the same no matter where you go.⁣
⁣TRUTH: Just like any major purchase, shop around! Not all mortgage rates are the same. Closing costs and other fees can vary from one lender to another.⁣
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MYTH: It’s cheaper to rent a home than it is to own a home.⁣
⁣TRUTH: Owning builds equity, offers tax benefits, and gives you a predictable payment year after year. Not to mention, buying now allows you to lock in historically low rates.⁣
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Don’t be fooled by every mortgage myth you hear! Talk to folks who know the truth and can help make homeownership a reality for you.⁣ If you need a referral, call me!

Gayle Probst
310-977-9711
gayle.probst@gmail.com

Видео Gayle Probst South Bay insideOPENS September 17, 2021 канала Gayle Probst