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Mortgage Myth: Pre-Qualification Means You’re Guaranteed The Loan Amount

by | May 18, 2018 | home loan process, mortgage lender, Mortgage Myth, Mortgage Myths, Oregon, Portland, pre-qualification, pre-qualified, Vancouver, Washington

  Mortgage Myth: “When you get pre-qualified with a mortgage lender, it means that you’ll be guaranteed the entire loan amount.” Truth: Pre-qualification is an important step in the loan process, it will not guarantee your actual loan amount.   Getting...

Mortgage Myth: “All Mortgage Lenders Are the Same”

by | Apr 20, 2018 | direct lender, home buying, home loans, loan programs, mortgage lender, Mortgage Myths, Oregon, Portland, Spokane, Vancouver, Washington

  Mortgage Myth: “All mortgage lenders offer the same programs and rates. I should get a loan with my bank because that will likely be most convenient.” At Summit Mortgage Corporation, we’ll be the first to tell you that mortgage lenders are not all the same....

Mortgage Myth: “You Need a Big Down Payment to Buy a Home”

by | Mar 16, 2018 | down payment assistance, down payments, FHA home loan, Home Buying Process, Mortgage Myths, USDA home loan, VA home loan

  Mortgage Myth: “I’ll need a lot of cash in order to buy the home I want. I’ll never be able to save up enough money for a down payment.” Your actual down payment amount will depend on what type of loan you qualify for and a variety of other factors. There are...

Mortgage Myth: “There Will Be No Tax Benefits to Homeownership”

by | Feb 16, 2018 | home financing, home loans, homeownership, mortgage interest deductions, Mortgage Myths, Tax Cuts and Jobs Act, tax law, taxes, TCJA

  Mortgage Myth: “The new tax law is going to impact the value of homeownership. Owning a home won’t provide the same tax benefits.” The new Tax Cuts and Jobs Act is bringing plenty of changes for homeowners. However, the rumor that these changes will take away...

Mortgage Myth: “Student Loan Debt Will Prevent Me From Buying a Home”

by | Jan 19, 2018 | debt-to-income ratio, Fannie Mae, home buying, Home Buying Process, home loans, Mortgage Myths, Oregon, student loan debt, student loans, Washington

Mortgage Myth: “College was expensive and, as a result, I have a lot of student loan debt. There’s no way that I’ll be able to buy a home in the near future!” If you have student loan debt, you’re not alone. In fact, you’re in the good company of over 40 million...