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The Perfect Time to Lock in Your Mortgage Rate, Keep Rising Housing Costs Under Control Is Now

Despite a challenging homebuying environment with high demand and historically low inventory, purchasing a home is still attainable – and you don’t have to go through the process alone. Getting connected early with a home lending advisor will better prepare you for the homebuying process, help you understand how much home you can afford and get you prequalified so you can shop with confidence.

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There’s no one-size-fits-all approach to locking in a mortgage rate and there are many factors to consider.
There’s no one-size-fits-all approach to locking in a mortgage rate and there are many factors to consider.

By Christina Dello Buono

Surging mortgage rates combined with double-digit price gains are putting homeowners and potential buyers in a tough spot. First-time homebuyers, in particular, are being squeezed out of the market – due to the fact they don’t have equity or an additional boost from the sale of an existing property.

Despite those challenges, buying a home may not be as out of reach as you think.

We sat down with Denise Richardson, Community Home Lending Advisor at Chase, to discuss how to navigate the mortgage process, what resources are available, and how increasing mortgage rates can impact your family’s homebuying dreams.

Q: How do increasing mortgage rates impact prospective homebuyers?

Richardson: Mortgage rates have nearly doubled in the last six months – from 3% in 2021 to more than 6% in 2022 – making it increasingly difficult for many Americans to purchase a home, especially those on a limited income. That difference is significant by any measure, but it could result in hundreds of dollars added to your monthly payment and thousands of dollars over the life of your loan.

Despite a challenging homebuying environment with high demand and historically low inventory, purchasing a home is still attainable – and you don’t have to go through the process alone. Getting connected early with a home lending advisor will better prepare you for the homebuying process, help you understand how much home you can afford and get you prequalified so you can shop with confidence.

Q: Is it a good idea for homebuyers to lock in a mortgage rate as soon as possible?

Richardson: There’s no one-size-fits-all approach to locking in a mortgage rate and there are many factors to consider. This is where your home lending advisor can provide more individualized counsel specific to your situation and your market.

Given the volatility of interest rates right now, we recommend locking in rates as soon as possible so you can be certain what your payments will look like on your loan. Many lenders require you to have a purchase contract in-hand before locking in your rates, but that isn’t always the case. Chase offers a Homebuyer Advantage Program, which allows you to get conditionally approved while you shop for a home.

Q: What happens if mortgage rates drop after a homebuyer locks in their rate?

Richardson: There isn’t an exact science to timing the market, and while interest rates have risen in recent months, it’s always possible that interest rates could fall. Some lenders offer a mortgage rate lock float down, which allows you to lock in an interest rate with the option to reduce if market rates fall during the lock period. This option provides you with a little more security in a volatile market and allows you to take advantage of falling interest rates.

You may be able to move to a lower rate even without the float down option, but it may require additional fees. Additionally, your lender may have particular requirements, such as being at a certain stage of the loan process, for the customer to be eligible to lower their rate.

Q: Can a homebuyer potentially let the rate lock expire by pushing back their closing date? 

Richardson: It’s certainly possible, but it isn’t likely to be beneficial for the customer. Oftentimes, lenders will only allow you to move forward with the rate you originally lock in – or the rate on the day you relock, whichever is higher.

The other thing to keep in mind is that the ability to move quickly in this environment is critical. It’s important to do your research on lender-backed resources available to you, such as Chase’s Closing Guarantee. This guarantee commits to closing customers in as little as three weeks, or they receive $5,000. The program offers buyers peace of mind knowing that they can close on their new home without delay or receive compensation that can be put toward additional costs.

There are plenty of other resources available to help boost your homebuying knowledge – especially if you are a first-time homebuyer. The Beginner to Buyer podcast is a great resource for prospective homebuyers to get answers to all their homebuying questions. Every episode offers conversations with real buyers and expert guests about each step of the process, from mortgage rates and application to closing.

Christina Dello Buono is a vice president in the Dept. of Communications, JPMorgan Chase/Northern California. 

Content sponsored by JPMorgan Chase & Co.

Activism

Life After Domestic Violence: What My Work With Black Women Survivors Has Taught Me

Survivors sometimes lack awareness about the dynamics of healthy relationships, particularly when one has not been modeled for them at home. Media often minimizes domestic abuse, pushing the imagery of loyalty and love for one’s partner above everything — even harm.

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Paméla Michelle Tate, Ph.D.
Paméla Michelle Tate, Ph.D.

