Kay Monigold, Author at Avenue Mortgage, LLC

For many people, the idea of getting pre-approved for a mortgage feels overwhelming. You are asked to hand over personal financial information, trust a stranger with your credit report, and answer questions you may not feel ready to face. It is no wonder some buyers delay this step, even when they are serious about purchasing a home.

But here is the truth, getting pre-approved is not something to fear. It is one of the most empowering steps you can take as a buyer.

The Emotional Roadblock

Let us start by acknowledging the emotions involved. The pre-approval process can feel personal, even invasive. You might be worried about your credit score, past financial mistakes, or whether your income is good enough. Some people assume they will be judged or turned away.

In reality, a good mortgage professional is not here to judge, they are here to guide. We understand that no financial journey is perfect. Our goal is to help you understand your options and get you into the best position possible, whether that means moving forward now or making a plan for later.

What Pre-Approval Really Does

Pre-approval gives you a clear picture of what you can afford. It shows sellers that you are a serious buyer, and it can help you move quickly when you find the right home. It also uncovers any issues early, before you fall in love with a property that might be out of reach.

More importantly, it turns uncertainty into clarity. Instead of guessing whether you are ready, you will know where you stand, and that knowledge puts you in control.

It Is Not as Complicated as It Seems

Getting pre-approved usually involves providing some basic financial documents like tax returns, pay stubs, and bank statements. You will complete a loan application and authorize a credit check. That is it.

Most pre-approvals can be completed in a matter of days, sometimes even the same day, depending on your situation. The process is secure, private, and designed to help you, not hold you back.

You Do Not Have to Go Through It Alone

A major reason people feel anxious is because they do not know what to expect. That is where I come in. My role is to walk you through each step, explain what documents are needed, and answer your questions without pressure or judgment. Whether you are buying your first home or your fifth, it is normal to have concerns. I am here to help you feel confident, not confused.

Take the First Step with Confidence

If you are thinking about buying a home, getting pre-approved is the smartest first move you can make. It is not about being perfect, it is about being prepared. You deserve to work with someone who respects your time, understands your goals, and helps make the process feel approachable.

Let us take that step together, because you are closer to homeownership than you think.

There were several notable releases this last week, with the largest being the PCE Index — the Federal Reserve’s preferred inflation indicator. The PCE Index may be the more accurate indicator going forward, as data collection for the Consumer Price Index has been recently cut, thereby reducing its reliability. As expected, the inflation numbers have been steadily rising with the PCE Index, indicating that impacts from the tariffs are now filtering into prices for both producers and consumers.

As a follow up, Personal Income & Spending has had a light upturn after the initial panic with the tariffs. Lastly, the job numbers from last week have been unexpectedly weak, showing a slow down of the economy overall due to many factors.

PCE Index
A key measure of inflation posted the biggest increase in four months in June as the delayed effects of higher U.S. tariffs began to filter through the economy, raising questions about whether the Federal Reserve will cut interest rates soon. The PCE index, the Fed’s preferred inflation gauge, rose 0.3% last month, the Bureau of Economic Analysis said Thursday. It was the biggest increase since February.

Personal Spending & Income
Americans spent more money in June after U.S. trade wars began to simmer down, but they were cautious spenders amid all the turmoil caused by the Trump administration’s tariffs. Personal spending increased 0.3% last month, the government said Thursday, and partly recovered from a soft patch in May and April.

Employment Reports
The U.S. only added 19,000 jobs in May compared to an initial report of 144,000, and only 14,000 in June after an initial report of 147,000, according to the BLS. Those two paltry totals, plus a July jobs gain of 73,000, means the U.S. added just 106,000 jobs over the past three months.

Primary Mortgage Market Survey Index

15-Yr FRM rates saw a decrease of -0.02% with the current rate at 5.85%
30-Yr FRM rates saw a decrease of -0.02% with the current rate at 6.72%

MND Rate Index

30-Yr FHA rates saw a decrease of -0.17% this week. Current rates at 6.22%
30-Yr VA rates saw a decrease of -0.16% this week. Current rates at 6.24%

Jobless Claims
Initial Claims were reported to be 218,000 compared to the expected claims of 222,000. The prior week landed at 217,000.

What’s Ahead
Next week will be a fairly light week, with the most significant releases being the Trade Balance as well as the Services PMI reports.

Why Getting Pre-Approved Feels So Intimidating, and Why It Shouldn’t

What’s Ahead For Mortgage Rates This Week – August 4th, 2025

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