2017 Mortgage Forecast

As 2016 draws to a close, we’re grateful for the strong housing market, which has enabled us to help hundreds of individuals and families invest in real estate, purchase new homes and vacation homes, and reduce their interest rates. As we look ahead to 2017, we anticipate the local housing market will remain strong. We asked Matt Helling, Vice President of Sales and Operations at Cambria® Mortgage™ to provide insights and advice for homeowners in the year ahead.

Thinking of selling your home?

If you’re planning to sell your home in 2017, your timing is excellent. “Here in the greater Twin Cities metro area, we’re seeing a continued lack of inventory of homes available for sale, which has helped drive median sale prices up by almost 6% and closed sales up by almost 5%,” says Helling. With fewer homes on the market, buyers are moving fast and making full-price and higher-than-asking-price offers, causing the average number of days on the market to drop from 76 days to 64 days. These positive conditions are expected to continue throughout 2017, so if you’re thinking of selling your home and buying a new property, consider pre-qualifying for a mortgage, which will allow you to move quickly to buy a new home when your home sells.

Ready to buy a new home?

“Whether you’re thinking of buying a starter home, downsizing to a condo, or investing in a lake cabin, you’re fortunate to be living in the Midwest, as our housing market continues to be more affordable than the East or West coasts,” says Helling. “And, with an abundance of innovative home loan programs and products, it’s easier than ever for first-time homebuyers to qualify for a mortgage with little or no money down.” If you’re getting ready to buy a new home in 2017, your Cambria Mortgage loan expert can help you decide how much you can spend on a down payment and a monthly mortgage payment.

 Planning to build a new home?
“From Shorewood to Savage, new construction is booming across the Twin Cities metro area, with closings up nearly 7% over last year,” says Helling. “Because quality buildable lots within easy driving distance of Minneapolis and St. Paul are becoming increasingly hard to find, make sure you have a lot purchased before you spend significant time or money developing plans.” If you’re dreaming of building a new home in an established neighborhood, talk to top local builders and architecture firms as they often know about available lots and tear-downs before they come on the market. Cambria Mortgage can help you understand how much you can spend to acquire the lot and design, build, furnish, and landscape the house.

Ready to refinance your existing mortgage?

“If you’re in the market for a new home loan, 2017 is still a good time to refinance,” says Helling. “Even though interest rates have risen since the election, we expect them to remain historically low.” To get started on a new home loan, talk to the experts at Cambria Mortgage. Unlike traditional banks, where the selection of mortgages may be limited or bundled with other products that you may not need or want, Cambria Mortgage is a full-service mortgage lender with access to many different investors and programs and highly competitive interest rates, so you can be sure you’re getting the best loan for your situation.

Get started with Cambria Mortgage today.

“With 2017 just around the corner, now’s a great time to get started on buying, building, or refinancing before home prices and interest rates increase any further,” says Helling. Your Cambria Mortgage expert can explain the various loan programs and help you find the right mortgage for your needs. For more information, visit CambriaMortgage.com or call 952-942-0110 today.

Britt Peltola

Britt Peltola

Marketing Director

Reasons to Refinance

The term refinance encompasses so much in terms of home loans. There are many different types of refinances and many…

Seasonal Migration; Not Just for The Birds

As the weather takes a turn for the worse, the thought of getting away to a warmer climate becomes more appealing. The term “snowbird” is often used to describe those who migrate from colder climates to sunny locations for extended periods each year. Becoming a snowbird and owning a home in another state can provide more than just a respite from the cold. Read on for more about the benefits of being a snowbird.

2018 Mortgage Forecast

2017 saw another strong year for the housing market, and 2018 looks to continue the trend. At Cambria® Mortgage™, we are grateful to be able to assist our clients from start to finish to find the best loans for their current situations. Read more about how Cambria Mortgage can assist you with your homeownership needs in the year ahead.

End of the Year Financial Organization

As we approach the end of 2017, it is a good time to take a look at your finances and make sure your current strategies are still working for you. Here are some places to look for ways to maximize your fiscal year.

Reverse Mortgage: Why Acting Now Will Help You Get the Most Out Of Your Home

Beginning in October 2017, there are changes coming to the FHA backed Reverse Mortgage program that could affect the funds available to you from your home. If you or someone you know has ever thought about the benefits of a reverse mortgage, now is the time to act. Read on for information on Reverse Mortgages and how to get the most out of your home.