By Paméla Michelle Tate, Ph.D., California Black Media Partners

It was the Monday morning after her husband had a “situation” involving their child, resulting in food flying in the kitchen and a broken plate.

Before that incident, tensions had been escalating, and after years of unhappiness, she finally garnered enough courage to go to the courthouse to file for a divorce.

She was sent to an on-site workshop, and the process seemed to be going well until the facilitator asked, “Have you experienced domestic abuse?” She quickly replied, “No, my husband has never hit me.”

The facilitator continued the questionnaire and asked, “Has your husband been emotionally abusive, sexually abusive, financially abusive, technologically abusive, or spiritually abusive?”

She thought about how he would thwart her plans to spend time with family and friends, the arguments, and the many years she held her tongue. She reflected on her lack of access to “their money,” him snooping in her purse, checking her social media, computer, and emails, and the angry blowups where physical threats were made against both her and their children.

At that moment, she realized she had been in a long-suffering domestic abuse relationship.

After reading this, you might not consider the relationship described above as abusive — or you might read her account and wonder, “How didn’t she know that she was in an abusive relationship?”

Survivors sometimes lack awareness about the dynamics of healthy relationships, particularly when one has not been modeled for them at home. Media often minimizes domestic abuse, pushing the imagery of loyalty and love for one’s partner above everything — even harm.

After working with survivors at Black Women Revolt Against Domestic Violence in San Francisco, California, I have learned a great deal from a variety of survivors. Here are some insights:

Abuse thrives in isolation.
Societal tolerance of abusive behavior is prevalent in the media, workplaces, and even churches, although there are societal rules about the dos and don’ts in relationships.

Survivors are groomed into isolation.
Survivors are emotionally abused and manipulated almost from the beginning of their relationships through love-bombing. They are encouraged or coerced into their own little “love nest,” isolating them from family and friends.

People who harm can be charismatic and fun.
Those outside the relationship often struggle to believe the abuser would harm their partner until they witness or experience the abusive behavior firsthand.

Survivors fear judgment.
Survivors fear being judged by family, friends, peers, and coworkers and are afraid to speak out.

Survivors often still love their partners.
This is not Stockholm Syndrome; it’s love. Survivors remember the good times and don’t want to see their partner jailed; they simply want the abuse to stop.

The financial toll of abuse is devastating.
According to the Allstate Foundation’s study, 74% of survivors cite lack of money as the main reason for staying in abusive relationships. Financial abuse often prevents survivors from renting a place to stay. Compounding this issue is the lack of availability of domestic abuse shelters.

The main thing I have learned from this work is that survivors are resilient and the true experts of their own stories and their paths to healing. So, when you encounter a survivor, please take a moment to acknowledge their journey to healing and applaud their strength and progress.

About the Author

Paméla Michelle Tate, Ph.D., is executive director of Black Women Revolt Against Domestic Violence in San Francisco.

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Activism

A Student-Run Group Is Providing Critical Support Services to Underserved Residents

During his three years volunteering at the program, Resource Director Zain Shabbir, says he noticed that many of the people who come in do not know how to navigate social services support systems, particularly online. This knowledge deficit, Shabbir says, is due to age or limited exposure to technology.

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UC Berkeley Law Students help a clinic attendee with legal advice at their Tuesday night services. The Clinic offers a variety of resources, including medical, to those in the community who have little access to these services. Photo by Magaly Muñoz
UC Berkeley Law Students help a clinic attendee with legal advice at their Tuesday night services. The Clinic offers a variety of resources, including medical, to those in the community who have little access to these services. Photo by Magaly Muñoz

Part 2

By Magaly Muñoz

Resource Director Zain Shabbir is a jack-of-all-trades at the Suitcase Clinic, a student-run resource center that provides health and other services to underserved residents of Berkeley and surrounding areas.

Shabbir was once a clinic director. Now, he manages the General Clinic, floating around when case managers need assistance. And he has big plans for a new initiative.

During his three years volunteering at the program, Shabbir says he noticed that many of the people who come in do not know how to navigate social services support systems, particularly online. This knowledge deficit, Shabbir says, is due to age or limited exposure to technology.

So, he teaches clients the basics of using email, writing in word documents, and backing up files to their phones.

Shabbir shared a story about an interaction he had with a woman who came in seeking help to create a template to message property owners and realtors as she was seeking housing. Until that point, the woman was composing separate messages to each listing she was interested in, and that process was taking up too much of her time. With Shabbir’s help, she created a standard template she could modify and use for each housing inquiry or application.

