Spencer McLachlan
Sales Manager
| NMLS #856104
Branch NMLS #1177426
(763) 370-9979
smclachlan@cmgfi.com
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Mortgage News Mortgage Insurance Refinance Market Updates First-Time Home Buyer Conventional Loan FHA Loan Purchase Home Design Selling Budget Financial Planning Loan Process Credit New Construction Home Maintenance Renovation Homeowners Insurance Investment Property VA Loan Down Payment Assistance Taxes All in One Loan Debt Management USDA Loan HELOC Loan Programs BuilderHow Falling Interest Rates Could Reignite the Housing Market
Blog posted On September 20, 2024
With mortgage rates tumbling to their lowest levels in recent times, priced-out potential home buyers may start to hope again. Due to the recent lower-trending rates, refinance applications jumped starting in August. Now, with the Fed beginning its long-awaited rate cuts, home buyers could be in luck in the coming months.
READ MOREDown Payment Costs Rise by 15% Annually: Here’s How to Keep Yours Low
Blog posted On September 06, 2024
According to Redfin, home buyers are now putting down an average of $67,000, which marks a nearly 15% increase compared to a year ago. This put the typical home buyer’s down payment at a whopping 18.6% of the purchase price, the highest level in over ten years. With this recent surge, prospective homeowners, realtors, and lenders alike are all wondering what this means for the future. And how can we still succeed in the home buying market despite record highs?
READ MOREHow to Spot and Avoid Real Estate Scams as a Home Buyer
Blog posted On August 29, 2024
Buying a home is probably one of the biggest financial investments you’ll make in your life, making you an appealing target for hackers and fraudsters. From wire fraud to email fraud to solicitation calls, there are several ways people might try to get your personal information and/or money. So in this blog, we’ll explore some of the most common real estate scams and how to avoid them.
READ MOREThe Importance of a Real Estate Agent in Today's Market
Blog posted On August 22, 2024
A staple of the mortgage industry is the need for a REALTOR® during your home buying (or selling!) process. Many potential homeowners are questioning whether utilizing a real estate agent is even needed these days, believing they can just save the money and do the legwork themselves. Fortunately, there are still a multitude of reasons to work with a REALTOR® — why don’t we tackle a few of them?
READ MOREKey Things Buyers Should Consider When Purchasing a Home
Blog posted On August 08, 2024
After years of saving bit by bit, chipping away at debt, and boosting your credit score in preparation for buying a home, you’ve finally gotten to a good place. It’s time to wave goodbye to landlords and purchase your new home! Where do you even begin? It’s such a big life decision, and you want to make sure you find a home that checks your most important boxes while avoiding money-draining surprises. To help you determine your future home with confidence and clarity, let’s look through home buying green and red flags.
READ MORE5 Strategies for Navigating a Low Affordability Housing Market
Blog posted On August 02, 2024
What are some of the biggest homeownership hurdles holding you back? Well, high interest rates and historically high home prices to start! It’s understandable to ask, “WHY are people buying now, and HOW are people affording homes?” Instead of holding off and continuing to wait for rates to drop, this may be the best time to buy, especially with the help of loan programs like Rate Rebound. According to MarketWatch, buying now is key—once the Fed finally starts cutting interest rates, the lack of home supply will remain, meaning that “high home prices today could soar.” Let’s tackle five strategies that can put you ahead of the game in this low affordability market.
READ MORE5 Tips on How to Financially Prepare for a Home Loan
Blog posted On June 28, 2024
Are you ready to purchase your first home, but overwhelmed with where to begin? The way to set yourself up for success for the home buying process is to consider preparing your finances and getting into the best financial shape possible before applying for a home loan. Let’s walk through some helpful tips to help the process go as smoothly and stress-free as possible.
READ MOREGlimmers of Hope for Home Buyers Arise as Inventory Inches Up
Blog posted On June 21, 2024
Higher-trending mortgage rates getting you down? Here’s something you can get excited about: according to Realtor.com, there are 35.3% more homes on the market than this time last year. Even more exciting news: there is a rising number of affordable homes hitting the market.
READ MOREIs it time to break up with your landlord? 5 ways to know if you are ready to buy a home.
Blog posted On March 06, 2024
Buying a home is a significant milestone for many people and it has several financial, emotional, and social benefits. However, determining whether you're truly ready to take this huge step involves more than just a desire for homeownership. It requires careful consideration of various factors that can significantly impact your financial well-being.
In this blog post, we'll explore five key indicators that can help you determine if you're truly prepared to break up with your landlord and buy a home.
READ MOREWhat Is Home Equity?
Blog posted On February 29, 2024
Being a homeowner comes with a number of perks and financial benefits; one of which is home equity. Homeowners looking to maximize the value of their investment would be wise to understand their home equity, how it works, and what they can use it for. In this blog post, we'll answer all your burning questions about home equity, and hopefully you’ll leave with a few ideas on making the most out of your investment.
READ MOREStruggling to Sell Your Home? DON’T Make This Costly Mistake
Blog posted On October 19, 2023
“I’ll wait until next year...” “Maybe when rates fall…” “I can’t afford to buy right now…” High mortgage rates are pushing many people out of the home buying market. With fewer interested buyers, selling a home has become significantly harder than a couple of years ago. If you’re trying to sell now, don’t give up hope. We have ways that can help you save money and still sell your home at top price.
