5 Common First-Time Homebuyer Myths

Jul 7, 2021 | Mortgage

Our job at EPM is to provide the most up-to-date information and education so our borrowers and prospective borrowers can make the most informed decisions. When first considering homeownership, there are many misconceptions people can have about the process that keeps them from moving forward on their goals of getting into a dream home. 

We are here to clear up 5 of those common myths today to help bring you one step closer to homeownership. 

Myth #1 – I have to have a high credit score to qualify for a home loan

Fact:   EPM offers all kinds of options for first-time homebuyers with varying credit scores and low to no down payment options. We encourage you to take steps to ensure you are making wise financial choices for your future, so here is a link to a previous blog post with more tips on buying a home with a low credit score.

Myth #2 – Mortgage lenders are pretty much all the same

Fact:  You need a lender that is trusted, experienced, and backed with a reputation for helping families achieve their goals. Many companies out there will take your information and farm it out to the lowest bidder, so you are saving on rates, but that doesn’t mean you will get the customer service you need and deserve. 

Every day, we hear stories about lenders who dropped the ball, had paperwork stuck in limbo, or information that wasn’t shared with buyers that cost them their home.

 EPM is a direct lender with a reputation for being at the top of our service game with quick turnaround times, customer education, and premiere service throughout the entire customer journey. Learn more about EPM offers and our consumer benefits that ensure you are getting the best service no matter which of our branches you’re working with.

Myth #3 – The process of buying a home is so overwhelming 

We are here every step of the way to make sure you are making informed decisions about growing your personal wealth through homeownership. Here is a look at our process and a simple breakdown of your journey to homeownership. 

There are many moving pieces in the homebuying process, but leave the details to us and rest easy that we are with you every step of the way.

Myth #4 – Renting is saving me more money than buying

Fact: With the right information and a little preparation, you could actually pay LESS for your mortgage than you’d pay on rent. Not to mention the HUGE long-term financial benefits of owning a home that is increasing in value over time.  Check out these  First Time Homebuyer tips to learn more.

Myth #5 – Buying a home is too complicated to feel confident about what I’m doing

Fact:  Not only do we have qualified professionals whose number one priority is giving you the best information and service available, but we also have a guide just for you! It’s called Borrower 101 and gives you a step-by-step document to take you from application to closing. Download your guide by filling out the form, and take the first step to educate yourself and moving forward with confidence.

Our goal has always been about empowering homeowners to make educated, confident choices about investing in their homes. Check out the resources above and when you’re ready, reach out to a mortgage expert at EPM today.