The truth is simple

Simple truth

The truth is simple

The world of homebuying and refinancing is filled with myths and misconceptions that simply aren’t true. That’s something we simply can’t allow. Our simple truths are here to simply set the record straight.

Home Buying
Refinance
Home Buying

Myth
1.

You need a down payment of 20% to buy a house.

Nonsense. Hogwash. And poppycock. While a sizeable down payment will help bring down your monthly mortgage payment there are plenty of loan options out there requiring as little as 3% down and in a few special cases 0% down.



Myth
2.

You should always choose the lender with the lowest rate.

Always is a strong word. The lowest rate in town might be an awesome opportunity. It might also have quite a few hidden fees. Before you go with the lowest rate you see, we highly suggest that you ALWAYS do your homework.

Myth
3.

Buying a home is a life sentence.

A life sentence of awesomeness, maybe. Not to mention financial freedom and consistent year after year increases in value. But you’re not handcuffed to it. You can sell anytime. Or, make it a rental property that earns you extra money every month.



Myth
4.

You don’t need a real estate agent.

You don’t need a dentist to pull a tooth either. But who’s going to ask you to open wider, please? A realtor is your advocate, local market expert and negotiating ninja all wrapped up into one. We recommend using a realtor and never doing your own dentistry.

Myth
5.

Adjustable-rate mortgages (ARM) are always a bad idea.

There’s that pesky word always again. Under the right circumstances, an adjustable-rate mortgage is a great loan option. For example, if you only plan to be in your home a few years an ARM could save you big time on interest.


Myth
1.

You need a down payment of 20% to buy a house.

Nonsense. Hogwash. And poppycock. While a sizeable down payment will help bring down your monthly mortgage payment there are plenty of loan options out there requiring as little as 3% down and in a few special cases 0% down.

Myth
2.

You should always choose the lender with the lowest rate.

Always is a strong word. The lowest rate in town might be an awesome opportunity. It might also have quite a few hidden fees. Before you go with the lowest rate you see, we highly suggest that you ALWAYS do your homework.

Myth
3.

Buying a home is a life sentence.

A life sentence of awesomeness, maybe. Not to mention financial freedom and consistent year after year increases in value. But you’re not handcuffed to it. You can sell anytime. Or, make it a rental property that earns you extra money every month.

Myth
4.

You don’t need a real estate agent.

You don’t need a dentist to pull a tooth either. But who’s going to ask you to open wider, please? A realtor is your advocate, local market expert and negotiating ninja all wrapped up into one. We recommend using a realtor and never doing your own dentistry.

Myth
5.

Adjustable-rate mortgages (ARM) are always a bad idea.

There’s that pesky word always again. Under the right circumstances, an adjustable-rate mortgage is a great loan option. For example, if you only plan to be in your home a few years an ARM could save you big time on interest.

Helpful articles


Simple Truth Homebuying

Frequent Frequently asked questions

Buying a home

Refinance

Myth
1.

You need 20% equity to refinance.

100% not true. While loans with less than 20% equity may require mortgage insurance, refinancing could still be a good move for you. Particularly if it saves you money in the long run over the life of the loan.



Myth
2.

You must reach the “break-even point” on your current loan.

Point Break is an awesome movie. But the break-even point on your mortgage is awesome too. It’s when you’ve recouped your original closing costs. But you don’t need to reach it in order to potentially benefit from a refi. Utah, get me two!

Myth
3.

You can only refinance your mortgage once.

Refinancing is all you can eat. You can do it as many times as you like. However, the fees are significant, so it pays to ensure each refi makes sense. Use a refinance calculator to see if this is a route you want to take.



Myth
4.

You won’t save that much money by refinancing.

A penny saved is a penny earned. If you were to reduce your rate by just 1/8th of a percent, you could save tens of thousands of dollars over the life of your loan. That’s a lot of pennies.

Myth
5.

Applications require a lot of documents.

Not true. Applications require a TON of documents. But with our No Sweat™ Process we streamline the paperwork and do all the heavy lifting for you. Plus, if you’ve worked with us 
in the past, we may just need to ask you a few simple questions.


Myth
1.

You need 20% equity to refinance.

100% not true. While loans with less than 20% equity may require mortgage insurance, refinancing could still be a good move for you. Particularly if it saves you money in the long run over the life of the loan.

Myth
2.

You must reach the “break-even point” on your current loan.

Point Break is an awesome movie. But the break-even point on your mortgage is awesome too. It’s when you’ve recouped your original closing costs. But you don’t need to reach it in order to potentially benefit from a refi. Utah, get me two!

Myth
3.

You can only refinance your mortgage once.

Refinancing is all you can eat. You can do it as many times as you like. However, the fees are significant, so it pays to ensure each refi makes sense. Use a refinance calculator to see if this is a route you want to take.

Myth
4.

You won’t save that much money by refinancing.

A penny saved is a penny earned. If you were to reduce your rate by just 1/8th of a percent, you could save tens of thousands of dollars over the life of your loan. That’s a lot of pennies.

Myth
5.

Applications require a lot of documents.

Not true. Applications require a TON of documents. But with our No Sweat™ Process we streamline the paperwork and do all the heavy lifting for you. Plus, if you’ve worked with us 
in the past, we may just need to ask you a few simple questions.

Helpful articles


Simple Truth Refianance

Frequent Frequently asked questions

Buying a home