Are you wanting to be a first-time homebuyer? Perhaps you’ve heard stories of impossible mortgage payments or steep credit requirements? Well, by taking the time to explore your options, you’ll see that many of those mortgage rumors are merely myths, and find the best way for you to finance your dream home.

You Need Perfect Credit

While credit does heavily influence your ability to get a home mortgage, you shouldn’t worry that your less than perfect credit will completely prevent you from buying a home. If your credit score is lower than you’d prefer and you’re applying for a mortgage, you may want to look into a Federal Housing Administration loan. These loans are backed by the government and come with insurance from the FHA. Lenders will often offer FHA loans to buyers with a minimum credit score of 500. If those loan options don’t seem possible for your financial situation, you can still try different methods of improving your credit score to boost your chances of obtaining a low mortgage.

You Have to Put Down 20%

While this mortgage myth is widely believed, it is simply not true. Not all mortgage lenders require you to pay 20% down. In fact, many lenders have alternative payment plans to help you finance your new home. For example, if you choose to pay a conventional loan, you could buy a house with much less than a 20% down payment, paying as little as 3% in some circumstances. However, with a conventional loan, your mortgage lender may require you to pay PMI or Private Mortgage Insurance. PMI protects your mortgage lender if you are unable to pay your mortgage loan, and can end up being quite expensive for you as the home buyer. However, you can drop your PMI payments with a home refinance at a later date.

You Can’t Pay Off Your Mortgage Early

Often new mortgage buyers think that they are locked into their mortgage payments for the long haul. Buyers are often scared by rumors of prepayment penalties, or financial penalties for paying off your mortgage early. While it is true that in past years, some lenders have included prepayment penalties in their mortgage agreements, this practice is much less common today.

Many mortgage lenders don’t include any kind of prepayment penalty in their contract and will allow you to make additional payments on your mortgage whenever possible. There are many ways that you can pay off your mortgage early , it’s even as simple as signing up for biweekly mortgage payments! With the help of different mortgage payment options, you’ll soon be on your way to being a homeowner!

So, when you’re looking to apply for a mortgage loan, don’t forget that you have many options for financing your home. If you still have doubts about the mortgage myths that you’ve heard of, don’t be afraid to talk to your mortgage lender about the different payment options that are available to you. Most importantly, start reviewing your credit and finances, set goals for the kind of mortgage that you can afford, and trust that your mortgage lender or real estate agent will help you to reach those goals.

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