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Mortgage Myths

You have been hearing it for ages now  it’s a great time to build your home! Still, you may be hesitant because of some common myths related to home ownership. After demystifying these myths, you may learn you are better prepared to build your home than you thought.

Myth #1: Renting is always cheaper than buying a home

Typically, renting costs are recovered after 5 to 7 years of property ownership. Renting can still be your best choice if you plan on relocating often. If you plan on staying in your home for a longer period, you will likely save money over time. You also will not have to worry about unforeseen rent payment increases if you build your home. With a fixed-rate mortgage, your monthly payment is unaffected by price rises. If your house increases in value, you might have money saved up for when you decide to sell it in the future.

Myth #2: Mortgages are the same at every bank

All banks offer home financing options, but there are significant differences with their products, rates, and associated fees. For example, whether you are purchasing, building, or renovating your home, our mortgage specialist will help you find the right combination of loan terms and interest rates to meet your unique circumstances.

Myth #3: You should always pay off your mortgage as soon as possible

It seems like common sense to pay off your mortgage as soon as possible, but the reality is it may not be the best use of your money in the long run. Everyone’s circumstances are unique, so investing additional funds rather than using it to reduce a mortgage is not always the wisest course of action. However, it is something to think about, and our mortgage specialist can assist you choose the best course of action.

We can help

If you are ready to buy or build your home, we can help walk you through the process in simple, easy-to-understand language. Let us know what you need, and we will help you find the option that best suits your needs. Visit one of our branches or call 767-255-2337.

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