When you’re planning a move, every monthly cost counts. That’s why it can be frustrating to see home insurance keep creeping up. According to Intercontinental Exchange, it now makes up 9.6% of the average monthly mortgage payment. But the latest numbers show some progress on that front – as the increases start to slow down. Here’s what you need to know and what you can do about it.Premiums Are Rising More Slowly NowA look at the past two years shows how much things have cooled down. In mid-2024, home insurance premiums rose 4.3% in a single quarter. By the second quarter of this year, that was down to 1.8%. That’s the smallest quarterly growth in almost 3 years – and that’s a good thing (see graph below):As Andy Walden, Head of Mortgage and Housing Market Research at Intercontinental Exchange, explains:

“Property insurance has been a fast-growing component of the monthly mortgage payment, but this quarter’s data shows the pace of increase is finally slowing.”

While your premium will likely still go up over time, it may not climb as quickly as it did a couple of years ago. And that’s, at the very least, a step in the right direction.Shopping Around Can Pay OffHere’s where you have some say in what you pay. Let’s take current homeowners as an example. Intercontinental Exchange found that when homeowners shopped around and switched insurance companies, their premiums went down 6.6% on average. Those who stayed with their current company saw an increase of 10.4% (see graph below):Think about that. That’s a big difference and it goes to show that looking for a new provider can literally pay off. That works out to about $440 a year in savings for the people who switched. And they didn’t have to give up coverage to get it. Their deductibles dipped 1.4%, and their coverage limits actually rose 7.3%.While this example is current homeowners, the same general idea applies for first-time buyers too. Shop around and get multiple quotes before you pick your insurance provider. Then, once you’re settled in, review your policy each year when it comes up for renewal. You’re not locked into the first price you get.The Home You Choose Can Help, TooThe home itself plays a role as well. According to John Burns Research and Consulting (JBREC), newly built homes are 10% to 15% less expensive to insure than older ones nationally.And while a brand-new home won’t necessarily be the right fit for every buyer, if you’re open to one, it could be one more way to keep your monthly insurance costs down.Bottom LineHome insurance is certainly a bigger part of the monthly costs than it used to be, and that can feel like just one more thing to juggle when you’re buying a home or moving. But knowing you have ways to keep it in check can take some of the pressure off. Compare a few options before you buy, revisit your policy each year, and lean on trusted local professionals as you plan for your next move.

Quick, what credit score do you need to buy a home? If a number pops into your head, there’s a pretty good chance it’s wrong. And the right answer is getting harder to pin down, because the way credit scores are determined and delivered is changing – for the better.Here’s what you need to know in today’s changing credit climate.#1  Most People Are Guessing Fannie Mae has been tracking consumer perceptions about mortgage requirements since 2015 and found that consumers consistently overestimated the minimum credit score lenders required to qualify for a mortgage. As recently as 2023, the average guess was 652.In reality, the long-standing benchmark for loans backed by Fannie Mae and Freddie Mac is lower, at 620, and today even that isn’t a hard rule for every mortgage they back. Like the Fannie Mae research, a recent survey from Veterans United found consumers continue to overestimate what it takes to qualify for a home loan:The takeaway? Guessing wrong can cost you. A renter who assumes their score is too low and they can’t qualify for a mortgage may never take steps to find out for sure.#2  Credit Rules Are ChangingFor decades, the mortgage industry relied on one set of scores – Classic FICO. Thanks to a push to promote competition, make credit scoring more inclusive, and help more Americans become homeowners, the Federal Housing Finance Agency (FHFA) has approved the use of new credit score models such as FICO 10T and VantageScore 4.0.A different model can mean a different number for the same person. VantageScore says its model can score about 33 million adults that the Classic FICO’s model can’t. So the score you saw on an app last month may not be the one your lender pulls.Remember: the models may be new, but the basics haven’t changed.#3  Do Your Part And Partner With A ProYour credit score is important – no matter how it’s measured. Following the same basic rules will benefit your profile in the old and new score models:Because while credit models may change, the general advice for you to improve your score doesn’t. Financial awareness and consistency mixed with a little willpower can go a long way.Bottom LineDon’t make credit or homebuying decisions from a chart, an app, or a friend’s advice. With the rules shifting and so many misconceptions out there, it’s never too early to talk to a professional loan officer for advice on credit, budgeting, and what it would take to qualify for a mortgage.You may be closer to owning a home than you think.

