There are common misconceptions about the home loan process and we're here to bust those myths and put them to rest. As mortgage experts, we’ve heard every myth and misconception under the sun when it comes to home financing. Unfortunately, many of these myths can prevent people from making informed decisions about their mortgages, which can have long-term financial consequences. In this article, we'll dive into some of the most common mortgage myths and debunk them once and for all. Myth #1: You can't afford to buy a home. The truth is, if you can afford rent, you can very likely afford a monthly mortgage payment. In fact, rent can sometimes be just as high or higher than a mortgage payment. Plus, by renting, you could miss out on the opportunity to build wealth with one of the most common investment tools for Americans. Owning a home can also help offset your annual tax bill. Consult your tax advisor for details. Myth #2: You must put 20% down. Wrong! This is perhaps th...
