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5 Mortgage Myths — Debunked!

MYTH: You have to have a 20% down payment to buy a house. TRUTH:

MYTH: Pre-qualified means the same thing as pre-approved. TRUTH: A pre-qualification is a quick assessment of how much money you can borrow based on info you provide—no documentation necessary. A pre-approval letter indicates you’ve provided financial information to a lender and they have approved you for a designated loan amount. Serious about buying? Get pre-approved.

MYTH: You need a stellar credit score to get a mortgage. TRUTH: For a conventional loan backed by CMHC, the minimum score required is 600.

MYTH: You don’t need to shop mortgage rates. They’re the same no matter where you go. TRUTH: Just like any major purchase, shop around! Not all mortgage rates are the same. Closing costs and other fees can vary from one lender to another.

MYTH: It’s cheaper to rent a home than it is to own a home. TRUTH: Owning builds equity, offers tax benefits, and gives you a predictable payment year after year. Not to mention, buying now allows you to lock in historically low rates.

Don’t be fooled by every mortgage myth you hear! Talk to folks who know the truth and can help make homeownership a reality for you.

Cincy Grenier, 204-330-2567


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