Buying a home is exciting - but too often, outdated or inaccurate information stops people from even getting started. At Itasca Bank & Trust Co., we believe knowledge is power, and we’re here to help separate fact from fiction so you can move forward with confidence.
Yes! We Do Mortgages! And we’re here to guide you every step of the way.
Below are some of the most common mortgage myths - and the real facts every homebuyer should know.
- Myth: You Need 20% Down to Buy a Home
Fact: A 20% down payment is not required.
Many buyers are surprised to learn that the median down payment is actually 14%, according to MGIC. For first-time homebuyers, it’s often even lower - around 8%. Some loan programs allow for as little as 3% down, and in certain cases, no down payment at all.At Itasca Bank & Trust Co., we partner with Rocket to offer a variety of mortgage products, including low down payment options designed to help more buyers get into a home sooner than they may expect.
- Myth: A Lower Credit Score Means You Can’t Get a Mortgage
Fact: A perfect credit score is not required.
While a higher credit score can open more options, a lower score does not automatically disqualify you from homeownership. Every borrower’s financial situation is unique, and there are loan programs designed to accommodate a wide range of credit profiles.Our local mortgage officers work with you to identify solutions that make sense for your situation—and help you understand what steps you can take to strengthen your position if needed.
- Myth: A Bigger Down Payment Always Means a Better Interest Rate
Fact: Down payment is only one factor.
Interest rates are influenced by several factors, including credit history, loan type, market conditions, and overall financial profile. A larger down payment doesn’t always guarantee a better rate.
That’s why working with an experienced, local lender matters. We take the time to review the full picture and help you choose the option that best aligns with your goals.
Ready to Get Started?
Spring is one of the busiest homebuying seasons of the year—and February is the perfect time to prepare. Whether you’re ready to buy or refinance, we’re here to help. Let’s make your mortgage process simple and get you into your new home. Contact our Mortgage Loan Officers today!
- Call us at (630) 773-0350 and ask for Mike Pallares in our Roselle branch or Valerie DalPino in our Itasca branch.
- Visit www.ItascaBank.com/mortgages
- Stop by Itasca Bank & Trust Co. at 308 West Irving Park Road, Itasca, IL or One East Irving Park Road, Roselle, IL
