Tuesday, October 6, 2026

A Note From Tim Powers

Weekly Mortgage and Home Update

🏡 Higher Rates, But More Opportunity for Buyers?

Mortgage rates have moved higher over the past several weeks, and that understandably gets a lot of attention. But there’s another side of today’s housing market that buyers shouldn’t overlook: more homes to choose from and more motivated sellers.

Inventory has been building, homes are generally taking longer to sell, and more sellers are making price adjustments. For a qualified buyer, that can create opportunities to negotiate on price, closing costs, seller concessions or even an interest-rate buydown.

In other words, the interest rate is only one piece of the transaction.

If you find the right home at the right price and the payment comfortably fits your budget, buying can still make sense—especially if you plan on owning the home for several years. And remember, the mortgage you get today doesn't necessarily have to be the mortgage you keep forever. If rates improve in the future and refinancing makes financial sense, we can review those options at that time.

🏠 Already Own a Home? You May Be in a Great Position

If you already own, don't let today's headlines make you forget what you've accomplished. You have a home, a mortgage you may have secured at a very attractive rate, and potentially years of accumulated equity.

That equity can also be a financial resource when used responsibly.

It may be worth looking at your options if you're considering:

• Remodeling, repairs or home improvements
• Consolidating higher-interest credit card or consumer debt
• Helping pay for college
• Paying for a wedding or other major life event
• Improving monthly cash flow
• Purchasing another property
• Or simply making sure your current mortgage still fits your financial goals

🔍 When Was Your Last Mortgage Review?

I offer a FREE Mortgage Review for my past clients, friends and family.

We'll look at your current mortgage, interest rate, estimated equity, monthly obligations and goals to see if there is anything worth considering.

And sometimes the best answer is:

“Don't touch your mortgage—you’re in a great position.”

If that's the case, I'll tell you that too.

There is no cost, no obligation and no pressure. My goal is simply to make sure you understand your options and are making the most of one of your largest financial assets.

📞 Thinking about buying, refinancing, or just curious about your current mortgage and equity? Reach out and let's take 10 minutes to review it together.

1.

W-2 employees typically provide two years of W-2s and 30 days of pay stubs. Lenders average your income over 24 months and use that figure — not your current salary if it's recently increased.

2.

Bonus, overtime, and commission income must have a 2-year history to be counted. If it's new, most lenders won't include it in qualifying income.

3.

Bank statements are reviewed for large deposits. Anything unusual must be explained and sourced — lenders are required to document where your funds come from.

Tim Powers

Tim Powers

tpowers@barrettfinancial.com

+1 253-209-4247