Sure, the Trump Administration continues to grab the headlines, as does the partial government shutdown, and the football season winds up, NLC’s clients are focused on either financing a new home or consolidating debt by refinancing their existing home. Housing costs have increased in NLC’s footprint. In some cases, so astronomical that even full-time employees are having trouble affording rent on a steady salary. Many residents have had to turn to second jobs in order to sustain.

Out West it can be even worse. In Los Angeles, nearly 3 in 5 tenants are “cost-burdened, meaning they pay more than 30% of their income on rent, and statewide, 3 million households pay at least that much, with 1.5 million spending at least half of their earnings on housing. Paying too much rent can have an adverse impact on residents’ current and future prospects, as it can prevent them from addressing health problems, saving money, starting a business, or even preparing for retirement. NLC’s Personal Mortgage Advisors specialize in working with clients in measuring their debt and expenses and offering a program tailor-made to each borrower’s needs.

The typical renter has nearly 20% less of their income to spend on other things, or to save for retirement. When rent consumes too much of people’s incomes, it handicaps innovation and other spending. If rents go up but incomes don’t, tenants generally go into debt, tighten their belts elsewhere, or both. Ultimately this means that they don’t spend money on other things that are more likely to bolster a truly dynamic economy.

But we pride ourselves in personalized service throughout the lending process which is why so much of NLC’s business comes to us through referrals. We know that each borrower is different. NLC’s Personal Mortgage Advisors truly care about their clients and dive deeper with clients to ensure we’re communicating with all parties involved. And we offer a broad portfolio of home purchase and refinance programs including conventional, jumbo, government-insured, along with veteran, down payment assistance, home equity, and expedited closing programs. And you’ll find that many of these will beat the rent you’re paying now!