Realtor home owner approval 

With the housing market booming, it can be easy to lose sight of how confusing the process of becoming a buyer can be, even to those shoppers who are not first time home owners. A simple internet search for mortgage myths reveals how much confusion is out there. Lenders and realtors are both eager to dispel these beliefs that steer potential buyers in the wrong direction.  

     Navigating mortgages can be daunting if a buyer doesn’t fully understand what’s entailed. Which mortgage to apply for, what is needed to qualify, and how to shop for a loan can prove baffling to the unaware. Unfortunately, misunderstandings abound. Realtor.com cites the misconception that everyone will qualify for a low interest rate. Finding out from the lender that this isn’t so can be disheartening for an uninformed buyer. But it isn’t just potential home owners that suffer false impressions. Low rates may entice home owners to refinance, when in fact, it may not be beneficial to them.
     According to Forbes.com, some buyers are confused about the difference between pre-qualification and pre-approval. This can lead to all sorts of frustration for a potential buyer. And, believing that shopping around for an interest rate can hurt their credit may further undermine a client’s confidence.
     Especially in this time of high unemployment, myths around forbearance can be detrimental to home owners. Helping them to navigate their particular situation may result in their ability to stay in their homes.
     An informed shopper has the potential to lead to a happy repeat buyer. Home owners who can confidently navigate their loans in difficult times are potential future clients, too. Taking the time to educate may be what makes the difference.