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Why should I start planning now?
- The median home price in America has reached $431,000—making it more important than ever to understand exactly what you can afford before house hunting.
- People who use mortgage calculators are nearly twice as likely to feel confident about their home buying decisions and secure better interest rates.
- For every 0.5% increase in interest rates, you need approximately 5% more income to afford the same home price.
- Research shows that homebuyers who get pre-approved and understand their true affordability before shopping save an average of $15,000 over the life of their loan.
Imagine what finding the right mortgage could do for your financial future!
Don't just chase a house—build a foundation for financial freedom. The right mortgage is more than a path to homeownership; it's a powerful financial tool that, when optimized, creates breathing room for your other goals, from building emergency savings to investing for the future. Make an informed decision today that gives you both the home you need and the financial flexibility you deserve.
Frequently Asked Questions
What the FAQ?
What's the difference between pre-qualification and pre-approval?
Pre-qualification is an informal estimate of how much you might be able to borrow based on basic financial information you provide. Pre-approval is a more rigorous process where lenders verify your financial information and credit history, resulting in a conditional commitment to lend a specific amount. Getting pre-approved shows sellers you're a serious buyer and can give you an edge in competitive markets. Our Bolder Money Coaches often recommend getting pre-approved before you start house hunting to strengthen your negotiating position.
How do credit scores impact mortgage rates?
Credit scores significantly influence the interest rates lenders offer. Generally, scores above 740 qualify for the best rates, while lower scores result in higher rates and costs. For example, the difference between a 660 and 760 score could mean paying 0.5-1% more in interest rate—potentially costing tens of thousands over the life of your loan. Our Financial Foundations Playbook includes strategies for improving your credit score before applying for a mortgage.
How do I know if I should refinance my mortgage?
Consider refinancing when:
- Interest rates have dropped at least 0.5-1% below your current rate
- Your credit score has improved significantly since getting your original mortgage
- You want to change from an adjustable-rate to a fixed-rate mortgage (or vice versa)
- You need to remove private mortgage insurance
- You want to change your loan term
The decision should factor in closing costs, how long you'll stay in the home, and your overall financial goals. Our Wealth Building Playbook includes a refinancing decision framework that weighs these factors for your specific situation.
What are closing costs and how much should I budget for them?
Closing costs are the fees and expenses paid when finalizing a mortgage, typically ranging from 2-5% of the loan amount. These may include:
- Loan origination fees
- Appraisal fees
- Title insurance
- Property taxes
- Attorney fees
- Mortgage insurance premiums
- Recording fees
First-time homebuyers are often surprised by these costs. Just make sure you're thinking about them!
Don't see the answer to your question?
Reach out to us at coaches@boldermoney.com
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