Summary

In this episode of Real Talk, Rick Murphy from Ballston Spa National Bank discusses the evolving landscape of real estate and mortgage lending. He emphasizes the importance of understanding the total payment rather than just focusing on interest rates, especially as we move into 2026. Rick shares insights on preparing for homeownership, the significance of credit scores, and common mistakes buyers make. He also highlights smart mortgage strategies, the importance of building a reliable team of professionals, and the need for pre-qualification before house hunting.

Takeaways

Buyers should focus on total payments, not just interest rates.
The new normal in real estate involves higher interest rates.
Preparing for homeownership requires understanding your financial situation.
Assumable mortgages can be a strategy for buyers.
Maintaining good credit is crucial for securing a mortgage.
Common mistakes include not getting pre-qualified and overspending.
Seller concessions can help buyers with closing costs.
Building a reliable team of agents and lenders is essential.
Understanding your credit score can help in the buying process.
Planning ahead is key to successful homeownership.

Rick's Contact Information:
Phone Number: (518)-461-6116