Understanding Headlines from the Mortgage Industry
Looking through the headlines it is easy to spot buzzwords related to the mortgage industry. What do all these headlines mean? How do they affect you and your homeownership plans? Read on for a quick take on what the headlines mean for you.
“Home Values Rising”
This seems to be a staple in the headlines regarding homes these days, but what does it mean for you? One immediate thought is that you would be able to sell your home for more, however, that is not helpful unless you are selling. Even if you are not looking to sell your home you are benefiting from rising home values. One of the best ways to take advantage of the increase in your home’s value is to drop the private mortgage insurance (PMI) you have been paying if you put less than 20% down when you purchased your home. If the equity in your home has now reached at least 20% of the original purchase price, you could be eligible to drop your PMI. A simple call to your Mortgage Consultant can help you get the process started.
If you do not have PMI and are not looking to sell, what is left? If you have been dreaming of a remodel or doing some long-awaited repairs, you could look at a cash-out refinance to pay for the project. The best benefit in this scenario is that the updates you are making to your home should only continue to increase its value for the future! Talk to Cambria Mortgage about how we can help you transform your current home to your dream home.
“Interest Rates Dropping”
This headline probably seems like a no-brainer. Low interest rates are a good thing in most cases, but what should you do about it? Well, if you are looking to purchase a home this means that you should be able to get more house for your budget as less of your monthly payment will go towards interest. If you are not looking to purchase you can still take advantage of the low rates by refinancing your current mortgage and lowering your rate and/or shortening your term. The best place to start to see how the low rate environment can benefit you is with your Mortgage Consultant. They can take a look at your current situation and your future goals and help you make a homeownership plan.
“Are You Ready to Buy a Home”
Purchasing a home, whether it is your first or one of many, comes with a lot of questions. How much do I need for a down payment? What is the best loan program to use? How much can I afford to pay each month? All of these questions and more can be answered during a free consultation with a professional Mortgage Consultant from Cambria Mortgage. They will review your portfolio, goals, budget and more to help get you on the right path for homeownership and your future. Reading up on mortgage trends is great, but at a certain point it is always best to work with a professional who can walk you through the process from start to finish.
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.