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Demystifying Common Home Loan Myths

Modified on August 24, 2017 at 12:22 PM

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Taking out a home loan is one of the most vital steps towards buying a home and fulfilling the dream of becoming a homeowner. With everything that is important and big, everyone seems to have an opinion about it and the home loan industry is also not an exception. It is sad enough to note that the entire home loan industry is fraught with myths and there are too many homeowners who have believed in such myths. Believing in the myths bar you from making the best possible decision about getting home loans as what you trust in, is actually fake. Hence, it is important for you to avoid trusting on the age-old myths associated with home loans. Here are some of them.

  1. The best deal is the one with the best interest rate

No, this is not always true. It is not that you only need to check the interest rate of the home loan from lenders such NPBS before taking it as there are some other terms and conditions too that you need to check. Apart from the interest rate, there are things like the APR of the loan, repayment term, and closing costs which needs to be considered. Also check out the prepayment penalty, valuation costs, processing fee apart from the interest rate. Beware that a deal might initially look tempting but it can have higher hidden fees later on.

  1. It is a must to pay down 20% of the home loan

Although it is true that mortgage lenders demand a 20% down payment of the buying cost of the loan but that doesn’t mean that you HAVE to pay down this amount in order to get a mortgage loan. If you can pay down 20%, you won’t qualify for the PMIs or the Private Mortgage Insurance payments. However, in case you didn’t save enough money and you’re unable to pay the 20%, you will still get a mortgage but with the PMIs added to it.

  1. A poor credit score will always bar you from getting a mortgage

Just like the other myths, one more myth to stop believing in is that a bad credit score won’t get you a mortgage. Majority of the lenders will consider you as a less dependent borrower since you have a poor credit score. People with higher credit scores usually tend to qualify for lower interest rates. However, that doesn’t mean that you can’t get a mortgage with a low score.

  1. Extending the loan term will save you more money

All this depends on the timeframe of the loan and how long you’re going to carry the loan. Extending the term of the loan usually increases the time throughout which you have to repay the loan. This will also mean that you will have to pay more on interest rates through a longer period of time. This is a wrong notion as you will end up paying more than what you owed actually.

Taking out a home loan is a big responsibility so you should assess it carefully but that doesn’t include believing on myths associated with buying a house. Be sure to compare loans on Money Supermarket before taking the plunge.

 

Are you currently a homeowner? Did you believe any of the above myths prior to getting a home loan? Tell us!

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Posted By The Fashionable Housewife
on March 13, 2016 at 9:42 PM
Filed Under: Home Life
Tagged With: buying a home, buying a house, home loan, loans

About The Fashionable Housewife

Sarah-Jean Ballard is the Editor in Chief of The Fashionable Housewife blog and Founder of Fashionable Media. Married to a sexy Molecular Biologist, housewife, mom to 5, homeschooler, Certified Personal Nutritionist and entrepreneur who's mission is to help moms just like you look and feel GREAT! Other interests include dancing, yoga, positive intactivism, natural birth and breastfeeding support, babywearing, paleo & gluten-free cooking, and promoting an overall healthy lifestyle to all.

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This is what our homeschool looks like sometimes. This is what our homeschool looks like sometimes. 🥳

Can’t believe my oldest son is 13 and outside helping dad do home projects like building a new deck. 🤯 Seems like yesterday he was in his walker on this back deck and it looked a lot better 😂

Thankful that @homedepot has great prices so we could finally afford to do this home reno project! 💪🏻🎉

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This is what our homeschool looks like sometimes. This is what our homeschool looks like sometimes. 🥳

Can’t believe my oldest son is 13 and outside helping dad do home projects like building a new deck. 🤯 Seems like yesterday he was in his walker on this back deck and it looked a lot better 😂

Thankful that @homedepot has great prices so we could finally afford to do this home reno project! 💪🏻🎉

#motherhood #motherhoodunplugged #hereisourhomeschool #motherhoodthroughinstagram
My first born son turned 13 years old today. 😱 My first born son turned 13 years old today. 😱

Somebody hold me. 😭

I asked him if he could stay 12 for one more year but he didn’t like that idea. 😒 Was worth a shot, right? 

