Are you looking for a mortgage? Make sure you have the facts then proceed with confidence. 

Getting a mortgage ranges from being simple to one of the hardest things you can apply for. This all depends on a few things, but knowing about the entire process can definitely help you. Unfortunately, there are many misconceptions about the mortgage process that are believed to be true. Here are a few mortgage misconceptions you need to break right now before you go and apply for your mortgage–it just may make the entire process a lot easier.

1. Your Best Credit Score Is Used When Approving Your Application
   This is false. When you apply for a mortgage, lenders actually take three credit score reports and use the median number. When applying jointly, they will usually take the lowest of the medians. This is to ensure two things: 1) they get their money at the end of the day, and 2) to ensure another real estate market crash doesn’t happen in the future. Consider this myth busted.
2. Mortgage Insurance Is ALWAYS Required With Less Than Twenty Percent Down
   Mortgage insurance is a lender-based policy that is placed on many homes when putting less than a twenty percent down payment. But you can actually buy a home without mortgage insurance. The most common way to do so is through two mortgages. One mortgage that caps out at eighty percent, the other covering the remaining twenty percent. Myth: busted.

Homeownership is a very important step in anyone’s life, but you should not dive in head-first without doing research–it may save you thousands of dollars. For all of your home loan needs throughout Solana Beach and San Diego County, as well as all of California, contact Elvin Wesley at Ranch & Coast Mortgage Group Inc. We have the experience needed to make sure you get the right mortgage.