One of the questions I hear all the time is: “What are mortgage rates today?” It sounds like a simple question, but mortgage rates aren't quite that simple. There isn't one universal mortgage rate that every borrower gets. The rate you qualify for is based on a combination of what is happening in the financial markets and the specific details of your loan. Here’s a simple breakdown of how mortgage interest rates are actually priced. First: The Federal Reserve Does NOT Set Mor

One of the most common questions I get from homebuyers is: “How much money do I need to make to afford a house?” More specifically: How much income do I need to buy a $300,000 house? A $400,000 house? What about $500,000? I wish there were one simple answer, but mortgage qualifying doesn't work that way. Two people can make the exact same salary and qualify for completely different purchase prices. Why? Because your income is only one part of the equation. Your debts, down pa