Rates are Rising: Why Not to Worry

The recent headlines allude to a rising rate environment, but that may not tell the whole picture. While rates have increased slightly in the past few months, they are still near historical lows and should not be seen as a deterrent for buying a home or securing a lower rate with a refinance.

Discover the Benefits of Reverse Mortgages with Jeff Flanery, CRMP, of Cambria® Mortgage™

As part of Cambria Mortgage’s commitment to helping our customers find the best mortgage loan programs for their needs, Jeff Flanery, CRMP, Reverse Mortgage Specialist with Cambria Mortgage, is hosting a series of seminars for seniors and family members. At these informative, no-obligation seminars, Jeff will explain the many benefits of reverse mortgages, how they work, and who is eligible.

Vacation Homes: How to Buy a Piece of Paradise

Do you find yourself returning to the same pristine lake every summer, wishing you owned your own piece of paradise? If so, it might be time to listen to your heart and consider buying a cabin or other vacation home. We asked Matt Helling, Vice President of Sales and Operations at Cambria Mortgage, for his advice and insights.

Plan a Winter Getaway

With 100-plus days of winter looming on the horizon, it’s not too late to start planning a warm weather getaway. And, with a wealth of bargain travel websites at your fingertips and these useful tips, you can escape to Florida, Mexico, or the Caribbean without blowing your budget.

Blue Skies for Homeowners: What to Expect in 2016

If your list of New Year’s resolutions includes refinancing your existing mortgage or buying a new home, now’s a great time to get started. “We’re very optimistic about the economic outlook for 2016,” says Matt Helling, Vice President of Sales and Operations at Cambria Mortgage. "With historically low mortgage interest rates, attractive programs, and a loosening of credit guidelines, 2016 looks to be a strong year for homeowners."

Is a Reverse Mortgage Right for You?

Jeff Flanery, Reverse Sales Manager with Cambria Mortgage, has been helping people transition to reverse mortgages for nearly 14 years. “I work exclusively with reverse mortgages, which is extremely gratifying, as I love helping people extend their nest egg and live better in retirement,” Flanery says. Here, he offers a brief overview of reverse mortgages and their benefits.

Gift Giving Made Easy: Fun and Ingenious Ways to Streamline Your Holiday Shopping and Manage Your Budget

When it comes to holiday gifts, it really is the thought that counts. While it can be fun to indulge your family and friends with extravagant gifts, it’s not always necessary. With a little forethought and planning, it’s easy to manage your budget and impress your loved ones with cost-effective gifts that convey how much you care about them.

Ready to Invest in Income Properties? 5 Tips to Get Started

Investing in income properties can provide an array of short-term and long-term financial benefits, including regular cash flow, tax deductions, potential appreciation, and more. We asked Jim Starr, realtor with Edina Realty, for advice on getting started.

Ask the Expert: Finding the Right Financial Advisor

As we head into the last quarter of 2015, most of us would like to earn more, save more, and invest more money in the year ahead. We asked Bruce Helmer, noted financial advisor, author, speaker, and radio host, for his advice.

Ask the Expert: Smart Savings Strategies for Every Age

When it comes to financial advice and guidance, it makes sense to talk to an expert. We asked Bruce Helmer, financial advisor and founder of Wealth Enhancement Group, headquartered in Plymouth, Minnesota, to share his proven strategies for success. He’s a regarded financial advisor, author, speaker, and radio host and says no matter where you are in life, you can use these tips to make the most of your savings dollars.

Why Refinancing Makes Sense Right Now

By replacing your original mortgage with a new, more cost-effective loan, you can lower—and lock in—your interest rate, improve your term, reduce your monthly mortgage payments, and save thousands of dollars over the life of your loan.

Why Using a Realtor Will Pay Dividends

Buying or selling a home is among the biggest decisions you make in life. With so much on the line, it makes sense to work with professionals who have a wealth of information about the process from beginning to end. Not only do realtors have vast knowledge about the market trends driving prices and sales in your area, but they also have access to an immense network of other professionals and potential buyers. When it comes to marketing your home and working through the details of an offer, realtors can be trusted to present your home in the best possible light and negotiate a deal that’s right for you and your family.

Want to Save Money in the New Year?

After the Christmas bills pile up, many homeowners find themselves in a financial crunch and in need of some long-term financial savings strategies. There is good news for 2015, though. Interest rates are still near historic lows, which means this could be a great time to boost your monthly budget by refinancing your home mortgage.