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Is Homeownership Still the American Dream?

August 27, 2025 by Kay Monigold

Buying a home is more than a place to live, it is a path to financial growth, every mortgage payment builds equity, giving homeowners a valuable asset over time, unlike renting where monthly payments go to a landlord, homeowners are investing in their future, with the right mortgage strategy, owning a home can be one of the smartest financial moves you make.

Stability and Freedom
Homeownership offers stability and freedom to create a space that truly reflects your lifestyle, you can renovate, decorate, and plan for the long term without restrictions, for families, it provides a secure foundation, a community to grow in, and the ability to put down roots, knowing your home is yours creates peace of mind that renting cannot provide

Tax Benefits and Financial Incentives
Owning a home comes with valuable financial perks, mortgage interest and property taxes are often tax-deductible, which can reduce your overall financial burden, programs like first-time homebuyer incentives or low down payment options make homeownership even more accessible, with these tools, buying a home is not just a dream, it is an achievable step toward long-term wealth.

Flexibility in Today’s Market
Even in changing markets, smart mortgage options provide flexibility, fixed-rate mortgages offer predictable payments, while adjustable-rate and other specialized loans can be tailored to fit your financial goals, mortgage originators are here to help you find the best solution, guiding you through pre-approval, closing, and beyond, with expert guidance, homeownership remains an attainable and rewarding goal.

Long-Term Investment Potential
Homes historically appreciate over time, making them one of the most reliable ways to grow wealth. By carefully choosing a property and mortgage plan, homeowners can build equity, increase net worth, and create opportunities for rental income or future investment properties. With planning and support, your home becomes a steppingstone to financial security.

Making the Dream Your Reality
Homeownership is not just a nostalgic dream, it is a practical, achievable goal, with the right mortgage, you can enjoy stability, build wealth, and create a home that supports your lifestyle, working with a knowledgeable mortgage originator ensures you find a plan that fits your budget, maximizes your benefits, and makes homeownership a positive, empowering experience.

Filed Under: Home Buyer Tips Tagged With: American Dream, Homeownership, Mortgages

How to Qualify for a Mortgage While Carrying Credit Card Debt

August 20, 2025 by Kay Monigold

Many potential homebuyers worry that carrying credit card debt will prevent them from qualifying for a mortgage. While it is true that lenders carefully evaluate your financial profile, having credit card balances does not automatically disqualify you. By understanding how lenders view debt, taking strategic steps to improve your application, and choosing the right mortgage program, you can still achieve your goal of homeownership.

Understand Your Debt-to-Income Ratio (DTI)
One of the most important factors lenders review is your debt-to-income ratio. This is the percentage of your gross monthly income that goes toward debt payments, including your future mortgage. A lower DTI signals that you have more income available to manage housing costs. While requirements vary, many lenders prefer a DTI of 43 percent or lower. If your ratio is higher, reducing your credit card balances can make a significant difference.

Check and Improve Your Credit Score
Your credit score reflects how you manage debt, and it plays a major role in both mortgage approval and interest rate offers. Making on-time payments, keeping balances low relative to your credit limits, and avoiding new debt in the months before applying can all help improve your score. Even small improvements in your score can result in better loan terms and lower monthly payments.

Consider Paying Down High-Interest Debt First
Not all debt impacts your mortgage application equally. High-interest credit card debt can weigh more heavily on your monthly obligations. Paying down or paying off these balances before you apply can reduce your DTI, improve your credit score, and strengthen your overall financial profile.

Explore Different Mortgage Programs
Certain loan programs may be more flexible for buyers carrying credit card debt. FHA loans, for example, have more lenient credit score requirements and allow for higher DTIs in some cases. VA loans for eligible veterans and service members can also be more forgiving. A knowledgeable mortgage professional can help match you with the program that best fits your situation.

Show Stable Income and Strong Employment History
Lenders want to see that you have a reliable income stream to manage both your mortgage and existing debt. Providing documentation of steady employment over the past two years can help offset concerns about your current debt load. If you have recently received a raise or secured a higher-paying position, be sure to include that information in your application.

Avoid New Debt Before Closing
Once you begin the mortgage application process, avoid making large purchases on credit or opening new accounts. Even small changes to your credit report or DTI can impact your loan approval or terms. Staying financially consistent until your mortgage closes is key.

Work With a Mortgage Professional Early
An experienced mortgage originator can review your financial profile, help you create a plan to address any challenges, and guide you toward a loan program that fits your needs. They can also help you understand exactly how much you can afford so you shop for homes with confidence.

Carrying credit card debt may require some extra preparation, but it does not mean homeownership is out of reach. By focusing on your DTI, credit score, and overall financial stability, you can position yourself for mortgage approval and move forward toward owning the home you have been dreaming of.

Filed Under: Home Buyer Tips Tagged With: Credit Card Debt, Homeownership, Obtaining a Mortgage

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Our Team

Kay MonigoldKay Monigold
Owner/Mortgage Broker/Residential Mortgage Loan Originator
NMLS#1086176

Steven LoweSteven P Lowe, Sr
Residential Mortgage Loan Originator
NMLS #1085638

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