Since there are many myths surrounding mortgage financing, I thought I’d help demystify the top 12 I come across most often!

1. Purchasing a home with a 5% down payment is only for first-time homebuyers.

2. Bi-weekly and semi-monthly mortgage payments are the same thing.

3. There is a fee for a mortgage broker (our service is free)

4. Shopping around on your own results in the best mortgage rate.

5. Every time I purchase a home I’ll have to pay the full mortgage insurance amount I paid on my first purchase.

6. Opting for a longer amortization is always a poor decision.

7. Mortgage terms and conditions are not as important as getting the best rate.

8. Paying property taxes with my mortgage means I don’t have anything else to do.

9. My bank has my best interest in mind.

10. I can buy a home before I sell mine and get “bridge financing” easily.

11. My parents will help me qualify for a bigger house.

12. I can roll all of my debt into my first home purchase.

 If you have any questions regarding these myths or would like some help to ensure the best possible mortgage for your goals and savings the Angela Calla Mortgage Team is here to help you directly.

Thanks for visiting

Angela Calla, AMP

Dominion Lending Centres-Angela Calla

Host of ” The Mortgage Show” Saturdays @ 7pm on CKNW AM980

Phone: 604-802-3983 Email: callateam@dominionlending.ca