TikTok is great for home inspiration, quick tips, and entertainment — but when it comes to mortgages, viral advice can be misleading, incomplete, or just plain wrong. Here are some of the biggest myths circulating online and what homebuyers actually need to know.

1. “You Need 20% Down or You Can’t Buy”

This myth just won’t go away. While putting 20% down can help you avoid private mortgage insurance, it’s not required. Many buyers — especially first‑time buyers — qualify with far less.

Reality: There are solid low‑down‑payment loan options, and the “right” amount depends on your financial goals, not a TikTok trend.

2. “Wait Until Rates Drop”

It sounds smart… but it assumes someone can accurately predict the future. Even economists can’t do that.

Reality: You can refinance later if rates fall. What you can’t do is go back and buy the home you missed or avoid the higher prices that may come with waiting.

3. “All Lenders Are Basically the Same”

This oversimplified idea ignores the major differences between lenders — from loan products to pricing to communication style.

Reality: The lender you choose can influence how quickly you close, how competitive your offer is, and how smooth (or stressful) the process feels.

4. “Your Credit Has to Be Perfect”

Videos featuring 800‑plus credit scores can make buyers feel like they have no chance.

Reality: You don’t need perfect credit to qualify. Many buyers get approved with average scores, and lenders can often guide you on ways to strengthen your profile before applying.

5. “Pre-Approval Is Just a Formality”

Some TikTok creators treat pre‑approval like a quick checkbox — or say you don’t need one until you find a home.

Reality: A strong pre‑approval shows sellers you’re prepared and serious. In competitive markets, it can be the difference between winning and losing the home.

6. “Monthly Payment Is All That Matters”

Many videos focus on a single number without explaining what actually makes up that payment.

Reality: Taxes, insurance, loan type, and long‑term costs matter, too. A payment that looks great today might not be the best financial move for your future.

The Bottom Line

TikTok can spark helpful conversations, but it shouldn’t be the deciding factor in one of the biggest financial moves of your life. Mortgages are not one‑size‑fits‑all, and advice that works for one person can be completely wrong for another.

If you’re thinking about buying, refinancing, or just want clarity beyond the scroll, talk with a trusted mortgage professional who can look at your full financial picture — not just a 30‑second clip.