• Banking and Mortgage

    Lending Update

    Happy Spring, sort of……I am guessing we are going to end up going straight from Winter to Summer since we have apparently missed Spring! I am sure we have all been busy preparing for the Spring buying season.  I know I have many, many Pre Approvals and not as many Accepted Offers as I was expecting.   I am hearing from fellow lenders and Realtors that we are all in the same boat for the most part.  Lack of inventory is an issue as well as rising rates.  Frustrating but, understandable after the past 2 years of a booming market.   As a Lender, I have noticed more interest in Arm…

  • Banking and Mortgage

    Construction Loans: 6 Tips for Simplifying the Process

    BY CLINT ZIEGLER, Assistant Vice President – Mortgage Loan Officer at State Bank of Cross Plains With the current inventory of homes for sale in Dane County down more than 10 percent from last year at this time, many people on the hunt for a home are considering building as another option for their situation. While there are distinct pros and cons for both building and buying a home that make either option a viable solution, the financing process can be more complicated to navigate when building.  Consider all Expenses When applying for a typical mortgage to purchase an existing home, the total out-of-pocket cost likely includes: Down payment Monthly…

  • Banking and Mortgage

    Home Buying in 2022: What to Expect

    Helping your clients understand the home buying journey, and their partners along the way, could mean the difference between a positive experience and a negative one. Buying a home is an exciting and rewarding life event. But without the right guidance, the process can become more difficult than it needs to be. Understanding and following these guidelines will help make your path to homeownership as smooth as possible. Preparing to Buy Even before you have a specific home in mind, it’s important to prepare. Assemble Your Team: A good lender and a good realtor make up your core team. Your lender should agree to help you throughout the entire process, and…

  • Banking and Mortgage

    Mortgage Options – What is the Ideal Fit?

    How can buyers, realtors, and lenders, successfully navigate this arena? There are a number of different home loans available and while those of us who deal with these options everyday are familiar, home buyers only focus on these details when buying a home. As this may be infrequent, it makes sense to hit the highlights in order to guide conversation points and answer questions. Fixed Rate Mortgage A fixed rate mortgage provides for consistent monthly payments for years to come. Two of the most common fixed rate mortgages are the 30-year fixed and the 15-year fixed.  30-year fixed A loan with a fixed interest rate and a repayment plan spanning…

  • Banking and Mortgage

    One Loan to Purchase and Renovate Your Home

    Do you have a listing that won’t sell because the kitchen and bathroom are outdated?  Does the home need new windows or flooring?  Associated Bank may be able to help with Fannie Mae’s HomeStyle Renovation loan.  HomeStyle Renovation makes it easy to finance your home improvements as part of the first mortgage.  Down payment as low as 5%.  Competitive fixed rate and only one closing required.  Borrow up to 75% of the as-completed appraised value of the property for renovations.  This loan program is eligible for primary residences, second homes and investment properties.  Single family detached homes, condos, townhouses, PUDs, manufactured homes and 2-4 unit properties as well.     Borrower…

  • Banking and Mortgage

    2022 Mortgage News

    Rates: Rates have been low since the pandemic started in March 2020.  Lately they have inched up, but still remain low.  Nadia Evangelou, senior economist and director of forecasting at the National Association of Realtors, expects interest rates will continue to rise in the year ahead, largely due to inflation. The Federal Reserve is reducing its monthly bond purchases and this will cause mortgage rates to go up as well.  Evangelou expects 30 year rates to average 3.3% in the first quarter of 2022 and 3.5% for all of 2022.  This isn’t a huge jump, so homebuyers shouldn’t panic. Inventory: It is likely that the lack of homes for sale…

  • Banking and Mortgage

    Thompson Kane Mortgage Update

    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…

  • Banking and Mortgage

    Home Affordability and the Price of Housing

    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…

  • Banking and Mortgage

    The Basics of a Home Mortgage

    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…

  • Banking and Mortgage

    Getting Your Buyer to Closing: What you can do to help

    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…