Nationwide surveys indicate
that a large number of potential home buyers count themselves out of the market
because of widely-held myths about home financing.
Some of the most popular myths include: 1) home
buyers need large down payments (more than is actually the case); 2) the loan
process works against people under age 35; 3) owning a home is more expensive
than renting; and 4) minorities have no chance of getting a mortgage.
Many qualified first-time buyers were unaware of
special programs designed especially to make a home affordable to them. The
surveys found that many people view the mortgage process as "difficult,
stressful, and incomprehensible."
The home loan industry is always looking for new
ways to dispel these myths because lenders want more business, not less. The
alternatives to traditional 20% down, thirty-year fixed mortgages is
astonishing. Mortgage brokers are experienced in explaining today's financing
and debunking the myths.
