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Fannie and Freddie Address Buyer’s Agent Commission Questions

Blog posted On April 15, 2024

Earlier today, Fannie Mae and Freddie Mac clarified questions about the payment of real estate agent commissions. These questions were brought up shortly after the nationwide settlement agreement proposed by the National Association of REALTORS^®(NAR). The updates are largely aligned with the previous statement that the FHA published on March 28, 2024, which confirmed that there will be no changes to seller-paid buyer agent fees at this time.

CMG Financial Expands New England Presence with Retail Acquisition of Norcom Mortgage

News posted On April 11, 2024

AVON, CT – CMG Financial, the well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, announced today the retail acquisition of Norcom Mortgage, a northeastern mortgage company boasting over three decades of success. The 25-branch-addition will enhance CMG’s northeastern presence from Maryland to Maine.

CMG Home Loans Continues Growth with New Additions in the Pacific Northwest

News posted On April 08, 2024

SEATTLE, WA – CMG Home Loans, the retail lending arm of the well-capitalized and privately held mortgage banking firm, CMG Financial, today announced the hiring of two leading originators poised to drive significant growth in the Pacific Northwest: Danny Meier, NMLS# 880575, and Chris Siegfried, NMLS# 963944.

13 Essential Features That Are Must-Haves for New Home Buyers

Blog posted On April 04, 2024

Everyone has their own style and preferences, but there are a number of home features that pop up at the top of any home buyers’ checklist. Even new construction home builders will take note of the current trends and incorporate them into the house that they’re building so that it appeals to more buyers. So, what are these top home features?

Market Update: Rates Unchanged After a Slow Week; Jobs Reports Coming Up This Week

Blog posted On April 02, 2024

Mortgage rates were unchanged last week, marking one of the calmest weeks for rates in quite some time. Inflation levels on the PCE index were uninteresting as well, coming in as expected in February. Consumer spending came in hotter than expected while personal income slipped. This morning, we got news about job openings on the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) from February. Though they were expected to be at a level of 8,760,000, they came in at 8,756,000. Coming up this week we have more jobs reports which historically have a stronger influence on rate trends.

Home Features That Make Everyone Happy

Blog posted On March 28, 2024

Market Update: Rates Trend Lower After Fed’s Rate Cut Predictions; Home Prices Reach New High

Blog posted On March 26, 2024

The Federal Open Market Committee (FOMC) voted to leave the benchmark interest rate untouched last week. Following the news, mortgage rates trended lower. Read why.

How To Conquer Those First-Time Home Buying Struggles

Blog posted On March 22, 2024

Buying your first home is an exciting milestone, but it can also be overwhelming, especially in today's real estate market. With high mortgage rates, soaring home prices, and limited inventory, first-time home buyers face unique challenges. However, with the right strategies, you can navigate these hurdles and achieve your dream of homeownership. In this guide, we'll explore the challenges first-time buyers are facing, and the options available to overcome these obstacles.

Market Update: Builders Are Feeling Confident About the Housing Market

Blog posted On March 18, 2024

Mortgage rates trended higher last week thanks to a hotter-than-expected inflation report. But it’s a new week! And so far, we’re off to a strong start for housing news. This morning, the National Association of Home Builders (NAHB) released its housing market sentiment index for the month of March. It showed that builders think the housing market is in a much better place than it was this time last year.

CMG Financial Recognized as a Tech100 Mortgage Winner

News posted On March 07, 2024

SAN RAMON, CA – CMG Financial, a well-capitalized and privately held mortgage banking firm based in San Ramon, CA, has been recognized as a 2024 Tech100 Mortgage winner. The annual award, held by HousingWire, celebrates the most innovative and impactful organizations in the industry. CMG was recognized this year for its recent iteration of a POS opportunity pipeline.

Is 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.

Market Update: Rates Ended Last Week Trending Lower but Upcoming Jobs Reports Could Change Things

Blog posted On March 04, 2024

Rates trended higher throughout much of last week, but Friday’s economic data helped bring some relief. This week’s jobs reports have a strong influence on rate trends. Let’s take a look at what the week could hold.

What 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.

Market Update: Home Prices Reach All-Time High in December; Will They Continue Climbing?

Blog posted On February 27, 2024

Mortgage rate trends have been relatively unchanged over the past week. Home price appreciation, on the other hand, has changed quite a bit over the past four years. According to Case-Shiller home price data released this morning, prices have surged 46% since 2019. They reached a new all-time high in December after climbed 0.2% month-over-month. This puts buyers in an increasingly difficult position, wedged between higher-trending interest rates and soaring home prices. Read more about what the experts are saying.

CMG Financial Named Top Growth Lender in 2023

Blog posted On February 23, 2024

The 2023 numbers are in, and CMG Financial is on top! Inside Mortgage Finance recently released origination data from 2023, which showed that CMG was the top growth lender for the year. Most of the top lenders in the nation (including Rocket Mortgage and Guaranteed Rate) saw steep declines in origination volume from 2022 to 2023. CMG had a strong increase of 19.9%.

Market Update: Rates Trend Higher After Strong Inflation Report; Existing Home Sales Surge in January

Blog posted On February 22, 2024

Last week brought less than good news for mortgage rates with a hotter-than-expected inflation report. The consumer price index (CPI) is the most popular inflation report. Up until 2022, it wasn’t a particularly influential report in terms of mortgage rates. Since 2022, inflation has become one of the most important reports for rates, causing massive rate swings when numbers came in above or below expectations. In BETTER housing news, existing home sales from January were higher than expected, proving that the market is already heating up for spring.

Is it a Good Time to Refinance? Here Are 6 Ways to Tell

Blog posted On February 16, 2024

Refinancing is a term that gets thrown around in conversations about mortgages and loans, but what exactly does it entail? This post will dive into the ins and outs of refinancing and explore whether or not it could be a good choice for you.

Market Update: Hopes of a May Rate Cut Dwindle After Hot Inflation News

Blog posted On February 13, 2024

January’s consumer price index came in hotter than expected this morning, causing stocks and mortgage bonds drop. Mortgage rates have the inverse reaction of mortgage bonds, so it’s likely that rates will trend higher. Looking long-term, experts are speculating that this higher inflation report could impact the possibility of a rate cut in May.

How Long Should You Stay in Your Home Before Selling?

Blog posted On February 08, 2024

Deciding to sell your home is a significant decision that requires careful consideration. Whether you're downsizing, upsizing, facing financial concerns, or taking advantage of a booming sellers’ market, the timing of selling your home can greatly impact your financial outcome. How do you know when to sell, though? Is there a specific amount of time you should stay in your house before considering selling? This blog will showcase some of the reasons to consider selling and what factors may impact your decision.

Market Update: Strong Jobs Reports Push Rates Higher – but Not THAT High

Blog posted On February 06, 2024

There are a lot of headlines floating around about rate momentum towards the end of last week. Here’s what most of them sound like: last week’s employment situation crushed rates’ downward momentum. When you say it like that (which most of the media is), it sounds bad. But if you look at the bigger trend, it’s not that bad. It’s not bad for two reasons.

Do You REALLY Need to Get Preapproved?

Blog posted On January 25, 2024

In the world of real estate, the term "preapproval" often floats around, leaving potential home buyers wondering if it's actually a necessary step in the home buying process. The truth is, getting preapproved for a mortgage is not just a box to check; it can significantly impact your home buying experience.

