Mortgage Refinance Information: 3 Common Mortgage Misconceptions
If you have been putting off applying for a mortgage or refinancing your existing mortgage because you dont think youll qualify, you may be surprised to find out how easy qualifying can be. How much you will pay for your new mortgage depends on how much time you invest shopping for the most competitive lender. Here are three common misconceptions about mortgages and mortgage refinancing to help you find the best mortgage for your financial situation.
I. Mortgage Refinance Information: Adjustable Interest Rates
Adjustable Rate Mortgages (ARM) have a bad reputation as being too dangerous for the average homeowner. While it is true these loans carry more risk than a traditional, fixed interest rate mortgage, you can save money by using an ARM loans correctly. Most homeowners that have problems with these loans dont understand them or use them in the wrong situation for the wrong reasons. If you do your homework and choose the right Adjustable Rate Mortgage you can save yourself a lot of money.
II. Mortgage Misconception: You Must Have a Down Payment
The fact that you do not have the necessary 20% down payment will not prevent you from qualifying for a mortgage to purchase your home. Nearly half of homebuyers in the United States do not put 20% down when purchasing their homes. There are a number of programs to help homeowners purchase homes without a down payment including 100% mortgages and 80/20 or Piggyback loans.
III. Mortgage Refinance Information: You Cannot Refinance With Self Employment Income
A common mortgage misconception is that self-employed individuals cannot refinance their mortgage loans. Mortgage lenders require verification of income to limit their risk in lending; however, you can document income with tax returns and the profit sheets from your business just as easily as a homeowner that is not self-employed.
You can find more mortgage refinance information including common mistakes to avoid by registering for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinance Information - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Claim your free mortgage refinance information guide today at: http://www.refiadvisor.com
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