Mortgage rates are dropping due to recent Federal Reserve rate cuts, potentially going lower in the future. Six common mortgage myths are debunked by experts to help homebuyers. Being pre-approved is more beneficial than being pre-qualified for a mortgage. Lenders are now focusing on total financial health rather than just credit scores. It’s a misconception that a 30-year fixed mortgage is always the best option for everyone. Putting 20% down on a mortgage helps avoid private mortgage insurance, but lower down payments are also common. VA loans are not limited to first-time homebuyers and can be used multiple times by veterans. Self-employed individuals can still get a mortgage without a traditional paycheck.

Read more at Yahoo Finance: 6 Mortgage Myths Homebuyers Still Believe