In this blog post, we'll explore what preapproval is, dive into the benefits it offers, and walk you through the preapproval process, so you can make an informed decision on whether you really need to get preapproved.

Market Update: Rates Inch Higher but the Market Finds Silver Linings

Blog posted On January 23, 2024

Rates trended higher last week, thanks to some comments from Fed members and stronger economic reports. Retail sales came in hot in December, which suggests higher consumer spending, pushes inflation higher, and generally makes rates trend higher. Additionally, Fed member Waller made comments that had a negative impact on the bond market and rates. Despite a week of mostly bad news, there were still some silver linings.

Buying a Home in 2024 Will Look Different from Last Year

Blog posted On January 18, 2024

As we bid farewell to 2023, a year marked by record-high interest rates and soaring home prices, the housing market is showing signs of a shift in dynamics. The real estate landscape has evolved, presenting both challenges and opportunities for aspiring home buyers.

In this blog, we'll delve into the highlights of the past year’s market trends and explore the current state of the market.

Market Update: Inflation Data Proves Lower-Trending Rates Are Here to Stay

Blog posted On January 16, 2024

Two sets of data have had one strong hold on rate movement over the past few years: jobs data and inflation trends. The higher the inflation or jobs numbers, the higher the rate trends. Last week was different. Though inflation numbers on the consumer price index came in above expectations, rates trended lower. This is big news for a couple of reasons.

How To Prepare To List Your House During Peak Buying Season

Blog posted On January 11, 2024

As the real estate market ebbs and flows, there's a golden window known as the peak buying season—a time when potential buyers are actively searching for their dream homes. This opportune moment demands more than a "For Sale" sign and a tidy interior. To stand out and attract the right buyers, strategic preparation is key.

Here's your comprehensive guide on how to prepare to list your house during peak buying season.

All In One Loan™ One-Time Close Construction-To-Permanent Program: Start Earning Equity Before Your Home is Built

Blog posted On January 10, 2024

You know what you want. So why would you settle for anything less? If you REALLY want a burger and fries, why pay for nuggets instead? If you’re going to pay for something, it might as well be exactly what you want. You’ve been around the block long enough to know what you want in a home. So why not build it? Before you argue the hassle and cost, you might want to hear about an option that can help you avoid much of both.

Market Update: Rate Volatility Still Low Despite Strong Jobs Reports, Showing Promising Signs for 2024

Blog posted On January 09, 2024

Though last week didn’t bring overwhelmingly positive results from economic reports, it did give rates a chance to prove their steadfast resistance to higher-trending volatility. Several employment reports were released last week. This is important because employment data has had a strong impact on the Fed, the bond market, and rates over the past year. Generally, a stronger jobs market equals a stronger economic outlook and higher rates. Over the past 12 months, when jobs reports came in above expectations, rates would rise. So, when last week’s jobs data outperformed, many were concerned that it would rock the boat of the recent downward rate trends.

How Much House Can You Really Afford? Here’s What Loan Officers Are Looking At.

Blog posted On January 04, 2024

Imagine you find your dream home for sale after looking for months. It has a big yard for the dog, a basement for the kids, the perfect room for your home office, and it’s in a great neighborhood. However, when you reach out to an agent or loan officer to get the process started you discover that the house is way over your budget, and you have to go all the way back to square one.

Market Update: Rates Inch Slightly Higher From 7-Month Lows; Jobs Data Coming Up This Week

Blog posted On January 02, 2024

Mortgage rates ended 2023 trending slightly higher than they were at the beginning of the year. It was an eventful year filled with rate volatility. Luckily, December rounded out the year with several weeks of lower-trending rates. More specifically, in mid-December, rates had one of the biggest 2-day drops in decades, followed by weeks of uncanny absence of volatility. The cause was the Federal Reserve’s announcement, which coincided with the release of the outlook for the Fed Funds rate. The outlook – depicted by a rate dot plot – was very friendly, making rates very happy. So what’s to come in 2024?

How Debt Affects Homeownership

Blog posted On December 28, 2023

Homeownership is a classic part of the traditional American Dream. It represents not only financial stability but also a place to call your own. Getting approved for a home loan can feel daunting, especially if you're carrying a significant amount of debt. Debt affects your Debt-to-Income Ratio (DTI), which is a major part of the loan approval process.

Five Steps to Take Now if You Want to Buy a Home In 2024

Blog posted On December 21, 2023

As we head toward a new year, your resolutions may include buying a new home in 2024. Homeownership in general, or an upgrade from where you are now, is at the top of the wish list for many people. Are you financially prepped for this important step?

6 Financial Tasks to Complete by the End of the Year

Blog posted On December 14, 2023

This time of year is a whirlwind. Between preparing for the holidays, traveling, spending time with family, and hopefully squeezing in some time to relax, there’s a lot going on at the end of the year. This makes it easy to overlook some less fun, but equally important tasks like checking in on your finances. If you haven’t yet already, here are 6 things to do before the year ends to maximize your financial benefits and get ready for the new year.

Market Update: An Overall Successful Week for Rates; More Volatility Coming Up with This Week’s Inflation News

Blog posted On December 12, 2023

Give rates a pat on the back! Last week, the employment situation reports came in stronger than expected. Typically, this would lead to higher rates. However, rates were resilient and didn’t react as badly as anticipated. They inched slightly higher from earlier in the week, but not nearly as volatile as it could have been. Part of this could be the overall trend in economic reports as of late. They have been on a steady trend downward, which is good for the bond market (and the bond market influences rates). This morning we got the consumer price index from November, which was largely in line with expectations. More on the implications of both reports below.

Market Update: Rates Slid Downward Last Week but the Trend Could be Reversed with This Week’s Reports

Blog posted On December 05, 2023

Rates tumbled down to the lowest levels in three months last week, giving hopeful buyers and owners much needed relief. The underlying cause was movement in the bond market, which influences rate trends. Right now, the market is walking on eggshells. Last week’s progress could easily be reversed by the results from this week’s economic reports – mainly the jobs reports. However, if the jobs reports come in weaker than expected, they could help push rates even lower.

Market Update: Rates Slide to 2-Month Lows and Home Price Appreciation Grows

Blog posted On November 28, 2023

Last week, average rates officially brushed two-month lows. Though they climbed slightly higher on Friday, they recovered lost ground yesterday. Also released yesterday was the new home sales report for October, which showed a slowdown but had some hopeful hints as well. This morning, the Case-Shiller home price index revealed that home prices are still climbing.

Market Update: Rates Slide Following Friendly Inflation News; Slow Week Ahead

Blog posted On November 21, 2023

Rates continued their downward trend last week, bringing them to their lowest levels in months. Who do we have to thank? The consumer price index from October. This showed that inflation was cooler than expected last month, which is a good thing for rates. Now, the bigger question that remains is: does this mark the beginning of a downward shift in rates?

Fannie Mae Makes Multifamily Homes More Affordable with Reduced Down Payment Requirements

Blog posted On November 20, 2023

In the midst of steep home prices and high mortgage rates, Fannie Mae is making strides to create more affordable homeownership opportunities for hopeful buyers. As of November 18, 2023, it will now accept down payments as low as 5% for 2- to 4-unit owner-occupied homes. This marks a big transition from the previous 15% to 25% requirements for multifamily homes. With the new guidelines, there is a huge opportunity for home buyers looking to purchase a primary residence while still profiting from rental income.

