If you’re buying a condo or loft for sale in DTLA, you’ll most likely need a mortgage – most people do. But these are three persistent myths about mortgages that you should know before you start applying.
3 Myths About Mortgages That Most People Believe
The biggest three myths about mortgages are:
- Co-borrowers get rates based on the highest credit score
- Fixed-rate mortgages are always better
- It doesn’t matter what lender you use
Co-Borrowers and Interest Rates
When you’re co-borrowing with someone, the bank isn’t going to automatically use the best credit score between you to gauge your interest rate. Instead, they’re more likely to look at the lower credit score.
Fixed-rate mortgages can be great, but they’re not for everyone. In fact, you could save money with an adjustable-rate mortgage, or ARM. If you intend to own your home for less than 30 years, an ARM might even be the better choice. Explore all your options before you commit!
Choosing a Lender
Local lenders are usually better to work with than those across the country that don’t understand the DTLA market. Sellers might also look at how well-known your lender is when they’re determining whether to accept your offer – if you’re using a lender with no reputation for closing on time, you could be facing an uphill battle.
Are You Buying a Loft or Condo in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
While you’re here, check out our:
- DTLA Arts District lofts for sale
- Historic Core lofts for sale
- DTLA Little Tokyo lofts for sale
- Bunker Hill lofts for sale
- City West lofts for sale
- South Park lofts for sale
- Fashion District lofts for sale
- Financial District lofts for sale