Truework: Recent Buyers Worry Their Mortgages Are Unsustainable

(Image courtesy of Any Lane/pexels.com)

Truework, a Checkr company, San Francisco, found in its latest Recent Homebuyers Report that 85% of individuals who purchased within the last two years said refinancing within the next three is important to their financial health.

That’s up from 56% when asked in 2025.

And 50% said their monthly mortgage payment won’t be sustainable unless they can refinance to a lower rate.

The vast majority–88%–said one common financial setback could jeopardize their ability to make their monthly payment, 67% said a job loss or decrease in income could put their mortgage payments at serious risk, 40% said they will have to get a second job if they are not able to refinance their mortgage in three years, and 32% said they have already cut back on basic living expenses like food and health to cover their mortgage right now.

In terms of other adjustments from recent buyers, 64% report cutting back on dining out, 55% report cutting back on travel and 49% on hobbies.

These mortgages are also causing borrowers to amend their life decisions. Seventeen percent have considered delaying a job change, 16% have considered delaying starting a business, 14% have considered delaying retirement and 13% have considered delaying having children.

Looking back, 75% said that if mortgage rates remain where they are or rise over the next two years, they would have made a different choice. Thirty-seven percent said they would have waited longer to buy, 31% would have purchased a less expensive home and 22% would have chosen a smaller home or moved to a different area.

“For decades, the conversation around affordability has focused on whether buyers could qualify for a mortgage,” said Randy Lightbody, head of mortgage at Truework. “However, our research shows that many buyers are qualifying based on one payment while planning their financial future around another, even gambling on a rate cut that might never come. Affordability is no longer just about getting into a home. It’s about staying there, and many of today’s buyers are making life-changing decisions based on a bet that may not pay off.”