CMG Financial Announces the Addition of Shamrock Home Loans, Expanding Its Presence Across the Northeast

News posted On November 16, 2023

PROVIDENCE, RI – CMG Financial, a well-capitalized and privately held mortgage banking firm based in San Ramon, CA, is thrilled to announce the addition and integration of Shamrock Home Loans' origination team. The team of sales and support professionals will be branded as Shamrock, Powered by CMG Home Loans, and led by Shamrock's Chief Growth Officer, Kurt Noyce, and President, Rod Correia. The team will remain in their current locations. This significant expansion is set to enhance CMG’s presence in New England and introduce multiple branches to the Rhode Island and Massachusetts regions.

Market Update: Rates Inch Higher; Big Inflation Data Coming Up This Week

Blog posted On November 13, 2023

Mortgage rates inched slightly higher last week, which is to be expected after the large downward swing we saw a couple of weeks ago. This week could shake things up with the consumer price index (CPI) inflation data from October.

Market Update: Weak Economic Data and Jobs Reports Cause Best Rate Rally in Months

Blog posted On November 07, 2023

Mortgage rates finally caught a break last week. After months of strong economic data pushing rates higher, we finally saw some relief in last week’s jobs reports. Most of the numbers came in lower than expected, indicating that the labor market is returning to historically normal levels. Rates reacted by trending lower – much lower. In fact, they had the best three-day streak since March 2023. Some say it was the best three days of news in the past two years.

CMG Home Loans Welcomes Area Sales Manager Valerie Goebel

News posted On November 06, 2023

BOISE, ID – CMG Home Loans, the retail division of well-capitalized privately held mortgage banking firm, CMG Financial, announced today the hire of Area Sales Manager, Valerie Goebel. A skilled mortgage expert with a lifetime of detailed knowledge of the Boise area, Goebel will be leading a talented team that is prepared to serve the unique needs of the Idaho and Utah markets.

CMG Home Loans Welcomes Area Sales Manager Valerie Goebel

News posted On November 06, 2023

Saving Money in a High-Rate Environment

Blog posted On November 02, 2023

It’s no secret that mortgage rates are on the rise, which makes it more difficult for Americans to purchase homes. While the high-rate environment can be challenging, it doesn’t have to mean your chances of buying a home are non-existent.

Market Update: Calm Seas for Rates Last Week Set the Stage for Big Wave Potential this Week

Blog posted On October 31, 2023

Last week, rates trended downward slightly, but as we know, this won’t be a lasting trend until economic data can show significant signs of cooling. This week, there are plenty of big reports on the horizon.

Market Update: Glimmers of Hope Exist as Rates Climb Higher, but How High Will They Go?

Blog posted On October 23, 2023

We’ll start with the bad news: rates continued to climb last week and reached the highest levels in 23 years. It didn’t take much for them to get there since they were already flirting with the line. Nonetheless, it leaves many wondering how much higher rates will climb. We’ll get to that, but we’ll also talk about the silver linings and good news.

Struggling 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.

Market Update: Rates Bounce Higher After a Week of Progress; Fed Members Debating a Pause in Hikes

Blog posted On October 17, 2023

Mortgage rates made good downward progress last week. This week is a different story. Yesterday, rates jumped back to higher levels for no specific reason from any economic reports. However, there might be hope on the horizon. Several Federal Open Market Committee (FOMC) members have been vocal about their belief in a rate hike pause.

Is Now the Right Time to Buy a House, or Should You Wait?

Blog posted On October 13, 2023

Should I buy now or wait until rates fall? This question is plaguing current home buyers. Home prices are climbing, interest rates show no signs of cooling, and buyers are struggling to find affordable homes on the market. The result? Most buyers are choosing to wait. In fact, more than 80% of buyers believe it’s a bad time to enter the market, according to Fannie Mae Home Purchase Sentiment Index released in early September. However, there are some hidden perks and advantages to buying in the current market.

Three CMG Leaders Recognized as Powerful Women of Mortgage Banking in 2023

News posted On October 10, 2023

SAN RAMON, CA – CMG Financial, the well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, is honored to announce that three of its executive leaders have been named a Powerful Women of Mortgage Banking in 2023 by Mortgage Banker Magazine – Kim Callas, EVP, Chief Operating Officer, Tara Pettersen, Chief Risk and Compliance Officer, and Courtney Thompson, EVP, Head of Servicing. This was the most winners recognized out of any company.

Market Update: Bond Market Strength Pushes Rates Lower After a Week of Jumps

Blog posted On October 10, 2023

Last week, rates trended higher after various employment reports exceeded jobs growth expectations. Strong jobs market = strong economy = weaker bond market = higher rates. However, the events over the weekend have reversed the trend.

EFFECTIVE IMMEDIATELY: CMG HOME LOANS RAISES CONFORMING LOAN LIMITS FOR 2024, CONSUMERS GET EARLY ACCESS TO HIGHER LIMITS

Blog posted On October 09, 2023

The Federal Housing Finance Agency (FHFA) is projected to increase conforming loan limits once again in 2024. CMG Home Loans is excited to start implementing these higher loan limits early. Effective immediately, our conforming loan limits will be raised to the numbers below for conforming Conventional Loans locked on or after October 9^th, 2023.

Getting a Second Mortgage Opinion: Why It Matters

Blog posted On October 05, 2023

Buying a home is the largest and most important financial decision you’ll make. Whether you’re a first-time buyer or a repeat buyer, it’s only natural to be overwhelmed with the mortgage approval process. Financial jargon, a slew of numbers, and limited options can make you feel trapped and forced into a decision. But before you sign on the dotted line, it might be worth expanding your options.

Market Update: Rates Climb and Bounce; Could See More Movement This Week with Jobs Data Releases

Blog posted On October 02, 2023

Last week, mortgage rates initially trended higher due to weakness in the underlying bond market. However, when we see a notable upward trend in rates, we can normally expect a ‘bounce’ lower at some point. This is exactly what we saw on Thursday and Friday. While the drop didn’t take rates lower than they were a couple of weeks ago, it did help them recover the ground they lost throughout last week. What will it take for them to continue dropping lower?

Important Steps When Applying for a Home Loan

Blog posted On September 28, 2023

Purchasing a home, especially your first home, will be one of the most important transactions of your life. When you apply for a mortgage, there are some critical steps you should take. Below are some of the most crucial steps that you should take prior to shopping for your first home.

CMG Home Loans Hires RJ Keilen, Regional Sales Manager in Phoenix, Arizona

News posted On September 28, 2023

PHOENIX, AZ – CMG Home Loans, the retail division of well-capitalized privately held mortgage banking firm, CMG Financial, announced today the hire of Regional Sales Manager, RJ Keilen. His experience building successful teams in the greater Phoenix area will be put to good use for the CMG Arizona region.

Market Update: Fed Sees Rates Higher for Longer; New & Pending Home Sales Coming Up This Week with Inflation Data

Blog posted On September 26, 2023

Last week was the Fed’s highly anticipated September meeting. While the Committee did not raise the benchmark interest rate, it did release an updated summary of economic projections for 2024. Among these projections was an updated dot plot marking where each Fed member thinks the benchmark rate will be at the end of next year. Compared to the Committee’s previous projections, September’s dot plot revelated that most members expect rates will be higher for longer. Their reasoning? Recent economic data showing that the economy is strong. All other things being equal, a strong economy tends to mean a weaker bond market and higher rates.

