Most buyers walk into the process carrying myths that can cost them time, money, and peace of mind.
Here are the top misconceptions I hear every day:
#1: Your first mortgage payment isn’t due right away.
Close this month? You probably won’t make your first payment until the next one. That’s a financial breather most people don’t plan for.
#2: Paying off a car loan can backfire.
Sounds smart, right? But sometimes it lowers your credit score or drains your cash—hurting approval instead of helping.
#3: Pre-approval ≠ your budget.
That number is just what the bank says you could borrow, not what you should spend.
#4: Sellers can buy down your rate.
Negotiating credits can save you hundreds per month—something most buyers don’t even know to ask about.
#5: Lender credits exist.
And yes—they can wipe out a big chunk of closing costs if you know how to structure your loan.
These are the kinds of “insider truths” that change how you approach buying a home.
—Richard Sarey, your go-to mortgage broker in Frisco
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