Mortgage Myths

When you have questions about buying a home, PNC has answers.

We’ve dispelled below some of the most common myths experienced at the start of the home buying process:

1) Is renting always more affordable than buying?
Not necessarily. With our Renting vs. Buying Calculator, you can input the costs of renting and the cost of buying for a comparison of potential cost savings.


2) What’s the first step you should take to make home buying a smoother process?
The more information you have about the home buying process, the better! As a first step, visit our Understanding Home Lending Center to read all of our articles on the home buying process.


3) True or False? When buying a new home, you need to put down at least 20% of the cost.
False! With our low, flexible down payment options, you can buy a home with as little as 3% down. Learn about our affordable lending options, and more, in our downloadable guide, Home Buying Made Easy.


4) True or False? Is it important to get pre-approved for a mortgage loan when buying a new home?
True! It’s beneficial to better know your budget and how much you can afford. And, getting pre-approved by a mortgage lender shows real estate agents and sellers that you are a serious, qualified buyer. Learn more about the pre-approval process.


Still have questions, or ready to take the next step in the home buying process? Find a Mortgage Loan Officer near you today! Or, call us toll free at 877-508-3339

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