Renovation 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!

Market Update: Inflation Shows Mixed Signals; Fed Interest Rate Decision Coming Up This Week

Blog posted On September 18, 2023

Mortgage rates trended slightly higher last week, but not for reasons you might expect. As we know, hotter inflation and stronger economic data generally lead to higher rates. But last week, rates had near opposite reactions. Inflation data was hotter than expected. However, rates inched lower. The next day, retail sales were much higher than expected, which typically would have sent rates much higher as well. But rates only had slightly higher movement. Why? Read the full explanation, plus big rate movement factors coming up this week, below.

Market Recap: Hints of Inflation Drive Rates Higher; This Week’s Inflation Report Could Change Things

Blog posted On September 11, 2023

The brief relief from two weeks ago (when rates were trending lower) proved to be short lived. Last week reversed the trend for seemingly no reason. When taking a closer look, some underlying causes come to light. One was the corporate bond market. The other was the ISM Non-Manufacturing PMI (purchasing managers index). If this sounds like a different language, we’ll explain.

Why 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.

CMG Financial’s General Counsel, Shannon Leight, Featured in Vanguard Law Magazine

News posted On September 07, 2023

San Ramon, CA – CMG Financial, the well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, has been recognized in Vanguard Law Magazine’s Summer 2023 Edition III alongside General Counsel, Shannon Leight. Vanguard is a digital publication that showcases the diversity of modern in-house counsel by highlighting the philosophies, strategies and initiatives of attorneys at some of the world’s most recognizable companies including Samsung, Heineken, Pfizer, MetLife, Dell, MasterCard, and now CMG Financial.

Market Update: Rates Drop Toward 3-Week Lows, but Will the Trend Continue?

Blog posted On September 04, 2023

As promised, last week’s economic data shook some things up for rates. Two weeks ago, average rates were trending near a decades-long high. Thankfully they found some relief from the GDP and jobs data last week and fell toward the lowest level in nearly a month. Now the big question is: will this trend continue?

Exploring 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.

CMG Home Loans Welcomes Area Sales Manager Kevin Johnson

News posted On August 29, 2023

COLUMBUS, IN – CMG Home Loans, the retail division of well-capitalized privately held mortgage banking firm, CMG Financial, announced today the hire of Area Sales Manager, Kevin Johnson. A proven leader in the mortgage industry with over 25 years of experience, Johnson will be responsible for growing CMG’s southern Indiana presence.

Market Update: Jobs Data Coming Up this Week Means Big Potential for Rate Movement

Blog posted On August 28, 2023

August has been quite the month for mortgage rates. Though we saw a decent recovery earlier in the month, rates have since climbed to the highest level in over two decades. That being said, they’re actually not that much higher than they were last October. And they could trend lower this week if the data from all the jobs reports is on our side. Remember that ‘decent recovery earlier in the month’? That happened after the previous bout of jobs data was released. So cross your fingers for weak jobs data and you might see more buyer-friendly rates by the end of the week.

Getting Your Home Ready for a Disaster

Blog posted On August 24, 2023

No matter where you live, you likely face some sort of natural threat like tornadoes, wildfires, hurricanes, snowstorms, flooding, or heatwaves. Certain areas are more prone to natural disasters than others, and if you live in one of these areas, it’s essential to have an emergency plan. Keep these points in mind as you prepare your home and family for the unexpected.

Market Update: Rates Rise Once Again; Big Housing News Coming Up This Week

Blog posted On August 21, 2023

Mortgage rates inched past 20-year highs last week, leaving many people scratching their heads. Isn’t inflation supposed to be the big factor driving rates? And if inflation is calming down, why are rates rising? Both good questions that we’ll dive into below.

CMG Financial’s Paul Akinmade Recognized as 2023 HousingWire Marketing Leader

News posted On August 16, 2023

Baltimore, MD – Paul Akinmade, Chief Strategy Officer of well-capitalized, privately-held mortgage bank, CMG Financial, has been recognized as a 2023 HousingWire Marketing Leader. “In its third year, HousingWire’s Marketing Leaders award is recognizing the marketers in housing who represent the brains and creativity behind the growth and success of their organizations,” notes Lesley Collins, Program Manager for HousingWire’s Editor’s Choice Awards. “Through compelling messaging, content development, strategic campaigns and much more, these leaders are driving meaningful revenue growth for their organizations by engaging audiences and generating brand awareness day in and day out.”

Student Loans and Homeownership: How to Overcome the Hurdle

Blog posted On August 16, 2023

Are you a potential home buyer struggling with student loan debt? You're not alone. With student loan debt reaching record levels, many people worry about how this debt will impact their ability to qualify for a mortgage. However, there's good news - student loans are by no means a death sentence for homeownership. In fact, with the right strategies in place and the help of a knowledgeable loan officer, buyers with student loan debt can still achieve their homeownership goals. As your trusted source for advice on overcoming the student loan hurdle, I'm here to guide you through the process.

Market Update: Rates Surprisingly Inch Higher Despite Friendly Inflation News; What’s the Deal?

Blog posted On August 14, 2023

Last week, rates trended higher despite some friendly inflation news from the consumer price index (CPI). Though it’s not always the case, higher inflation levels have correlated to higher rates over the past year. But there was some hopeful news for rates and housing last week as well. Let’s break it down.

How to Qualify for a Mortgage as a First-Time Home Buyer

Blog posted On August 10, 2023

Are you tired of renting and ready to take the leap into homeownership? Congratulations! Buying a home is one of the biggest decisions you'll ever make, and it can bring many benefits, including financial stability, increased equity, and the freedom to make your own design choices. However, as a first-time home buyer, it's natural to feel overwhelmed by the mortgage application process. That's why we've put together these pointers to help you navigate the path to homeownership and qualify for a mortgage.

Market Update: Rates Recover in Response to Jobs Data; Big Inflation Report Scheduled for This Week

Blog posted On August 08, 2023

Mortgage rates fluctuated throughout last week. While they initially trended higher after Wednesday’s ADP employment change report, they reversed the trend after Friday’s weaker-than-expected employment situation reports. This week, we have July’s consumer price index (CPI), which could shake things up for rates.

CMG Home Loans Welcomes Michael Wise, Area Sales Manager

News posted On August 08, 2023

Thousand Oaks, CA – CMG Home Loans, the retail division of CMG Financial, a well-capitalized privately held mortgage banking firm, has welcomed Area Sales Manager Michael (Mike) Wise (NMLS# 236372). Wise, a passionate mortgage expert with over 30 years of industry experience, previously founded Capstone Direct Mortgage Financing.

Market Update: Mortgage Rates Trended Higher, but Not Because of the Fed; Jobs Reports Could Shake Things Up this Week

Blog posted On July 31, 2023

Last week, the Federal Reserve raised the benchmark interest rate another 0.25%. The next day, mortgage rates trended higher. However, it wasn’t the Fed that influenced this trend. In fact, rates consequently trended lower following the Fed announcement and press conference on Wednesday afternoon. So what happened last week and what does it mean for rates going forward?

REGISTRY REGRETS: HELPING NEWLYWEDS MAKE HOMEOWNERSHIP A REALITY

Blog posted On July 27, 2023

As newlyweds embark on their journey together, they’re often flooded with well-meaning gifts such as dish sets, linens, or furniture. However, a new Realtor.com and Censuswide survey revealed that 85% of people surveyed who created a wedding registry would have preferred a down payment gift instead of a physical one.

