5 Myths About Home Loans That Buyers Still Believe

Buying a home is one of the biggest (and most exciting) decisions you'll ever make. But at SentriPoint Lending Solutions, located right here in Coral Springs, we know many South Florida buyers come to us worried about things they've heard from friends, family, or online. The truth is, a lot of these so-called "facts" about mortgages simply aren't true - and believing them could keep you from getting the home you want. Here are five common home loan myths we hear from local buyers all the time, along with the real facts you should know.

Myth #1: You Need Perfect Credit to Get a Mortgage
One of the biggest misconceptions is that you need a spotless credit score in the high 700s to qualify for a home loan. While a higher score can help you secure better rates, you definitely don't need perfect credit to buy a home. Many lenders accept scores starting in the low 600s, and there are even specialized programs for buyers who are still working to improve their credit. At SentriPoint, we take the time to review your unique situation and help you explore the best options for your credit profile.

Myth #2: You Must Put Down 20%
That old "20% down payment" rule is one of the most persistent myths we hear. The reality is many buyers, especially first-time homebuyers, put down much less. There are programs that allow as little as 3% down for qualified borrowers, plus FHA loans that require only 3.5%. We'll help you figure out how much you truly need to put down, and show you options that make buying more affordable.

Myth #3: Getting Pre-Qualified is the Same as Being Pre-Approved
This is a big one - and it could cost you your dream home if you're not careful. Pre-qualification is generally a quick estimate based on self-reported information. It can give you a ballpark idea of what you might afford, but it doesn't carry much weight with sellers. Pre-approval, on the other hand, means a lender has reviewed your finances and issued a letter showing exactly how much you're approved to borrow. This gives you stronger negotiating power and helps your offer stand out.

Myth #4: All Loans and Lenders Are Basically the Same
Some buyers think they'll get the same deal no matter where they go, so they might as well pick the first lender they find. In reality, different lenders offer different loan products, rates, and levels of service. Working with a dedicated team like SentriPoint means you have local experts who know the South Florida market inside and out. We shop multiple lenders and loan types to find the best fit for your unique needs - and guide you through every step.

Myth #5: It's Too Hard to Buy if You're Self-Employed
If you own your own business or work as an independent contractor, you might worry that getting a mortgage is impossible. It's true the process is a little different, but with the right guidance and loan programs, self-employed buyers can absolutely purchase a home. At SentriPoint, we specialize in helping business owners and freelancers navigate bank statement loans and other flexible solutions.

Trust Your Coral Springs Mortgage Experts
At SentriPoint Lending Solutions, we're more than just mortgage professionals - we're your neighbors, dedicated to helping South Florida buyers make smart, confident decisions. If you've been putting off homeownership because of these common myths, let us show you what's really possible. Contact us today to get started on your path to a new home.