Mortgage misconceptions and mysteries about mortgages can steal home ownership by keeping potential home buyers from trying to buy a home.
Many prospective home buyers believe they won’t qualify for a home mortgage so they give up before they even try to pre-qualify.
More than half of all Americans who would like to be homeowners say they’re not pursuing home ownership because they believe they can’t qualify for a loan.
Mortgage misconceptions cause many potential buyers to overestimate how hard it is to get a mortgage. For example, many Americans don’t think their FICO scores are high enough to qualify, even though most don’t know what the minimum FICO score requirements are.
In 2008 regulatory conditions did make it difficult for some borrowers to qualify so 4 in 10 interested home buyers still believe it’s harder to get a mortgage today than it was a year ago but that’s changing.
The truth is, consumer lending is loosening up. More applications are being approved today than before and that includes financing for those with less than perfect credit!
Don’t let mortgage misconceptions delay your dream of home ownership before you discover what options are available. Click Here to pre-qualify or call an Allrate Advisor at 800-818-2946.
