Busted! Don’t Believe These Mortgage Myths!
When shopping for a mortgage, you can either visit a bank or hire an accredited mortgage broker. However, before making a decision, it is important to gain some understanding of the lending process, the minimum requirements needed to qualify for a mortgage, and so on.
Unfortunately, the mortgage process can be difficult to comprehend fully. Moreover, there is mortgage information that needs fact-checking, which makes it hard for buyers to determine accuracy and can result in some costly blunders.
As experienced mortgage brokers, we want to help you avoid falling prey to the numerous misconceptions associated with mortgages and become more confident buyers. To ensure this happens, Mortgages with Nicolle Williams has debunked three of the most widely believed mortgage myths.
Myth 1: People only use mortgage brokers if they have bad credit.
This is false. Mortgage brokers work with all credit clients to provide the best solutions and mortgage options taking all the work out of the clients’ hands. We work for the client and not the bank.
Myth 2: I need to have perfect credit to get a mortgage.
This is again untrue. There are many ‘Alternative Lenders’ that offer mortgage solutions for clients with less than perfect credit score.
Myth 3: Only first-time buyers qualify for five percent down payment.
If you are buying a primary residence or a second home, you can qualify for as little as five percent down provided you meet the ‘insurer’ qualifying guidelines.
If you’re looking for mortgage agents in Pickering, ON, reach out to Mortgages with Nicolle Williams. We are an experienced group of mortgage brokers and mortgage agents who are passionate about working with Canadian families. We provide reverse mortgage, private mortgage, first time home buyer mortgages and other mortgage services across Pickering, Ajax Oshawa, Bowmanville, Whitby, Scarborough, and Toronto. Our team will simplify the complicated process of obtaining a mortgage and deliver the best solutions designed for your mortgage needs.