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Myths are harmless but they can be misleading too and they can affect our point of view. Mortgage is something everyone tries to avoid and wishes to buy houses with nothing but cash, well that is a dream but can drain life savings too. People do not know much about mortgages hence they are skeptical about getting mortgages but the myths surrounding it make things even more difficult for the mortgage broker. Hence, in this post, a mortgage broker will bring down all the confusion and myths associated with mortgages.
You Need a Good Credit Score to Get a Mortgage
Everyone believes they need a near-perfect credit score to apply for a mortgage but that is simply a lie. A good credit score is a qualifying factor but a good credit score holder can also lose a mortgage because of other reasons. Mortgage lenders have mortgage programs for all kinds of credit scores and who knows it better than a mortgage broker near me in Texas does? You will get a better interest rate with a higher credit score but having a lower credit score does not disqualify you from receiving a home loan. Consult with a mortgage broker instead of a banker to know all the loan programs from different lenders.
Minimum 20% Down Payment Is Needed To Buy a House
Many homebuyers believe they need to put down at least 20% or more for their down payment. However, this is not entirely true because each loan program has its own down payment rules. For instance, conventional loans require a 3-5% down payment, FHA loans require a 3.5% down payment, and VA and USDA loans require 0% down payment. If you want to know which loan program is right for you, reach out to R&J mortgage brokers for guidance.
Spring and Summer Is the Best Time to Buy A House
Your grandparents must have told you the significance of buying a house in the spring or in the summer season in a dry weather state. You cannot be hopping around town in the snow during winter to buy a house so you cannot throw this logic out either. But when it comes to warmer climates like Austin, Texas, summer can be very harsh and considered an off-season for home purchasing instead winter seems much better. Listen to the mortgage and loan broker Austin, TX, and do not purchase a home during peak season. Wait for the rush to weigh off before you make your move into real estate.
Need Good Income to Qualify For a Mortgage
This one is true in a sense because a person who needs a mortgage should have a stable income source and be able to cover other costs that come with owning a house. Lenders and banks always check income to decide qualifying status. However, they also consider several other important variables, including the purchase price, debt-to-income ratio, credit score, and more before approving loans. The mortgage broker near me will help you to apply for a co-borrower who may assist with closing the income difference is a popular choice for property purchasers with lesser incomes. A spouse, loved one, or even an acquaintance could be your co-borrower. In certain cases, they may qualify as a co-borrower who is not occupying the space.
R&J Mortgage Brokers 11615 Angus Rd 1st Fl Ste 224, Austin, TX 78759, United States +17373590774 https://rjcmortgage.com/austin-tx-branch/
