What are Common Mortgage Myths in Delray Beach, FL

From the time you were a child, you’ve probably been taught by your parents on things you can or can’t do. But when it comes to buying a house, there are many myths which many homebuyers believe that often keep them from getting the best deal on a mortgage in Delray Beach. Yes, there are do’s and don’ts in the mortgage industry. But if you’re in the market to buy a home, it’s important to separate fact from fiction.

We’ve all heard the only guarantees in life are death and taxes. But does getting pre-qualified for a home loan in Delray Beach guarantee the loan amount? The purpose of getting pre-qualified is to give potential homebuyers are a greater understanding of their budget. But that doesn’t mean you’re officially approved for a home loan. During the process of pre-qualification, a mortgage lender will examine your total assets as well as your credit report. It’s important to know that mortgage lenders will keep monitoring your credit situation after getting prequalified.

Many people also believe 30-year fixed rate mortgages are the best. However, the truth is the average homeowner lives in their property for about seven years. This makes fluctuations in adjustable rate mortgages less important. Adjustable mortgage rates have interest rate limits. A fixed rate mortgage is a good option if you’re planning to live at your property for long time. If you’re like the average homeowner, an adjustable rate mortgage can be a better option. Keep in mind, there each lender and mortgage is different. It’s important to review all the conditions of the mortgage before signing your home loan agreement.

Believe it or not, there are some people who believe they’ll save more money if they rent rather than own a home. But just about every example suggests otherwise. Although landlords or apartment complexes are responsible for maintenance, homeowners will pay less if they budget their expenses responsibly. Instead of throwing your money away to a landlord each month, homeowners can build equity and build their wealth over time.

Two other common myths include paying off your mortgage as soon as possible or putting a 20 percent down payment to receive a good loan. There are many different ways to secure a mortgage or qualify for loans. But to get the very best deal, more people are choosing a mortgage lender in Delray Beach with a long track record of success. Since 1996, the mortgage professionals at Ace Mortgage Loan Corp. have helped countless people achieve their dream of purchasing a home in Delray Beach. To learn more, schedule an appointment by calling (954) 777-4774.

Contact Us