Avoid These 3 Common Mortgage Myths and Save Money!

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In a recent survey of homeowners and home buyers by real estate website Zillow.com, there is one thing that becomes clear: A plethora of people are confused about residential mortgages; and by being confused, many people are missing out on a historic opportunity to buy a home or refinance into a better position. Here are 3 mortgage myths – and what you should know:

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1. You can’t get a mortgage these days without a big down payment. Nearly one-third of home buyers in the survey said they don’t think it’s possible to buy a home for less than 5% down. That’s simply not true. Loan programs offered by the Federal Housing Administration (FHA), theUnited States Department of Agriculture (USDA)and Department of Veterans Affairs (VA) enable lenders to offer low- and no-down payment loans to qualified borrowers. You can purchase a…

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