Section 1. Where Do I Start?
Myth #1 - Renting is Better than Buying.
Myth #2 - I Can't Qualify for a Loan.
Myth #3 - Only U.S. Citizens Can Qualify for a Mortgage.
Myth #4 - I Should Look at Some Houses First.
Myth #5 - I Need a Down Payment - But I Don't Have the Funds.
Myth #6 - I Should Make the Biggest Down Payment I Can.
Myth #7 - Mortgage Companies and Loan Officers are Licensed and Regulated.
Myth #8 - Big Lenders and Major Banks are Always Better.
Myth #9 - My Best Bet is to Use a Friend (or Someone Local).
Myth #10 - I'll Find a Better Deal on the Internet.
Myth #11 - I Can Get a Higher Return by Investing in Stocks.
Section 2. Playing "The Mortgage Game".
Myth #12 - My Main Goal is to Snag the Lowest Interest Rate.
Myth #13 - The Federal Reserve Controls Interest Rates.
Myth #14 - Stay with "Fixed Rates" - ARM's Are Just Too Risky.
Myth #15 - A Shorter Term Always Beats a 30- or 40-Year Term.
Myth #16 - My Credit History Needs to be Perfect.
Myth #17 - My "Credit Score" Determines My Loan's Approval.
Myth #18 - Be Conservative - Don't Stretch Yourself.
Myth #19 - I'm Divorced or Declared Bankruptcy... So I'll Never Qualify.
Myth #20 - Special Financing Programs Aren't Available to Me.
Myth #21 - I Should Avoid "Mortgage Insurance".
Myth #22 - The "Good Faith Estimate" Guarantees My Closing Costs.
Myth #23 - I Have to Use the Realtor/Builder's Loan Officer.
Section 3. Selecting the "Right" Home.
Myth #24 - I'll Save Big Money Buying FSBO.
Myth #25 - I Have to Shop Within a Certain Price Range.
Myth #26 - Everything Is Included in the Sales Price.
Myth #27 - The Appraiser Will Specify the Value and Any Required Repairs.
Myth #28 - The Real Estate Agent Will Protect Us.
Myth #29 - Condos Are Bad Investments... and Hard to Finance.
Myth #30 - Seller Disclosures are Complete and Accurate.
Myth #31 - I Should Buy the Biggest House at a Bargain Price.
Myth #32 - I Should Always Use an Attorney.
Myth #33 - I Don't Need an Inspection - It Looks Great to Me!
Myth #34 - I've Seen Enough.. I've Found the Home I Love!
Myth #35 - It's Okay to Buy - This Area is Booming .
Myth #36 - All Sales Agreements and EMD Requirements Are Standard.
Myth #37 - I Can't Withdraw My Offer – It's Too Late.
Myth #38 - Beware of Foreclosures - They're a Headache.
Myth #39 - I Make Money When I Sell – Not When I Buy.
Myth #40 - My Tenants Will Finance My Investment Property.
Section 4. The Mortgage Process.
Myth #41 - The Loan Process Takes a Long Time.
Myth #42 - All Applications and Disclosure Forms Are Standard.
Myth #43 - We’re Approved: Our Worries Are Over!
Myth #44 - My Interest Rate Is Locked In AND Guaranteed.
Myth #45 - A Pre-approval is a Pre-Approval.
Myth #46 - I Have to Let My Lender Escrow Taxes and Insurance.
Myth #47 - I'm Self-Employed - Getting Approved Will Be Tough.
Myth #48 - The House Needs Repairs - We'll Do Them Later.
Myth #49 - Personal 'Profiling" Is Part of the Approval Process.
Section 5. It's "Closing" Time.
Myth #50 - Someone Else Decides the Closing Date and Location.
Myth #51 - Why Do I Need "Title Insurance"... I Can't Even Select the Provider.
Myth #52 - It's Cheaper to Close at the End of the Month.
Myth #53 - I Can't Review Documents in Advance.
Myth #54 - The Seller's Home Warranty Protects Us.
Myth #55 - The House Will Be in "Move-In" Condition.
Myth #56 - It's All Triple-Checked and Ready to Go!
Myth #57 - I Need Homeowners Insurance to Cover the Entire Purchase Price.
Myth #58 - I Need Credit Life Insurance to Protect Myself.
Myth #59 - My House Payment Will Never Change.
Section 6. The Refinance Game.
Myth #60 - Never Refinance Until the Rate is 2% Lower.
Myth #61 - I Should Never Refinance Into a Higher Interest Rate.
Myth #62 - I'm Not Allowed to Pay Extra - There's a Pre-Payment Penalty.
Myth #63 - Reverse Mortgages Are a Bad Idea.
Myth #64 - My Terms May Change if the Loan is Sold.
Myth #66 - Refinancing: Better Than Home Equity or Construction Loans.
Myth #67 - Low Inflation Means Low Appreciation.
Myth #68 - I Have to Live There at Least 3 Years to Break Even.
Myth #69 - Refinancing is a Cheap Way to Get Cash.
Myth #70 - My Escrows Are Already Set Up.
Section 7. Short of Cash? Creative Financing Solutions.
Myth #71 - I Can't Use a Gift for a Down Payment.
Myth #72 - A Bi-Weekly Mortgage Simply Changes My Payment Schedule.
Myth #73 - Seller Financing is Risky and Expensive.
Myth #74 - Government Loans Are Only for Low-Income Borrowers.
Myth #75 - No Bank Will Finance Us.
Myth #76 - A "Lease Option" Plan is Always a Bad Idea.
Myth #77 - I Can't Make My Payments... So I'll Lose My Home.
Required Application Disclosures.
Mortgage Application - Form 1003.
Sample "Good Faith Estimate".
Sample "Truth in Lending" Disclosure.
Sample HUD-1 Closing Statement.
Home Financing Checklist.
Personal Qualification Form.
Mortgage Payment Calculator.
National/State Associations and Regulatory Agencies.
Homebuyer Education Classes.
Other Website Resources.
Terms You Need To Know.