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Mortgage Market Update
Amy Velsh
Amy Velsh
Friday, November 6, 2026
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Paying off debt before buying a home |
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Hi there. This week I want to talk about something that matters just as much as your down payment: the debt you already have.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey
Rates shown are national mortgage index rates 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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Debt & Borrowing
Your other debts shape what you can borrow
Most people focus on their down payment and credit score when they're ready to buy or refinance—but lenders care just as much about what you already owe. Student loans, car payments, credit cards, personal loans: all of these factor into how much home you can actually afford. The reason is simple: lenders want to know that your total monthly obligations won't overwhelm your income. A lower debt-to-income ratio gives you more borrowing power and often better terms. If you're thinking about a mortgage soon, paying down existing balances—even a little—can open up real options. I'd love to walk you through how your specific situation looks and what moves make sense for you. Reach out anytime, and we can talk through where you stand.
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Tip of the Week
Closing costs typically run 2-5% of the loan amount. Ask your lender for a Loan Estimate so there are no surprises.
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Tips for Homeowners
Protecting Yourself from Mortgage Scams
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1.
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Wire fraud is one of the fastest-growing real estate scams. Never wire closing funds based solely on email instructions — always verify account numbers by calling your title company at a number you look up yourself.
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2.
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Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.
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3.
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Be wary of unsolicited offers to refinance or cash out equity at terms that sound unusually favorable. If someone contacts you out of the blue, verify their NMLS license number at nmlsconsumeraccess.org.
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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 Amy Velsh team any time and we'll walk you through your options. |
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