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Buying a home involves evaluating your finances, including income, debt, credit, and savings for a down payment. Determine how much house you can afford using the 28/36% rule, and consider closing costs. Improve your financial standing if needed, explore first-time buyer programs, and understand mortgage types and terms. Get pre-approved, find a real estate agent,…

Owning a home involves understanding how interest rates affect mortgage costs. Higher rates lead to higher payments, but mortgage points can lower rates by paying upfront fees. These points are optional and can be tax deductible. Calculating the break-even point helps determine if buying points is worthwhile. Discount points reduce rates, while origination points are…

Most buyers can receive a preapproval decision the same day or within 10 business days, helping define budget before serious home shopping. A preapproval letter shows sellers your documents were reviewed, while pre-qualification usually relies on self-reported information and carries less weight in offers. Timing depends on preparation: complete pay stubs, tax forms, bank statements,…

Current survey sentiment shows 62% still want lower mortgage rates, but many buyers in 2026 are moving from waiting toward active planning. Several housing and lending forecasters expect mortgage rates above ~6% through 2026 and into 2027; another sees rates just below that level. An analyst said mortgage rates have stayed elevated for four yr,…

In 2026, 62% of homebuyers wait for mortgage rates to drop, down from 80% in 2025. High prices and limited inventory lead nearly 30% to stretch budgets, using extra jobs, savings, family help, or co-buying to afford homes.

Mortgage applications for new home purchases rose 26% from February and 11% year-over-year, reaching the highest level since 2012. New single-family home sales increased to an annual rate of 717,000 units in March, up 11.9% from February. The average loan size slightly decreased. Government-backed loans (FHA, VA, USDA) made up over half of applications, supported…

Mortgage shopping is often seen as tedious and stressful, involving complex math and high-pressure sales tactics. Many people settle for the first lender they encounter, missing out on potential savings and knowledge. By comparing multiple lenders and understanding mortgage options, borrowers can avoid costly mistakes and negotiate better rates. Tips include using a temporary phone…

Prequalification gives buyers an early borrowing estimate using basic financial details and a soft credit check that should not affect credit scores. Preapproval goes deeper: buyers complete an application, provide financial documents, and let the lender verify credit, income, and qualifications before shopping seriously. A preapproval letter can show loan amount, interest rate, and key…

First-time buyers need more than a deposit: closing costs, moving expenses, insurance, taxes, lender fees, and repairs all belong in the plan. 2026 may offer decent opportunities for stable, prepared buyers, with 30-yr fixed mortgages in the low-6% range and easing forecast ahead this yr. A buyer's market can expand choices and strengthen negotiation, especially…

For many first-time buyers, the down payment remains the biggest barrier, even when ongoing monthly payments already fit comfortably within their budgets. With federal pullbacks from several special-purpose loan programs this yr, brokers are being urged to understand more assistance alternatives for qualified buyers. An industry partnership aims to expand broker education on assistance programs,…