Michael Isaacs

Fairway Independent Mortgage Corporation

  • (614) 383-7341
  • About
  • Blog
  • Mortgage Info
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Reviews
    • Read or Write Reviews
    • Additional Reviews
  • Contact

Mythbusting: Understanding Mortgage Myths and Why They Shouldn’t Hold You Back

December 21, 2016 by Michael Isaacs

Mythbusting: Understanding Mortgage Myths and Why They Shouldn't Hold You BackWith the fluctuations in real estate and the increasing cost of home ownership, many people are entering the market with more trepidation these days. Fortunately, there are a number of myths associated with buying a home that may not adversely affect potential homebuyers. If you’re interested in purchasing a home but are unsure about whether it will get approved, here are a few things you may want to dispel.

No Approval With Less Than 20 Percent

While putting 20 percent down can help you avoid having to pay private mortgage insurance, this down payment percentage is still just a suggestion when it comes to mortgages. It’s necessary to put a certain percentage down and be able to drum up the money on your own, but if getting into the market is your priority, buying now may be worth the investment over time. It’s just important to remember that the cost of your monthly payment should be affordable for the long term.

Home Ownership Is Too Expensive

It’s certainly the case that the real estate market is always fluctuating and prices can go up or down, but generally speaking, a home will increase in value over time and that means your monthly payment will be something you can consider an investment. While monthly rent disappears as soon as the calendar month is over, the money you invest into a home month after month builds up your equity and ensures greater stability for your financial future.

You Must Have A Good Credit Report

While it will definitely help your mortgage application if you possess good credit, it’s not necessarily a deal breaker if you don’t. Each mortgage is assessed based on a combination of factors that can include your down payment amount and your debt-to-income ratio, so this means that if you have a higher down payment and a less impressive credit report, you can still be approved. It’s a good idea to pay your bills on time and get your debt down if you’re applying for a mortgage, but there are opportunities for potential buyers who have experienced credit issues.

Home ownership is an important dream for many people, and as a result, there are many myths associated with the mortgage process. However, even if you don’t have 20 percent down or perfect credit, there are still opportunities for improving your financial well-being and investing in a home. If you’re currently looking for a new home, contact one of our mortgage professionals for more information.

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgage, Mortgages and Credit

Michael Isaacs

Contact Michael


Branch Manager and Mortgage Loan Originator

NMLS #26591 • AZ License #BK-0904162
Licensed in: AZ, CA, CT, FL, IL, KS, KY, ME, MD, MO, NH, NJ, OH, PA, TN, VA.
State Disclosures: http://bit.ly/FIMCDisclosures

Direct: 614.383.7341
Office: 614.383.7341
Mobile: 614.361.7558
eFax: 866.367.2659
Michael.isaacs@fairwaymc.com
4215 Worth Avenue, Suite 220, Columbus, OH 43219
RATE QUOTE →
Leave Us a Review
Fairway
Company NMLS #2289

Connect With Me!

  • Facebook
  • LinkedIn
  • Twitter

Let’s Keep In Touch!

  • This field is for validation purposes and should be left unchanged.

Keep Up to Date with the Latest Mortgage News!

Calculate Mortgage Payments

Mortgage Calculator

Recent Articles

  • Key Points To Note When Drafting A Contract For A Remodeling Contract
  • Three Inexpensive Makeovers That Will Boost Your Home’s Appeal to Young Buyers
  • An Overview of Amortization: It Plays A Role In Monthly Mortgage Payments
  • DIY Lovers: ‘Greenify’ Your Home with These Three Eco-friendly Home Improvement Projects
  • What’s Ahead For Mortgage Rates This Week – March 1, 2021
Equal Housing Lender
Company NMLS #2289
For licensing information, go to: www.nmlsconsumeraccess.org

Privacy Policy | Terms of Use

Complaints may be directed to: (877) 699-0353 or Email us: customerservice@fairwaymc.com.
The content on this website is written by Michael and reflects his opinion, and not the opinion of Fairway Independent Mortgage Corporation.

Our Location


4215 Worth Ave
Columbus, OH 43219

Copyright © 2021 · Powered by MySMARTblog