If I pay off my debt, my credit score will improve automatically.

False: While paying off debt is always a good idea, your score is largely based on your payment history. Reducing or eliminating debt will certainly help, but you must also make future payments on time to really improve your credit.

SurePoints Loan Advisors are experts in understanding credit scores. If you have a lower credit score, contact us and we may be able to help you.

If I make multiple credit inquiries, my credit score will lower!

False: It’s a common misperception that multiple credit inquiries can hurt your credit… a myth that some brokers use to their advantage so you don’t shop around. FICO looks at ALL credit inquiries within a 14 day period as ONE.

I don’t need to pay attention to the APR listed.

True & False: The APR includes, as a percent of the principal, not only the interest that has to be paid on a loan, but also some other costs, particularly "points" on a mortgage loan. Bottom line: when comparing rates, a higher APR generally means higher closing costs but your monthly payment will be calculated from the interest rate, not the APR.

The rate that I see advertised is the rate that I will get.

False: The rates that you see on websites, TV commercials or on the radio are based on a certain loan program for a certain credit score. Even if you qualify for that rate, no one can guarantee that rate until it is locked in and final approval is received. So, how do you know what rate you will get? Simple - Talk to a SurePoint advisor. We will look at your individual needs, get you the right loan and, if you qualify, pre-qualify your loan and lock in your rate.

I've heard bad things about interest-only loans. Is it true I should avoid them?

True & False: SurePoint Lending does not offer any 'bad’ loans, but with so many options out there it can be a daunting challenge to figure out what is the right loan for you. An interest only loan can open up some doors that can help you with lower payments. With interest only loans, you are required to pay only the interest due. If you pay only the minimum payment, you will never pay toward the balance of your mortgage so consider a plan for the long term before making a decision. For example, you could refinance after a few years when you are in a better position for a principal and interest payment. Consider all of your options and your comfort with the pros and cons. Our advisors will put you in the right loan based on your individual circumstance so you don’t have to – period. Our goal is to meet your goals and make getting a loan easy and painless.

A lender is better than a broker.

True: With so many brokers out there, it can be a little confusing to figure out who can get you the better deal. A broker can NOT get you a loan directly. They have to be able to sell the rate and closing costs in order to make more money and the customer will usually end up paying for this. Going directly with a lender (who will lend the money directly to you) removes an extra person and your needs can be more subjectively looked at. Bottom line – everyone has access to the similar rates and closing costs. Adding a middle man is like having to pay another person for your loan.