Debunking the Top 5 Mortgage Myths (ft. Joe Marinelli, Anchor Point Mortgage)

Debunking the Top 5 Mortgage Myths (ft. Joe Marinelli, Anchor Point Mortgage)

When it comes to buying a home, misinformation can hold people back from taking the next step. Whether it’s saving for an unnecessary down payment or worrying about student loans, mortgage myths can create roadblocks that simply don’t need to exist.

To set the record straight, we teamed up with Joe Marinelli from Anchor Point Mortgage to debunk the most common misconceptions we hear from buyers every day.

🚫 Myth #1: “I need 20% down to buy a home.”

Reality: That’s one of the biggest myths out there! Many loan programs require as little as 3% down, and some even allow zero down for qualified buyers (such as VA or USDA loans).
👉 The takeaway: Don’t wait years to save 20%—talk to a lender about your real options.

🚫 Myth #2: “I need perfect credit to qualify.”

Reality: Perfection isn’t required. FHA and other programs allow credit scores as low as 580—and sometimes even lower with a slightly higher down payment.
👉 The takeaway: Focus on stability and responsible credit use, not perfection.

🚫 Myth #3: “I can’t qualify for a mortgage if I have student loans.”

Reality: Lenders look at your debt-to-income ratio (DTI), not just your total loan balance. Many buyers with student debt still qualify comfortably for home loans.
👉 The takeaway: Your education debt doesn’t disqualify you from homeownership.

🚫 Myth #4: “The lowest interest rate is always the best deal.”

Reality: Sometimes lower rates come with higher fees or longer break-even points. A good lender—like Joe—will help you find a loan strategy that fits your long-term goals, not just the rate.
👉 The takeaway: The best loan is the one that aligns with your financial plan.

🚫 Myth #5: “I should wait for rates to drop before buying.”

Reality: When rates drop, demand rises—meaning more competition and higher home prices. Today’s buyers can often negotiate better deals and later refinance when the timing is right.
👉 The takeaway: You can’t time the market, but you can time your opportunity.

💬 Final Thoughts

Homeownership isn’t about waiting for perfect conditions—it’s about finding the right strategy with the right guidance.

A huge thank-you to Joe Marinelli and the Anchor Point Mortgage team for helping us clear up these common myths!

Thinking about buying but unsure where to start?
Let’s connect and explore your real options—without the myths.

📩 Call: 860-761-3780 to start your home journey with clarity and confidence.