Michael Bock and Theresa NeSmith
Have you ever calculated how much rent you’ve paid over the years? It’s a staggering number. According to studies, the average American spends between $133,000 and $155,000 on rent in just six to seven years. Let’s break that down and explore what it means for your financial future–and how you might be able to change that narrative.
Dreaming of owning a home? Preparing your finances for a mortgage is key to making that dream a reality. Here’s how to get started:
Recent economic data brought significant relief, with both the CPI and PPI indicating that inflation was running cooler than expected. In the context of the current administration, this was welcome news, helping to ease concerns about potential monetary policy changes. The Federal Reserve has very frequently signaled they will follow the data and this time it was a positive result towards reducing rates further this year. The change in administration, however, still remains unknown and there is a lot of unrest across lending partners and markets alike. This was also followed by a better than expected Retail Sales report which has shown 2025 to start off with some economic momentum. Both reports are critical factors in shaping future rate adjustments. Despite this, lending partners have been raising rates in the last few months, driven largely by uncertainty tied to the transition of administrative positions.
Mortgage rates play a significant role in determining how much home you can afford. These rates influence the cost of borrowing money for your mortgage, which directly impacts your monthly payment and, ultimately, your home buying power.
For many potential homeowners, the dream of buying a house can feel out of reach, especially when saving for a large down payment or dealing with credit challenges. That’s where FHA loans come in. Backed by the Federal Housing Administration, these loans have become a go-to option for first-time homebuyers and others looking for accessible and flexible financing options.
When you begin the exciting journey toward homeownership, understanding the financial aspects is vital. A key document in this process is the Loan Estimate. Provided by lenders when you apply for a mortgage, the Loan Estimate is your guide to deciphering the terms of your loan.
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