Myth #2: If you don’t have a bank account or credit cares, you can’t qualify for a mortgage.
Fact: It is always a good idea to have a bank account because it helps you establish credit. However, you can be approved for a mortgage if you don’t have an account or credit cards as long as you can show a history of payments you have made for items such as rent, utilities, and car payments.
Myth # 3: You will loose your house if you are late on your mortgage payments.
Fact: If you have a financial hardship (i.e. the death of a spouse, medical emergency etc.) and fall behind, its possible to keep your home and get back on track…JUST BE SURE TO CONTACT YOUR LENDER and explain the situation. If it is not possible to keep your home, you can sell it and avoid foreclosure.
