There are many myths that circulate about buying a home. Some people actually consider themselves unable to buy a home because of these myths.
Here is a short primer on buying a home and getting a mortgage:
1. You don't need 20% downpayment to purchase a home. There are a number of mortgage products tthat offer a no-down payment option as well. These programs are often designed for those with excellent credit. Take the time to shop around and compare mortgage products.
2. Housing lenders are not required to give you a good rate. So many people assume that they will get their lowest possible rate when applying for a mortgage. Each lender offers a rate based on their organization's standards and the type of loan. Rates often change daily. In order to find the best rates, you should shop around through various lenders in your area. But don't forget to compare the same mortgage products to each other for fair comparison.
3. You can be in a new job and still purchase a home. So many believe that you must be in the same job for two to five years to be considered for a mortgage. This simply isn't true. There are even mortgage products out there fo the self-employed. But expect to need good credit to find these products.
4. Your credit isn't permanent and forever. It changes after many years. If you don't have good credit, all you have to do is pay things off, pay things on time and be dedicated to a better financial help. If you find that you are unable to find your way to the top on your own, you can easily hire a professional to assist you.
