Mortgage Myth Monsters Are Lurking—
We’ve Got the Facts to Stop Them.

Mortgage Myth Monsters

Buying a home can feel overwhelming — especially with all the myths out there. That’s why we created the Mortgage Myth Monsters — sneaky little creatures that spread misinformation and keep people from becoming homeowners.

Let’s meet the monsters — and bust their myths once and for all.

Myth #1: The 20% Down Demon

The Myth: “You need 20% down to buy a home.”

The Truth: Most people buy with far less! Many loan programs require as little as 3% down, and some assistance programs can even help cover that. Don’t let the Down Demon scare you off — you don’t have to wait years to save a huge pile of cash.

Myth #2: The Credit Crusher

The Myth: “You need perfect credit to qualify.”

The Truth: Perfect credit is NOT required. While higher scores can help with better rates, there are options for many different credit situations. The key is knowing where you stand and creating a plan to improve if needed. The Credit Crusher feeds on fear, but knowledge is the best defense.

Myth #3: The PMI Phantom

The Myth: “Private Mortgage Insurance (PMI) is terrible.”

The Truth: PMI often gets a bad rap, but it’s actually what allows many buyers to purchase a home without 20% down. Think of it as a stepping stone: you pay PMI temporarily, build equity, and then it can go away. The PMI Phantom vanishes once you understand it’s just part of the journey.

Myth #4: The Debt Dragon

The Myth: “You must be completely debt-free before buying.”

The Truth: Many homeowners still have student loans, car payments, or credit cards. What matters is how your debts compare to your income. With the right ratios, you can still qualify. Don’t let the Debt Dragon make you think you have to be perfect first.

Myth #5: The Same-Thing Sasquatch

The Myth: “Pre-qualification and pre-approval are the same thing.”

The Truth: They are not the same. A pre-qualification is a quick snapshot; a pre-approval is a thorough review of your finances and a much stronger tool when you’re making an offer. The Same-Thing Sasquatch tries to blur the lines, but sellers and agents know the difference.

Myth #6: The Timing Troll

The Myth: “You have to wait for the perfect time to buy.”

The Truth: The “perfect” time is when YOU are ready. Waiting for rates or prices to hit an imaginary sweet spot can backfire. Instead, focus on your own goals, finances, and timeline. The Timing Troll will always whisper “wait”… but your future can’t wait forever.