07
Jan
By First Rate Financial Group
Mortgage Tips

Mortgages for Parents With Young Kids and What to Consider

Buying a home when you have young kids brings unique challenges, but it also creates opportunities to build stability for your family. Your priorities might look different from other homebuyers, and your financial decisions may need to reflect the needs of a growing household. By planning ahead and understanding what matters most, you can choose a mortgage that supports your budget, your lifestyle, and your long-term goals as a parent.

Consider How Your Monthly Budget Will Change
Raising young kids comes with expenses that shift as your family grows. Childcare, medical costs, food, activities, and emergencies can all impact how much you feel comfortable spending on a mortgage. Before choosing a loan, take a close look at your current budget and estimate future expenses. A mortgage payment that feels comfortable today should still feel manageable once school, daycare, or sports programs enter the picture.

Understand How Location Impacts Your Daily Life
For parents with young kids, location matters more than almost anything else. Proximity to schools, parks, daycare centers, grocery stores, and medical care can make life easier and reduce transportation costs. A longer commute may also affect your family time, so consider neighborhoods that balance convenience, safety, and affordability. Where you live affects both your lifestyle and your long-term loan decisions.

Choose a Mortgage Term That Fits Your Family Goals
Parents often have different financial priorities than other buyers. You may want a lower monthly payment to free up cash for family expenses, or you might prefer a shorter-term loan to build equity faster. Think about your long-term goals, such as saving for college, planning family trips, or leaving room in your budget for unexpected needs. Your loan term should support the overall financial health of your family, not stretch it thin.

Plan for Space That Grows With Your Kids
Young kids grow quickly, and your home needs might change just as fast. When selecting a mortgage amount, consider whether the home you are choosing will still meet your needs in a few years. Extra bedrooms, flexible bonus spaces, or larger common areas can help your home adapt to your family’s lifestyle. Planning ahead can prevent costly moves and avoid taking on a larger mortgage sooner than necessary.

Build a Strong Emergency Fund
Kids come with surprises, and your home will too. An emergency fund gives you financial breathing room for repairs, medical expenses, childcare changes, or a temporary loss of income. Lenders like to see strong savings because it reflects responsible planning. More importantly, it protects your household from stress and gives your family stability and comfort as you settle into homeownership.

Buying a home as a parent should feel exciting, not overwhelming. With careful planning, smart budgeting, and a clear understanding of your family’s needs, you can choose a mortgage that supports your household today and into the future.

06
Jan
By First Rate Financial Group
Mortgage Tips

Mortgage Impacts of Using Venmo, Cash App, or PayPal for Income

More people are earning money through freelancing, side gigs, digital work, consulting, and online sales. Because of this, it is common for income to flow through platforms like Venmo, Cash App, or PayPal instead of traditional direct deposits. While these tools make it easy to get paid, they can also affect your mortgage application in ways many buyers do not expect. Understanding how lenders view these platforms can help you prepare long before you apply for a home loan.

Know How Lenders View Peer-to-Peer Income
Peer-to-peer apps are convenient, but from a lender’s perspective, they are not the same as receiving income through payroll. Lenders need to confirm that your income is stable, consistent, and tied to real work or business activity. Money sent through Venmo or Cash App can look like personal transfers if there is no clear record of what the payment was for. Without documentation, it becomes harder for underwriters to use this income to qualify you for a mortgage.

Keep Your Payment History Clear and Documented
If you use peer-to-peer apps for business or gig work, keep your records organized. Label every payment clearly so lenders can understand what each deposit represents. Many apps allow you to add notes or tags to each transaction, and using these consistently can save time during underwriting. When deposits are clearly marked as business-related, it becomes easier for lenders to verify and count that income as part of your mortgage approval.

Move Your Payments Into a Business or Personal Bank Account
Lenders rely heavily on bank statements, not app histories. Even if you get paid through Venmo, Cash App, or PayPal, you should transfer that income into a bank account regularly. This creates a clean paper trail and shows consistent earning patterns. When lenders see funds appear in your account from the same types of work each month, it helps them verify your income and strengthens your application.

Understand the Need for Long-Term Income History
Lenders usually need a one-to-two-year history for self-employed or non-traditional income. Even if the money flows through peer-to-peer apps, you still need to show that you have been earning consistently over time. Tax returns, bank statements, and profit-and-loss summaries become important. The more consistent your income looks, the easier it is for lenders to include it in your qualifying amount.

Separate Personal Transfers from Income
One of the biggest challenges with peer-to-peer payment apps is that personal transfers can mix with business income. When friends pay you back for dinner, send birthday gifts, or split bills, the deposits can look the same as your actual earnings. Separating these payments helps avoid confusion. Creating a dedicated account for business-related transfers gives lenders a cleaner picture of your financial habits.

Peer-to-peer payment apps offer convenience, but they can also create confusion during a mortgage review. By keeping your records organized, transferring funds to a bank account, and establishing consistent earning patterns, you can make your mortgage application stronger and avoid unnecessary delays.

05
Jan
By First Rate Financial Group
Financial Reports

What’s Ahead For Mortgage Rates This Week – January 5th, 2026

With the only notable item on the schedule being the release of the Federal Reserve minutes, which reflect the current stance of the Fed, virtually nothing has changed since the last rate cut. The Federal Reserve is expected to continue its wait-and-see approach.

Primary Mortgage Market Survey Index

  • 15-Yr FRM rates saw a decrease of -0.06% with the current rate at 5.44%
  • 30-Yr FRM rates saw a decrease of -0.03% with the current rate at 6.15%

MND Rate Index

  • 30-Yr FHA rates saw no change for this week. Current rates at 5.85%
  • 30-Yr VA rates saw no change for this week. Current rates at 5.87%

Jobless Claims

No release of data due to the holidays.

What’s Ahead

The upcoming week will feature the usual data releases, with the major ones being the Trade Deficit, Consumer Credit, and Consumer Sentiment from the University of Michigan.