Busted! Don’t Believe These Mortgage Myths!

Dynamic Lend   |  

Busted! Don’t Believe These Mortgage Myths!

Everyone dreams of homeownership, but as buying a home is one of the single most expensive purchases a person will make, understanding the nuances of a mortgage are essential. Not doing so may lead to an error of judgment that could turn into a costly mistake.

Often these errors are caused by falling prey to the numerous myths and misconceptions that exist about mortgages and the process followed due to the lack of accurate information. Old wives’ tales have facilitated these false beliefs that sometimes fool even those that have already gone through the mortgage process.

At Dynamiclend, we want you to enjoy the fulfillment of owning a home as well as be able to differentiate between fact and fiction. To help increase your knowledge, we have debunked three of the most widely believed myths about mortgages.

Myth 1: Only people with credit challenges use a mortgage broker.

This is absolutely untrue, but, it is a perpetuating myth with our industry. The truth is mortgage brokers help people from all situations irrespective of your credit scenario. We have access to many lenders that offer rates and terms as good, or better than the banks.

Myth 2: Clients pay mortgage brokers for their services.

This is a commonly believed misconception about what we do. In reality, a mortgage broker will usually not charge a fee for their services. We only charge the client a fee when there is a significant amount of work to do on the application. In most cases, we are paid by the lender, and our services don’t cost our clients a dime.

Myth 3: Even if you have a mortgage broker, continue shopping for the best rate.

Some people think that shopping around for the best rate is a good idea even if you have enlisted the services of a mortgage broker. This is a myth! When you work with an excellent mortgage broker, their job is to find you the best rate. When you shop around yourself, it could negatively affect your credit scores and make it more difficult to secure a mortgage.

If you’re looking for expert mortgage advice you can trust, reach out to Dynamiclend. As the best mortgage brokering services and private auto finance lender in Brantford and Paris, ON, we offer a leasing solution that enables our clients with challenged credit, or difficult circumstances an affordable way to get into a reliable vehicle with terms that fit most situations. Our auto leasing program is an excellent alternative to conventional bank financing. For a complete list of our services, please click here. If you have any questions about Dynamiclend, we’d love to hear from you. Please contact us here.