Don’t let bad advice or outdated ideas derail your homebuying journey.

There’s a lot of “mortgage advice” out there — and not all of it is helpful. In fact, some of the most common mortgage myths floating around the internet (and even passed down from well-meaning friends or family) could end up costing you serious time, money, or missed opportunities.

Let’s bust some of the biggest myths — and give you the real facts.

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🧠 Myth #1: You Need 20% Down to Buy a Home

Reality:
That used to be true decades ago — but not anymore.

Today’s buyers, especially first-time buyers, often qualify with:

• 3% down on a conventional loan
• 3.5% down with FHA
• 0% down with VA or USDA (if eligible)

💡 Waiting to save 20% could delay your purchase by years — and keep you on the sidelines while home prices rise.

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🧠 Myth #2: The Lowest Interest Rate = The Best Loan

Reality:
Rates matter, but they’re only one piece of the puzzle. You also have to consider:

• Closing costs
• Mortgage insurance
• Loan term and flexibility
• How long you plan to stay in the home

A loan with a slightly higher rate might save you more long term depending on your situation.

🔍 Plus, some brokers advertise ultra-low rates just to get you in the door — then change the terms later. At PRMI, we prioritize transparency and consistency over gimmicks.

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🧠 Myth #3: You Can’t Qualify If You Have Student Loans

Reality:
Student loans can affect your debt-to-income ratio, but they don’t automatically disqualify you.

Lenders (especially direct lenders like PRMI) can help you:

• Explore income-based repayment options
• Use special underwriting allowances (especially on FHA)
• Strategize around deferred loans

🧾 We’ll help you build a plan — not just look at the surface-level numbers.

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🧠 Myth #4: You Need Perfect Credit

Reality:
Most loan programs don’t require perfect credit — they require proof of stability and responsibility.

FHA loans allow scores as low as 580 (sometimes lower with strong compensating factors), and conventional loans typically start at 620.

💬 What matters more than your score alone is the full story of your financial picture — and that’s where a good loan officer makes all the difference.

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🧠 Myth #5: All Lenders Are Basically the Same

Reality:
They’re not — not even close.

Brokers often submit your loan to whichever wholesale lender gives them the highest commission — meaning your file can get bounced between teams with different systems, timelines, and priorities.

PRMI is a direct lender, meaning we:

• Handle most loans in-house
• Keep the process consistent from start to finish
• Focus on education, clarity, and real service — not commission chasing

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🧭 Final Thought: Don’t Let Bad Info Cost You a Great Opportunity

In a world of headlines and half-truths, you deserve clear, expert guidance — especially when it comes to one of the biggest decisions of your life.

Whether you’re just exploring or ready to apply, PRMI is here to give you real answers, smart options, and a team you can trust.

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👇 Wondering What’s True for You?

Let’s have a real conversation — no pressure, just clarity.