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Securing a mortgage that’s right for you and your family is a complex and detailed process, part of the reason you come to Altius Mortgage. Our brokers will work with you to find the best rates and loan setup for your home loan, and guide you through the tougher parts of the process.

A big part of our service to you involves steering you clear of common misconceptions within the mortgage industry. Many of these are myths that have somehow gained steam over the years, myths which could be very damaging to your finances. Here are some of the most common ones, plus the truth behind them.

Interest Rates

The housing crisis of the mid-2000s spawned one particularly noisy myth: That fixed-rate loans are always preferable to adjustable-rate loans. Because adjustable-rate loans and their variability were part of what spawned the collapse of the market, they’re often treated like the plague. But there are many cases where adjustable-rate loans might be best, just as there are cases where fixed-rate loans make more sense.

Additionally, it’s common for people to assume that the rate you’re quoted on the surface is the same as your final, actual rate. Mortgage rates are calculated on a daily basis – if you get your rate during pre-approval, there’s nearly a guarantee this rate will have changed by the day you’re actually signing the paperwork. To stay up to date here, make sure to keep on top of the lender with accurate rates.

Lender Choices

Mortgage laws prevent lenders and real estate agents from colluding for client recommendations, but there’s nothing illegal about agents having preferences. Know that your broker is a vital outlet, and the more reputable and respected in the industry they are, the better it might be for you. Altius Mortgage has reached the heights we have in part because of our reputation for legitimacy and reputable dealings.

Credit Scores

Credit scores are generally displayed using three numbers, representing three major American credit bureaus: Experian, TransUnion and Equifax. The common misconception here is that whatever your highest number of the three is, that’s the mark lenders will look at – this is false. They’ll typically average the score, and some might even look at your lowest score. Additionally, if you’re applying with a co-borrower, lenders will almost always default to the lower credit score between the two of you to lock in your final number.

Want to learn more about these common misconceptions, or any other part of our mortgage services? Speak to one of our brokers today.

January 1, 2017

Explaining Common Mortgage Misconceptions

Securing a mortgage that’s right for you and your family is a complex and detailed process, part of the reason you come to Altius Mortgage. Our brokers will work with you to find the best rates and loan setup for your home loan, and guide you through the tougher parts Read More
December 15, 2016

Why a Reverse Mortgage Might be Right for You

When most of us think of a mortgage, the first thing that comes to mind is a long term expense. That’s natural, after all – for plenty of people, a home loan is the largest and most extended bill they’ll pay in their lives. As it turns out, though, there Read More
December 1, 2016

The Benefits of Refinancing a Home Mortgage

For people looking to increase their financial flexibility or limit a major financial burden, a mortgage refinance can be a great way to go. While the term has taken on a negative connotation over the years, this is often very far from the case – refinancing can be a perfect Read More
November 16, 2016

5 Factors That Help Determine Mortgage Rates

Perhaps the most important consideration out there when searching for a mortgage loan is mortgage rate. The interest rate you qualify for on a mortgage might be the single largest factor in determining whether the mortgage ends up being a positive or negative financial investment. At Altius Mortgage Group, we’re Read More
November 1, 2016

Who Should (and Shouldn’t) Refinance Their Mortgage

Have you heard about the record-low interest rates on home loans these days? Unless you’ve been living under a rock, chances are you have seen the advertisements, received some direct mailers, and had home mortgage companies telling you that you should refinance because rates are so low right now. They Read More