Mortgage Rate Myths That Could Be Keeping You From Buying a Home

If you’ve been sitting on the sidelines waiting for mortgage rates to magically hit the perfect number, we need to chat.

Because you may be waiting based on information that isn’t exactly accurate.

And listen, I get it. Buying a home is a big decision. Nobody wants to look back and think, “Well, that was spectacularly bad timing.”

But waiting for the perfect mortgage rate can be a little like waiting for perfect weather in Texas. You could be sitting there awhile.

Myth #1: “I should wait until rates get back down around 5%.”
You’re definitely not alone if that number is stuck in your head.

A recent survey of prospective home buyers found that 72% had delayed their home search while waiting for mortgage rates to improve. On average, they’d already been waiting about 13 months. Even more interesting, 41% said they regretted not buying earlier before either interest rates or home prices increased.

That’s the part I want buyers to pay attention to.

A lower rate sounds wonderful, obviously. But the interest rate is only one piece of the puzzle.

If you wait a year for rates to drop but home prices rise during that same time, did you actually save money?

Maybe.

Maybe not.

That’s why I’d rather look at your actual numbers instead of trying to predict the mortgage market with a crystal ball I apparently forgot to order from Amazon.

Myth #2: “I need 20% down.”
This one refuses to die.

You do not automatically need 20% down to buy a home.

In fact, more than half of renters surveyed believed they needed at least 20% down, while 94% didn’t realize that some mortgage programs allow down payments as low as 3% to 3.5%. FHA financing, for example, may allow qualified buyers to purchase with 3.5% down.

Does that mean everyone should put down the smallest amount possible?

Nope.

Your best down payment depends on your income, savings, monthly payment goals, credit, loan type and overall financial situation.

But please don’t decide you can’t buy a house because you haven’t saved 20%.

You may be much closer than you think.

Myth #3: “My credit has to be perfect.”
Another big misconception.

Nearly half of the people surveyed believed they needed a credit score of at least 700 to qualify for a mortgage.

There are several loan programs, and they don’t all have the same qualification requirements.

That’s exactly why I encourage buyers to talk with a good lender before ruling themselves out.

Please don’t spend six months Googling mortgage requirements, convincing yourself you can’t qualify and then discover that you could’ve been shopping for a home the whole time.

Let the lender look at the actual numbers.

Myth #4: “If rates drop later, I’ll have missed out.”
Not necessarily.

This is something buyers tend to forget.

The interest rate you get when you purchase a home doesn’t necessarily have to be the interest rate you keep forever.

Depending on future rates, your financial situation and the cost involved, refinancing may eventually make sense.

There are also financing strategies worth discussing with your lender today, including seller concessions, builder incentives and mortgage discount points. Discount points allow a borrower to pay an upfront cost in exchange for a lower mortgage interest rate.

And in North Texas, especially when we’re talking about new construction, builder incentives can sometimes make the financing conversation a whole lot more interesting.

So, should you buy right now?
Maybe.

And I know that’s not the sexy answer.

But the answer shouldn’t automatically be “yes” just because you want a house, and it shouldn’t automatically be “no” because you saw an interest rate online that scared the daylights out of you.

The real questions are:

Can you comfortably afford the monthly payment?

Do you have enough cash for your down payment, closing costs and an emergency cushion?

How long do you expect to stay in the home?

What financing programs or incentives could you qualify for?

What does buying now look like compared with continuing to rent?

Those are the conversations worth having.

Before You Decide to Wait, Get the Facts
One of the biggest mistakes I see buyers make is deciding they’re not ready before they’ve actually talked with anyone.

You don’t need to have everything figured out before calling me.

That’s literally part of my job.

I can help you understand the buying process, connect you with trusted lenders, look at what’s happening in the North Texas market and help you figure out whether buying now makes sense for you.

And if the numbers tell us you should wait?

Then we wait.

But at least we’re making that decision based on your actual situation instead of headlines, Facebook comments and whatever Uncle Bob said about mortgage rates at Thanksgiving.

Thinking about buying in Celina, Prosper, McKinney, Frisco or the surrounding North Texas area? Let’s run the numbers and see what your options actually look like. No pressure. No sales pitch. Just good information and a plan.

Source: MetroTex Association of REALTORS®, “What Buyers May Be Getting Wrong About Mortgage Rates,” published September 8, 2026.