What to Expect: A Look at the Mortgage World in 2020

The housing market is moving full steam ahead into 2020, however, crunched supply could have things slowing down on the horizon. To help keep our customers cruising along, the team at Cambria® Mortgage™ works hard to provide the best tools and services available. Read more about how Cambria Mortgage can assist you with your homeownership needs in the year ahead.

Interest Rates

The first topic on everyone’s mind when you mention the housing market is usually interest rates. 2020 looks to continue the trend of historically low rates with some forecasting the average 30-year interest rate to hover around 3.85%. While this is a solid prediction, the wildcard with rates could be the 2020 election. For now, it is safe to say rates will remain low at least into the new year.

Home Values

The limited supply and large demand will keep home values increasing in 2020. The local appreciation is forecasted to outpace the national average, which is good for Minnesota homeowners. The predicted increase locally is predicted to be around 2.8% while nationally it is predicted to be around .8%. Combined with the low rates, the continued home appreciation will make it a good year to refinance to lower your rate or to access cash from the equity in your home. Working with your Cambria Mortgage Mortgage Consultant can help you crunch the numbers to see if this is the right move for you in 2020.

Home Sales

Home sales will continue to be impacted by the lack of supply in the market. Even with new home construction up 6% there is no match for the current demand in the near future. It could be years before we see supply catch up to the incredible level of demand. Driving some of the demand is the continual increase in rents and the fact that Generation X and Baby Boomers are staying in their homes longer. An interesting generational note is that for the first time in history, Millennials are predicted to make up more than 50% of home sales in the next year.

How Cambria Mortgage Can Help

With the limited supply and high demand, it is more important than ever to come to the table with a solid pre-approval if you are looking to purchase. With a Cambria Mortgage fully underwritten pre-approval you can be confident that your offer will stand out and get the attention of the sellers. Call Cambria Mortgage today to get started on your pre-approval with no cost and no obligation.

If you are looking to lower your rate or take some cash out of the equity you have built in your current home, there is no better time. Interest rates are low and home values are high. Now is the time to act and Cambria Mortgage will walk you through the process from start to finish. Contact our team to get the ball rolling before the ball drops!

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.

WFSH: Work From SECOND Home Life?

The weather is growing cold and many snowbirds are starting to make preparations to head south… Sound appealing but not quite at the snowbird stage of life yet? Can you still get in on the warm weather action? With the current changes to many people’s working environments you may be able to live the snowbird life while still maintaining your working routine. Read on for the benefits of owning a second home.

How The Election May Affect the Housing Industry

There are a handful of factors that impact mortgage rates. Most of them, ones you’d never think to consider. For example, the weather impacts rates; when natural disasters take place like a hurricane or earthquake, rates tend to decrease. More expected, generally speaking, when the employment situation and economy improve you can expect rates to increase. But what happens when there is a presidential election?

Mortgage Payment Breakdown: Where Does Your Payment Actually Go?

Chances are you know exactly how much you make your check out for every month when you pay your mortgage, but do you know what you are actually paying for? As a company, we talk a lot about interest rates and closing costs when investigating a refinance or purchase, however, once all the paperwork is signed it’s easy to lose track of the exact terms of our mortgage. Let’s take a deep dive into exactly what your mortgage payment is allocated toward. Read on for a full mortgage payment breakdown.

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…

Yesterday and Today: What Low Interest Rates Actually Mean

One of the phrases companies love to use right now is “historically low rates” (guilty!), but what does that actually mean? Is it just lip service getting people intrigued or is there more to it than that? We took a look back at the last 30 years of data to show you what exactly goes into the phrase we all love so much.

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.

10x Our Team Blew Us Away

At Cambria Mortgage our team’s primary goal is to make it easy for clients to finance or refinance a home. It’s important to us that our clients feel at home before they even find one; here are 10 instances where we were especially blown away by post-closing feedback.

But First, Get Pre-Approved

If you’re thinking about buying a home this year, I’m sure you already have many things on your to-do list. Maybe you have been looking into reevaluating your budget and saving for a downpayment; you’ve probably started to get an idea of what your credit looks like; heck, you may have even begun to dream up your future home online. The list goes on… But what is the #1 thing you should do right now?

Celebrate Homeownership Month with Cambria Mortgage

June is here, and you know what that means… It’s officially summer and school is out; the longest day of the year comes and goes; wedding season is typically in full swing. But what else? National Homeownership Month. We celebrate a key American value and the cornerstone of our economy every single day of June.

Back to Basics: How to Create (and Stick to) a Budget

For many, the recent global health crisis has thrown us a financial curveball. With any budget, and especially with the amount of uncertainty at large, it’s important to periodically examine your finances to make sure you are optimizing your assets and preparing for the future. If you do not currently have a budget, this is a great place to start. Read on for tips to create, and live by, a budget.

Preparing to Purchase: 5 Things to Do to Get Ready to Purchase Your New Home

Buying a new home is an exciting prospect. The spring and summer housing market is heating up and rates are low ‒ you are ready to take the leap…right?! If you are feeling compelled to ‒ or maybe just pondering the idea of ‒ making the move into a new home purchase, make sure you don’t hit any potential bumps along way by following our tips below.

Tips for Getting a Mortgage Virtually

To many, the mortgage process may seem daunting to begin with… add a pandemic to the mix and it’s a recipe for disaster right? Wrong. While things around the office definitely look a lot different while we are in the midst of social distancing, things aren’t all that different when it comes to the mortgage process. Being we live in a world of advancement and technology, we were ready for a situation like this and haven’t missed a beat. Here are a few of our most helpful tips to make the virtual mortgage process a breeze.

Good News from the Housing Market (Why This is NOT 2008)

The most popular phrase during this pandemic seems to be, “during these uncertain times…” Some may even use this phrase when referring to the housing market. While a comparison to 2008’s housing crisis is certainly reasonable, the current housing market shows positive signs that keep us optimistic and show this is not a do-over of 2008. Read on for factors in the current housing market that show things are looking up.

A Financial Planner’s Insight on a Changing Market

The present economic climate seems to be trending toward a bear market for the first time in 11 years. Bear market? Don’t let that last sentence come off as a bearer of bad news… When the market shifts like this, it is not a time to worry; it is simply a good indicator that it’s time to take a look at your current portfolio and prepare for the future.

Why Refi? What it Means to Refinance and Why You Should Look into it

Interest rates, interest rates, interest rates. That seems to be the only thing in the headlines regarding mortgages these days. The TV, radio and internet ads are all telling you NOW IS THE TIME TO REFINANCE! But why? What does it mean to refinance and what do you have to gain? Read on for the many reasons to refinance to see if it really is time for you to take a closer look.

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.

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.

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.