Why are so many homebuyers afraid to apply for a mortgage?
Many times it's the worry that their three-digit credit score isn't high enough or they have too much debt. Maybe you're worried that mortgage lenders will require a large down payment that you won't be able to afford.
Plot Twist!
Qualifying for a mortgage is easier than you may think. A recent study by Fannie Mae found that most people think that the requirements for getting a mortgage are more stringent than they actually are. According to the study, the financial requirements set by mortgage lenders aren't nearly as hard to meet as borrowers think.
Perfection isn't necessary!
If you're worried that your finances aren't strong enough for a mortgage, stop fretting. You might be more qualified for a home loan than you think.
Overall, the idea of homeownership can be a bit terrifying. Renting just seems easier.
Reality: When you pay rent, it disappears into someone else's pocket. When you make a mortgage payment, you're building equity and are one step closer to payoff. In most places around the country, it's actually cheaper to buy!
If in doubt, let's chat about which scenario could be right for you.
Don't let anxiety over buying a house discourage you. Buying your first home is an exciting time and something that should be carefully researched and CELEBRATED. By concurring your home buying and mortgage fears, you'll be able to enjoy this accomplishment for many years to come.
Crystal Albertson - Realtor® | Ebby Halliday
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