Five Homebuying Myths

These five common misconceptions lead many to believe that homeownership is impossible. Don’t be fooled by these five homebuying myths.

1. Myth #1: I don’t have enough cash for a down payment. Historically, most lenders required a 20% down payment on Tucson mortgages. However, most lenders have departed from this tradition in recent years. As a matter of fact, 70% of homebuyers now make down payments of 10% or less. Regardless of how much of a down payment you have, we can help you find a lender that is willing to work with you.
2. Myth #2: I can’t get a Tucson mortgage because I don’t have perfect credit. Credit challenges do not necessarily have to form a barrier to homeownership. People with less-than-perfect credit scores qualify for Tucson home loans every day. Usually, the credit requirements are much less stringent than people think. If you have credit challenges, you might have to pay a higher interest rate or make more of a down payment, but you can more than likely still find a lender that will issue you a mortgage. Even if you have bad credit, which usually means a score of 620 or less, many lenders still offer subprime loans for this market.
3. Myth #3: It’s cheaper to rent, and I don’t think now is a good time to buy. Most renters are shocked at how much home they could buy with the money they pay in rent each month, especially given the tax deductions that come with homeownership. Rather than padding your landlord’s pockets each month, you could be building valuable equity in a place you can call your own. Similarly, you shouldn’t wait to look into Tucson mortgages until you think the real estate market is right. Home values have appreciated an average of 5% each year in the U.S. for the last 20 years, so buying as soon as you’re able is the best choice.
4. Myth #4: Getting a Tucson mortgage is too much of a time-consuming hassle. Especially with the convenience of the Internet, mortgage loans aren't quite the ordeal they used to be. Nowadays, you can research mortgages, shop for loans, and even apply for a loan all from the comfort of your home computer. Our lenders try to make the mortgage process as simple and pleasant as possible for you.
5. Myth #5: I don’t have room in my budget for a mortgage. There are Tucson mortgages out there for every budget. No matter what kind of financial constraints you bring to the table, our lenders are more than willing to help you find a Tucson home loan that will fit comfortably into your life and your budget. Loan terms, interest rates, and other factors can all be manipulated to make your monthly mortgage payment feasible for your financial situation.

Tucson Mortgage Basics will give you a better understanding of how a Tucson mortgage works.