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Common finance myths

    It is a bad idea to refinance because I will be resetting my loan term

    You should always refer to your overall financial goals when evaluating to refinance. Often times, the benefit of savings from a refinance will be the most important factor and there are variety of refinance options you should discuss with your lender including, 15 and 20 year mortgage terms.

    It is a bad idea to pay points

    Paying points often allows you to secure a lower interest rate for the loan term, and can potentially save you thousands of dollars. Review the point buydowns with your lender.

    Interest only loans mean I will never pay off my house.

    Interest only loans benefit many consumers as they increase your cash flow. They may be an attractive option and you should review your situation and goals with your lender

    I should only refinance if I will lower my interest rate by 1 full percent

    You should consider refinancing if financially it will benefit your situation. Often times reducing your interest rate by only .25 percent can save you thousands of dollars over your loan term depending on your loan size.

    You should only buy a home if you can put 20 percent down.

    Many lenders offer minimal and zero down programs today, even if you have less than perfect credit. You should buy a home if it is right for your financial goals. Many lenders offer a variety of programs to assist first time home buyers


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