350: Mortgage and Realtor Myths and Misconceptions

How much do you actually know about real estate agent and mortgage myths? If you’ve ever assumed all lenders offer the same loans or that Realtors just open doors, this episode is about to set the record straight.

Welcome to the grand finale of our myths and misconceptions series! We’ve already tackled buyer myths and seller myths in previous episodes, and now we’re wrapping it all up with the real estate agent and mortgage myths that trip up everyone from first-time buyers to seasoned agents.

Before we even get into the list, we have to tell you about two very different lenders in our market—and why the approach you take matters way more than the lunch you buy. One lender has been trying to win Alissa’s business for years with offers of meals, events, and gifts. The other? Sends a simple weekly text with current rates, loan programs, and grants. Guess which one actually gets the referrals? The valuable one. Every time.

Mortgage Myths That Need to Go

First up: the idea that all lenders offer the same loans. This could not be further from the truth. Some lenders specialize in VA loans, others have mastered first-time homebuyer grants, and some are the go-to for renovation loans or doctor loans.

If you’re an agent, you need more than three lenders on your list. Keep notes on who offers what, because the right lender match can make or break a deal for your client.

Another big one? Waiting to talk to a lender until you’re “ready” to buy. That’s completely backwards. Some buyers need months of preparation before they’re truly ready—we’ve seen timelines from eight months to two years. Getting in front of a lender early means you get a plan, not just a rejection.

Rates, Fees, and the Par Rate

One of the biggest real estate agent and mortgage myths is that the interest rate is the only thing worth shopping. But here’s what most people miss: some lenders build in rate buy-downs that come with thousands of dollars in fees you didn’t ask for.

We’ve seen fee worksheets where a “better” rate came with a $9,000 price tag. Always ask for the par rate, which is the baseline rate with no added fees or discount points, and compare fee worksheets side by side.

And while we’re at it—your pre-approval does not mean your rate is locked. Rates change daily, and even a short window between pre-approval and writing an offer can make a big difference. Always check in with your lender before moving forward.

Things That Will Derail Your Closing

Please, for the love of all things real estate… do not go buy furniture, a car, or open new credit lines while you’re under contract.

Your lender approved you based on a specific financial snapshot, and any changes can throw the whole deal off. Even using your own cash for appliances can be an issue if you need a certain amount in the bank at closing. When in doubt, ask your lender first.

And no—you can’t just switch lenders mid-transaction because you saw a better rate online. Once you’re under contract and have submitted your intent to proceed, switching lenders can cause delays, stress, and potentially kill the deal.

Agent Myths We’re Tired Of

Let’s talk about the agent side.

“Agents just open doors.” Not even close. From inspections and contracts to zoning research and negotiations, there’s a lot happening behind the scenes that clients don’t always see.

Then there’s the idea that all agents are the same. Just like lenders, every agent is different. Are they full-time? Do they have strong systems? Are they supported by a reputable broker? These things matter.

And one of the biggest myths of all: “Once I’m licensed, I know what I’m doing.”

Your licensing class teaches you the basics. It does not teach you how to manage real clients, navigate complex situations, or handle the emotional side of transactions. That’s where real-world experience, mentorship, and continued learning come in.

The Bottom Line

Agents are not always available 24/7, we don’t get paid a salary by our broker, and we definitely don’t make a fortune on every deal (just ask Alissa about her $300 commission check).

But we show up anyway—because we care about our clients and helping them reach their goals.

Whether you’re a buyer, seller, or agent, we hope this episode helped clear up some of the biggest misconceptions out there. And if we missed your favorite myth, send it our way—we’re always listening.