Many times when people make the decision to buy a home they are afraid to share the news with others. Everyone seems to have an opinion on your home buying and mortgage process. Often they also give bad advice along with their opinions. There’s good news though, buying a house and getting a mortgage can be a smooth and easy process when you have the right team of professionals to help you. Here are 5 things that nobody tells you about getting a mortgage.
1- It’s really not that complicated.
That’s right- getting a mortgage is not as complex and overwhelming as people make it seem, especially if you are working with a great mortgage professional. Working with a broker at Aceltis Financial Group will make the mortgage process seem quite easy. We will break down the process into simple steps and guide you along the way.
2- It doesn’t have to be a stressful process.
As mentioned above, getting a mortgage doesn’t have to be stressful. Speak with your broker about what mortgage products best meets your financial needs. Allow them to find the best rates available for the mortgage product you are seeking, and stay in close contact with them throughout the process. Be proactive about turning in necessary documentation and you shouldn’t have many stressful situations arise.
3- It can actually be quite affordable.
While there are many financial obligations that are associated with homeownership, it is not as financially draining as many make it out to be. In fact several studies have shown that homeownership is actually more affordable than renting in most parts of the country.
4- You don’t have to have a 20% down payment.
Some people still believe that the only way to get a mortgage is to have a 20% down payment, and this couldn’t be farther from the truth. There are many loan programs that offer low down payments. These programs allow buyers to enter into homeownership with as little as a 3% downpayment. Many people may be eligible for a VA or USDA loan that requires no down payment.
5- You are not signing your life away.
In fact you are just beginning a new and exciting chapter of your life. While there are a lot of responsibilities that come along with homeownership there are also many joyous moments. There is a certain level of pride in owning a home that just can’t be achieved through renting. A 30 year mortgage loan is nothing to take lightly, but it is a vehicle that allows you to buy a home.