When you’re looking to purchase a home or refinance an existing mortgage, understanding how mortgage rates are determined is key to navigating your financial journey. These rates are influenced by a combination of personal financial factors and broader economic conditions, which work together to impact how much you’ll pay over the life of your loan. 1. Your Credit Score One of the most significant factors influencing your mortgage rate is your credit score. This three-digit number reflects your financial responsibility and creditworthiness. Borrowers with higher credit scores typically receive lower interest rates because they are considered less risky by lenders. To improve your … [Continue Reading...]
As we step into 2025, I want to express my heartfelt gratitude to all my clients and those considering the journey to homeownership. A new year means fresh opportunities to turn your dreams into reality. Whether you're planning to buy your first home, refinance, or invest in your future, I’m here to help every step of the way. Let’s make this year the one where your goals come to life. Wishing you health, happiness, and success in 2025! … [Continue Reading...]
As we approach the end of this year, we can’t help but reflect on the incredible journey we’ve had together with all of you. This year has been filled with growth, new opportunities, and the realization of long-held dreams, whether it’s buying a new home, refinancing to secure a better rate, or exploring the best mortgage options available. We are honored to have played a part in helping so many of you achieve your homeownership goals. As we look forward to the new year, we are excited to continue guiding you through the ever-evolving landscape of home financing. With the challenges and triumphs of the past year in mind, we are ready to face the future with renewed … [Continue Reading...]
With Christmas concluding the prior week, there were few reports other than Consumer Confidence, which had come in slightly below expectations. This should prove to have little impact, especially in the following week. With the New Year on the horizon, there are no reports other than the Chicago Manufacturing output report for the entire week. Happy Holidays! Consumer Confidence A post-election pop in consumer confidence fizzled at the end of the year, owing to worries about the U.S. stock market and a potentially higher cost of living as a result of new tariffs. The index of consumer confidence dropped 8.1 points to a three-month low of 104.7 in December, the privately run Conference Board … [Continue Reading...]
If you're considering buying a home while dealing with unpaid taxes, you might be wondering how your tax debt affects your mortgage approval. The good news is, it is possible to buy a home even if you owe taxes. Here’s what you need to know about how owing taxes can impact your homebuying process. How Owing the IRS Affects Buying a Home You might not need to wait until your tax debt is completely paid off to apply for a mortgage. It’s important to speak with a loan officer who can guide you through your options based on your specific financial situation. If you’ve been paying off your tax debt through a payment plan, be sure to let your loan officer know and provide … [Continue Reading...]
Experiencing bankruptcy can feel like a significant setback, but it doesn’t mean the end of your dream to own a home. With time, effort, and careful planning, you can rebuild your financial foundation and secure a mortgage. Here are some key steps to guide you through the process of buying a home after bankruptcy. Step 1: Get a Professional Credit Assessment After your bankruptcy is discharged, there is typically a waiting period before you can apply for a mortgage—usually two years for Chapter 7 bankruptcy and as little as one year for Chapter 13, depending on the loan type. Use this time to focus on improving your credit score. Your credit report will be closely scrutinized by … [Continue Reading...]
