--- title: "ON KTHV: MORTGAGE MYTHS" description: Here to help debunk some mortgage myths is Bank of Little Rock Mortgage loan officer, Allan Huddleston. image: https://blog.blrmortgage.com/hubfs/KTHV%2010152019%20Mortgage%20Myths%20Allan%20Huddleston%20pic-1.jpg --- ![blrm_logo-166x45.png](https://blog.blrmortgage.com/hs-fs/hubfs/Mortgage_Site/images/blrm_logo-166x45.png?width=166&name=blrm_logo-166x45.png "blrm_logo-166x45.png") ![logo-rock-mortgage.png](https://blog.blrmortgage.com/hs-fs/hubfs/Mortgage_Site/images/logo-rock-mortgage.png?width=180&name=logo-rock-mortgage.png "logo-rock-mortgage.png") ![blog-bg.jpg](https://blog.blrmortgage.com/hs-fs/hubfs/Mortgage_Site/images/blog-bg.jpg?width=1600&name=blog-bg.jpg "blog-bg.jpg") # NEWS # ON KTHV: MORTGAGE MYTHS Posted by [Blake Montgomery](https://blog.blrmortgage.com/mortgage-newblog/author/blake-montgomery) on Dec 9, 2019 1:23:32 PM ![Blake Montgomery](https://app.hubspot.com/settings/avatar/0d0a314baa0a411b65de2e97005b52d9) - [Tweet](https://twitter.com/share) Watch Allan and Rob to learn more.                   From the October KTHV interview with Allan Huddleston and Rob Evans No Headphones...No Problem.  See below for transcript.   [Music]   by 48 right now and Alan how to think from my bank of Little Rock mortgage to insist to debunk some common mortgage myths and we appreciate it because it's more of the most confusing you know things of your entire life successful confusing things of your life if you're doing it alone first time especially yeah let's start with the biggest myth of all I got I can't buy a house I'm an apartment I have to buy I have to work on my credit I got to get that 8 under credit score is that is that true it's not right as it certainly helps to have a little bit higher credit score from an interest rate standpoint when these loans are priced it's all based on credit scores so if you've got a 727 40 or higher you're going to get a much lower interest rate than you would if you had a 640 666 20 but as far as the overall approval goes if you have a 620 at least the debt to income ratio is in a pretty good range most of the time we're gonna have an approval even with a lower score 620 so you 200 points different what you think you need maybe you say well I can't afford a house because I don't have 20% down right let's talk about even $100,000 house just $20,000 cash like people don't have that but you don't need that either you don't you know it it surprises me a little bit I still have people that call in and think they do need a 20% down payment I mean years ago and it's been a while that was a requirement and it was kind of a barrier to homeownership because most people just didn't have that 20% down but there are a lot of programs now even have zero down VA loans rural development loans and then even the traditional more conventional financing 3 to 5 percent there's really kind of the average so so no you do not need that large 20% down payment if you have it yeah great you may get you out of PMI mortgage insurance but it's not required talk about the rural development loan just really quick yeah you think it that sounds you know so far away that might be across the street from your neighbor's house it's amazing how they divide these lines it could no absolutely I've had some friends that they got that loan another one is is it always a good idea to pay off my mortgage where should I pay other bills first it is it can be a good idea but certainly not always I mean it really depends on the individual in their financial situation if you've got just a ton of cash burning a hole in your pocket and you know and you which I don't I don't think most of us do and you have no other debt to address then it might make sense to pay off your mortgage but but if you've got other debt high interest debt credit card that you're probably going to be you know in much better position to pay that off first and the other thing is that most of the time the mortgage debt the interest on the more you said is tax-deductible right whereas the credit card debt is not so you really just want to look at that make sure before you drop that