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.”

The Inside Scoop on Interest Rates

“For the first time in nearly a decade, the Federal Reserve raised the prime rate by one-quarter percent in December,” says Helling. “While mortgage interest rates are not tied to the prime interest rate, analysts anticipated that they would begin trending up as a result, but this has not been the case.  Mortgage interest rates have remained low and, currently, they are below four percent. Even though the Federal Reserve may raise the prime rate up to three more times this year, experts predict the 30-year fixed rate will remain at about four percent in 2016, making this a great year for consumers to refinance their current mortgages or purchase new homes or condos.

A Healthy Minnesota Housing Market

“We’re happy to report that, as a result of the continued economic growth in Minnesota, the housing market is very strong and we anticipate that it will remain healthy throughout 2016,” says Helling. “Across the Twin Cities metro area, the biggest challenge for prospective homeowners is a lack of homes for sale. This is causing housing prices to rise modestly, with many homebuyers making full-price offers and offers over the asking price. Because demand for homes is outpacing the supply, the new home construction market is robust, with a long list of homebuilders competing for a limited supply of buildable lots.”

Getting a Home Mortgage is Easier than Ever

“The continued economic growth has also resulted in a gradual loosening of credit guidelines,” says Helling. “And, with an array of new home loan programs designed to make homeownership more affordable, it’s easier to get a mortgage now than it was several years ago.” If you’re thinking of refinancing, your Cambria® MortgageTM expert can help you determine what you qualify for and what best fits your needs. Loan types include: Rate and Term Refinance, which allows you to lower your interest rate and/or alter the term of your loan; a Cash-out Refinance, which allows you to refinance your mortgage and access the equity as cash; or an FHA Streamline Refinance, which may allow you to lower your interest rate. If you’re a homeowner with a mortgage backed by Fannie Mae or Freddie Mac, you may be eligible for the Home Affordable Refinance Program (HARP), which has been extended through December 31, 2016. Originally designed to assist homeowners who are underwater, or nearly underwater, refinance their mortgages, HARP has helped homeowners lower their interest rates and improve the stability of their loans by moving from an adjustable-rate mortgage to a fixed-rate mortgage.

Schedule a Complimentary Mortgage Check-up

Inspired and encouraged by the positive economic outlook for 2016? We invite you to schedule a no-obligation consultation with Cambria Mortgage. If you’re a homeowner, we’ll provide a complimentary mortgage check-up and help you determine if it’s to your advantage to refinance. If you’re in the market for a new home, we can help you decide which loan option best fits your needs and goals. To schedule your consultation, please call Cambria Mortgage today at 952-942-0110.

Britt Peltola

Britt Peltola

Marketing Director

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.

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.

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.

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.