May 22nd, 2014 3:26 PM by Leonard Silvestri
When you're looking to purchase your first home you may be bombarded with good and bad real estate advice. More often than not some of that advice comes from close friends and family members. So how can you decipher fact from fiction in the home buying discussion? This article breaks down three keys to de-bunk the most common home buying myths.Myth #1: You need perfect credit to purchase a home.
Fact: It is true that an individual’s credit score has an impact on the mortgage loan approval process and ultimately the resulting interest rate. However, perfect credit is not needed to secure approval for a mortgage loan. While credit scores can range widely, the higher your credit score, the more options you will have to find a mortgage with favorable interest rates.