He’s also hoping to use the technology to help people create resumes to find jobs.

“[The intent] is to help people find work in the city or wherever they live — or help them find housing. As most are probably aware, the two really go together because for housing, you need income verification, and for a job you need housing,” Shabbir said.

Having a warm place to go and a hot meal may seem basic buy it is critical for people who are struggling, clinic leaders say.

Mark, a frequent attendee of the Tuesday clinic, told the Oakland Post that he’s been receiving services from the program for nearly 25 years.

Mark said he was able to receive a referral to dental care through the Clinic, which he’s been using for about 20 years now. He also utilized the chiropractor, a service that is no longer offered, for pain and aches he acquired over the years.

Many program participants say they visit the clinic now for services provided by Berkeley medical students, who rely on osteopathic care rather than traditional methods. Osteopathic medicine is a medical philosophy and practice that focuses on the whole person, rather than just symptoms.

Executive director Nilo Golchini said that many clinic patients tend to appreciate and trust this type of medicine over mainstream practices because of sub-standard care they have received in the past because they are homeless or poor.

Acupuncture is also an extremely popular station at the Clinic as well, with participants saying it “soothes and calms” them.

Attendees of the clinic are generally in happy spirits throughout the hours they’re able to interact with fellow residents. Some even participate in arts and crafts, moving from table to show their friends their new creations.

“It’s a program that’s going strong,” said Golchini. “There’s a space for everyone” who wants to volunteer or receive services, and they’ll keep going as long as the community needs it.

The Suitcase General Clinic is open every Tuesday from 6:30 to 9:30pm. Women’s and Youth Clinics are held every Monday from 6 to 9pm.

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Activism

2024 in Review: Seven Questions for Frontline Doulas

California Black Media (CBM) spoke with Frontline Doulas’ co-founder Khefri Riley. She reflected on Frontline’s accomplishments this year and the organization’s goals moving forward. 

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Khefri Riley, co-founder of Frontline Doulas. Facebook photo.

By Edward Henderson, California Black Media

Frontline Doulas provides African American families non-medical professional perinatal services at no cost.

This includes physical, emotional, informational, psychosocial and advocacy support during the pregnancy, childbirth and postpartum period. Women of all ages — with all forms of insurance — are accepted and encouraged to apply for services.

California Black Media (CBM) spoke with co-founder Khefri Riley. She reflected on Frontline’s accomplishments this year and the organization’s goals moving forward.

Responses have been edited for clarity and length.

Looking back at 2024, what stands out to you as your most important achievement and why? 

In 2024, we are humbled to have been awarded the contract for the Los Angeles County Medical Doula Hub, which means that we are charged with creating a hub of connectivity and support for generating training and helping to create the new doula workforce for the medical doula benefit that went live in California on Jan. 1, 2023.

How did your leadership and investments contribute to improving the lives of Black Californians? 

We believe that the revolution begins in the womb. What we mean by that is we have the potential and the ability to create intentional generational healing from the moment before a child was conceived, when a child was conceived, during this gestational time, and when a child is born.

And there’s a traditional saying in Indigenous communities that what we do now affects future generations going forward. So, the work that we do with birthing families, in particular Black birthing families, is to create powerful and healthy outcomes for the new generation so that we don’t have to replicate pain, fear, discrimination, or racism.

What frustrated you the most over the last year?

Working in reproductive justice often creates a heavy burden on the organization and the caregivers who deliver the services most needed to the communities. So, oftentimes, we’re advocating for those whose voices are silenced and erased, and you really have to be a warrior to stand strong and firm.

What inspired you the most over the last year?

My great-grandmother. My father was his grandmother’s midwife assistant when he was a young boy. I grew up with their medicine stories — the ways that they healed the community and were present to the community, even amidst Jim Crow.

What is one lesson you learned in 2024 that will inform your decision-making next year?

I find that you have to reach for your highest vision, and you have to stand firm in your value. You have to raise your voice, speak up and demand, and know your intrinsic value.

In a word, what is the biggest challenge Black Californians face?

Amplification. We cannot allow our voices to be silent.

What is the goal you want to achieve most in 2025?

I really would like to see a reduction in infant mortality and maternal mortality within our communities and witness this new birth worker force be supported and integrated into systems. So, that way, we fulfill our goal of healthy, unlimited birth in the Black community and indeed in all birthing communities in Los Angeles and California.

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