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Mortgage Market Update
Jody Canfield
Jody Canfield
Thursday, September 3, 2026
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Don't forget about these home costs |
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Hi there. This week I want to talk about something that catches a lot of first-time homebuyers off guard: all the expenses that come with buying a home beyond just the mortgage itself.
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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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First-Time Buyer
The hidden costs nobody tells you about
When you're shopping for a home, the price tag is just the beginning. Beyond your down payment and monthly mortgage, there are closing costs, property taxes, homeowners insurance, and maintenance reserves to think about. Many first-time buyers are surprised by how these add up—and how they affect what you can actually afford. The good news is that understanding these costs upfront helps you plan better and avoid stretching too thin. I help borrowers see the full picture so they can buy with confidence and stay comfortable in their new home for years to come. Let's walk through what your true costs might look like—reach out and we'll talk through it together.
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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 Jody Canfield team any time and we'll walk you through your options. |
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