
Throughout the home-buying process, you might encounter conflicting advice from friends, family or neighbors. Doing some research can help you understand what's really involved. Let's clear up 5 common home-buying myths.
- Perfect credit is a must - Many assume that securing a mortgage requires a flawless credit score, but this is not necessarily true. Lenders often collaborate with individuals with less-than-perfect credit to facilitate mortgage approval. While your credit score isn't the sole factor, it does influence the interest rate. Before applying, review your credit report and promptly report any errors to the credit reporting bureaus. Once corrected. you can proceed with your loan application.
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