When it comes to figuring out monthly payments for a home, lenders tend to stick to a rule where the payment is made up of only 28 percent of the borrower’s disposable income. Nevertheless, being able to afford a home as a first-time home buyer has become more important than just knowing the amount that can be lent to you.
For most people, buying a home without getting a mortgage isn’t a possibility. However, the prospect of trying to obtain a mortgage fills many would-be homebuyers with more than a little angst. The problem is that there are many myths about what it takes to get a mortgage. Because of these misconceptions, it’s difficult for many homebuyers to figure out what they need to do to get a mortgage. The article that follows talks about five of the most common misconceptions about getting a mortgage. Knowing what they are can help you make a better decision about your mortgage come sale time.