Market Update: Rates Climb Higher and Sellers Are in a Great Position; What Will Fed Chair Powell Have to Say This Week?

Blog posted On July 24, 2023

Mortgage rates trended slightly higher last week after initial jobless claims took a surprising dip Thursday morning. Lower-than-expected jobless claims = stronger labor market = not great for rates. Also in big news last week was the home inventory numbers and sales price data. Bigger news is coming up this week during the press conference with Federal Reserve Chairman, Jerome Powell, which immediately follows the interest rate announcement from the Fed.

The Benefits of a Cash-Out Refinance

Blog posted On July 20, 2023

For many homeowners, your property is not only a place to live but also a valuable asset. If you find yourself in need of extra funds, whether it's for home improvements, debt consolidation, education expenses, or other financial obligations, a cash-out refinance can be an excellent solution. If you’re thinking about exploring this option, this article will help you learn how a cash-out refinance can help you leverage your home equity to meet your goals.

Market Update: Rates Fall with Cooling Inflation Levels; What Will Existing Home Sales Do This Week?

Blog posted On July 17, 2023

Mortgage rates surged higher two weeks ago after economic reports suggested the economy is stronger than expected. Last week’s reports told a different tale. The main economic report last week was the consumer price index (CPI), which measures inflation. Upon release, this report showed that inflation was falling faster than expected. Inflation is a key factor that influences bonds (bonds hate inflation), and bonds influence rates. So the lower-than-expected CPI data was welcome news for rate trends, resulting in a full recovery from the week before. Though it’s only one month of data, it’s promising for a few reasons.

3 Reasons Why it Can Be Smarter to Buy Than Rent

Blog posted On July 14, 2023

The decision to buy a home can be a significant one. It depends on individual circumstances, personal preferences, and, most importantly, financial position.

Renting offers flexibility and short-term commitments for those people on the move. However, owning a home provides several advantages that can make it a more appealing option for a long list of reasons including stability (both financial and within a loved community) and customization.

Let’s look into 3 reasons why buying can be a better option than renting:

Market Update: Rates Trend Higher in Response to Resilient Economic Data

Blog posted On July 03, 2023

Rates were relatively unchanged throughout the majority of last week until the release of certain economic data that proved the economy resilient. A resilient or strong economy typically means bad news for the bond market and thus rates. This week holds even bigger market moving reports with the jobs data.

Qualifying for a Mortgage with Student Debt

Blog posted On June 30, 2023

The dream of homeownership may seem out of reach to those holding on to student debt. But, with careful planning and a clear understanding of the factors involved, it is possible to secure a mortgage while managing student loan obligations. There are some key strategies and tips you’ll want to keep in mind to help you qualify for a mortgage with student debt.

Market Update: Rates Fall Slightly Amid Positive Housing News, Showing Resilience

Blog posted On June 26, 2023

Mortgage rates showed relatively little volatility last week, fluctuating up and down and ending the week at a slightly lower level. There weren’t any extraordinarily large swings in rates despite the confirmation from Fed Chair Powell that they will likely have a couple more rate hikes this year. Other big news last week included the huge surge in housing starts in May. Some experts claim this news would have caused more rate volatility earlier in the year but they’re showing more resiliency at this point. The trajectory of rates and rate hikes will largely depend on one key economic factor.

3 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.

CMG Financial Pivots into Total Mortgage Space with the Addition of Courtney Thompson, EVP, Head of Servicing

News posted On June 22, 2023

SAN RAMON, CA – CMG Financial, a well-capitalized privately held mortgage banking firm, announced today the hire of Courtney Thompson, a leading fintech and servicing operations expert with nearly 20 years of dedicated industry experience. With Thompson’s proven history of creating tech-forward servicing solutions, she is poised to play a critical role of developing CMG’s servicing strategy to deepen our long-term relationship with customers. This holistic approach will allow CMG to expand its innovation beyond products, technology, and the home buying journey in order to enhance the customer’s entire homeownership experience.

Market Update: Rates Remain Relatively Unchanged, as Does the Federal Funds Rate; What’s Next for the Fed and Mortgage Rates?

Blog posted On June 19, 2023

As expected, the Federal Open Market Committee (FOMC) voted to leave the benchmark interest rate unchanged last week. Because the markets had already prepared for this decision, there wasn’t much resulting bond or rate movement. However, the decision was a notable change after 10 consecutive rate hikes starting in early 2022. The Fed’s statement and Fed Chair Jerome Powell offered slightly more insight on where they see rates going for the rest of the year.

No W-2 Forms? No Problem. We Can Still Help You Buy a Home!

Blog posted On June 15, 2023

If you don’t have W-2 forms and think all home buying hope is lost, think again. Though many types of home loans require them, we offer several unique non-QM programs that can help you buy a home without W-2s.

Market Update: Rates Unchanged; Inflation Data and Fed Interest Rate Decision Coming Up This Week

Blog posted On June 12, 2023

Similar to the week prior, mortgage rates showed minimal volatility last week. A potential cause could be the market’s prediction that the Federal Funds Rate is nearing a plateau. In other words, the markets are predicting that the Federal Reserve will NOT hike the benchmark interest rate this Wednesday or at subsequent meetings in 2023. Of course, this will largely depend on economic data like jobs reports and inflation. This week we’ll get news from the consumer price index (CPI) about inflation in May. The following day is when the Fed is scheduled to make a decision about the benchmark rate.

“Buying a Home Right Now is Still a Good Idea” – Here Are 3 Keys to Making it Happen

Blog posted On June 08, 2023

The current market offers plenty of challenges for hopeful homeowners and would-be buyers. Higher rates, steep prices, and few options on the market are making affordability a seemingly insurmountable hurdle. But according to wealth expert, CFP, and CEO of Collective Wealth Partners, Kamila Elliot, “buying a home right now is a good idea.” Before you do, there are three boxes you’ll want to check off, according to Elliot.

Market Update: Rates Trend Lower Despite Strong Payroll Numbers from the Employment Situation

Blog posted On June 05, 2023

Is the labor market strong or not? Recently, the employment situation reports have been the pulse of the economy. But last week’s jobs data from May made it difficult to tell. On one hand, nonfarm payrolls and private payrolls greatly outperformed – indicating labor market strength. On the other hand, the unemployment rate ticked up, average hourly earnings declined, and the workweek was cut shorter – all signs of labor market weakness. As we know, a stronger economy generally leads to a weaker bond market and higher rates and vice versa. So how did the bond market react to the data?

The 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.

Market Update: Rates Rise and Inflation Remains Stubborn; Home Prices and Jobs Data Coming Up This Week

Blog posted On May 29, 2023

Mortgage rates trended higher last week after the markets realized that the Federal Reserve may need to keep the benchmark rate higher for longer. This comes in the wake of recent economic data that has been stronger than expected, including recent inflation reports.

5-Day HELOC: Get Fast Access to Your Home’s Equity in Just Five Days*

Blog posted On May 26, 2023

CMG Home Loans has revolutionized the borrowing experience with their new 5-Day home equity line of credit (HELOC), designed to provide homeowners with quick access to their home's equity. In this article, we'll delve into what sets CMG’s 5-Day HELOC apart from other options, the advantages of choosing a HELOC over other loan types, and the various ways a HELOC can benefit you. Let's explore how this innovative loan product can help you achieve your financial goals.

