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Mortgage Market Update
My Mortgage Company
Michael Perlman - DELETE
Friday, November 6, 2026
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Your debts matter when lenders review you |
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Hi there. This week I want to explain something that trips up a lot of borrowers: how your existing debts influence your mortgage eligibility.
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National Mortgage Rates · November 4, 2026
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Conventional 30-Year
7.12%
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Source: Optimal Blue daily mortgage indices via FRED
Rates shown are national mortgage index rates and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Debt & Qualification
Why your other debts affect your mortgage
When you apply for a mortgage, lenders look at more than just your income—they examine all your monthly debt obligations. Credit cards, car loans, student loans, and personal debts all factor into whether you qualify and what rate you're offered. The reason is straightforward: if you're carrying too much existing debt, you have less monthly cash available to handle a mortgage payment reliably. Understanding this connection helps you either strengthen your application before you apply or know what to work on if you're planning ahead. If you've been wondering why your approval amount feels lower than expected, or curious about what happens if you pay down some debts first, I'd love to walk you through how this works for your specific situation. Let's talk about your financial picture and what might help your next mortgage move forward.
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Tip of the Week
Closing costs typically run 2-5% of the loan amount. Ask your lender for a Loan Estimate so there are no surprises.
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Tips for Homeowners
Protecting Yourself from Mortgage Scams
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1.
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Wire fraud is one of the fastest-growing real estate scams. Never wire closing funds based solely on email instructions — always verify account numbers by calling your title company at a number you look up yourself.
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2.
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Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.
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3.
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Be wary of unsolicited offers to refinance or cash out equity at terms that sound unusually favorable. If someone contacts you out of the blue, verify their NMLS license number at nmlsconsumeraccess.org.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Michael Perlman - DELETE
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