When you are looking for a mortgage, you need to examine all your options with the facts.

Alternative facts have no place in your world, especially when it comes to something as important as your mortgage. Getting a mortgage can be as easy as pie or as difficult as multivariable numerical integration–depending on what you know or don’t know about the entire process. To give you the best advantage when applying for a mortgage, here are a few things you need to know about mortgages (alternative fact-free).

“Your best credit scores are used in your loan approval.”

If you are applying for a mortgage with a partner or co-signer, you may think that the highest credit score between the two of you will be used. This is not the case. Lenders take your median credit score and use the lower score from the both of you as a basis for approval. So, if you have a score of 700 and your partner has 680, lenders will likely use the 680.

“The rate you are quoted is the rate you will get.”

Rates change daily because they are subject to the economy. The best way to get the price you were quoted is to lock in your rate the moment it is quoted. You can usually lock in the rate as long as you have provided your lender with the appropriate information to show you qualify for that quoted rate.

“Mortgage insurance is always required with a down payment less than 20 percent.” 

The lender measures your application with risk. Without mortgage insurance, the risk increases. This means that your monthly payments are higher, but you avoid insurance.

Don’t let myths stand in the way of your mortgage. Contact Elvin Wesley at Ranch & Coast Mortgage Group Inc. for all of your home loan needs throughout Solana Beach and San Diego County, as well as all of California.