Mortgage Myths

Subhead

Myth

All loans have closing costs the borrower must pay.

Fact

For a slightly higher rate you pay NO closing costs.

Myth

Only REFINANCE if you will reduce your rate by 1%.

Fact

If you are not paying closing costs any reduction in rate is a benefit.

Myth

All loans must be kept for 5 years to break-even.

Fact

If there are no closing costs than the break-even point is immediate.