There’s nothing quite like the excitement of getting an offer on your house. You’re one step closer to moving on to what’s next. But what happens if that buyer backs out or ghosts you before closing?If you’ve been seeing headlines about more home sales falling through lately, that possibility may be keeping you up at night. And it’s true. According to Redfin and Cotality, canceled contracts have been on the rise.But here’s what those headlines don’t always tell you…Most sales still go through. Only 10-15% hit this snag. And even so, there are things you can do to help keep your sale from becoming one of them.The key is knowing what tends to scare buyers away and getting ahead of those issues before they have a chance to derail your move.What’s Behind the Rise in Canceled Contracts?Today’s buyers are being more cautious. Mortgage rates are stretching budgets, and with more homes to choose from, buyers have more freedom to walk away if something doesn’t feel right. As Redfin explains:

“That gives house hunters more options and makes them more likely to walk away if an inspection uncovers problems, an appraisal comes in low or the seller doesn’t agree to concessions.”

That’s why an accepted offer isn’t always a guaranteed sale. But it doesn’t mean you should be afraid to put your house on the market, either.It just means getting ahead of potential problems matters more than ever.3 Things That Can Scare Off a Buyer (and How To Get Ahead of Them)A Redfin survey asked real estate agents why some buyers are backing out. And their answers give you a short of cheatsheet into what could go sideways and how you can get ahead of those headaches (see graph below):1. Inspection or repair issues (70.4%)This is the big one. And the good news? It’s also one of the areas where you can be the most proactive.One simple way to head this off is by getting a pre-listing inspection before your house goes on the market. That way, if something needs attention, you can decide whether to fix it upfront (before you sell), adjust your price, or disclose it and come in already prepared for what’s likely to pop up in negotiations. It’s a lot better to find the skeletons in the closet before a buyer does.2. Buyer financing falls through (27.8%)Even buyers who are pre-approved can run into financing issues before closing. And with mortgage rates putting extra pressure on affordability, some buyers are finding it harder to make the numbers work.While you can’t control whether a buyer’s loan goes through, you can work with your agent to look closely at their financing before accepting an offer. And if affordability is the concern, your agent can help you explore whether incentives like closing cost credits or a mortgage-rate buydown could make a difference.3. The buyer can’t sell their current home (21%)Sometimes, your buyer needs to sell their house before they can buy yours. And if their sale falls through, yours could be affected too.That’s why it’s important to understand any home-sale contingencies before accepting an offer. Your agent can help you look at where the buyer is in their own selling process and what protections you may want in place.The goal isn’t to eliminate every possible risk. It’s to avoid being caught off guard by the ones you can plan for.Don’t Let the What-Ifs Keep You Up at Night Just remember when you read headlines about canceled deals, they don’t give you the full picture. Most home sales still make it to closing.And if a sale does fall through, that doesn’t automatically mean your house won’t sell. Sometimes a buyer’s circumstances change. Sometimes an issue comes up that can be addressed before the next offer.What matters is having an agent who knows how to spot potential problems early, help you navigate negotiations, and keep your sale moving forward.Because while you can’t control every twist and turn, you can control how prepared you are.Bottom LineThere’s no need to let the fear of a buyer backing out hold you back. While no sale comes with guarantees, a little preparation upfront can go a long way toward making the whole process smoother.If you’re ready to make a move, talk to a local agent about whether a pre-listing inspection makes sense for you.