6 mortgage myths that can cost you money

MSN Money has a great article on 6 "myths" of getting a mortgage. While these aren't myths per se, they are closer in nature commonly accepted wisdom. They may not be true for your financial situation, it depends on your financial needs on which mortgage is best for you.


Do you believe that you can't borrow money to buy a house if you have some dings on your credit? Do you think it's always best to pay off the mortgage early, if you can? If so, you subscribe to mortgage myths that can cost you money. Here are six common myths.

Myth 1: A 30-year fixed mortgage is always best.
Myth 2: Pay off that mortgage as soon as possible.
Myth 3: You need a big down payment.
Myth 4: You're stuck with PMI.
Myth 5: Dinged credit? No mortgage for you!
Myth 6: Refinancing means a new 30-year countdown.

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