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Mortgage Market Update
Patrick Tahmazyan
Phast Funding
Thursday, September 3, 2026
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Before you apply for a mortgage, know this |
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Welcome back. This week I want to walk you through what actually happens when we review your application—so you're not caught off guard.
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National Mortgage Rates · August 27, 2026
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Credit & Approval
What lenders actually look at when you apply
I get asked all the time: "What do you need from me to get approved?" The truth is, it's not mysterious. We look at your credit history, income, employment stability, existing debts, and the down payment you're bringing. But here's what surprises most people—it's not just a single number that matters. A strong credit score helps, but we also want to see that you manage money responsibly over time. Late payments, high credit card balances, and sudden job changes all factor in. The good news? If you know where you stand before you apply, we can spot potential issues early and work through them together. That saves time and stress later. Let's talk about your situation and what approval might look like for you.
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Tip of the Week
Schedule a plumber to inspect older homes for slow leaks — water damage is expensive and often hidden until it's serious.
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Tips for Homeowners
Jumbo Loans: What They Are and How They Work
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1.
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A jumbo loan exceeds the conforming loan limit set by the FHFA — $766,550 in most areas for 2024, higher in designated high-cost markets. These loans can't be sold to Fannie Mae or Freddie Mac.
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2.
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Jumbo loans typically require stronger credit (often 700+), larger down payments (10–20%), and more cash reserves. Underwriting is more thorough and can take longer.
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3.
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Rates on jumbo loans are sometimes comparable to or even lower than conforming rates, depending on market conditions. Don't assume a jumbo loan means a worse deal — shop lenders.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Patrick Tahmazyan team any time and we'll walk you through your options. |
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