cash to pay off a loan you're paying off the most beneficial you know loan in that scenario less real quickly by the way three point what is it 4:30 orchid Mitchell 30-year is averaging three point five to three point six to five with with higher credit yeah you know new refinance even if you bought it perhaps last year absolutely   Topics: [first-time home buyer](https://blog.blrmortgage.com/mortgage-newblog/topic/first-time-home-buyer) [home ownership](https://blog.blrmortgage.com/mortgage-newblog/topic/home-ownership) [VA Loans](https://blog.blrmortgage.com/mortgage-newblog/topic/va-loans) [FHA Loans](https://blog.blrmortgage.com/mortgage-newblog/topic/fha-loans) [On Time Closing](https://blog.blrmortgage.com/mortgage-newblog/topic/on-time-closing) [Home Loans](https://blog.blrmortgage.com/mortgage-newblog/topic/home-loans) [Mortgage Loans](https://blog.blrmortgage.com/mortgage-newblog/topic/mortgage-loans) ### Subscribe to Email ### Recent Posts ### Posts by Topic - [Mortgage Loans (99)](https://blog.blrmortgage.com/mortgage-newblog/topic/mortgage-loans) - [On Time Closing (90)](https://blog.blrmortgage.com/mortgage-newblog/topic/on-time-closing) - [home ownership (57)](https://blog.blrmortgage.com/mortgage-newblog/topic/home-ownership) - [mortgage (55)](https://blog.blrmortgage.com/mortgage-newblog/topic/mortgage) - [Local Community (47)](https://blog.blrmortgage.com/mortgage-newblog/topic/local-community) - [first-time home buyer (45)](https://blog.blrmortgage.com/mortgage-newblog/topic/first-time-home-buyer) - [Home Loans (38)](https://blog.blrmortgage.com/mortgage-newblog/topic/home-loans) - [Real Pround (38)](https://blog.blrmortgage.com/mortgage-newblog/topic/real-pround) - [Low Down Payment (36)](https://blog.blrmortgage.com/mortgage-newblog/topic/low-down-payment) - [Rent or Buy (34)](https://blog.blrmortgage.com/mortgage-newblog/topic/rent-or-buy) - [USDA Loans (18)](https://blog.blrmortgage.com/mortgage-newblog/topic/usda-loans) - [How to buy a home (17)](https://blog.blrmortgage.com/mortgage-newblog/topic/how-to-buy-a-home) - [Pre Qualification (17)](https://blog.blrmortgage.com/mortgage-newblog/topic/pre-qualification) - [preapproval (14)](https://blog.blrmortgage.com/mortgage-newblog/topic/preapproval) - [prequalification (14)](https://blog.blrmortgage.com/mortgage-newblog/topic/prequalification) - [COVID19 (12)](https://blog.blrmortgage.com/mortgage-newblog/topic/covid19) - [FHA Loans (12)](https://blog.blrmortgage.com/mortgage-newblog/topic/fha-loans) - [VA Loans (11)](https://blog.blrmortgage.com/mortgage-newblog/topic/va-loans) - [Home Ready (10)](https://blog.blrmortgage.com/mortgage-newblog/topic/home-ready) - [first-time home buying (10)](https://blog.blrmortgage.com/mortgage-newblog/topic/first-time-home-buying) - [CARES Act (8)](https://blog.blrmortgage.com/mortgage-newblog/topic/cares-act) - [Mortgages Missouri (7)](https://blog.blrmortgage.com/mortgage-newblog/topic/mortgages-missouri) - [mort (7)](https://blog.blrmortgage.com/mortgage-newblog/topic/mort) - [Veteran (6)](https://blog.blrmortgage.com/mortgage-newblog/topic/veteran) - [Student Loans (5)](https://blog.blrmortgage.com/mortgage-newblog/topic/student-loans) - [credit report (5)](https://blog.blrmortgage.com/mortgage-newblog/topic/credit-report) - [credit score (5)](https://blog.blrmortgage.com/mortgage-newblog/topic/credit-score) - [refinance your home (5)](https://blog.blrmortgage.com/mortgage-newblog/topic/refinance-your-home) - [ADFA (4)](https://blog.blrmortgage.com/mortgage-newblog/topic/adfa) - [Forbearance (4)](https://blog.blrmortgage.com/mortgage-newblog/topic/forbearance) - [Loan Servicer (4)](https://blog.blrmortgage.com/mortgage-newblog/topic/loan-servicer) - [Loan limits (4)](https://blog.blrmortgage.com/mortgage-newblog/topic/loan-limits) - [Second Homes (4)](https://blog.blrmortgage.com/mortgage-newblog/topic/second-homes) - [mortgage rates (4)](https://blog.blrmortgage.com/mortgage-newblog/topic/mortgage-rates) - [realtor (4)](https://blog.blrmortgage.com/mortgage-newblog/topic/realtor) - [Get pre-qualified online (3)](https://blog.blrmortgage.com/mortgage-newblog/topic/get-pre-qualified-online) - [How