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What To Do When Mortgage Rates Are High

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  What To Do When Mortgage Rates Are High Compared to the interest rates over the last decade, especially the low rates that kicked off the housing boom of 2020, current interest rates may seem exorbitantly high. But the truth is that mortgage interest rates are simply nearing long-term  historical averages  of 8%, and are well below rate increases reached during other inflationary periods. As you wonder whether or not to buy a home with mortgage interest rates that have doubled over the past year, you may appreciate some perspective in accepting that your projected house payment will be hundreds of dollars higher than it would have been had you purchased the same home one to three years ago before home prices hit record highs. Higher mortgage interest rates have done little to temper demand for homes. Here’s how consumer interest rates really work. Interest rates rise or fall depending on how the government reacts to economic circumstances. In an inflationary environment...
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Should You Borrow the Maximum a Lender Will Approve?

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Should You Borrow the Maximum a Lender Will Approve? When you apply for a mortgage, a lender will decide how much money it’s willing to give you to put toward the purchase of a house. That doesn’t necessarily mean that you should take out a loan for the full amount. In some cases, borrowing the maximum a lender will allow could leave you overwhelmed by debt. How Lenders Decide How Much You Can Borrow Lenders base their mortgage decisions on several factors, including credit score and length of credit history, but the most important factor is a borrower’s debt-to-income ratio. This is the sum of all debts, including a mortgage, credit card minimum payments, and vehicle, student, and personal loans. Most lenders want borrowers to devote no more than 28 percent of their gross income to a mortgage, property taxes, and homeowners and private mortgage insurance. They also want total debt payments to be no more than 36 percent of gross income. If your debt-to-income ratio is highe...
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