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Friday, October 9, 2026 |
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Mortgage Market Update
3 things hiding on your mortgage statement
A two-minute look at your statement can catch PMI you no longer need or a payment change before it surprises you.
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National Mortgage Rates · October 7, 2026
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Conventional 30-Year
7.43%
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages 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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Smart Moves
Three Things to Check on Your Mortgage Statement Today
Your monthly mortgage statement holds more useful information than most people realize, and a two-minute review can save you money. First, check your escrow balance — if your property taxes or insurance changed, your payment may adjust, and surprises are easier to handle when you see them coming. Second, look at your principal balance and compare it to your home's current value; if you've crossed below 80% loan-to-value, you may be able to drop private mortgage insurance and lower your payment. Third, confirm your interest rate and loan type so you know whether a refinance could help. None of these take long, and each one is a chance to keep more money where it belongs. If anything looks off or you're not sure, send it my way and I'll walk you through it.
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Tip of the Week
Keep major renovations in line with your neighborhood. Over-improving for the area limits your return at resale.
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Tips for Homeowners
Self-Employed Mortgage Tips
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1.
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Self-employed borrowers typically qualify based on net income from their tax returns, not gross revenue. Two years of returns are standard, and lenders average the two years — a bad year hurts you.
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2.
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Write-offs reduce taxable income, which is great for taxes but bad for mortgage qualification. Consider whether maximizing deductions in the 1–2 years before applying is worth it.
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3.
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Bank statement loans are an alternative for self-employed borrowers. Instead of tax returns, lenders use 12–24 months of bank deposits to calculate income. Rates and requirements vary by lender.
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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 Joseph Kelley team any time and we'll walk you through your options.
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3900 Lennane Dr Ste 200, Sacramento, CA 95834
916-612-4294
NMLS# 1705850 · Company NMLS# 02052578
"Joe the Mortgage Giant" · Unsubscribe
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