Is 2020 Still Your Housing Year?

We don’t think anyone would disagree with stating this year has been unexpected, difficult and confusing for most everyone… but especially for prospective homebuyers. Those who planned on 2020 being the year they jumped headfirst toward their dream of homeownership may now find themselves doubting that idea altogether. Fear surrounding another housing crash like that of the last recession still lurks, however all signs are still pointing toward a positive housing climate. 

The Misconception
While the National Bureau of Economic Research has announced we’re in a recession, that does not equate to another housing crash. Unlike the last time we saw an economic downturn‒during times of frequently overbuilt stock and high-risk mortgages‒real estate is set up to help the country out of economic hard times, not into them. New guidelines have been introduced since then, put in place to keep real estate reliable and strong. 

The Bigger Picture
In order for real estate to make that positive economic impact, consumers must play their role and boost the number of homes on the market. Check out this infographic highlighting the average economic impact of just one single home sale in the U.S. from Keeping Current Matters:

Real Estate Will Lead the Economic Recovery | Keeping Current Matters
Image Source: Keeping Current Matters

Thanks to declining inflationary pressures, historically low mortgage rates have increased affordability for homebuyers immensely. This means prospective homebuyers can afford homes with larger pricetags than in the past. If you’re sitting on the sidelines, either as a potential homebuyer or home seller, now may be a great time to jump in. 

The Key to Success
As mentioned, low rates combined with low inventory makes for a competitive market. This puts sellers in a great position to sell fast and for a fair price. It also means buyers should be pre-approved upfront. Having a fully-underwritten pre-approval in hand shows you’re a credible and serious buyer, increasing your odds of the sellers choosing you to be the next lucky homeowner.

Between home equity and appreciation, low interest rates and the general state of our housing market… We are seeing positive signs all around. When you’re ready to play your part in boosting our economy, the Cambria Mortgage team can take a thorough look at your unique situation and be able to tell you your eligibility with certainty. Visit CambriaMortgage.com or call 952-942-0110, we’re here to help! Pandemic or not, 2020 can very well still be your housing year. 

SOURCES:

A Remarkable Recovery for the Housing Market. (2020, July 20). Retrieved July 30, 2020, from https://www.keepingcurrentmatters.com/2020/07/21/a-remarkable-recovery-for-the-housing-market/

Smialek, J. (2020, June 08). The U.S. Entered a Recession in February. Retrieved July 31, 2020, from https://www.nytimes.com/2020/06/08/business/economy/us-economy-recession-2020.html

Where Will the Housing Market Go From Here? (2020, July 21). Retrieved July 31, 2020, from https://www.keepingcurrentmatters.com/article/where-will-the-housing-market-go-from-here/

Affordability Just Increased for Tons of Buyers!

Financing a home just became more affordable for hundreds of thousands of buyers… News recently dropped that Mortgage Insurance will cost less on new FHA home loans! Beginning March 20, most FHA loans will carry lower mortgage insurance premiums. Costs are based on loan amount, so savings will be even higher on pricier homes. With lower costs, you'll save on your monthly payment and require less income to qualify for the mortgage you want!

The Truth Behind Inflated Headlines

The headlines have been heavy with talk of inflation, high interest rates and even the possibility of a recession lately. Many may be wondering what this means in general, but especially what this means for the housing market. It’s easy to get wrapped up in the panic of it all, so we’re laying out the facts. Here’s what you need to know about what’s really behind all these headlines…

Don’t Take it From us, Hear it Straight From the Source

When it comes time to purchase or refinance your home loan, it’s important that your lender fully understands your unique circumstances, your financial situation and your goals for the future. This is an occurrence where you definitely don’t want to feel like you’re “just another client”. At Cambria Mortgage, clients receive personal, one-on-one assistance with a lender they can trust.  It’s important to us that our clients feel at home before they even find one. Here are some examples of feedback we’ve received that proves just how much our team cares:

In 2022 Cash (Out) is King

Nothing lasts forever… Including tremendously low interest rates. Even if it is ever-so-slightly, in 2022 interest rates are expected to rise. Over the past few years though, home values have appreciated at an incredible pace. For the refinance sector, these factors draw the majority of consumers away from rate and term refinances and point them toward a cash-out focus instead. Most current homeowners have built up quite a bit of equity, which should theoretically make qualifying for a cash-out refinance fairly easy for most. So is it the right move for you? We’ve laid out the most common uses for this type of refinancing so you can explore the possibilities. Like always, your team at Cambria Mortgage is here to help and support you in your home financing journey. Don’t hesitate to reach out with any questions or to begin the process.

Loan Limits for 2022 Increase 18%!

The Federal Housing Finance Agency (FHFA) has officially announced the conforming loan limits for 2022. Homebuyers will now be able to get a conventional mortgage to purchase a one-unit home for up to $647,200! This is an increase of $98,950 from $548,250 in 2021, making this the largest-ever annual increase for loans eligible to be purchased by Fannie Mae and Freddie Mac.

Veterans: You’ve Earned These Exclusive Programs & Savings

November is truly a month of gratitude. Not only do the holidays start inching nearer with Thanksgiving at the forefront, but we also celebrate our nation’s heroes on Veterans Day. Cambria Mortgage recognizes it is a great honor and privilege to serve those who have served our country. Though it will never suffice in return for what we’ve received from our Veterans, we are proud to specialize in VA loans and offer exclusive savings to Veterans at closing. Are you a Veteran? Read on to learn more about the benefits you’re entitled to, and of course… Thank you for your service!

