Buying a home is exciting, but it can also feel overwhelming—especially when you hear scary stories about mortgages, interest rates, down payments, and closing costs. With so much information out there, it’s easy to assume that homeownership is out of reach.

The truth is, some common mortgage “scares” are based on outdated information or misunderstandings. Understanding the facts can help you approach the process with more confidence.

Here are a few common mortgage myths that shouldn’t automatically keep you from exploring your options.

“I Need a Huge Down Payment”

One of the biggest misconceptions about buying a home is that you need to put 20% down.

While a larger down payment can have advantages, many loan programs allow qualified buyers to purchase a home with significantly less. The amount you need can depend on the type of mortgage, your financial situation, and the property you’re purchasing.

If saving 20% feels impossible, don’t assume that means you can’t buy. Talk with a mortgage professional about the programs and options that may be available to you.

“My Credit Score Isn’t Good Enough”

Credit scores are important when applying for a mortgage, but there isn’t one universal score that automatically determines whether you can buy a home.

Lenders typically consider multiple aspects of your financial profile, including your income, debts, credit history, assets, and other factors. Different loan programs may also have different requirements.

If your credit isn’t where you’d like it to be, that doesn’t necessarily mean you have to give up on your homeownership plans. It may simply mean you need more time to prepare.

“I’ll Be Stuck With a Huge Monthly Payment”

It’s natural to worry about taking on a mortgage payment, but your monthly housing cost isn’t determined by the home’s purchase price alone.

Your interest rate, loan amount, down payment, property taxes, homeowners insurance, and other costs can all affect the overall payment.

That’s why it’s important to determine what comfortably fits within your budget rather than focusing solely on the maximum amount you may qualify to borrow.

“Interest Rates Are Too High, So I Should Wait”

Interest rates are an important part of the home-buying equation, but they’re only one factor to consider.

Waiting for the “perfect” rate can be difficult because no one can predict exactly where rates or home prices will be in the future. Depending on your circumstances, the right time to buy may have more to do with your financial readiness, housing needs, and long-term plans.

If you’re considering buying, talk with a qualified professional about your options instead of making the decision based solely on headlines.

“Getting Pre-Approved Will Hurt My Credit”

Many buyers worry that talking to a lender or getting pre-approved will negatively affect their credit.

A mortgage pre-approval generally involves reviewing your financial information and credit, but the impact of a credit inquiry can vary depending on the circumstances. When you’re shopping for a mortgage, credit-scoring models may also account for multiple inquiries made within a certain period as part of the same rate-shopping process.

Ask your lender how their pre-approval process works so you know what to expect before you begin.

“Closing Costs Will Be Impossible to Afford”

Closing costs are an important part of buying a home, but they don’t necessarily have to be a surprise.

Costs can include things such as lender fees, appraisal fees, title-related expenses, prepaid taxes and insurance, and other charges. Your lender can provide estimates so you can plan ahead.

In some situations, buyers may also have access to seller concessions, lender credits, grants, or assistance programs, depending on the loan and transaction. These options have specific rules and aren’t available in every situation, so it’s important to discuss them with your lender.

“I Have Too Much Debt to Buy a Home”

Having student loans, a car payment, credit cards, or other debt doesn’t automatically mean you can’t qualify for a mortgage.

Lenders generally look at your overall financial picture, including your debt compared with your income. The amount and type of debt matter, but so do your income, credit history, assets, and other factors.

Rather than assuming your debt disqualifies you, consider speaking with a mortgage professional to understand where you stand.

Don’t Let Fear Make the Decision for You

A mortgage is a significant financial commitment, so it’s smart to take the process seriously. But fear and misinformation shouldn’t make the decision for you.

Start by understanding your budget, reviewing your credit and finances, and talking with a qualified mortgage professional. Getting accurate information early can help you understand what you may be able to afford and what steps you can take to prepare.

The home-buying process may have a few “scary” moments, but knowing the facts can make them much less intimidating. Instead of letting mortgage myths keep you on the sidelines, take the first step toward understanding your options.