First Time Buyers Myths

First Time Buyers’ Myths About Mortgages: While® predicts 2015 will be the year for first time buyers — a predicted increase in job growth next year should drive Millennials back into the housing market — many of them have some misguided ideas about mortgages. Joel Gurman, vice president of mortgage banking at Quicken Loans, says first-time buyers often mistakenly believe these myths about mortgage lending: First Time Buyers

  • Lending requirements are still too tight.
  • It’s not necessary to check your credit before embarking on the mortgage process.
  • “Preapproved” and “prequalified” are interchangeable terms.
  • You should wait until after choosing a home before talking to a lender.
  • You must have a 20 percent down payment.
  • You should focus your home search solely on your wants.
  • You do not need a home inspection.

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Source: HousingWire 12/02/2014

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