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The Top 5 Mortgage Myths Debunked for National Homeownership Month

June 20, 2025 by Kay Monigold

June is National Homeownership Month, a time to shine a spotlight on the opportunities and advantages of owning a home. It is also the perfect moment to clear up some of the most common myths that hold people back from pursuing a mortgage. Many potential buyers delay their homeownership dreams because of outdated beliefs or misinformation. Let’s break down the top five myths and explain what is really true in today’s mortgage world.

Myth 1: You need perfect credit to qualify for a mortgage
This is one of the biggest misconceptions. While credit scores do impact your loan options and interest rate, you do not need a perfect score to qualify. In fact, many loan programs are designed to help those with moderate or even fair credit. FHA loans, for example, are available to borrowers with credit scores as low as 580 in many cases. The key is to work with a mortgage professional who can help you understand your credit profile and identify the right loan product for your situation.

Myth 2: You have to put 20 percent down
The 20 percent rule is outdated. While putting down 20 percent can help you avoid private mortgage insurance (PMI), it is not a requirement for most loans. FHA loans can require as little as 3.5 percent down, and some conventional loans offer 3 percent down payment options for qualified buyers. VA and USDA loans even allow zero down for eligible applicants. There are also down payment assistance programs that help bridge the gap for buyers who are short on upfront cash.

Myth 3: Getting pre-approved is the same as being approved
Pre-approval is a great first step, but it is not the same as final loan approval. A pre-approval means a lender has reviewed your finances and issued a preliminary decision. However, final approval involves a deeper dive during underwriting, where your income, assets, employment, and credit are all verified. Understanding the difference helps you avoid surprises during the homebuying process and keeps you better prepared.

Myth 4: It is cheaper to rent than to buy
While renting can seem more flexible in the short term, homeownership builds equity over time and offers long-term financial benefits. Mortgage payments can be more predictable than rising rents, especially with a fixed-rate loan. Plus, homeowners enjoy tax advantages and the chance to build wealth through property appreciation. Renting may feel more affordable now, but buying is often the smarter move for your future.

Myth 5: You cannot get a mortgage if you have student loan debt
Student loans do not automatically disqualify you from getting a mortgage. Lenders look at your overall debt-to-income ratio to determine affordability. If your income supports your current debts along with a projected mortgage payment, you may still qualify. In many cases, student loans are factored into your approval using adjusted payment methods that reflect your actual monthly obligations.

Why debunking these myths matters during National Homeownership Month
National Homeownership Month is about celebrating the benefits of owning a home and helping more people achieve that goal. Misinformation holds too many qualified buyers back. By separating fact from fiction, we empower more individuals and families to move forward with confidence. Understanding your options is the first step toward getting the keys to your future home.

If you have been on the fence about buying because of something you heard, now is the time to talk to a mortgage professional and learn what is truly possible. The road to homeownership may be closer than you think.

Filed Under: Homebuyer Tips Tagged With: Homeownership Truths, Mortgage Education, Mortgage Myths

Eco-Friendly Homes for a Sustainable Tomorrow

September 25, 2024 by Kay Monigold

In recent years, the concept of eco-friendly homes has gained significant traction, and for good reason. As awareness of environmental issues grows, more homeowners are seeking ways to minimize their carbon footprint while also reaping the benefits of sustainable living. We will discuss the world of eco-friendly homes, exploring their sustainable features and the potential cost savings they offer. From solar panels to energy-efficient appliances, there’s a plethora of options available to conscientious homeowners looking to make a positive impact on the planet.

The Positives of Eco-Friendly Homes

Reduced Energy Consumption: One of the primary benefits of eco-friendly homes is their reduced energy consumption. Features such as solar panels, energy-efficient appliances, and LED lighting help homeowners minimize their reliance on traditional energy sources, ultimately lowering utility bills and decreasing their carbon footprint.

Improved Indoor Air Quality: Eco-friendly homes often incorporate materials and systems designed to enhance indoor air quality. From low-VOC paints to natural ventilation systems, these features contribute to a healthier living environment, reducing the risk of respiratory problems and allergies.

Long-Term Cost Savings: While the upfront costs of implementing eco-friendly features in a home may be higher than traditional options, the long-term cost savings can be substantial. Energy-efficient appliances, for example, consume less electricity, leading to lower utility bills over time. Additionally, features like rainwater harvesting systems can reduce water expenses in the long run.

Enhanced Resale Value: As the demand for eco-friendly homes continues to rise, properties with sustainable features often command higher resale values. Potential buyers are increasingly prioritizing sustainability, making eco-friendly upgrades a wise investment for homeowners looking to maximize their property’s value.

The Challenges of Eco-Friendly Homes

Higher Initial Costs: One of the main challenges of eco-friendly homes is the higher initial costs associated with implementing sustainable features. From solar panels to green roofing systems, these upgrades often require a significant upfront investment, which can deter some homeowners, particularly those on a tight budget.

Limited Availability of Materials and Technologies: While eco-friendly building materials and technologies are becoming more widely available, they may still be less accessible or more expensive than their conventional counterparts in some regions. This limited availability can pose a challenge for homeowners looking to incorporate sustainable features into their homes.

Maintenance Requirements: Some eco-friendly features, such as green roofs and rainwater harvesting systems, may require additional maintenance compared to traditional options. Regular upkeep is essential to ensure optimal performance and longevity, which can be a consideration for homeowners with busy lifestyles.

Potential Aesthetic Limitations: In some cases, incorporating eco-friendly features into a home’s design may pose aesthetic challenges. For example, solar panels and rainwater barrels may alter the visual appearance of a property, which could be a concern for homeowners who place a premium on curb appeal.

Eco-friendly homes offer a multitude of benefits, from reduced energy consumption to improved indoor air quality. While there are challenges to overcome, such as higher initial costs and maintenance requirements, the long-term advantages far outweigh the drawbacks. By embracing sustainability in home design and construction, homeowners can not only reduce their environmental impact but also enjoy significant cost savings and enhance the value of their properties. In the quest for a greener future, eco-friendly homes are leading the way towards a more sustainable tomorrow.

Filed Under: Homebuyer Tips Tagged With: Eco-Friendly Homes, Home Buying, Reduced Energy Consumption

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Our Team

Kay MonigoldKay Monigold
Owner/Mortgage Broker/Residential Mortgage Loan Originator
NMLS#1086176

Steven LoweSteven P Lowe, Sr
Residential Mortgage Loan Originator
NMLS #1085638

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