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For Americans trying to buy a home — or simply afford the one they already own — the American Dream can feel like a stack of bills that never stops growing.
The down payment is only the beginning. Then come mortgage payments, insurance premiums, closing costs and all the other expenses standing between you and a little breathing room.
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Now, with the Nov. 3 midterm elections approaching, President Donald Trump is putting those costs in the spotlight.
On Oct. 22, Trump signed (1) an executive order titled “Decreasing Housing Costs for the American People.” The White House described (2) the administration’s housing push as “dramatic action” to tackle affordability challenges and restore access to the American Dream.
Federal Housing Finance Agency Director Bill Pulte put a big dollar sign on the potential payoff.
“Millions of Americans will save thousands and thousands of dollars,” Pulte wrote (3) on X, calling Trump’s executive order “the greatest Housing Executive Order in History.”
So where could those savings come from — and who might benefit?
One target is mortgage insurance, a charge borrowers can keep paying alongside their mortgage. Unlike homeowners insurance, which protects your property, mortgage insurance protects the lender if you stop making payments.
The order directs the FHFA to establish a pilot program through Fannie Mae and Freddie Mac that would use updated home values to identify eligible borrowers and proactively cancel their mortgage insurance once they meet equity and other requirements.
There’s an important eligibility detail: The pilot would apply only to mortgages made after the program is established. It doesn’t automatically erase mortgage insurance from every existing borrower’s bill.
Existing homeowners may already have another route. The Consumer Financial Protection Bureau (4) says many borrowers can request cancellation of private mortgage insurance when their balance reaches 80% of their home’s original value, subject to payment history and other requirements.
The agency also says private mortgage insurance generally must end automatically when the balance is scheduled to reach 78% of the home’s original value, provided payments are current. Different rules apply to FHA loans and lender-paid mortgage insurance.
For someone still paying that charge, checking with their mortgage servicer could be worth the effort.
Refinancing costs are another one of Trump’s targets.
Trump’s executive order seeks to expand alternatives to lender’s title insurance on eligible refinances and requires resulting savings to be passed through to borrowers.
It also calls for considering fewer documentation requirements and lower fees on certain refinances that reduce monthly payments.
Separately, the order directs the Agriculture and Veterans Affairs departments to reduce rates on single-family loans they make directly. A new task force will also explore ways to lower costs and increase production of manufactured and other factory-built homes.
The potential relief is substantial in scope, but the order doesn’t give every household an immediate discount. Eligibility, implementation and individual loan terms will determine who actually saves.
Still, you don’t have to wait for every federal change to take shape before looking for ways to lower housing expenses — or claim your own slice of the American Dream.
Get ahead of your next mortgage payment
A mortgage is a long-term commitment, so even a slightly higher rate can eat into your budget for years.
Whether you’re buying a home or considering refinancing, accepting the first offer could mean missing a better deal.
Freddie Mac recommends shopping around, obtaining quotes from three to five lenders to secure the best possible mortgage rate possible. Even a small rate reduction can translate into significant savings over the life of a loan.
To make this process easier, places like the Mortgage Research Center (MRC) can help you quickly compare rates and estimated monthly payments from multiple vetted lenders. By entering basic details — such as your zip code, property type, price range and annual income — you can view mortgage offers tailored to your needs and shop with confidence.
And your mortgage isn’t the only housing bill worth shopping around for. Whether you refinance or keep your current loan, comparing homeowners insurance could uncover another opportunity to save.
By using a comparison platform like Insurify, you can instantly view quotes from top-rated providers to ensure you aren’t paying a hidden “loyalty tax” to your current insurer.
Just answer a few basic questions and Insurify will show you the most affordable deals in as little as three minutes.
Not only is the process 100% free, but you could also save up to 15% by bundling your car and home insurance.
Put your home equity within reach
Lowering recurring bills can free up room in your budget. But when a renovation or major expense comes along, homeowners may have another resource to draw on: the equity they’ve built in their property.
A home equity line of credit, or HELOC, lets you borrow against that equity without replacing your existing mortgage. It’s a revolving line of credit that leverages the equity in your home as collateral, so that you can borrow and repay funds as needed — similar to a credit card.
AmeriSave offers a flexible HELOC that lets homeowners borrow against their equity as needed during a draw period, making it useful for renovations or debt consolidation. The application is mostly online and available in most states.
It’s a good fit for borrowers who want convenience and flexibility rather than a large lump-sum loan upfront. You can draw funds only when you need them, so it’s useful for ongoing or unpredictable costs. Interest is charged only on what you use and you repay the balance over time. It’s essentially a flexible credit line secured by your home, delivered through a mostly online application process.
Put real estate to work for your income
Owning a home can mean a long list of expenses. Investing in rental real estate puts you on the receiving side of one of those monthly payments: the rent.
Rental properties can generate recurring income alongside the potential for long-term appreciation, giving investors more than one way to build wealth.
Of course, high home prices can make buying a property more challenging, especially with mortgage rates still elevated. And being a landlord isn’t exactly hands-off work — managing tenants, maintenance and repairs can quickly eat into your time (and returns).
The good news? You don’t need to buy a property outright — or deal with leaky faucets — to invest in real estate today. Crowdfunding platforms like mogul offer an easier way to get exposure to this income-generating asset class.
As a real estate investment platform offering fractional ownership in blue-chip rental properties, mogul gives investors monthly rental income, real-time appreciation and tax benefits — without the need for a hefty down payment or 3 a.m. tenant calls.
Founded by former Goldman Sachs real estate investors, the team hand-picks the top 1% of single-family rental homes nationwide for you. In other words, you gain access to institutional-quality offerings for a fraction of the usual cost.
Each property undergoes a rigorous vetting process, requiring a minimum 12% return even in downside scenarios. Across the board, the platform features an average annual IRR of 18.8%. Offerings often sell out in under three hours, with investments typically ranging between $15,000 and $40,000 per property.
Sign up for an account and browse available properties here to start investing today.
Another option is Lightstone DIRECT, which gives accredited investors access to single-asset multifamily and industrial deals.
Lightstone DIRECT’s direct-to-investor model ensures a high degree of alignment between individual investors and a vertically-integrated, institutional owner-operator — a sophisticated and streamlined option for individual investors looking to diversify into private-market real estate.
With Lightstone DIRECT, accredited individuals can access the same multifamily and industrial assets Lightstone pursues with its own capital, with minimum investments starting at $100,000.
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Article Sources
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The White House (1), (2); X (3); Consumer Financial Protection Bureau (4)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
