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3 Top Mortgage Myths Homebuyers Face
Mortgage advisors are out there telling you how to live your life. This has to stop.
Mortgage Myth #1 “Don’t change jobs while applying for a mortgage”
Bullsh!t. You can switch jobs during the process.
Don’t let a mortgage advisor tell you not to make more $$ or take a promotion. You can close on a purchase of a new home with an offer letter from your new job.
You will need to be prepared with a fully signed offer letter and the contact details of your new hiring manager. You may also need to allow for a few days to have your new job verified by the underwriter. But if you get a juicy job offer — take it!
Of course, you should be making more money than you did before. If you take a job making less $, that could be a problem.
Mortgage Myth #2 Don’t make large deposits.
This one is almost completely unrealistic. Buying a home costs a lot of money, and few people save their money in a checking account. Most have investment accounts, retirement accounts, and savings accounts — all better suited to storing saved money.
When there is a gift from a family member involved, it almost always means a large deposit. Rarely (never) does anyone…
