Client Profile: Name: Kyle Age: 34 Occupation: Commercial airline pilot Goal: Buy a townhouse now, upgrade to a larger home in 5–7 years Location: Charleston, SC The Situation Kyle had just finished his first full year making six figures and was ready to purchase his first home. He wanted a 3-bedroom townhome close to the airport — but didn’t want […]
Client Profile: Names: Travis & Kelsey Ages: 42 & 40 Occupations: Software engineer and teacher Goal: Buy a forever home with the lowest possible long-term cost Location: Salt Lake City, UT The Situation Travis and Kelsey were approved for a $615,000 home and had solid income. Their loan estimate came back with a 6.75% rate and no points. They told us:
1. Refinancing Can Lower Your Interest Rate or Monthly Payments One of the most common reasons homeowners refinance is to lower their interest rate, which can reduce their monthly payments. How refinancing helps: A lower interest rate means less interest paid over time, saving you money. Lower monthly payments can free up extra cash each month for other
Most people think refinancing is just about chasing a lower rate. But the truth? It’s one of the most underused tools for building wealth, reducing risk, and creating long-term financial freedom. At Stairway Mortgage, we don’t just look at what a refinance can save you today — we help you understand how it can serve
1. Apply for a New Loan, Just Like You Did the First Time Refinancing starts with a new mortgage application. You’ll provide updated financial information—like pay stubs, tax returns, and credit history—just as you did for your original loan. The lender will also order a home appraisal to confirm your property’s current value. Before you
It’s one of the most common questions we hear: “Should I buy now… or wait?” Maybe you’re worried about interest rates. Maybe you’re unsure if prices will drop. Or maybe you’re just not sure if it’s your time yet. At Stairway Mortgage, we believe good decisions come from clarity, not pressure. Here’s how we help
Everyone wants the lowest mortgage rate — and for good reason. Even a small difference in your rate can mean thousands of dollars saved over the life of your loan. But here’s what most people don’t know: It’s not just about the rate you’re quoted. It’s about the structure, the timing, and who’s negotiating for
1. A Rate Lock Freezes Your Interest Rate A mortgage rate lock is when your lender guarantees a specific interest rate for a set period, usually 30 to 60 days. This lock-in period protects you from market fluctuations while your loan is being processed. So even if rates jump tomorrow, you’re locked in at today’s
1. An Amortization Schedule Breaks Down Every Payment Your amortization schedule is like a detailed receipt for your entire loan. It shows: How much of each payment goes toward interest How much goes toward paying down the principal Your remaining loan balance after each payment It covers every single month, from your first payment to your last—and it helps you visualize
1. An ARM Starts With a Lower Interest Rate Than a Fixed Mortgage One of the biggest appeals of an ARM is the initial low interest rate, which is fixed for a set period—commonly 5, 7, or 10 years. Lower rate = lower monthly payment early on Can help you afford more home in the short term Ideal for buyers
1. A Jumbo Loan Exceeds Conforming Loan Limits for High-Priced Homes A jumbo loan is a mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. Conforming loans are those that meet the guidelines for government-backed financing. If you’re buying a property in an area where home prices are high, you might need a jumbo loan to cover the cost. Jumbo loans