Many future buyers think they must eliminate every debt before applying for a mortgage. Reducing debt is helpful, but it is not a requirement for homeownership. You can qualify for a loan even if you have credit cards, student loans or a car payment. What matters most is how well you manage those obligations and how they fit into your overall financial picture.
VAMG7882
Owning a second home is a dream for many people, whether it is a quiet cabin by the lake, a beachfront retreat, or a mountain getaway. For others, that dream also comes with the potential to generate income through short-term rentals. However, mortgages for vacation homes and Airbnb properties are not the same. Lenders view these two types of homes differently, and understanding those differences can help you choose the right financing option for your goals.
In the aftermath of the recent government shutdown, the expected releases are still delayed. This round of releases is particularly impactful, involving key inflation reports from both the Consumer Price Index and the Producer Price Index. While the Federal Reserve prefers the PCE Index–and also relies on its own methods for collecting inflation data–the delay is undoubtedly troubling for the broader market, as the shutdown disrupted a wide range of services across the nation. The data is now expected to be released next week.
The idea of borrowing money to buy property may seem like a modern concept, but the foundation of the mortgage has been around for thousands of years. From ancient civilizations to today’s digital lending platforms, the mortgage has evolved alongside society’s approach to property ownership, wealth, and security. Understanding where it began offers a fascinating look at how this essential part of homeownership came to be.
When natural disasters strike, homeowners can find themselves facing unexpected challenges. From hurricanes and floods to wildfires and tornadoes, these events can cause major property damage, income loss, and emotional stress. If you have a mortgage, knowing your options for forbearance and insurance relief can make a significant difference in how you recover financially and protect your home.
Many retirees still dream of owning a new home, whether to downsize, move closer to family, or enjoy a change of scenery. While retirement often means leaving behind a steady paycheck, it does not have to mean leaving behind the dream of homeownership. Lenders understand that retirees have unique financial situations, and there are several mortgage options available to help make that next move possible.
Today, we pause to honor the brave men and women who have served our country. Your courage, sacrifice, and dedication protect the freedoms that allow us all to call this nation home.
With the government shutdown heading into a possible resolution, there were still delays on important data such as employment report releases. This has been somewhat relieved with the release of other reports that have been delayed in the past within the current government shutdown.
Interest rates can fluctuate from one week to the next, and that can have a major impact on your monthly payment and overall loan cost. A mortgage rate lock gives you the ability to secure your interest rate for a set period of time, protecting you from unexpected increases while your loan is being finalized. Understanding how rate locks work can help you choose the right time and terms for your situation.
Meeting with a lender for the first time is a big step in your homebuying journey. Whether you are buying your first home or upgrading to your next one, your mortgage appointment sets the stage for what comes next. Knowing what to expect helps you feel confident, prepared, and ready to make the most of that important conversation.