Scroll for the outtakes 😂😂😂

This kid blows me away daily and makes me so proud to be his mom. I don’t have enough words to describe how much I love this child. 😭

Drop a comment and wish this boy a happy birthday! 🎉🎂 

#homeschoollife #homeschoolfamily #momlife #momlifeunfiltered #momlifeunplugged
Being a mom is hard. Being a mom and trying to sta Being a mom is hard. Being a mom and trying to stay healthy and fit is harder. 🏋🏼‍♀️🥵

Luckily, there are holistic wellness products that can help make the motherhood journey easier!

Lost Empire Herbs stands out as a remarkable family venture led by three health-conscious brothers who share a profound dedication to a wholesome, active lifestyle. 

Their journey began with a modest kitchen table and the introduction of pine pollen, but it has since evolved into something truly remarkable, exceeding all expectations.😱

What truly sets Lost Empire Herbs apart is their extensive collective knowledge, derived from years of hands-on experience, unwavering commitment, and a willingness to explore new horizons. Driven by a genuine desire to enhance lives, they made a resolute decision to make the benefits of these exceptional herbs accessible to a wider audience. 

Their primary focus revolves around offering hormonal support, a vital consideration given the prevalence of endocrine-disrupting compounds in today's world, although their scope extends beyond this singular realm. 🌱 

I'm genuinely enthused about the prospect of trying out their products, eagerly anticipating the chance to personally experience the transformative effects of these wellness herbs. The brothers' evident passion and expertise have left me intrigued and eager to embark on a journey towards total wellness, guided by the offerings of Lost Empire Herbs.

@lostempireherbs #lostempireherbs #holistichealth #holistichealing #holisticwellness #holisticlifestyle #motherhoodunplugged #motherhoodjourney #motherhoodthroughinstagram #unleashthepowerofnature #rootingforyourhealth #hormonehealth @apexdropofficial
Slow down a little and visit @storylandnh !! It s Slow down a little and visit @storylandnh !!

It seems like summer is almost over and you’re probably scrambling to get all the things done on your bucket list. But don’t forget to slow down and have some fun with your kids this summer!!

Story Land in Glen NH is a great way to make some beautiful summer memories with your family! If you live in the New England area, definitely plan a visit before summer slips through your fingers, mama! ☀️ 🏖️ 

LIKE + SHARE if you needed this reminder to slow down and have fun! 

#motherhoodunplugged #motherhoodjourney #momlifeunfiltered #motherhoodrising #motherhoodthroughinstagram
Looking for something fun to do in New Hampshire t Looking for something fun to do in New Hampshire this summer? Living Shores Aquarium in Glen NH is an indoor walk through adventure that allows your whole family to discover the wonders of the ocean year-round. 

The aquarium includes interactive tide pools, exhibits, and tons of immersive activities. See otters, touch sting rays and nibble fish, interact with tropical birds and so much more. They even have axolotls and sharks! There is so much to see. We spent over 3 hours exploring the exhibits! And of course we had to stop in the amazing gift shop before we left. Don’t miss it! 

Living Shores is a fun, interactive environment that is perfect for the whole family! If you’re going to visit the White Mountains this summer, definitely make time to stop at @livingshoresnh! 🐠 🐟 🦀 

COMMENT and tell me which part your kiddos would like the best! 👇🏻

 #familytime #motherhoodunplugged #momlifeunfiltered #whitemountains #familygoals #familyfriendly
Don’t be fooled. You don’t need the perfect br Don’t be fooled. You don’t need the perfect branch to hang a swing in your yard. All you need is a tree and Slackers Build A Branch!

I got mine from @bolderplay! 🥳

Would this product solve a common problem for you too?! Comment and let me know! 👇🏻

Motherhood is hard. Sometimes cool products make it easier! 💁🏼‍♀️

#motherhoodunplugged #motherhoodrising #momlifebelike #motherhoodthroughinstagram #motherhoodjourney
You’re so exhausted you feel like you’re gonna You’re so exhausted you feel like you’re gonna die, but then…
.
.
.
.
.
.
SURPRISE!!
.
.
You can’t fall asleep!!!!!
.
.
.
Oh the joys of motherhood! Anyone else relate?!! 😮‍💨🥱😳😳😳

#momhumor #honestmom #parentinghumor #motherhoodunplugged #motherhoodjourney #motherhoodrising
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