Buying a home is one of life’s biggest milestones, but it’s also a process filled with uncertainty—especially when it comes to mortgages. Many people in Lafayette and across Acadiana hesitate to move forward because they’ve heard myths that simply aren’t true. Whether it’s the belief that you need a massive down payment, flawless credit, or that refinancing is never worth it, misinformation keeps too many families from pursuing the dream of homeownership.

At Family First Mortgage, our team of trusted mortgage lenders in Lafayette, LA has worked with thousands of local families to separate fact from fiction. With the right knowledge and a reliable partner, navigating a home mortgage in Lafayette, LA becomes less intimidating and more empowering. Let’s take a closer look at the most common myths—and the real facts that every homebuyer and homeowner should know.

Myth #1: You Need a 20% Down Payment

One of the biggest misconceptions is that a buyer must have 20% of the purchase price saved before they can even consider a mortgage. While having a large down payment can reduce monthly payments and eliminate private mortgage insurance (PMI), it’s not the only path.

Programs such as FHA loans allow qualifying buyers to put down as little as 3.5%. For families in rural parts of Acadiana, USDA-RD loans may cover up to 100% of the purchase price with no down payment required. Veterans and service members can benefit from VA loans, which also offer no-money-down options with favorable rates.

The truth is that a strong down payment is helpful, but it’s not a requirement. By using the purchase assistant tool, buyers can explore loan options that fit their financial situation and open doors to homeownership sooner than expected.

Myth #2: Only Perfect Credit Qualifies You

Another common myth is that unless you have an outstanding credit score, you can’t qualify for a home mortgage. While credit history does influence loan terms, it’s not the only factor lenders consider.

Conventional loans generally favor stronger credit profiles, but government-backed loans like FHA, VA, and USDA are designed to be more flexible. Even buyers with less-than-ideal credit can secure financing with the help of experienced mortgage brokers in Lafayette, LA.

Family First Mortgage reviews every aspect of an application—income, debt-to-income ratio, employment history, and future earning potential. By connecting with a professional through the contact page, families can get personalized advice and explore the best path forward, even if their credit isn’t perfect.

Myth #3: Refinancing Doesn’t Save Much

Some homeowners assume that refinancing isn’t worth the hassle, but in reality, refinancing can make a significant difference in monthly payments and long-term financial health. With interest rates fluctuating, even a modest drop can create thousands of dollars in savings over the life of a loan.

Through the refinance advisor tool, Family First Mortgage helps homeowners evaluate whether refinancing makes sense. By comparing current rates on the today’s rates page, it becomes clear how much money could be saved by locking in a lower rate or shortening the loan term.

For Acadiana families managing higher monthly expenses, refinancing isn’t just a financial strategy—it’s peace of mind.

Myth #4: All Mortgage Companies Are the Same

Not all lenders provide the same level of service, and choosing the right one can make or break your experience. Large, national companies may offer a wide reach, but they often lack the local expertise and personal touch needed in a unique market like Lafayette.

Family First Mortgage stands apart from other mortgage companies in Lafayette, LA because of its strong local roots. Our team understands the Acadiana housing market, regional income levels, and even the challenges buyers face in different parishes. Working with local mortgage lenders in Lafayette, LA means working with people who live in your community and are committed to helping neighbors succeed.

Myth #5: Mortgage Brokers Don’t Add Value

Some buyers believe that brokers simply add another step in the process, but in reality, brokers are powerful allies. A skilled broker helps compare multiple loan products, explains differences between conventional loans and specialized programs like FHA, and connects clients with lenders who meet their needs.

At Family First Mortgage, our experienced mortgage brokers in Lafayette, LA act as guides who simplify the process. Instead of navigating complex requirements alone, buyers benefit from expertise that ensures the loan they choose aligns with both short- and long-term goals.

Myth #6: Closing Costs Are Always Overwhelming

Another widespread misconception is that closing costs are prohibitively expensive. While costs are part of every mortgage, they vary depending on the loan type and the property.

With transparent advice and tools like the purchase assistant, buyers can estimate costs in advance and plan accordingly. Some programs, such as USDA loans, may even include options to roll certain costs into the loan itself.

The reality is that closing costs don’t have to be a deal-breaker—especially with the right guidance.

Myth #7: Pre-Approval Isn’t Necessary

Some buyers skip pre-approval because they believe it’s unnecessary, but this can be a costly mistake. Pre-approval demonstrates to sellers that you’re serious, and it also clarifies what price range is truly affordable.

Through Family First Mortgage’s pre-approval process, clients gain a clear picture of their financial position before beginning the search. This not only makes offers stronger but also prevents wasted time on homes that may be out of budget.

Why Lafayette Families Choose Family First Mortgage

When it comes to choosing between mortgage companies in Lafayette, LA, Acadiana families trust Family First Mortgage because of our blend of local expertise, professional service, and a wide range of loan options. From guiding first-time buyers to helping long-term homeowners explore refinance opportunities, we focus on putting families first.

Our about page highlights our commitment to personalized service, while the home page offers tools and resources for every stage of the journey. With just a phone call to (337) 993-5626, anyone in Lafayette or surrounding areas can start their path to homeownership or financial relief.

Final Thoughts

The myths surrounding mortgages often discourage families from taking the first step. But the truth is clear: you don’t need a huge down payment, perfect credit, or years of waiting to secure a home mortgage in Lafayette, LA. With the right partner, options like FHA loans, VA loans, USDA loans, and conventional loans make homeownership more accessible than most people realize.

At Family First Mortgage, our goal is to educate, empower, and support every client. Whether you’re buying your first home, refinancing your current property, or simply exploring options, our team is here to provide clarity in a process often clouded by myths.

Start your journey today by exploring our loan options, checking today’s rates, or reaching out through our contact page. Your dream home in Lafayette is closer than you think.

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