Spencer McLachlan
Sales Manager
| NMLS #856104
Branch NMLS #1177426
(763) 370-9979
smclachlan@cmgfi.com
POST TAGS
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 BuilderA Bountiful Autumn: What to Expect with Seasonal Mortgage Trends
Blog posted On October 04, 2024
The end of summer heralded a shift in the real estate market. The recent Fed rate cut announcement caused ripples throughout the industry, cutting the benchmark interest rate by 0.5%. Home buyers and real estate professionals alike have been celebrating as this announcement marked the first rate reduction in four years. After a languid summer and a dragging housing market, this economic shift has aligned perfectly with the changing season. Autumn has now been injected with buying energy, and potential home buyers may finally feel ready to leap off the sidelines into the golden leaves of homeowning.
READ MORECMG Financial Raises Conforming Loan Limits to $802,650 ahead of FHFA’s Increase
Blog posted On September 27, 2024
CMG Financial has increased its agency conforming loan limits to $802,640, a 4.71% increase from this past year’s limits. Though the Federal Housing Finance Agency (FHFA) has not officially announced the new conforming loan limits, CMG wanted to give home buyers early access in an effort to ease some of their affordability challenges.
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How 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 MORE80 Years: The History and Impact of the VA Loan
Blog posted On July 25, 2024
The VA home loan was created through the G.I. Bill, also known as the Servicemen’s Readjustment Act of 1944. Signed into law by President Franklin D. Roosevelt on June 22nd, this legislation ensured an enduring legacy that continues to provide Veterans with vital resources, fostering a brighter future for generations to come. The VA Loan played a critical role in that development.
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 MOREIntroducing MedPro Advantage – a Low Down Payment Program for Medical Professionals!
Blog posted On June 17, 2024
The cost of homeownership has become more and more costly in recent years – especially for those who might have preexisting student loan debt. Through our new MedPro Advantage program, we’re making it easier for doctors and other medical professionals to buy a home!
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 MORERenovation Loans - How They Can Be Beneficial in the Current Market
Blog posted On September 21, 2023
Roughly half of the American population worries they’ll never own a home. Fewer homes are for sale and more homes are selling over asking price, meaning you’re more likely to be involved in a bidding war and might not be able to afford the homes you like. Many buyers, especially first-time buyers are understandably losing hope. If you feel like you’re one of these people, we’ll tell you a secret hack that most American buyers AREN’T doing that can uncover more options at lower prices. Don’t lose hope just yet!
READ MOREWhy a Mortgage Preapproval is Your First Step in Home Buying
Blog posted On September 07, 2023
Purchasing a home is one of the most significant financial decisions you'll ever make. Whether you're a first-time home buyer or you’ve moved between several homes, the journey can be both exciting and overwhelming. One crucial step that often gets overlooked in the excitement is obtaining a mortgage preapproval.
READ MOREExploring Your Mortgage Options When Rates Are Rising
Blog posted On August 31, 2023
Mortgage interest rates tend to be very cyclical. They regularly rise and fall depending on factors like inflation and the general health of the economy. If you’ve found yourself looking for a home when rates are rising, it can seem like the long-term affordability of homeownership is out of reach. However, there are options for home buyers in almost every housing market. This article will look at the viability of options like adjustable-rate mortgages, temporary buydowns, rate locks, and refinancing.
READ MORE3 Essential Questions Renters Must Ask Before Purchasing a Home
Blog posted On June 23, 2023
For many renters, the idea of transitioning from renting to homeownership can be both exciting and daunting. It's a significant financial and lifestyle decision that requires careful consideration. Before taking the leap, renters should ask themselves several crucial questions to ensure they are ready for the responsibilities and benefits of owning a home. If you’re considering homeownership, consider these three essential questions that you should ask before making the move.
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 Ways to Turn Your Tax Refund into a New Home
Blog posted On February 02, 2023
Tax season is the time of year that most Americans look forward to because they are expecting a refund from Uncle Sam. It may be easy to start daydreaming about a new car, a new wardrobe, or shiny new electronics, but if your goal is to become a homeowner this year, there are several ways that you can leverage your refund to reach your goal and start building wealth.
Here are 5 ways that you can use your tax refund to purchase a home:
READ MOREBuilder Optimism, Home Inventory, and Purchase & Refi Demand Tick Up as Rates Trend Lower
Blog posted On January 19, 2023
What a difference a year makes. A year ago, mortgage rates were climbing one of the steepest hikes in history. The only rival being the Everest of the late 70s and early 80s. What was once a roaring market driven by pandemic-level rates quickly became a ghost town of sinking refinance demand, destroyed builder confidence, and plummeting interest in purchasing a home. A cloud of apprehension lingered over the market for the better part of a year. Twelve months later, and the sun is finally starting to break through.
READ MOREHome Buyers Are Feeling More Confident About Purchasing in 2023
Blog posted On January 12, 2023
Home buyers are embracing the new year with a new hope. Mortgage application submissions are up, sales prices are set to cool, and more sellers are offering concessions. On top of that, mortgage rates are expected to continue trending lower over the next 12 months. Though last year was a challenge for many, it’s looking like the force will be strong with hopeful buyers this year.
READ MORE6 Main Things That Go Into Making an Offer on a Home
Blog posted On December 14, 2022
You and your real estate agent have done the research and found the home. Congrats! Now it’s time to make an offer. An offer is important not only because of its price point. If an issue or question ever comes up during the transaction, this is the contract that you all will reference. Making an offer is a little more detailed than just writing a number on a piece of paper, so if you haven’t already, you might want to connect with a real estate agent – someone who is trained and ready to write you a winning contract!
READ MORE5 Reasons Why Winter is the Best Time to Buy
Blog posted On December 07, 2022
Winter is probably the last season picked in home buyer gym class. It’s cold, it’s in the middle of the school year, and everyone is preoccupied with the holidays. Plus, it admittedly is a slower season for the housing market. While winter may not have the speed of spring or athleticism of summer, it does have a certain edge that can help home buyers win.
READ MOREHome Buying Tips for Recent College Graduates
Blog posted On November 02, 2022
Purchasing a home is a dream of many, especially those who have graduated college and begun life in the ‘real world.’ Purchasing your first home early and avoiding the rent trap can give you a jump start on building valuable home equity. If you’re just starting out in the ‘real world,’ welcome! Here are a few tips for those who don’t want to waste money on rent.
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