The New Normal and Embracing Technology
We are now entering our tenth week of the current order and guidelines of Safer at Home, instituted since the COVID-19 outbreak in 2020. In our current environment of limited contact and social distancing, we have seen a dramatic shift in how consumers are doing their research for home shopping, viewing properties and making mortgage applications. Customers and borrowers who had not previously weighed in using these resources for digital and online services, are now utilizing and embracing these technology options from the comfort and safety at home while Sheltered in Place. Numerous workers are working remote from home, including most of the mortgage and real estate professionals, even though…
Banking and Lending During Safer at Home
The world certainly has changed quickly over the couple of months. We first started the year with low interest rates and low inventory on homes for sale. Now we are living in a new environment because of COVID-19. COVID-19 has had a tremendous impact on our economy and the health and welfare of our citizens. Millions of people have been temporarily been laid off. This is causing economic hardship for all of them. Businesses and families have to adjust to the stay at home mandate that Governor Evers has implemented. Essential employees are still working while we over this terrible virus. I want to give a big shout out to…
Homeownership and Consumer Outlook
The Convenience of the Online Mortgage Process + Physician’s Loans
It is safe to say the thought of getting a mortgage loan is overwhelming to most people, especially the first time around. But with today’s technology, the process of getting a mortgage loan isn’t as complicated as one may think. The process can actually be pretty easy and is much more efficient than it has been in the past. A recent Deloitte banking survey found that 33% of people already use online platforms to apply for loans. With most lenders you can complete an online application in the comfort of your easy chair (if you have such a thing) any time, day or night. If you are shopping for a…
How to Build and Maintain a Solid Credit History and Score
The easiest way to boost your credit score is to establish good habits but knowing where to start and what to prioritize can be tricky. We break it down into five easy steps. Your credit score is one of the most important numbers in your financial profile. It helps determine whether banks will lend you money, how much and at what rate. If you don’t know your score offhand, you can check it for free with your bank. To build and maintain your credit score, follow these five steps. 1. Know what determines your score Most credit scores are tallied by companies like FICO (Fair Isaac Corporation), an analytics software…
2020 Conforming Loan Limits Increase to Keep Pace With the Increase in Dane County Home Values
Pictured Left to Right: Dan Leeder, Tyler Lentz, Kathy Leeder, and Dave Leeder The Federal Housing Finance Agency (FHFA) recently announced new and improved 2020 loan limits for Conforming and High balance mortgages. The maximum Conforming Loan Limit for 2020 for a majority of our country will be $510,400 (for one-Unit properties). This is an increase of 5.38% from $484,350 recorded in 2019. For some context into what a Conforming Loan Limit is, Fannie Mae and Freddie Mac are restricted by law to purchasing single-family mortgages with origination balances below a specific amount, known as the “Conforming Loan Limit.”. It is this limit that will be affected by the change.…
Lending Update from SBCP
As we head closer to wrapping up 2019, it’s only natural to start thinking about what 2020 is going to have in store for us. All signs are pointing to a very favorable interest rate environment heading into 2020. This is great news if you have been looking for a home or are thinking 2020 is the year you will buy. It’s anticipated that interest rates will stay in the same range as they have been for the past couple of months heading into the New Year. Trying to predict further into the year gets harder as markets like to know what’s happening with the economy. This time of year…
