Figuring out what’s fact and what’s false can be quite entertaining when you’re at a party playing the ice-breaker game “Two Truths and a Lie.” But it’s not so fun when you’re trying to get the best deal on a mortgage. You don’t want to play guessing games when it comes to your finances and your future. That’s why Tracy Gallo, President of Market Place Mortgage, is setting the record straight by revealing these two truths—and one big lie—about the mortgage process.
- You don’t need a 20-percent down payment. Absolutely true. Home buyers don’t need to break the bank or drain their savings to scrape together such a hefty down payment. In fact, Tracy says, with Market Place Mortgage’s American Dream Grant Down Payment Assistance Program, it’s even possible to get financing with less than 1 percent down.
- Your credit doesn’t need to be perfect. Totally true. Certainly, the higher the credit score, the better. But, if you’re like the majority of Americans, and you haven’t been able to achieve those coveted 800-plus numbers, you can still achieve your dream of home ownership. In fact, Tracy says, Market Place Mortgage has been able to secure financing for clients with scores in the 500s. The key is finding the right loan program and the right lender.
- It doesn’t matter where you get your loan. False. With interest rates set by the Federal Reserve Bank, it stands to reason that’s the rate you’ll get. Not true! It’s always a good idea to compare deals and mortgage packages at various lenders. Take a look at this Mortgage Calculator to see how many variables play a role in the process. Don’t assume that just because you’ve been a loyal banker at your local branch, they’ll roll out the red carpet for you when you need to borrow money. There are numerous factors that go into determining which type of loan works best for you and will provide you with the best possible rates and terms. That’s what brokers like Market Place Mortgage do best—they leverage their contacts and expertise to do the comparison shopping for their clients. They know that it does matter where you get your loan.
The mortgage process can be daunting, especially for new buyers or those with complicated financial issues. That’s why it’s so important to know the facts and the fallacies. Having an advocate on your side can make all the difference when you’re shopping for a mortgage. Contact Market Place Mortgage, and hopefully, next time you play a round of “Two Truths and a Lie” it will be at your own housewarming party!