do I refinance (3)](https://blog.blrmortgage.com/mortgage-newblog/topic/how-do-i-refinance) - [Investment Property (3)](https://blog.blrmortgage.com/mortgage-newblog/topic/investment-property) - [Mortgage payment (3)](https://blog.blrmortgage.com/mortgage-newblog/topic/mortgage-payment) - [Real Proud (3)](https://blog.blrmortgage.com/mortgage-newblog/topic/real-proud) - [Rent vs. Buy (3)](https://blog.blrmortgage.com/mortgage-newblog/topic/rent-vs-buy) - [down payment (3)](https://blog.blrmortgage.com/mortgage-newblog/topic/down-payment) - [gift money (3)](https://blog.blrmortgage.com/mortgage-newblog/topic/gift-money) - [self employed (3)](https://blog.blrmortgage.com/mortgage-newblog/topic/self-employed) - [1% Down Payment (2)](https://blog.blrmortgage.com/mortgage-newblog/topic/1-down-payment) - [Bikes For Kids (2)](https://blog.blrmortgage.com/mortgage-newblog/topic/bikes-for-kids) - [Closing (2)](https://blog.blrmortgage.com/mortgage-newblog/topic/closing) - [Get preapproved online (2)](https://blog.blrmortgage.com/mortgage-newblog/topic/get-preapproved-online) - [condominium (2)](https://blog.blrmortgage.com/mortgage-newblog/topic/condominium) - [improving credit score (2)](https://blog.blrmortgage.com/mortgage-newblog/topic/improving-credit-score) - [mortgage insurance (2)](https://blog.blrmortgage.com/mortgage-newblog/topic/mortgage-insurance) - [private mortgage insurance (2)](https://blog.blrmortgage.com/mortgage-newblog/topic/private-mortgage-insurance) - [retirement income (2)](https://blog.blrmortgage.com/mortgage-newblog/topic/retirement-income) - [Current mortgage rates (1)](https://blog.blrmortgage.com/mortgage-newblog/topic/current-mortgage-rates) - [Get prequalified online (1)](https://blog.blrmortgage.com/mortgage-newblog/topic/get-prequalified-online) - [Mortgages Hot Springs (1)](https://blog.blrmortgage.com/mortgage-newblog/topic/mortgages-hot-springs) - [PITI (1)](https://blog.blrmortgage.com/mortgage-newblog/topic/piti) - [downpayment (1)](https://blog.blrmortgage.com/mortgage-newblog/topic/downpayment) - [how do I calculate my credit score (1)](https://blog.blrmortgage.com/mortgage-newblog/topic/how-do-i-calculate-my-credit-score) - [tax advantages (1)](https://blog.blrmortgage.com/mortgage-newblog/topic/tax-advantages) - [what is involved in buying a home (1)](https://blog.blrmortgage.com/mortgage-newblog/topic/what-is-involved-in-buying-a-home) [see all](https://blog.blrmortgage.com/mortgage-newblog/on-kthv-mortgage-myths#) [![Bank of Little Rock Mortgage](https://blog.blrmortgage.com/hs-fs/hubfs/Mortgage_Site/images/BLRMORTGAGE-3.png?width=207&name=BLRMORTGAGE-3.png "Bank of Little Rock Mortgage")](http://www.blrmortgage.com/) NMLS #449234 ![Equal Housing Lender](https://blog.blrmortgage.com/hubfs/Equal%20Housing%20Lender.jpg "Equal Housing Lender") - [I WANT TO BUY A HOME](http://www.blrmortgage.com/i-want-to-buy-a-home) - [I WANT TO REFINANCE](http://www.blrmortgage.com/i-want-to-refinance) - [HOME LOANS](http://www.blrmortgage.com/home-loans) - [REALTOR RESOURCES](http://www.blrmortgage.com/realtor-resources) - [CAREERS](http://www.blrmortgage.com/careers) - [FIND A LENDER](http://www.blrmortgage.com/find-a-lender) - [NEWS](http://www.blrmortgage.com/news) - [LEARN](http://www.blrmortgage.com/learn) - [RATES](http://www.blrmortgage.com/rates) - [CALCULATORS](http://www.blrmortgage.com/calculators) [![Prequalify](https://no-cache.hubspot.com/cta/default/168390/52c2214d-e259-4339-8a53-183ab1f9f97e.png)](https://cta-redirect.hubspot.com/cta/redirect/168390/52c2214d-e259-4339-8a53-183ab1f9f97e) ![Equal Housing Lender](https://blog.blrmortgage.com/hs-fs/hubfs/Mortgage_Site/images/Equal-Housing-Lender-70.png?width=70&name=Equal-Housing-Lender-70.png "Equal Housing Lender") © 2015 Bank of Little Rock Mortgage. [Site Design By Thoma Thoma.](https://blog.blrmortgage.com/mortgage-newblog/on-kthv-mortgage-myths#) - [**](https://twitter.com/BLRMortgage) - [**](https://www.facebook.com/pages/Bank-of-Little-Rock-Mortgage/196202187182757?fref=nf) - [**](https://www.linkedin.com/company/bank-of-little-rock-mortgage) - [**](http://www.blrmortgage.com/feed/rss/)