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Ken Byrne November 2026 Newsletter
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Call Ken First! 703.927.4456 |
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Inside This Issue
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Think Renting Is the Smarter Option for You? It May Not Be |
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In today's market, you may think that renting a home instead of buying is a better option. And while some of the data may support that—a Realtor.com study in July 2026 found that renting a starter home was cheaper than buying in all 50 of the largest metro areas—it's not the whole story. Here are a few advantages to buying: You build up cash in your home. With each mortgage payment, part of your payment generally goes toward reducing the loan balance. That creates home equity that you don't get from paying rent. If your home's value increases, your home equity will also increase. Even modest appreciation can become quite significant over time. Your monthly payments are predictable. When it comes to a monthly housing payment, owning a home can provide you with long-term stability. With a fixed-rate mortgage (which is the most common type of mortgage), your total payment will be the same each month, unlike rent, which can increase at the whims of your landlord. Although rent has declined nationally in 2026, many experts believe rents will rise again as we get into 2027. A refinance could mean lower payments. You don't necessarily have to live with today's mortgage rates for the entire length of your loan. Although it may seem like interest rates are constantly rising, you may be able to refinance your current mortgage when rates start to ease (as long as you qualify) and you could reduce your monthly payments or refinance into a different type of loan that makes more financial sense. You may qualify for certain tax benefits. Although this will depend on your circumstances, you may be able to deduct certain property taxes and mortgage interest when tax time rolls around. These benefits aren't automatic, so it's worth discussing your situation with a tax professional before making any decisions in terms of renting or buying. You have more control over your property. For tenants, the list of headaches, inconveniences and difficulties is a long one—and having a property owner who can terminate the lease at any time probably tops that list. The freedom to change or alter a home in even the simplest of ways—such as installing blinds or doing minor landscaping—is often severely limited in a rental. You can eventually eliminate a mortgage. A 30-year mortgage doesn't mean you'll need to make payments for 30 years as you can pay it down faster and get rid of that mortgage sooner. Once the mortgage is gone, your housing expenses will be lower, although taxes, insurance and maintenance will remain. |
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Your Settlement: How You Can Help Ensure a Quicker Closing |
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Although closing delays are sometimes unavoidable, you—as a buyer—can take steps to help ensure that you have the quickest possible closing: Make sure everyone is on the same page. First and foremost, everyone involved in the process should know that you desire a quick closing. Whether it's your real estate agent, mortgage lender, broker, settlement agent, or other professional, make sure you talk to them ahead of time. Not only will they be able to help speed along the process, but they'll also likely have a few tips or advice about how you can close quickly. Know how the process works and what you'll need to provide. Familiarizing yourself with the process in advance—including knowing what paperwork you'll need—can greatly reduce the time it takes to close. Tax returns, W-2's, recent pay stubs, and bank statements are all common documents you'll need to provide, but be prepared to provide other paperwork if you have a unique credit situation (such as alimony payments or gift funds). Also, make sure you're aware of the new TRID rules and documents that are now standard in the mortgage process. Use a pre-approval to get a head start. Not only is a pre-approval helpful in securing the home you want, but it can also help you get a head start on closing the purchase. A pre-approval is, in a way, a dry run for the formal approval process. Your lender will already have much of your information and documentation and will have completed some parts of the approval process. Disclose all of your information and be upfront with your lender. Even if you believe a part of your finances or credit isn't relevant to your loan approval, it's much better to provide that information and allow the lender to decide its importance. If that information is revealed later on in the process, it may delay your closing. If you're looking for a quick close, you're better off disclosing everything in advance and being honest with your lender. Be timely in your responses. The best way to speed the closing process along is to respond quickly to requests from your lender. Make sure you return signed forms as soon as possible, fill out documents in a timely manner and respond to requests for information as soon as you can. Also, be prepared to respond to and explain any negative items on your credit report, if applicable. As mentioned above, there may be instances in which unforeseen delays do occur. Unfortunately, there are no guarantees that you'll have a quick closing. However, by taking steps to streamline the process, you can greatly increase your chances. |
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November's Question of the Month |
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"WITH INTEREST RATES GOING UP RECENTLY, IS IT A BAD IDEA TO REFINANCE MY MORTGAGE? I'D LIKE TO DO A CASH-OUT REFINANCE TO PAY OFF DEBT, BUT I DON'T KNOW IF IT'S A GOOD TIME?"
This is a common question that lenders and brokers get whenever interest rates go up. The answer to that question isn't a one-size-fits-all solution as it all depends on your specific financial needs and your reasons for refinancing. If you're looking to refinance to get a lower interest rate, that may not be feasible unless your current mortgage has a higher interest rate than today's rates. However, there are many other reasons to refinance. You may want to refinance if you're looking to change the term of your loan, such as going from a 30-year mortgage to a 10-year mortgage. You may also want to refinance to remove the private mortgage insurance requirement on your current loan or, as in your case, tap into the home equity that you've built up in order to pay down personal debt. These are all very valid reasons for refinancing and it comes down to what your financial goals are right now. Keep in mind that your ability to refinance will depend on your current credit profile, so make sure to have a discussion with your mortgage professional before making any decisions. |
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The Ken Byrne Mortgage Team |
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KEN BYRNE, Branch Partner NMLS ID #187129
703.927.4456 |
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TRISHA COOPER Loan Officer & Team Operations Lead NMLS ID #1965251
540.699.1517 |
SHAWN LATTIMORE Processor
540.739.7467
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Licensed in FL, MD, NC, SC, VA, WV, and DC Team Licensed in TN
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© 2026 Left Field Media |
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All loan applications are subject to underwriting conditions and approval. ALCOVA Mortgage, LLC | NMLS ID# 40508 | (www.nmlsconsumeraccess.org) | 308 Market St. SE, Roanoke, VA 24011 | 855.462.5268 | Georgia Residential Mortgage Licensee #42101 | Licensed by the N.J. Department of Banking and Insurance. |
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