Many people often call and ask us here at All American Funding, LLC questions regarding their mortgage.  They are often told myths and lies from other people regarding their mortgage that just aren't true.  Below are a few of our favorites myths...

1.  You can't get a loan if you have a prior bankruptcy or poor credit

2.  Running your credit does not hurt your credit scores

3.  You can't lock in a rate until closing

4.  30 year fixed is always better than an Adjustable Rate Mortgage (ARM)

5.  The interest rate is based solely on credit score

6.  Pre-payment penalties are unavoidable

7.  Private Mortgage Insurance (PMI) is unavoidable on loans above 80% LTV.

8.  Someone can tell you where interest rates are going

9.  Paying down or off your mortgage is always a good thing

10.  Rates starting in the 1.25% to 1.75% range are fixed and not negative amortization.