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Debunking Mortgage Myths

If you've been living on another planet, you might not have heard all the media reports about the mortgage market conditions. It's been front page news for months - lots of doom and gloom that make home owners and prospective buyers doubt the wisdom of home ownership.

Guess what? The news about mortgages isn't all bad. In fact, it's quite the reverse. But if you only listen to the media stories, you may be missing out on an opportunity of a lifetime. Let's take a look at the myths that have come up over the past few months:

 

Myth # 1 - Mortgages rates are climbing, forcing home buyers out of the market. Actually, the opposite is true. Mortgage rates remain at historic lows. For home owners that are looking for a 30 year fixed, or 15 year fixed, interest rates are still at an all-time low. Sure, we occasionally will see ups and down with rates, but for the most part rates have been pretty steady over the past few weeks. If you are unsure, call your local loan officer to provide you with a hassle free quote. It does not have to cost you money for your loan consultant to provide you with some examples. (don't forget to get it in writing).

 

 

Myth # 2 - You'll never qualify for a loan in today's market place. In the recent past, some lenders made lending programs available to buyers that didn't have the credit history or score, income, or property value for a home. But that didn't reflect the majority of buyers. Lenders are always looking for home owners - those people that are the majority - buyers with good credit scores, sufficient income, equity in the property or a down payment, and with assets to back up the loan. The magical number for your FICO score to qualify for an FHA loan is 620.

 

 

Myth # 3 - The real estate market is in a free fall. It's true that the average home price has decreased across the country, but that doesn't mean the market is going to bottom out. When the national media talks about average home prices falling, they are averaging in home values in extremely depressed areas. Many parts of the country have seen decreases, but it hasn't been double-digit decreases. Some parts of the country had overly inflated home values, and this is simply a market correction. That's good news for buyers. You can get a great home at a far better price than a year ago. And, when the market rebounds, you've banked equity in your home. Think about it... what did your parents buy their first home for several years ago? How much would that home sell for today?

Despite the gloom and doom broadcast on the news, this is a great time to buy a home or refinance. Rates are low, there are lots of great homes to select from, and prices are set for a great investment.

Call me for more information about some of the many great mortgage programs that may be available to you.

 

Always available for your Frisco Texas Mortgage needs!

John Cannata  Reliant Mortgage  p# 214.545.5604  

www.JohnCannata.com

Frisco Texas Mortgage Consultant

 

 

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Are you looking to purchase a Texas home?  Perhaps you love your Texas home but would be interested in refinancing your Texas mortgage to a lower interest rate?  

I'll help you get pre-approved for your Texas home loan and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice.  If you are available to talk, I am available to listen.  Give me a call or visit my website for more details.

Do you want to know all of your mortgage options? Call me today and let's discuss them further.

Texas Home Loan Consultant

Always available for your Texas Mortgage and Home Loan needs!

John R Cannata    P#214.728.0449

NMLS # 322646

Texas Home Loan Expert

Frisco TX Mortgage

      

 

The views expressed on this site are mine alone and do not reflect the views of my employer.

Comment balloon 10 commentsJohn Cannata • July 01 2009 10:09AM

Comments

Thanks for clearing up these myths.... It's important that buyers hear it from the people in the industry and not their families and friends over casual conversations.

Posted by Loreena and Michael Yeo, Real Estate Agents (3:16 team REALTY ~ Locally-owned Frisco TX Real Estate Co.) over 9 years ago

Loreena My favorites are the customers who heard from the 'waitress' or 'hair dresser'. They are hearing the news just like anyone else. Hopefully we can continue telling and showing customers how the market really is in our area.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) over 9 years ago

Ah John, You are the voice of reason, now just move to Washington State :)

Posted by Paul S. Henderson, REALTORĀ®,CRS,, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Northwest.) over 9 years ago

Not sure if I'll move to Washington just yet Paul. But you never know. My sister seems to love it. She's bee up there for about 4 years now.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) over 9 years ago

Great to hear this from a pro and someone who can validate this information.  Education is key to debunking all myths John!

Posted by Karen Otto, Plano Home Staging, Dallas Home Staging, www.homes (Home Star Staging) over 9 years ago

HI Karen. You would think that most of this has past already, but I still get questions from customers.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) over 9 years ago

I've found you can never say something too many times to your prospects because it may be the way you say it that finally sinks in for someone.  When you're an expert in your field, you can always find ways to educate your clients and there are always those that have never heard the information before.  Keep up the good work John!

Posted by Karen Otto, Plano Home Staging, Dallas Home Staging, www.homes (Home Star Staging) over 9 years ago

Thats a good point Karen. I have actually NOT posted about something before because I read about it from someone else here on AR. I've probably reblogged things more often because of it. I should write about it though because they didnt hear it from me and who is to say that my readers actually read the same articles I have read... Thanks!

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) over 9 years ago

Hey John, that was one of the things I recall hearing from other more "seasoned" bloggers at one time, research something before you write about it cause it may already be there but you know chances are it is and I say go ahead and write to your heart's content about subjects you are passionate about.  As you say your readers are listening to you and may not read what others write.  Also, reading others posts on subjects inspires me to write as well.

Posted by Karen Otto, Plano Home Staging, Dallas Home Staging, www.homes (Home Star Staging) over 9 years ago

Good point Karen once again. I have heard that before. As a matter of fact, another mortgage guy and I were talking. I mentioned I was doing something on GFEs and he said "oh, I did one already check it out". Which is fine. Im sure I did look at it once before. But it does not mean we are going to write about the same thing. And/or my writing style is different so I may send another message. And/or my readers may not have read your post. Sure, I could re-blog it which is one approach or I could just create my own which can stay within AR PLUS be moved to my other blogs. If I reblog a post, it will only be here on AR.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) over 9 years ago

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