Three common misconceptions before applying for a mortgage loan
Georgia’s Own mortgage experts discuss three common misconceptions you should know about before applying for a mortgage loan.
At Georgia’s Own Credit Union, we’re here to provide our members with an exceptional experience. We know mortgage lending can be a little intimidating so we want to tackle three common misconceptions and telling you what you really need to know before applying for a mortgage loan.
- “I need a minimum of 20% for my down payment.” – This is actually false. There are loans available with 10% down, 5%, 3% and even 0% down payment requirements.
- “The details don’t really matter.” – Actually because mortgage lending uses what is called risk-based pricing, the details in a mortgage loan are your best friend. This means the mortgage loan that you qualify for and the rates associated with it are determined by your specific details.
- “I need perfect credit to qualify for a mortgage loan.” – Here’s the big secret, no one has perfect credit. Yes, some people have excellent payment records, but that doesn’t mean it won’t be a challenge. Always assume the best and work your mortgage loan officer so they can help you get what you need.
Don’t let the intimidation factor of the mortgage process get you down or stop you from achieving your dreams. Remember, your Georgia’s Own representative is ready to help you with your mortgage lending needs.