A MARKET UPDATE FROM THE DESK OF TOM HOTTER… While the wild ride we’ve all experienced in 2020 and 2021 may be waning slightly, it is NOT over.  The real estate and mortgage lending industries have certainly seen a prolonged set of market challenges and opportunities unique in our lifetimes. So, what does the future hold for 2022…  Here are a few things to stay mindful of as we ponder the year ahead. As predicted here in the July Restaino Newsletter, mortgage rates remained low through the summer months and began inching upward in September and October.  Although interest rates recovered slightly in November, Fannie Mae, Freddie Mac and the…

As we are coming out of arguably the most unprecedented time in the mortgage industry, and in our country’s history, the topic of home affordability and the price of housing is front and center. We have seen historic low interest rates, allowing most the option to refinance  – and the ability to purchase the new home of their dreams.  With that demand, price appreciation has been pushed to the highest levels on record, an 18.1% increase from August 2020 – August 2021, this according the most recent Core Logic Home Price Index. We know these numbers are not sustainable, “the price gain has far exceed income growth and eroded home…

Buying a home is one of the biggest financial decisions a person will make. Guiding the buyer through the process sets expectations so they know what to expect along the way and starts a friendship that may last a lifetime. The best advice in successfully navigating this process is to select people you respect, feel comfortable with, and like working with. Buying a home is a process that involves many factors, it takes time and energy, you will be talking on a regular basis, it will also yield a reward that is priceless. There’s no place like home! 1. Application and Pre-Approval Letter Start the home buying process with a…

There is NOTHING worse than taking your clients to 20 showings, putting in 10 offers, finally getting one accepted…and then the deal falls through or closing is pushed back. Thankfully, it doesn’t happen often.  While it is absolutely the lender’s job to get the deal done, sometimes people need to hear things more than once. And as Realtors, you have credibility with your clients. You have great power to influence them. Please use that power to help make your buyer into a successful borrower!     Be transparent on their pre-approval application: lenders ask questions that can feel intrusive. We’re not being nosy; we want to be sure your client’s pre-approval is…

AN UPDATE FROM THE DESK OF BRIAN SCHUTZ… Hello all, Brian Schutz, Starion Bank mortgage banker here. Wow has this summer gone fast. I cannot believe it is August already and I have no clue where this summer has gone. It seems this was the fastest summer that we have experienced, and I think it has a lot to do with how last summer went. I’m coming to you this month with good news on the mortgage forbearance program from Covid: For the first time since March of 2020, the share of Fannie Mae and Freddie Mac loans in forbearance has dropped below 2 percent. The share in every investor…

A MARKET UPDATE FROM THE DESK OF TOM HOTTER… The wild ride we experienced in 2020 has certainly continued through the first half of 2021.  The real estate and mortgage lending industries have seen a prolonged set of market challenges and opportunities unique in our lifetimes. So, what does the future hold in the remainder of 2021… Here are a few things to stay mindful of while coming out of a global pandemic with vaccination efforts in full swing. Fannie Mae, Freddie Mac and the Mortgage Banker’s Association all project mortgage rates to remain low and will likely inch upward as the economy progresses given the risk of inflation on…

At UW Credit Union, we’re here to help everyone achieve their homeownership dreams. Here’s a synopsis of market conditions, along with steps buyers can take to reach their goals with confidence. Falling rates and their implications We continue to see a favorable borrowing environment for homebuyers. Mortgage rates remain low and Fannie Mae reports that most Americans feel now is a good time to sell a home. However, half of Americans believe that home prices will continue to rise. 1 Fannie Mae’s Home Purchase Sentiment Index reported: 53% of Americans say it’s a good time to buy 61% of Americans say it’s a good time to sell 50% of Americans…

Friends of Restaino and Associates- I hope this note finds you safe and healthy.   What a year 2021 has been in real estate thus far!  I am sure many of you would agree, the real estate market has never been this competitive.  With the sun coming out, warmer weather on the horizon, and your continued hard work, we are all hoping more listings are on their way.  My name is Joe Boyle, and I originate mortgages with Cornerstone Home Lending.  Thank you for reading some of my thoughts below.  On the lending side of things, the pressure is on!  To accommodate the market of today, we have had to be…

As 2021 began, mortgage rates continued to be at historic lows. Refinancing has dominated the mortgage market for 2020 and the start of 2021. The mortgage lending team at One Community Bank, has noticed a significant rise in clients taking advantage of these low rates since the dropped in 2019. As the economy begins to stabilize, mortgage rates have started to increase. With only a two-month supply of inventory in Dane County, which is well below average six-month supply, Dane County’s housing market is considered a strong sellers’ market. With such a competitive market, home sellers are receiving multiple offers on their homes, at or above asking price. Home prices…

You’ve made the decision to buy a home. Congratulations! From now until you close, your actions matter to us, as your lender. Here’s a helpful list of Do’s and Don’ts to keep you “moving”:  DON’T – Make any sudden career changes. If you are contemplating changing jobs, talk to your loan officer. Generally, it isn’t advised until you close, but may be allowed for the right upward position. This is not the time to start a new business since you will then need tax returns filed for us to consider it. Income stability and predictability are crucial for loan approval. Love your job…at least for now.  DO – Start filing and stop…