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Mortgage Market Update
Emin Hakobian
Phast Funding
Tuesday, October 20, 2026
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Your other debts matter more than you think |
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Here's something borrowers don't always realize: mortgage lenders care about much more than just your mortgage. Let me explain why—and what you can do about it.
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National Mortgage Rates · October 16, 2026
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Conventional 30-Year
7.28%
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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 & Borrowing
Why lenders care about your other debts
When you apply for a mortgage, lenders don't just look at your income and credit score—they also examine your existing debts. That car payment, student loan, credit card balance, or personal line of credit all factor into whether you qualify and what rate you'll get. The reason is straightforward: lenders want to know how much of your monthly paycheck already goes to other obligations before they add a mortgage payment on top. If your debt load is high relative to your income, it signals risk, even if you've never missed a payment. The good news is this isn't fixed. Paying down existing debt before applying—or even before refinancing—can improve your position. Not sure where you stand? I can walk you through how your full financial picture works and what steps might help. Let's talk about your borrowing picture and what options make sense for your situation.
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Tip of the Week
Your loan officer can run a credit simulator to show exactly which actions will move your score the most.
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Tips for Homeowners
Year-End Tax & Mortgage Planning
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1.
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Consider making your January mortgage payment in December to get an extra month of deductible interest in the current tax year (consult your tax advisor first).
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2.
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If you plan to sell next year, now is a good time to document improvements — receipts and records add to your cost basis and reduce taxable capital gain at sale.
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3.
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Review your W-4 withholding if you bought a home this year — your mortgage interest deduction may mean you're having too much withheld from each paycheck.
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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 Emin Hakobian team any time and we'll walk you through your options. |
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