Myths first-time homebuyers believe

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When entering the housing market, some first-time homebuyers believe a lot of myths about mortgages to be true. Take a look at some of the most commonly believed myths.

According to and Quicken Loans, many first-time homebuyers believe:

– Lending requirements are tight.

– You don’t need to check your credit before starting the home-buying process.

– “Preapproved” and “prequalified” mean the same thing.

– Don’t talk to a mortgage lender until after you find a home you want to purchase.

– You need to have a 20 percent down payment to buy a home.