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5 Common Mortgage Myths Debunked by Manzano Mortgage Co.

Writer's picture: Chris ManzanoChris Manzano


Buying a home is one of life’s biggest milestones, but navigating the mortgage process can feel overwhelming, especially with so much misinformation out there. At Manzano Mortgage Co., I believe in empowering clients with accurate information to make confident decisions. Here are five common mortgage myths—and the truth behind them.


1. You Need a 20% Down Payment to Buy a Home

This is one of the most common misconceptions. While a 20% down payment can help you avoid private mortgage insurance (PMI), it’s not a requirement. Programs like FHA loans allow for as little as 3.5% down, and some VA and USDA loans require no down payment at all. I can help you explore options that fit your budget.


2. Your Credit Has to Be Perfect to Qualify

Perfect credit isn’t necessary to secure a mortgage. While a higher credit score can help you get better terms, there are loan programs designed for those with lower scores. At Manzano Mortgage Co., I guide you through understanding your credit and improving it if needed.


3. Pre-Approval Guarantees a Loan

A pre-approval is a crucial first step, but it’s not a guarantee. The final loan approval depends on factors like your financial documentation, the property appraisal, and underwriting. I’ll walk you through each step to ensure you’re prepared.


4. Refinancing Is Only for People in Financial Trouble

Refinancing can benefit anyone looking to lower their interest rate, reduce their monthly payment, or even access home equity for renovations or debt consolidation. Let’s evaluate your current mortgage to see if refinancing is a smart move for you.


5. Interest Rates Are All That Matter

While a low interest rate is important, it’s not the only factor to consider. Loan terms, closing costs, and other fees can significantly impact your overall mortgage experience. I’ll help you understand the full picture so you can make the best choice.

At Manzano Mortgage Co., I’m here to dispel myths and guide you toward the right mortgage solution. Let’s work together to make your homeownership dreams come true.


Disclaimer

The information provided in this blog is for general informational purposes only and does not constitute legal, financial, or professional advice. While every effort is made to ensure the content is accurate and up-to-date, laws and regulations may vary, and individual circumstances differ. For personalized advice, please consult a licensed professional.

Manzano Mortgage Co. is not a law firm, and this content should not be considered a substitute for legal advice.

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