Low Rates: Opportunity is Still There, For Now

Over the past year, we’ve been spoiled with mortgage interest rates at rock bottom levels we’ve never seen before. Recently though, toward the end of September, rates increased. Don’t panic… You haven’t missed your opportunity to save with a low rate… Yet. While the days of waiting for a lower rate are behind us, today’s mortgage interest rates are still historically low and very much worth taking advantage of.

A Guide to Fighting Home Buyer’s Fatigue

Navigating today’s housing market is anything but simple. Buyers are seeing multiple offers to compete with on nearly every home, contract terms that heavily favor the seller and it’s rare to see a home go for less than list. This market requires buyers to be quick on their feet and act fast with a solid offer in hand. Even with a solid offer, buyers have to be ready to negotiate to win that bidding war. With that said, all the moving parts of a seller’s market can be a recipe for burnout. If you’re feeling the fatigue of this market, take a look at the tips we’ve laid out below - and remember, Cambria Mortgage is here for you.

Seller’s Market Shmeller’s Market… Why Buyers Can Still Win in This Environment

Ah, yes - a seller’s market… Where the number of people looking to buy a home far exceeds the number of houses available for sale. Seller’s are most definitely in the driver’s seat and call the shots when it comes to choosing their most ideal purchase offer. So for many, searching for a home feels like a losing game as of late. However, with some perseverance and competitive drive, homebuyers can still win big even in this environment.

The Tool Clients, Realtors & Mortgage Lenders Are Raving About

It’s no secret that our world operates on the principle of instant, fast and seamless. To be expected... Client, realtor and lender expectations are built on the same foundation. As a company, we are proud to offer the tools and technology that allow us to meet and exceed the expectations of the modern consumer. We have what clients, realtors and lenders are raving about… The Cambria Mortgage Mobile App.

Three eMortgage Musts You Shouldn’t Miss

While CDC guidelines seem to be loosening with each passing day, for many people things still don’t feel “normal” enough to be comfortable meeting in-person. So the question is… Can you still obtain a mortgage with limited contact? Yes, at Cambria Mortgage you definitely can. Getting a mortgage virtually is a popular option, and we’re more prepared than ever to provide that service to our clients. Here are three tips to help your transaction go smoothly:

What Makes a Team Great? 10 Times Our Clients Summed it Up.

When it comes time to purchase or refinance your home loan, it’s important that your lender fully understands your unique circumstances, your financial situation and your goals for the future. This is an occurrence where you definitely don’t want to feel like you’re “just another client”. At Cambria Mortgage, clients receive personal, one-on-one assistance with a lender they can trust. Our Mortgage Consultants explain the various home mortgage programs, help you decide which loan is best suited to your needs and guide you through the entire process so you feel fully informed and able to make sound decisions. Client satisfaction means the most to us. Here are 10 examples of feedback we’ve received that proves just how much our team cares:

Roses are Red, Violets are Blue, Interest Rates are Historically Low… You Could Save $$$ Too!

Valentine’s Day is almost here and love is in the air. Do you know what else is in the air? Talk of low interest rates. If you haven’t caught wind that interest rates are historically low consider yourself an anomaly. Mortgage interest rates have continued to hover near all time lows for quite a long stretch of time, meaning now could be the best time for you to take advantage of them by refinancing your current mortgage or locking in a low rate for your next home purchase. Unlike eternal love, low interest rates may not last forever so take advantage of the situation while you can!

5 Steps to Achieving Your Goal of Homeownership

As the entire world is aware, a fresh new year is ahead of us. Like many others, you’ve probably taken some time to reflect on how this last year has shaken out and you've likely set some new goals for yourself. In order to best achieve a goal, we need to map out exactly what needs to be done to get there. If purchasing a home is on your list of resolutions this year, keep reading because we’re laying out exactly what you need to do to crush that goal in 2021.

Creating Your 2021 Vision Board: Is a New Home One of Your Goals?

In a year full of uncertainty, one thing is for sure… It was easier than ever to lose sight and hope of what’s next. Many who planned on buying a home this last year decided to postpone that dream. But interest rates are stellar and it’s time to act. If you’re like us, and ready to put the doom and gloom of 2020 behind you, you’ll enjoy this article.

Clues You Should Refinance

It’s no secret that rates are low, and it seems they just keep getting lower. In August, the nation’s average…

Realize Your Remodel with Finance by Cambria

Now that summer is upon us, it’s a great time to start planning your next kitchen or bath remodel with Cambria®. Whether you’re dreaming of a sparkling, all-white kitchen with pristine countertops and a stunning center island crafted of Ella™, or a sophisticated master bathroom with a coastal-chic vibe featuring Oakmoor™, Finance by Cambria is an ideal way to pay for your remodel.

Jumpstart Your Remodel with Finance by Cambria

Now that spring is just around the corner, it’s a great time to start planning your next kitchen or bath remodel with Cambria. Whether you’re dreaming of a sparkling, all-white kitchen with pristine countertops and a stunning center island crafted of Ella™, or a sophisticated master bathroom featuring the elegant, serpentine swaths of Roxwell™, Finance by Cambria® is an ideal way to pay for your remodel.