Busted! Don’t Believe These Mortgage Myths!
If the process of buying a house and obtaining a mortgage isn’t stressful enough, the thought of being misled by false facts is likely to add to your stress. Unfortunately, the mortgage sector is littered with misconceptions, and there’s a significant chance that you will hear at least one of the many myths that circulate about mortgages and mortgages brokers.
Believing these incorrect facts could lead to you missing out on some of the best mortgage products and lenders in the market. It could also prevent you from purchasing the home of your dreams. As experienced mortgage agents in Grand Prairie, Alberta, we’ve been helping clients with their mortgage needs for years and want to assist you as well. To help you distinguish between fact and fiction and make the best use of mortgages, Doria Zacharias has debunked three of the most widely believed mortgage myths.
Myth 1: You can get a mortgage only from “Big Banks.”
People think that the only way they can successfully secure a mortgage is from a bank. However, this is not true. You can get a mortgage not only from a bank but from a lender as well. You can choose to either work directly with a lender or hire a mortgage agent to guide you through the lending process. Mortgage brokers have maintained close ties with several lenders, and can, therefore, find you a lender that will provide the right mortgage product for your needs.
Myth 2: You need to have a 20% down payment.
You DO NOT need a twenty percent down payment to buy a house. The government requires you to have at least a 5% down payment. Even if you need to buy a bigger property, the minimum required down payment is still 5% of the purchase price. People think that this is only for first-time homebuyers, but this rule applies to everyone.
Myth 3: There is a fee to use a mortgage broker.
Clients often think that working with a mortgage broker will cost something. While few mortgage brokers charge a fee, most professionals receive a referral fee or commission from the banks or lenders, so their services to clients are free of cost.
If you’re looking to steer clear of myths like these and seek expert assistance, reach out to Doria Zacharias. As professional mortgage agents in Grand Prairie, Alberta, we ease the mortgage lending process and help you find the best mortgage deal. We offer mortgage refinance and home purchase mortgage solutions to clients across Stettler, Lacombe, Red Deer, and Camrose, Grande Prairie, Alberta. Our mortgage services are all free as we get paid by the bank!