This misconception has kept an astonishing 70% of those potential homebuyers from even trying to purchase a home. With the high amount of people who believe this myth, real estate and mortgage professionals are concerned that misinformation about financing is slowing down home sales and keeping qualified people from purchasing homes.
Myth No. 1: You need 20% down.. 44% of respondents also believed you need 20% (or more) down to buy a home.. And don’t try to game the system-lying on a mortgage application is a felony.
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Mortgage myth No. 1: A home is a great investment. It’s tempting to think of a home you buy as a great investment that will build your net worth considerably. Well, disabuse yourself of that notion.
From the site: This July, while others are relaxing poolside, head back to the classroom — from the comfort of your own home. of people die." He has told his audience that "we are being pushed".
Patrick Leahy has gone where no Democratic leader has dared go. It’s time, the Vermont senator said. the cost of health care or college tuition or job retraining or the home mortgage crisis is far.
The Ultimate Truth about Housing Affordability The Ultimate Truth about Housing Affordability There have been many headlines decrying an "affordability crisis" in the residential real estate market. While it is true that buying a home is less affordable than it had been over the last ten years, we need to understand why and what that means.
"Hire a professional and negotiate a fee. Don’t try to do it on your own and think it will be a breeze," Foguth adds. Myth: If you get a pre-qualification, you will be approved for a mortgage. Loan approval involves an underwriter sifting through hundreds of pages of documentation, as well as considering other factors like the home appraisal.
New reporting found that 1 in 3 people who plan on purchasing a home in the next three years think the outdated requirement of needing 20% down to purchase a home is still true. This misconception has kept an astonishing 70% of those potential homebuyers from even trying to purchase a home.
When I go around and talk to people, there is frustration, and there is anger, and there is bitterness. And what’s worse is when people are expressing their anger, and politicians try to say. it.
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Good morning, Memphis! Welcome to our listeners across the 50 states! You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. You can connect with me at www.JoGarner.com. Our general topic is "Getting A Mortgage -Don’t Be Fooled By Myths & Misconceptions." BUSTING THE MORTGAGE AND APPRAISAL MYTHS