Market Update: Rates Trend Higher; Pending Home Sales Coming Up This Week

Blog posted On May 22, 2023

A few different factors contributed to last week’s upward rate momentum. For once, economic reports were not the main cause. The first factor was the debt ceiling debate. The other was Fed member comments and the overall economic outlook. All of these factors contributed to bond market weakness, which oftentimes correlates to higher rates.

Your Dream Home is Waiting. Make it a Reality with a 1x Close Construction Loan

Blog posted On May 17, 2023

Low housing inventory has left hopeful buyers with limited options. When it comes to finding a house you love in an inventory-starved market, it can feel like fitting a square peg in a round hole. Luckily, we have your perfect fit – with all the features, rooms, and perks you want. Your dream home is waiting. Make it a reality with our One-Time Close Construction Loan!

Market Update: Rates Unchanged and Inflation as Expected; Existing Home Sales Coming Up This Week

Blog posted On May 15, 2023

Mortgage rates trended slightly higher in the beginning of last week in preparation of the release of April’s consumer price index on Wednesday. Following the release, which revealed numbers that were exactly in line with expectations, rates started trending lower. They trended lower again on Thursday thanks to weaker data from certain economic reports. Weaker economic data = better for bonds = better for rates. As bond price increased, rates typically decrease. On Friday, however, bond prices fell, which influenced rates slightly.

FHFA Slashes Upfront Debt-to-Income Fee Slated for August 1; the Industry Rejoices

Blog posted On May 11, 2023

After months of pushback from lenders, REALTORSÒ, and borrowers alike, the Federal Housing Finance Agency (FHFA) has finally dropped the upfront debt-to-income (DTI) fee that was scheduled to start on August 1. Just yesterday, the FHFA announced that it was rescinding its proposed fee change that would be based on borrowers’ DTI ratios after receiving notable feedback about said change from the mortgage industry.

Market Update: Rates Trend Lower Amid Banking News and Lower Job Openings; This Week, the Consumer Price Index Takes the Stage

Blog posted On May 08, 2023

Mortgage rates fluctuated last week but ultimately trended lower than the week before. They initially inched downward due to more banking drama that sent bond yields lower. Following the banking drama, the scheduled Job Openings and Labor Turnover (JOLTs) on Tuesday showed that job openings were lower than expected in March. Fewer job openings are a good sight of economic tightening, which typically sends bonds and rates lower. On Wednesday, the Federal Reserve raised the benchmark interest rate another 0.25%, which was widely expected by the markets. Less expected was the language shift in the Fed’s statement that suggests it will be easing up on rate hikes soon. This was more good news for interest rates. Friday, however, unloaded stronger-than-expected employment situation reports, which sent rates slightly higher, but not higher than the previous week.

What the New LLPA Changes Mean for You

Blog posted On May 05, 2023

There’s been a lot of talk recently about the changes to Loan Level Pricing Adjustments (LLPAs) from Fannie Mae and Freddie Mac. You may have heard that people with higher credit scores are being ‘punished’ with higher fees than those with lower credit scores. But before you start intentionally lowering your credit score, you might want to hear the FULL story about the changes.

CMG Financial’s Chris George Recognized in 2023 Best of Finance Awards

News posted On May 01, 2023

Inman, the industry’s leading source of real estate information, announced today its inaugural ‘Best of Finance’ award winners. The highly anticipated awards recognize the best and brightest in the mortgage and finance industry who are pushing the envelope and reshaping the home buying space. This year, CMG Financial’s CEO, Chris George, was recognized among the recipients for his commitment to innovation, dedication to service, and impact on the residential lending industry.

Market Update: Rates Hover; Fed Interest Rate Decision Coming Up This Week

Blog posted On May 01, 2023

Last week, mortgage rates fluctuated slightly but failed to find any true momentum one way or another. They started the week trending slightly lower thanks to bond market improvement, only to climb higher mid-week and then trend lower once again. “That said, short term ups and downs are just a sideshow in the bigger picture where rates have been locked in a pattern of indecision that will ultimately give way to the next big move,” writes Matthew Graham of Mortgage News Daily. This week could give more insight into the market’s direction with the Federal Open Market Committee (FOMC) meeting and subsequent press conference from Federal Reserve Chairman Jerome Powell.

Legislative 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.

CMG Home Loans Opens New Boston Branch

News posted On April 26, 2023

BOSTON, MA – CMG Home Loans, the retail division of the well-capitalized privately held mortgage banking firm, CMG Financial, announced today the opening of a new Massachusetts branch in Boston. Headed by branch managers Hunter Evers (NMLS# 1000340) and Jarred Alexandrov (NMLS# 970973), the Boston addition marks the second CMG branch in the Massachusetts area.

CMG Home Loans Welcomes Central Divisional Manager, Michael Harrison

News posted On April 25, 2023

Dayton, OH – CMG Home Loans, the retail division of the well-capitalized privately held mortgage banking firm, CMG Financial, announced today the hire of Central Divisional Manager, Michael Harrison. Harrison, a skilled Retail Sales Executive, has formidably grown purchase share and admirably developed best-in-class teams in all of his prior roles at Wells Fargo, loanDepot, and Ruoff Mortgage. His ability to strategically strengthen teams and notably bolster production will prove useful for CMG’s Central Division and clients across the Midwest. In addition to leading CMG’s Central Division, Harrison will be joining CMG’s executive leadership team.

Market Update: Rates Climb Higher, Existing Home Inventory Rises, and New Home Sales Data is Coming Up This Week

Blog posted On April 24, 2023

Mortgage rates trended slightly higher last week. Not only is the dust settling from the banking events in March, but there has been data showing signs of strengthened economies, including higher inflation levels from the UK. Why does data from the UK matter? Because data like this affects overseas bonds, which oftentimes spills into U.S. bond movement, which affects interest rate movement. Other happenings last week include signs of increased home builder confidence in April and existing home inventory in March. The median existing-home sale price decreased.

Market Update: Rates Climb Towards End-of-March Levels; Existing Sales Coming Up This Week

Blog posted On April 17, 2023

Last week, mortgage rates trended higher despite weaker inflation and retail sales numbers. Cooler inflation levels have typically been correlated to lower-trending rates over the past several months, so last week’s news may have come as a shock to some. While there’s no single event we can blame for last week’s increases, we are starting to see inflation reports become less of a concern for the bond market and rates. Instead, jobs reports seem to be stealing the spotlight lately. The markets know that the Federal Reserve is closely eyeing these reports, hoping for a slowdown.

Not All Debt is Bad. Here's How to Use it to Your Advantage

Blog posted On April 14, 2023

Over 75% of American households carry some type of debt – credit cards, mortgages, or other types of loans. Though debt is a normal part of most peoples’ lives, it tends to get a bad reputation. We grow up learning about the dark side of debt. “Debt will hurt your credit score,” “you should avoid debt at all costs,” and “all debt is bad” are just a few of the myths we’re told. While we generally want to be careful about the debt we take on, it can be a huge financial advantage if you utilize it well.