READ MOREThe Best Time of Year to Buy A Home: Insights And Tips
Blog posted On June 02, 2023
As you start shopping for a home, timing can play a crucial role in securing a deal or getting the location you want. While the real estate market fluctuates throughout the year, certain periods offer definite advantages for potential home buyers.
READ MORELegislative Proposal to Ban Trigger Leads Offers Consumers Hope of Long-Needed Relief
Blog posted On April 27, 2023
Last week, Rep. Ritchie Torres of New York introduced bill H.R. 2656 in hopes of ending the sale of trigger leads, which could greatly reduce the number of unsolicited calls a consumer receives after applying for a mortgage. Oftentimes, trigger leads cause confusion for buyers because they can come from competing lenders who are asking for personal information. Although this bill is still in the early stages, it’s a good (and far overdue) step in the right direction.
READ MORE5 Things to Negotiate When You Buy Your First House
Blog posted On November 30, 2022
Buying your first house is an exciting move, especially in the current market. More and more sellers are offering consessions to buyers like closing costs, points, etc. But there might be more conessions that your real estate agent could negotiate. It's always useful to work with a real estate agent, especially when buying your first house. They have the ability to potentially save you hundreds or thousands.
READ MORE5 Tips to Help You Choose a Mortgage Lender
Blog posted On September 28, 2022
When shopping around for a mortgage lender, it's important to investigate more than who has the lowest rates. While most mortgage lenders have a lot of the same processes, other factors that can set them apart include the service you receive and the fees they charge.
READ MOREClosing Day Checklist for Home Buyers
Blog posted On September 14, 2022
You are finally about to close on your dream home! As closing day gets closer you may be stressed that you may be forgetting something important for the big day. By making a closing day checklist, you can eliminate the stress and prepare for a smooth day.
Here is a checklist of closing day must-haves.
READ MOREHow Your Rent Payments Can Help You Qualify for a Mortgage
Blog posted On July 21, 2022
One of the biggest obstacles for first-time home buyers is their limited credit history. Credit history is a big factor in the mortgage application process. However, we’re now offering an alternative solution for first-time buyers. With positive rent payment history, we can include your completed rent payments in the application process, which may help boost your overall credit assessment and allow you to qualify for a mortgage more easily.
READ MORE5 Ways to Decorate Your New Home on a Budget
Blog posted On July 20, 2022
Moving into a new home is an exciting process, but sometimes decorating it can be an extremely daunting and expensive task. This can be especially true if this is your first home, or if you are moving into a bigger place and you need to buy additional furniture to fill the home.
Below are five things you can do to help decorate your new home on a budget.
READ MOREWhy Now is Actually a Good Time to Buy
Blog posted On June 22, 2022
Lately, the media and news has been portraying the current housing market as a ‘bad time to buy.’ While home prices may be high, they’re set to stabilize soon. While mortgage rates are trending higher than two years ago, they’re not as high as their pre-2010 average. Now might be a better time to buy than you think, and the tables are starting to turn in favor of buyers.
READ MOREPros and Cons of Adjustable-Rate Mortgages
Blog posted On April 14, 2022
In a rising interest rate environment, the numbers that you see can be intimidating. Especially if you’re used to record-low rates. Getting a fixed-rate mortgage in a high-rate environment can be intimidating. Once you close on your loan, you are locked into that interest rate unless you refinance. Another alternative – one that many homeowners and home buyers haven’t thought of in a while – is an adjustable-rate mortgage (ARM).
READ MOREBenefits of Purchasing a Multifamily Home
Blog posted On March 31, 2022
Unless you’re a seasoned real estate investor, it’s likely that you haven’t considered purchasing a multifamily home. At first glance, buying a multifamily home sounds much more expensive than a typical single-family purchase. Although yes, most multifamily homes have a higher sales price than comparable single-family homes, they actually could help you save money every month.
READ MORE6 Signs That You’re Ready to Buy a Home
Blog posted On March 23, 2022
Most people reach an age where they debate if buying a home is right for them. If you find yourself asking this question often, it might be time to evaluate if you’re really ready to buy a home. Here are six sure signs that will help you decide if you’re ready to transition from renting to owning.
READ MOREThe Difference Between Prequalification, Preapproval, and Underwritten Approval
Blog posted On January 20, 2022
Buying your first home can involve a lot of different steps and terminology that might not sound familiar. You may have heard of mortgage preapproval. But what about prequalification? And underwritten approval? What’s the difference between these steps? We’re here to break it down for you and help guide you through the process every step of the way.
READ MOREGovernment-Backed Mortgages Explained
Blog posted On November 18, 2021
The extensive list of different home loans can be overwhelming, especially for first-time buyers. FHA, USDA, VA – the acronyms can get confusing. But they’re worth understanding because they could help you save thousands of dollars on your mortgage.
READ MOREWhat to Know Before Buying Your First Home
Blog posted On November 04, 2021
Buying your first home can be intimidating, and if you ask a lot of homeowners, they would’ve done certain things differently. To guide you in your first home purchase process, here are six quick tips that can save you time and money.
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