Mortgage Home Loan MYTHS 2019 | Top 5 Mortgage Myths When Buying a Home : Mortgage Home Loan MYTHS 2019 | Top 5 Mortgage Myths When Buying a Home
Mortgage loan officer Rich Conlon shares the top five home loan myths that he is seeing in the marketplace.
Have more loan questions? Looking to buy a house in the DMV (Washington D.C. Metro area)?
You can reach out to Rich directly:
Atlantic Coast Mortgage, LLC
NMLS ID #886522
Top 5 Home Loan Myths in 2019:
0:46 1. You must have a 20% downpayment in order to buy a house. 20% down is not typical and most buyers who purchase homes with a mortgage put down less than 20%. There are programs out there where you are able to put down 15%, 10%, 3.5% and even 0%.
2:39. 2. Credit pulls. Purchasers are worried about multiple dings on their credit if they shop for a mortgage. The CFPB encourages buyers to shop multiple lenders. If you shop for a mortgage, there will only be one inquiry that *could potentially* affect your credit score. Your credit is pulled when you get pre-approved and about a week before settlement.
5:58. 3. The 30-year fixed mortgage is the best program on the marketplace. There is some truth to this but depending on your situation, how soon you’re looking to stay in the residence and future relocation plans, an ARM could be a viable option with a lower interest rate.
7:53 4. An online lender always has the lowest interest rate. It comes down to your goals in the process. A lower rate may come with dealing with a call service, 800 numbers, weak communication, a longer closing period and a weaker offer in a competitive offer situation (compared with someone using a local lender).
10:50. 5. Making an extra payment on your mortgage is a great way to pay your mortgage quicker. Making an extra payment will save you a significant amount of interest in the long-run. However, if you’re not planning to stay in the property for 20+ years, could your money be spent better elsewhere with a higher return? If instead of making the extra payment, you invest in the stock market, other investments or put into a rental property (for example) your return could potentially be higher than the end result of a quicker loan term. It will depend on your financial situation and what you’re looking to accomplish.
Are you interested in purchasing or selling in the Northern Virginia area? You can reach out to Matt directly here: [email protected]
Arlington VA Real Estate: http://rhlarlington.c21redwood.com/
My new book now available: https://www.amazon.com/default/e/B00RTVS6PY/ref=sr_ntt_srch_lnk_3?qid=1528799504&sr=8-3&redirectedFromKindleDbs=true
Real Estate Continuing Education Online Classes: https://goo.gl/Cr4Tpf
Looking for a real estate agent in your city? I have a network of top producing agents around the country. Email me and I can put you in contact with an agent in your area
Matt Leighton – Arlington VA Real Estate Agent
Licensed in VA and D.C.
Century 21 Redwood Realty
1934 Wilson Blvd
Arlington, VA 22201
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