Realities and Myths of Owning a Home

Myth: Getting a Mortgage is Easy

5. Myth: Getting a Mortgage is Easy

Obtaining an affordable mortgage is not as simple as submitting an application online or at the bank. While that is the initial step in the process, you will also be required to provide a slew of information about your financial history, including credit reports (although this is handled behind the scenes by your lender), paystubs, tax returns if you’re a small business owner, savings account and retirement plan balances, as well as any supplemental information required by your lender. The mortgage application process takes time and a heavy dose of patience, more so than a personal loan, vehicle loan, or credit card application.

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