The Mortgage Corner with Greenstate Credit Union: Good News for Homebuyers - Falling Mortgage Rates Are Boosting Buying Power
After several years of rising borrowing costs, mortgage rates are finally showing signs of relief — and that’s welcome news for anyone thinking about buying a home.
In recent months, average 30-year fixed rates have dipped from rates in the 7’s and 8’s to rates now in the 5’s and 6’s. That may not sound huge, but in real terms, it’s a big deal for affordability and buying power.
What the Drop Means for Buyers
Even a small decline in rates can stretch your budget significantly. Financial experts estimate that a 1% drop in mortgage rates can increase buying power by roughly 10% — meaning a buyer who could afford a
The Mortgage Corner with GreenState Credit Union: October is Financial Planning Month!
Did you know that October is Financial Planning Month? If you haven’t taken stock of your finances lately — specifically your household budget — it’s the perfect time to do so. A good household budget can help you better manage spending and save for your financial goals, like buying a home, paying off debts, or even just taking a much-needed vacation.
Are you ready to update your household budget this month? Take these steps:
Know your after-tax income. Before you can create a smart budget, you need to know how much money you’re bringing in each month after taxes. This will, of course, include your salary, but any extra income should be considered as
The Mortgage Corner with Greenstate Credit Union - 5 Factors that Determine Your Credit Score
When it comes to buying a home, your mortgage is an integral step in the process. Your credit score has a direct impact on the interest rate you can obtain, which then determines your monthly payment. Are you curious what impacts your credit score?
There are 5 categories that make up your score, with some weighted more heavily than others.
1. Payment History: Your account payment information, including delinquencies and public records
2. Credit Usage: How much you own on your accounts
3. Credit Age: How long your credit accounts have been established
4. Account Mix: What types of credit accounts do you have, such as revolving and
