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.
Hi there! Do you use Twitter? I’d like to follow you if that would be okay. I’m absolutely enjoying your blog and look forward to new posts.
We definitely have Twitter! Here is the link to our Twitter handle: https://twitter.com/freedommte
I would like to meet with someone to help us, but me and my husband would.love to buy our first home (for ever home) the rent is too high and it is overwhelming! Please help! We don’t know where to start! I can be contacted at amanda_munoz@hotmail.com
Hello Amanda, sorry for the delay in responding! I have forwarded your email address to our Client Care Coordinator, Rebecca and she will get in touch with you on Monday. Thank you!