Busted! Don’t Believe These Mortgage Myths!

Jodie Erwin |

Mortgage Renewal in Cambridge, ON

Are mortgage myths getting in the way of fulfilling your dream of homeownership? If the answer is yes, you are not alone! While some people seek expert mortgage advice to find the right mortgage product at first attempt, many are still swayed by the misconceptions related to mortgages. 

If you have been influenced by the misinformation surrounding mortgages and mortgage brokers, you may disrupt your long-term financial stability by spending more money than required. To steer clear of false notions and derive maximum benefits from a mortgage, Jodie Erwin at Mortgage Architects has debunked three of the most widely believed mortgage myths.

Myth 1: You will get the best rate from your bank.

This is not true. Many banks offer a higher rate than the intended rate, and if you choose them as your first option, you may miss out on a better mortgage deal. Moreover, banks only offer products from their institution, while a mortgage agent will connect you to several lenders who will provide you with a suitable program.

As a mortgage agent at Mortgage Architects, I have access to over fifty-seven different lenders including, A, B, and private lenders.

Myth 2: You have to pay your mortgage broker.

Many clients believe that a mortgage broker charges a fee for their services. However, in reality, most mortgage experts receive a commission from banks or lenders, so their services to clients are free of cost. As a client working with a mortgage broker, you do not pay me anything as the lenders cover that cost.

Myth 3: You need a twenty percent down payment.

You do not necessarily need a twenty percent down payment to purchase a house! In many situations, the minimum required down payment is five percent of the purchase price.

To avoid falling prey to these myths and get the best mortgage services in Cambridge, ON, reach out to Jodie Erwin at Mortgage Architects. I offer a wide variety of mortgage services and lending options to fit the specific requirements of our clients. I provide a wide range of mortgage services that include mortgage purchasing, mortgage refinancing, mortgage renewal, mortgage pre-approval, and chip mortgages. To learn more about my services, please click here. If you have any questions about the mortgage solutions I provide, please contact me here.