3 Top Mortgage Myths Debunked

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Date sent: 2020/07/18 06:15:54
Our society is filled with myths, and no single industry can escape this fact. We can bet a $1000 for you to name one single industry that does not come with a myth. Can you think of any? If you can leave a comment in the comment section. The case does apply to the housing industry, especially mortgages. There are a couple of myths relating to mortgages and mortgage lenders that our expert team at Blutin Finances has decided to shed some light on. You may be surprised by our discoveries, so make sure to read the blog. It is for your own good.

• Myth 1: Owning a home is only meant for the rich

Before we tackle the myth, simple question, can you pay your monthly rent? If the answer is yes, then you can pay your mortgage. Owning a home is not only meant for the rich, as a lot of people think. All you need is discover how much home loan you can manage, converse with a certified mortgage lender such Blutin Finances. You can get a speedy, non-restricting appraisal, or a prequalification to get a thought of how much cash you might obtain.

A few banks may offer a home loan pre-endorsement. In contrast to prequalification, pre-endorsement implies you've provided evidence of your obligation, salary, and reserve funds. When you're prequalified or pre-endorsed, you'll realize the amount you might have the option to acquire. If you want to get more interesting details about top mortgage, you may visit here.

• Myth 2: You should put 20% down to purchase a home.

The following myth has some grounds, but let us help you disapprove of it. Raising 20% of the total value of the home is excellent, but it should not restrict you from getting a mortgage. It is advisable to get a 20% down payment as it reduces the total amount of your home. However, you can still get mortgage lenders who can give you a mortgage with 0 % down payment or even a 3% down payment. However, remember the lower the down payment, the higher cost of the mortgage.

• Myth 3 Professional House Inspection does not matter.

A lot of homeowners tend to think that professional house inspection is a waste of money. Their thinking is why should I pay someone to inspect my home if I can do it myself. Well, we cannot deny that you can check the house on your own. However, the truth is that you can miss some vital things, and in the long run, you will incur extra costs to fix them. Having an expert professional house inspection will help you discover the problems and help you renegotiate that helping you reduce the amount your mortgage lender will cover you for your new house..

Date sent: 2020/09/11 12:00:05
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