Here are some of the biggest mortgage myths we’ve found:
- The bank has your best interest at heart.
- As long as I get the best interest rate, I will save money.
- If I consolidate I can get out of debt.
- I should keep a line of credit as a safety net.
- Because I am a loyal customer I will get the best rate.
- The bank says I am prequalified to this amount so I can afford this home.
- Personal loans officers at the banks are licensed and have training equal to or better than mortgage brokers.
- The primary purpose of a mortgage broker is to get a better interest rate.
- The payments are low so I can afford it.
- My income is secure so I can deal with the debt once my expenses decrease.
- The interest rate is low right now so it is a good time to buy.
- Because the minimum payment is low, I will pay extra and save money.
- It is always better to buy a home than rent.
While these myths are disheartening to hear, there is hope.
At More Than Enough we have your best interest at heart, and we will help you to navigate your way through the complexities of owning a mortgage. So give us a call, and make sense of your mortgage.