Mortgage Mythbusters

Securing a home mortgage can be intimidating and confusing. But most home buyers find that getting a mortgage is much easier than they though.

Jennifer Jones, from Axiom Financial, busts three of the most common myths that confuse people.

Myth #1 Only first-time home buyers can purchase with zero money down.

Busted: Many current homeowners would like to take advantage of the current interest rates and move up in homes however they don’t feel that they can because they do not have equity in their current home for another down payment. With these programs an individual could qualify for a zero down option with a very low 30 year fixed interest rate.

There are ways you can purchase with zero money down, even if you have previously owned a home. They could involve Utah Housing, but you there are income restrictions. VA loans are an option , but you need to have VA benefits. And if you live in a rural area, you can check into USDA/Rural housing options.

Myth #2 You have to wait seven years before you can purchase or refinance after a Bankruptcy, foreclosure or short-sale.

Busted: With FHA you can get financing two years after a bankruptcy, or three years after a short sale or foreclosure.

The BK, Foreclosure and Short Sale subject is very important as people ended up doing a short sale, foreclosure or BK in 2009 and 2010. They should be ready to purchase now or in the very near future however many think they have to wait even longer. I just pre-approved a gentleman on a VA loan that thought he had to wait 3 years which would be next year for him but with VA he only needed to wait 2 year so he just found a home and he is in the middle of negotiating a purchase price. They are thrilled but he was very close to waiting another year had I not spoken with them.

Myth #3 The market is so bad I can’t sell my home.

Busted: The housing market is thriving. Almost every Realtor I speak to tells me that homes are being sold so quickly and most of them with multiple offers. We have many great Realtors we work with and would love to refer you to a Realtor to help you determine the options you have with selling your home.

With interest rates incredibly low, now is the time to buy or re-finance your mortgage. You can get a feel for what your monthly payment would be by using the mortgage calculator at Or just give us a call. We have 19 locations throughout Utah and we offer competitive rates and unmatched, personal service. This is a big decision in families’ lives and we take a one-on-one approach to each loan we process. We want to make sure we answer every question and that a family is making the right decision.

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