CMG Home Loans Opens Branch in Salem, NH with Area Sales Manager Mike Comerford

News posted On April 11, 2023

Salem, NH – CMG Home Loans, the retail division of the well-capitalized privately held mortgage banking firm, CMG Financial, has established more opportunities to serve buyers in the local New England region by opening a branch in Salem, NH. The branch will extend to a satellite office in Bedford, NH to include a total of 20 loan officers and 7 operational support members led by Area Sales Manager Mike Comerford NMLS# 184368.

Market Update: Rates Drop to 2-Month Lows and the Employment Situation Shakes Things Up; Inflation Data Could Make an Impact This Week

Blog posted On April 10, 2023

Mortgage rates slipped down to two-month lows in the beginning of last week, primarily a result of the Job Openings and Labor Turnover Survey (JOLTS) from February. For the first time in two years, the survey showed that job openings fell below a level of 10 million. Markets took this as a sign of a tightening labor market, which is positive news for bonds and therefore rates. Things took a turn later in the week with the release of the employment situation.

VA Mortgages Will Become Cheaper in April, Just in Time for the Spring Buying Season

Blog posted On April 07, 2023

The spring home buying season is gearing up, and there is good news coming for VA buyers, just in time for the upcoming season. Earlier this year, the U.S. Department of Veteran Affairs (VA) announced that funding fees for purchase, construction, and cash-out refinance loans would be reduced on loans closed on or after April 7, 2023, and prior to November 14, 2031. The reduced fee will depend on the down payment amount, loan type, and whether the borrower has ever used a VA Loan in the past.

Market Update: Rates Stabilize After Banking News; Inflation Falls Lower Than Expected, Important Jobs Reports Coming Up This Week

Blog posted On April 03, 2023

Average mortgage rates trended higher toward the beginning of last week due to bond market stabilization following weeks of banking drama. On Friday, the personal consumption expenditures (PCE) index showed that inflation was cooler than expected in February. Inflation is the enemy of bonds (which influence rates); therefore, rates trended slightly lower following the report’s release. This week holds some potential for rate movement with the various jobs reports scheduled for release: the job openings and labor turnover survey (JOLTS), ADP nonfarm employment change, and the employment situation on Friday.

The Federal Reserve: How Does it Affect Mortgage Rates?

Blog posted On March 31, 2023

On March 22, the Fed announced a federal funds rate hike of 0.25%. This move was widely expected by the markets. During the press conference that followed, Fed Chair Powell talked about upcoming tightening due to the recent banking events, which can shape economic momentum. This is the comment the markets honed in on that consequently pushed rate trends lower. Why? Here is how the Fed influences rates.

Market Update: Rates Fall After Fed Interest Rate Announcement

Blog posted On March 27, 2023

Mortgage rates took a sharp downward trend last week after the Federal Reserve’s decision and press conference about the benchmark interest rate. The benchmark interest rate, or federal funds rate is the target interest rate for banks and depository institutions. The Fed sets the range of the federal funds rate and uses it as a tool to help stabilize the economy. While the benchmark interest rate doesn’t directly set mortgage rates, it can influence their movement. Even more of an influencing factor is the language surrounding the benchmark rate and overall economic outlook.

The Reverse Mortgage Advantage: What is a Reverse Mortgage and Who Can it Help?

Blog posted On March 23, 2023

Every year, retirement gets more and more expensive. There are several retirement solutions out there and a lot of misconceptions about each one. You may have heard the myths and the legends of a Reverse Mortgage, but do you really know what it’s all about? And why would you get one anyway?

Market Update: Rates Trend Lower After a Busy Week; Existing Home Sales and Fed Interest Rate Decision Coming Up This Week

Blog posted On March 20, 2023

Mortgage rates had an eventful run of fluctuations last week. By Friday, rates were relatively unchanged from where they started the week but overall, they trended lower than the week before. There’s a lot coming up this week in housing market news starting with February’s existing home sales tomorrow morning. New home sales will be released later this week. The most important factor in terms of rate movement will be Wednesday’s Federal Reserve activities. Not only will the Fed decide on interest rate hikes, but it will also have important language in its statement that the market will be keying into. Additionally, the Fed will update its rate projections for the year, and we will hear from Fed Chair Powell in a Wednesday afternoon press conference. Historically, Powell’s press conferences have been very influential as the market pays close attention to any hints of future Fed moves.

Housing Data Released This Week Was Welcome News for Rates

Blog posted On March 17, 2023

It was a good week in housing news. From mortgage application submissions to home builder confidence to housing starts and building permits – there were a lot of positive signs that experts think mortgage rates will appreciate.

Market Update: Rates Trend Sharply Lower; Consumer Price Index Coming Up This Week

Blog posted On March 13, 2023

Last Friday was an eventful one for the bond market and rates. There was a lot of commotion going on in banking news that positively impacted bonds. Other news that affected bonds positively on Friday was the release of the employment situation reports. These reports include data on payrolls, earnings, workweek duration, unemployment, and participation in the workforce. Overall, the reports fell short of expectations, save a couple of exceptions. So what does the bond market and employment data have to do with mortgage rates? In the current environment, both of these factors have a strong impact on rates. Luckily, last week’s events had positive impact on rates – a very positive impact (at least for now).

CMG ANNOUNCES ACQUISITION OF RETAIL DIVISION OF HOMEBRIDGE FINANCIAL SERVICES

News posted On March 06, 2023

SAN RAMON - March 6, 2023 – CMG Mortgage, Inc., a leading mortgage banking company that originated more than $19 billion in 2022, announced today its asset acquisition of the retail division of Homebridge Financial Services, a mortgage company based in Iselin, NJ that originated $12 billion in the same year. This acquisition significantly increases the footprint of CMG’s retail division, further solidifying its position as one of the nation’s largest mortgage banks.

List & Lock: Advertise Below-Market Rates on Your Listings

Blog posted On March 06, 2023

Higher-trending rates are making many buyers think twice about their purchase. Over the past year, rates have soared much higher than they were in 2020 and 2021, putting many potential purchases on pause. Though home price appreciation is declining month-over-month, the bigger number on buyers’ minds is the rate. If you’re trying to sell in the current market, don’t worry, we have you covered. To help more buyers over the interest rate hurdle and to help sellers garner more interest in their home, we’ve created List & Lockä. With our exclusive List & Lock™ advantage, sellers can advertise discounted rates on their listings, drawing in more buyer demand, and giving the future buyer a desirable rate on their mortgage.

Market Update: Rates Inched Higher Last Week; More Potential Volatility This Week

Blog posted On March 06, 2023

Mortgage rates trended higher throughout most of last week largely due to the trading levels in specific bonds. It was mostly just continued momentum that kicked off last month with the release of reports showing strong economic data. Though strong economic data sounds positive, it oftentimes results in traders selling bonds and mortgage rates climbing higher. This week, we’ll potentially see more rate volatility with the releases of several important jobs reports including ADP employment change, job openings, and the employment situation reports. If the reports come in lower than expected, rates could trend

7 Homeownership Myths

Blog posted On March 02, 2023

Transitioning from being a renter to a homeowner can be very overwhelming with the amount of information that is available. Many times, it can be difficult to distinguish what is accurate and what is false. Some of the myths can seem like roadblocks that may prevent buyers from wanting to move forward, but we are here to set the record straight on seven of the most common homeownership myths.

