Mortgage Myths

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

For most of us, buying our first home is a dream come true. It’s also a lengthy process where questions abound. Our tools and resources can help.

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, download our helpful guide, Home Buying Made Easy, which walks through detail on affordability, available loan types, a look at involved costs and much more. And 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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Discuss your preferences, learn more about your loan options, and see if you are pre-qualified.

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Want a more complete picture of your home loan?

Explore the Understanding Home Lending Center to learn the mortgage process, find the right loan or line of credit for you, and explore options to lower your payments. 

Learn More »

Important Legal Disclosures & Information

Borrower must satisfy pre-approval conditions outlined in commitment letter. Final loan approval and amount are subject to verification of loan data, property appraisal and underwriting conditions. 

PNC and PNC HomeHQ are registered service marks of The PNC Financial Services Group, Inc. ("PNC"). PNC is a registered service mark of The PNC Financial Services Group, Inc. (“PNC”). All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.

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