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  • Writer's pictureealimon

5 Mortgage Myths

Things are moving very quickly in the Mortgage industry these days. Below is a list of half-truths to help home buyers and homeowners separate fact from fiction.

  1. Everyone qualifies for low interest rates The low 30-year fixed rate mortgage interest rates are great news for borrowers, but not everyone will qualify for the lowest rates.

  2. Getting a mortgage today is easy The glut of applicants, combined with the uncertain economy, means some lenders may tighten loan requirements.

  3. Everyone should refinance their mortgage With mortgage rates hovering near record lows, a refinance can make sense. However, not everyone should refinance. Homeowners need to determine if it makes financial sense.

  4. You can apply for a mortgage after you have found a home Shopping for a home can be very exciting. However, your first stop should be with a mortgage lender (like Vanmar Lending), to get pre-approved for a home loan. For “a buyer in a competitive market, it's typically essential to have pre-approval done to submit an offer.

  5. Mortgage forbearance means you don’t have to pay back your loan Forbearance is not forgiveness; it’s a timeout from having to make a mortgage payment. You will need to reach some sort of resolution with your loan servicer about the missed payments. The paused payments may be added to the back end of the loan or repaid over time.

For more information on refinancing or getting pre-approved for a home loan, contact the mortgage professionals at Vanmar Lending today.

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