Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage
Cindy Ross, Coldwell Banker Residential BrokeragePhone: (602) 576-3246
Email: [email protected]

Dispelling Mortgage Myths

by Cindy Ross 10/06/2019

Myths are lies that are perceived to be true. Like every other industry in the world that has myths surrounding them, the real estate industry has its tales. People have ideas in their head about the mortgage industry that are not true. If you are buying a house and all you feel is happiness, then you might be working with a myth you heard and perceive as being real; same also applies if you are buying a home and all you feel is dread. 

Below are few mortgage misconceptions that many buyers and sellers mistake for truth:

You Need A Near-Perfect Credit Score

It's essential to have a high credit score, but lack of it doesn't mean you are out of the game. Even if you have some credit blemishes but always ensured you paid bills, you probably won't have a lot to worry. If you are bothered about your credit score, other factors could offset adverse credit. Depending on your loan type, each situation is analyzed differently. 

A Down Payment of Twenty Percent Is Needed

Compulsorily providing 20% of the purchase value of the home as a down payment is also a myth. Making a down payment of 20% is helpful in the long run, especially to avoid paying monthly insurance to a private mortgage. Presently, mortgage companies and banks provide loans to individuals without requesting for a down payment close to 20%. It all depends on your financial situation.

A House Is an Excellent Investment

A home could be considered as a long-term investment if you do not intend living in it – but then, nothing in the real estate business is guaranteed. If you purchase a house to live in for several years, it's better you don't think about it as a financial tool for padding your investment or retirement plan. Buying a house is part of your net worth, but you shouldn't count on getting a return after investing much money into the home. Something most home buyers fail to understand is that the value of houses appreciates at a shallow rate and can have negative growth for long periods. 

The House Belongs to You After You Get the Keys

It's one of the myths that homebuyers assume is true. When you purchase a house via mortgage; if you do not have equity or a significant amount as down payment, your bank owns your home. For as long as it's required to finalize payment for your home - including interest, the house doesn't belong to you.

The American Dream 

In as much as owning a home is supposed to be the American dream; it can also be the American nightmare. Acquiring a home via a mortgage and not being able to meet up with payment can turn out to be your worst nightmare. Owning a home is a decision that requires thorough thinking without jumping into any decision 

Buy a house if you can afford it but be sure you have your facts right.

About the Author
Author

Cindy Ross

As an agent who's an expert in this local area, I bring a wealth of knowledge and expertise about buying and selling real estate here. It's not the same everywhere, so you need someone you can trust for up-to-date information. I am eager to serve you. Here are some of the things I can do for you:

Find Your Next Home

You need someone who knows this area inside and out! I can work with you to find the right home at the right price for you, including all the neighborhood amenities that matter - not to mention the essential criteria you have for your ideal home

Sell a Home

When it's time to move, you need someone who will advertise your home, show to prospective buyers, negotiate the purchase contract, arrange financing, oversee the inspections, handle all necessary paperwork and supervise the closing. I can take care of everything you need, from start to close.

Consult on Home Selling Tactics

Oftentimes buyers don't visualize living in your home the way you do. I can make your home attractive to its ideal audience - which can help you get top dollar. Things like staging the home, making repairs or minor improvements, or even simply painting the walls can be the difference between a home resting on the market and one that's sold fast.

Here's what some of my recent clients have said about me!

Debra and DeWayne

We began looking for a vacation/retirement home in Buckeye AZ early in 2010. We flew to AZ and met with Cindy, who showed us about 18 houses in 3 days. She was organized and showed up with a plan. Some realtors waste time showing potential buyers homes that are not within their specifications, but Cindy did not do that. She knew our time was limited and didn't waste a single second of it. Although we did not buy at that time, Cindy stayed in touch with us via email and phone for the next 18 months. During that time frame, she worked with us to submit 2 offers on 2 homes that eventually fell through when the banks took them to foreclosure. When we found a 3rd home, which turned out to be the perfect house, Cindy had moved to northern Phoenix but stepped in to assist us with the purchase. Everything was smooth and quick and Cindy was in constant contact with us, following up to make sure all documents were signed on time and nothing went wrong. Our patience and Cindy's perseverance paid off....we ended up with the perfect house! We cant say enough good things about Cindy. If you are lucky enough to get her as your realtor, good for you!! She is wonderful.

David M.

Cindy took great care of me and met all my needs. Cindy was so patient with me and went the extra mile whenever it was necessary. I would highly recommend her services. She is an outstanding agent.

Arlene and Francisco

Cindy did an excellent job! She kept us well informed and provided us all the info we needed. She even saved us few hundred dollars by raising incorrect charges on our closing cost. The entire process took shorter than we expected. It was a great experience.

Cathy P.

Cindy was amazing, as long distance purchasers, she went above and beyond the call of duty to help us with all our questions and providing additional help with quotes for a plumbing repair and is still helping us AFTER the purchase with getting the repair done in our absence. Best service ever!