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.

Pay Off Debt at a Fixed Rate

If you have any variable rate Home Equity Credit Lines or credit cards with a variable rate, consider a cash-out refinance to ensure your debt is locked in at a low rate. This may have the added benefit of reducing your tax burden as mortgage debt is generally tax deductible. A tax advisor can further guide you on the tax benefits of this option.

An Adjustable Rate Mortgage May Be Right for You

Depending on multiple factors, including how long you plan to stay in your property, an Adjustable Rate Mortgage (ARM) loan may be the right fit for you. ARM interest rates are generally lower than fixed-rate loans, which means a lower payment for you. One of our dedicated Mortgage Consultants can help you look at your situation and decide if an ARM fits your needs at this time.

Use Your Equity

If you were turned down for a loan previously, it may be time to evaluate the equity that has built in your home. This increase in equity may mean that you now qualify to refinance your loan at a lower rate, taking advantage of the market while the rates are still near historical lows. A member of our team can help you evaluate your current Loan-to-Value ratio for your home through an appraisal and determine if this is an option for you.

Act Now

While rates are still historically low, there is a strong possibility that they will continue to increase. Now is a great time to take advantage of the strong housing market and buy your dream home or refinance to complete those home improvement projects you have had your eye on.

Call Cambria Mortgage

To get started, call Cambria® Mortgage™ at 952-942-0110 or visit CambriaMortgage.com. Our team of experts will provide personal, hometown service with sound advice and impeccable attention to detail at every step of the process.

Choosing a Down Payment Option That is Right for You

When looking at purchasing a new home, one of the biggest questions that could come up is what to do about the down payment. There are many options for down payments so it is important to find the option that is right for your current situation and your future financial goals.

Welcome Home: Discover the Cambria Mortgage Difference

Buying a home is one of the biggest decisions of a lifetime. Given the financial and emotional value of your investment, it makes sense to work with a mortgage company you know and trust. We asked John Schroeder, CEO/President of Cambria® Mortgage™, to explain the hometown difference.

Your Lifestyle, Your Mortgage: Choosing the Right Home Loan

As we swing into the fourth quarter of 2016, it continues to be a strong year for real estate. With historically low interest rates for primary and secondary residence loans, now is a great time to refinance your current home loan, buy a new home, or invest in a vacation home with a mortgage that fits your lifestyle.

Remodeling ROI: How to get the biggest bang for your renovation buck

If you’ve been thinking about remodeling your home, you’ve probably realized that it’s both an emotional and financial decision. For example, if you love to cook, a new kitchen with a chef-grade stove may bring you countless hours of joy and entertainment. But if you might be selling your home within the next few years, you also want to know the kitchen will pay for itself when the “For Sale” sign goes up in your front yard. Here are some tips to help you get the biggest bang for your renovation buck.

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.