Half of the buyers I meet have quietly disqualified themselves before we’ve ever spoken to a lender, usually because of something they heard secondhand. Let’s clear the air.
Myth: You Need 20% Down
You don’t. Many of my buyers close with 10%, and some with less. Yes, under 20% usually means mortgage insurance, but PMI on a strong file is often far cheaper than people assume, and it drops off as you build equity. Waiting years to save the “full” down payment can cost more in appreciation than PMI ever would.
Myth: Wait for Rates to Drop
Timing rates is like timing the stock market. Even the professionals get it wrong. What matters is the payment you can sustain today, with the option to refinance if rates improve. When rates drop, competition returns, and prices absorb the difference quickly. You marry the home; you date the rate.
The most expensive mortgage decision is the one you make from a rumor.
The others, that credit must be perfect, that self-employment disqualifies you, that pre-qualification equals approval, all dissolve under a real conversation with a good lender. I keep a short list of lenders my clients consistently trust, and I’m glad to make an introduction.
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