Phast Funding · September 2, 2026

Before you apply for a mortgage, know this

Mortgage Market Update

Patrick Tahmazyan

Phast Funding

Wednesday, September 2, 2026

Before you apply for a mortgage, know this

Welcome back. This week I want to walk you through what actually happens when we review your application—so you're not caught off guard.

National Mortgage Rates · August 27, 2026

30-Year Fixed

6.66%

FHA 30-Year

6.55%

VA 30-Year

6.38%

Rate trend

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.


Credit & Approval

What lenders actually look at when you apply

I get asked all the time: "What do you need from me to get approved?" The truth is, it's not mysterious. We look at your credit history, income, employment stability, existing debts, and the down payment you're bringing. But here's what surprises most people—it's not just a single number that matters. A strong credit score helps, but we also want to see that you manage money responsibly over time. Late payments, high credit card balances, and sudden job changes all factor in. The good news? If you know where you stand before you apply, we can spot potential issues early and work through them together. That saves time and stress later.

Let's talk about your situation and what approval might look like for you.

Tip of the Week

Your mortgage interest may be tax-deductible if you itemize. Check with your tax professional to see if it benefits you.

Tips for Homeowners

Understanding Mortgage Points

1.

One mortgage point equals 1% of your loan amount. Paying points ("buying down the rate") reduces your interest rate — typically 0.25% per point, though this varies by lender and market.

2.

Calculate your break-even: divide the cost of the points by your monthly savings. If it takes 4 years to break even and you plan to stay 10 years, buying points makes sense.

3.

Points paid on a home purchase are generally tax-deductible in the year paid (if you itemize). Points on a refinance must be deducted over the life of the loan.

Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Patrick Tahmazyan team any time and we'll walk you through your options.

Your Mortgage Advisor

P

Patrick Tahmazyan

Phast Funding

patrick@phastfunding.com

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