"The more you practice the art of thankfulness, the more you have to be thankful for." - Norman Vincent Peale

Hey Everyone,

Happy belated Thanksgiving! I hope this email finds you warm, cozy, and ready to celebrate with loved ones.

As we gather around tables filled with delicious food and give thanks for all that we have, I wanted to take a moment to express my sincere gratitude for wonderful clients like you. I'm so thankful for your continued trust and support.

Wishing you a Thanksgiving filled with joy, laughter, and memories that will last a lifetime. May your turkey be juicy, your pie be sweet, and your time with loved ones be exceptional.

Mortgage Minute

Mortgage rates are essentially flat today despite a busy economic calendar. Bonds weakened slightly for reasons unrelated to data, leading to a small rate uptick. Tomorrow brings more potential for data-driven volatility, and trading conditions may be unpredictable due to the Thanksgiving holiday.

The Insider’s Guide to Real Estate | Tips

Control the Controllables If You’re Worried About Mortgage Rates

Chances are you’re hearing a lot about mortgage rates right now, and all you really want to hear is that they’re coming back down. And if you’ve seen headlines about the early November Federal Funds Rate cut by the Federal Reserve (The Fed), maybe you got hopeful mortgage rates would start to decline right away. Although some media sources may lead you to believe that the Fed’s actions determine mortgage rates, in reality, they don’t.

The truth is, the Fed, the job market, inflation, geopolitical changes, and a whole list of other economic factors influence mortgage rates, too. So, while recent actions from the Fed set the stage for mortgage rates to come down over time — it’s going to be a gradual and, likely bumpy, process.

Here’s the best advice anyone can give you right now. While you may be tempted to wait for rates to fall, it’s really hard to try and time the market — there’s just too much that can have an impact. Instead, set yourself up for homebuying success by focusing on the factors you can control. Here’s what to prioritize if you’re looking to put your best foot forward.

Your Credit Score

Credit scores can play a big role in your mortgage rate. And the difference of just a few points can make a significant impact on your monthly payment. As an article from Bankrate explains:

“Your credit score is one of the most important factors lenders consider when you apply for a mortgage. Not just to qualify for the loan itself, but for the conditions: Typically, the higher your score, the lower the interest rates and better terms you’ll qualify for.”

With rates where they are today, maintaining a good credit score is one of the keys to getting the best rate possible. To find out where your credit score stands and what you can do to give it a boost, reach out to a trusted loan officer.

Your Loan Type

There are many types of loans, and each one offers different terms for qualified buyers. The Consumer Financial Protection Bureau (CFPB) says:

“There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose. Talking to multiple lenders can help you better understand all of the options available to you.”

Work with your team of real estate professionals to see which loan types you may qualify for and figure out what will work best for you financially.

Your Loan Term

Just like with loan types, you have options when it comes to terms, or the length of your loan. As Freddie Mac says:

“When choosing the right home loan for you, it’s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan.”

Lenders typically offer mortgages in 15, 20, and 30-year terms. And which term you go with has a direct impact on your rate. Talk to your lender about which one is right for your situation.

Bottom Line

Remember, you can’t control what happens in the broader economy or when mortgage rates will come down. But there are actions you can take that could help you set yourself up for success.

Connect with a local real estate agent and lender to go over what you can do now that’ll make a difference when you’re ready to move.

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Colorado Springs Social Scene

Military News and Updates

City and Colorado Springs Utilities earn high marks in Military Friendly ratings

The city of Colorado Springs and its municipally owned utility earned high marks in the annual Military Friendly ratings for hiring and supporting the careers of military spouses and veterans.

Colorado Springs Utilities earned several Top 10 rankings: fifth as a military-friendly employer, eighth as a military-friendly company, ninth as a military spouse-friendly employer and 10th as a military-friendly brand, the agency said.

Feel free to reach out with any real estate questions—I’m here to help, no matter the state!

Referrals are the biggest compliment, so send anyone my way. Until next time!