Table of Contents
President Trump Proposes 50-Year Mortgage
One idea making news right now is the potential introduction of a 50-year mortgage. A product being explored at the federal level as a way to lower monthly payments for buyers.
Extending a loan from 30 to 50 years does reduce the monthly payment, but not by as much as many expect. On today’s median home price, the difference would be around $200 per month. With trade-off being that you would build equity much slower and end up paying significantly more interest over time.
The good news is that today’s mortgage rates are already opening doors for buyers without needing a 50-year option. And traditional loan programs like FHA, VA, and conventional financing continue to offer strong, stable paths to affordable homeownership.
Whether you’re planning to buy soon, comparing loan options, or simply want clarity, I’m here to walk you through it every step of the way! 1
5 Home Buying Myths
The homebuying process is often simpler and more achievable than many people think! There are a lot of myths floating around that can make buying a home feel intimidating, so let’s clear a few of them up.
Myth #1: You need 20% down to buy a home
Programs like FHA, USDA, DPA, and VA make homeownership far more accessible. Many conventional loans also offer low down payment options, especially for first-time buyers.
Myth #2: You should wait for prices to drop
Trying to “time the market” is almost impossible. Instead of waiting for the “perfect” moment, focus on your budget, your long-term plans, and what you can comfortably afford today. The right time is when you’re ready.
Myth #3: Your pre-approval rate is locked in
A pre-approval is a great start, but your rate isn’t official until you lock it. Rates can move daily, so staying in touch during the process helps you snag the best opportunity.
Myth #4: Buying is always better than renting
Buying can be an amazing wealth-building tool, but it isn’t the best fit for everyone at every stage. If you need flexibility or are still building your financial foundation, renting might make more sense for now. The key is choosing what aligns with your goals.
Myth #5: Fixer-uppers always save money
A project home can be a smart move, but only if renovation costs, time, and stress fit comfortably into your plan. Sometimes a move-in-ready home ends up being the more cost-effective option.
If any of these myths have been holding you back, you’re not alone! If you’re thinking about buying soon or want to explore your options, reach out anytime. I’m here to walk you through the facts, run the numbers, and help you feel confident every step of the way! 2
Did You Know?
Did you know conforming loan limits often rise each year to match increasing home prices, which can boost your buying power without pushing you into a jumbo loan? Click here to learn more, and let me know if you would like to learn how this year’s limits could benefit you! 3
Tips on Reducing Monthly Expenses
Owning a home comes with hidden costs beyond your mortgage, like property taxes, utilities, and essential maintenance like HVAC servicing, roof upkeep, and lawn care. On average, these expenses add up to over $14,000 a year. Being aware of these costs upfront can help you plan your budget and avoid surprises after closing.
However, there are effective ways to keep your home costs under control. Start by tracking your spending and identifying areas to cut back, like unused subscriptions or extra services. Home improvements such as sealing windows, adding insulation, or upgrading appliances can reduce monthly utility bills. Comparing insurance options can help lower your monthly expenses while ensuring you get the best coverage at the best rate. Additionally, downsizing your home, considering a smaller condo or townhouse, or even moving to a more affordable location can make a big difference. Planning ahead and making smart choices helps keep your dream home affordable without sacrificing comfort.
If you are ready to see how you can save on your home expenses, contact me today, and let’s explore strategies to make your home more budget-friendly! 4
A Homebuyer’s Guide to Buying a Condo
A condo home you own inside a larger building or community. Shared spaces and amenities like hallways, landscaping, or a pool are managed by the HOA. For many buyers, condos also provide an affordable entry point into competitive markets. Condos are growing in popularity as they offer convenience, community, and a low-maintenance lifestyle.
Put a positive spin on financing a condo – “one thing to keep in mind,” “financing can vary,” “be proactive,” “keep an eye out for any question,s” “things to keep in mind with your realtor”.
Why buyers love them:
- Low maintenance
- HOA handles most exterior upkeep.
- Affordable
- Condos are often cheaper than single-family homes.
- Amenities & community
- Pools, gyms, and social spaces included.
- Some expenses covered
- Water, trash, or exterior insurance may be part of HOA dues.
Condos can be perfect for buyers seeking convenience, affordability, and community living. Curious if a condo is right for you? Reach out, and I can help you explore options and see what fits your lifestyle and budget! 5
