Buying a home is one of the biggest financial decisions you’ll ever make—and with it comes plenty of advice, assumptions, and unfortunately, misinformation. At National Bank of Arizona, we talk with homebuyers every day who are navigating the process for the first time or returning to the market after several years. Along the way, we hear many common mortgage myths that can create unnecessary worry or even keep people from taking the next step toward homeownership.

Let’s clear the air and debunk some of the most common mortgage myths so you can move forward with confidence.

Myth 1: You need a 20% down payment

While a 20% down payment does help you avoid mortgage insurance, it is not a requirement to purchase a home. Many buyers, especially first-time buyers, put down far less.

Depending on the loan program, you may be eligible for down payments as low as:

• 3% for certain conventional loans
• 3.5% for FHA loans
• 0% for eligible VA buyers

Waiting until you have 20% saved can actually delay homeownership and cost you more in the long run as home prices rise. The right down payment depends on your financial situation, and our mortgage professionals can help you understand what’s possible.

Ready to get started? View your options and apply online today.

Myth 2: You need perfect credit

A high credit score can help you secure a better rate—but perfect credit is not a requirement. Many buyers qualify with a range of credit scores. Lenders look at your full financial picture, not just a single number.

Even if your credit isn't where you want it to be, you may still have options. And if you’d like to improve your score before purchasing, we can help guide you with strategies that may make a meaningful difference.

Myth 3: You should wait to get pre-approved until you find the right home

Many buyers think pre-approval comes later in the process, after they’ve started looking at homes. But waiting can actually slow you down and put you at a disadvantage in a competitive market.

Getting preapproved early gives you:

• A clear budget
• Stronger credibility with sellers
• The ability to act quickly when you find the right home

Pre-approval also helps uncover any financial adjustments you may want to make before you start shopping. The earlier you know where you stand, the smoother your home search will be.

Myth 4: You should always choose the lowest interest rate

The loan interest rate is important, but it’s only part of the equation. Closing costs, loan terms, mortgage insurance, and rate‑lock options can dramatically affect your monthly payment and long‑term financial outcome.

Check National Bank of Arizona's mortgage rates.

Rather than focusing on the lowest advertised rate, it’s wiser to compare annual percentage rate (APR) and talk with a loan officer who can help you find the best overall fit for your goals.

Myth 5: It's better to wait until rates drop

Trying to “time the market” can be challenging. Rates fluctuate based on economic factors—and waiting could mean paying more later if home prices continue rising. Many buyers choose to purchase when they find the right home and refinance later if rates decrease.

The best time to buy is when you feel financially ready, not when the market hits a mythical perfect moment.

Empowering your homebuying journey

Mortgage myths create confusion, but the truth is simpler: homeownership is achievable for more people than you might think. At National Bank of Arizona, we’re committed to providing clear guidance, personalized support, and mortgage solutions designed around your goals—not one‑size‑fits‑all assumptions.

If you’re thinking about buying a home, we’re here to help you explore your options.

Ready to get started? Apply online or connect with a mortgage officer today and take the next step toward your future home.