When entering the housing market, some first-time homebuyers believe a lot of myths about mortgages to be true. Take a look at some of the most commonly believed myths.
According to Realtor.org and Quicken Loans, many first-time homebuyers believe:
- Lending requirements are tight.
- You don't need to check your credit before starting the home-buying process.
- "Preapproved" and "prequalified" mean the same thing.
- Don't talk to a mortgage lender until after you find a home you want to purchase.
- You need to have a 20 percent down payment to buy a home.