Market Update: Rates Trend Higher After High Inflation Numbers and Strong Economic Data; Case-Shiller Home Price Index Coming Up This Week

Blog posted On February 27, 2023

Mortgage rates trended higher last week after the inflation numbers on the personal consumption expenditures (PCE) index climbed in January. Consumer spending also surged in January. Existing home sales slipped while new home sales jumped, and existing home inventory showed signs of recovery. This week, important data on home prices will be released.

Market Update: Rates Remain Elevated Amid Persistent Inflation News, Existing Home Sales Coming Up This Week

Blog posted On February 20, 2023

January’s consumer price index (CPI) had a few unexpectedly high numbers last week, which caused some bond market and rate adjustments. Higher numbers on the CPI suggest that inflation is persevering and might take longer to cool down to the 2% target. In short, high inflation = bad for rates. Other factors that have affected rates this month include the strong jobs reports released a few weeks ago. “Generally speaking, higher inflation and stronger economic data mean the Fed is likely to keep short-term rates higher for longer,” writes Matthew Graham of Mortgage News Daily.

How FHA Buyer’s Choice Can Help You Buy a Home with No Money Down

Blog posted On February 16, 2023

When it comes to buying a home with 0% down, USDA and VA have dominated the conversation. Now, we’ve brought FHA into the chat. Through our FHA Buyer’s Choice down payment assistance program, you can buy a home with an FHA Loan and pay little to no down payment or closing costs. Unlike USDA and VA Loans, this program is available to everyone – no locational, military, or first-time buyer requirements.

Market Update: Rates Climb Higher, Consumer Price Index Could Affect the Trend this Week

Blog posted On February 13, 2023

Mortgage rates trended higher last week after stronger-than-expected jobs reports the week before. A stronger jobs report indicates a stronger economy, which generally leads to higher rates. However, last week there were some other factors involved as well. Though there was a lot of change last week, it’s important to remember that this “doesn't carry an implication for the next move,” writes Matthew Graham of Mortgage News Daily. Meaning, just because last week’s rates trended higher doesn’t mean that they will continue on this path. In fact, a lot could change this week with the upcoming consumer price index scheduled for release tomorrow morning. If the inflation numbers come in hotter-than-expected, it could mean bad news for rates. But if they come in below expectations, rates could very well stabilize or trend lower.

6 Ways to Get Your Home Ready for the Spring Market

Blog posted On February 10, 2023

Did the recent shift in the market keep your selling plans on hold? Springtime is right around the corner, and it’s time to start having conversations with your Realtor about how you can get your home in order now to have a smooth sale come listing time. Home buyers usually start their home search back up during the spring because they know that more inventory is going to hit the market, so it’s important to make sure that you make your home stand out.

CMG Home Loans Opens Branches in York, PA, and Hanover, PA, with Branch Manager Wendy Landis

News posted On February 07, 2023

York, PA – CMG Home Loans, the retail division of the well-capitalized privately held mortgage banking firm, CMG Financial, is pleased to announce the opening of branches in York, PA, and Hanover, PA. The branches are a continuation of the sizable expansion of CMG Home Loans that is sweeping the Mid-Atlantic and is headed by President Bill Landon. Taking the helm as branch manager of the new locations is Wendy Landis, NMLS ID# 257320.

Market Update: Rates Relatively Unchanged After an Eventful Week of Economic Reports

Blog posted On February 06, 2023

The Super Bowl may be this weekend but last week was quite the event. Mortgage rates started off the week fairly calm, trending near 4-month lows. They trended even lower after the Federal Reserve’s rate hike. Then the employment situation reports were released, sending rates on a higher trend. But by the end of it all, rates still finished the week roughly in line with where they started. Here’s a breakdown of everything.

5 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:

Market Update: Most Stable Rate Trend Since 2021; Pending Sales, New Sales, and Mortgage Demand Increase; Fed Interest Rate Decision Coming Up This Week

Blog posted On January 30, 2023

There are a lot of ways you could describe mortgage rate trends over the past year – volatile, variable, unpredictable, aggressive. One word we haven’t used to describe rate trends in a while is stable. The last time rates were trending with this much stability was in 2021, according to data from Mortgage News Daily. While the big headline is that rates are trending lower than they were roughly 4 months ago, the unsung hero is the stability of rate trends. Lower rates are more of an attractive headline, but the big win in the long run is going to be their stability. It’s not a guarantee that rates will continue on their current path, but already, we’re seeing some positive effects trickle in because of the consistently lower rate trends in recent months.

Haven't Considered an ARM? It Could Be a Game Changer in This Market

Blog posted On January 26, 2023

Spring is just around the corner, but things are already starting to heat up. Yesterday, the Mortgage Bankers Association released its weekly mortgage application survey, which showed mortgage demand increased for the third consecutive week. Purchase application submissions jumped 3% to reach the highest level since August 2022. Buyers are likely taking advantage of the recent dip in mortgage rates over the past couple months. Though rates have been trending lower than they were in October, they’re still nearly double what were last spring. Considering jumping into the market? Here’s how you can try to get a potentially lower rate.

Market Update: Rates Inched Higher Last Week; Important Inflation-Related Reports Coming Up This Friday

Blog posted On January 23, 2023

Mortgage rates trended slightly higher last week but will likely rebalance this week with upcoming news on inflation, consumer spending, and personal income. Last week also brought us December’s existing home sales, which were better than expected.

Builder 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.

Market Update: Rates Brush 4-Month Lows After Encouraging Inflation News; Existing Home Sales Coming Up This Week

Blog posted On January 16, 2023

Mortgage rates slipped lower last week after the release of the consumer price index for December. The index, which measures the changes in the average price of a fixed basket of goods and services, showed that inflation is continuing to cool. This was welcome news for the bond market and interest rates. In fact, it was VERY welcome news.

Home 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.

Market Update: Rates Fall After Employment Situation News; Potential to Improve Further This Week with the Consumer Price Index

Blog posted On January 09, 2023

Mortgage rates saw a sharp downward trend on Friday following some unexpectedly low numbers on December’s employment situation reports. The Federal Reserve has been closely watching employment data over the past several months to see if the numbers will aid in the fight against inflation. In general, lower employment numbers are better for inflation, the bond market, and interest rates.

Yes, Your VA Loan Can Help Sell Your Home

Blog posted On January 05, 2023

Your VA Loan can do a lot more than help you buy a home. If you’re finding it hard to sell in the current market, you might want to remember that VA Loans are assumable. By letting buyers know that they can assume your VA Loan, you could sell faster and for a higher price.

Why Working with a Real Estate Agent Pays Off

Blog posted On January 04, 2023

A popular question that comes up before selling or buying a home is whether or not you should work with a REALTOR. While it is not a requirement, having a knowledgeable real estate agent can help you navigate the current market, sell/buy quicker, and earn higher profits.

Terms & Conditions for Rate Rebound and On-Time Closing Guarantee

Blog posted On January 01, 2023

Rate Rebound
CMG Home Loans will cover all customary lender fees which are processing fee, administrative fee, tax service fee, appraisal fee and credit report fee. In addition CMG Home Loans will also credit the borrower up to $1,000 towards additional third-party fees. This offer does not cover discount points. Credit cannot exceed total fees. Rate Rebound is only valid on future conventional conforming, government, and jumbo loans in our retail channel (future Construction Loans, All in One, HELOCs, Bond or HFA loans are excluded). There may be additional restrictions based on investor. Offer may not be redeemed for cash or credit and is nontransferable. Offer cannot be retroactively applied to any loans. Offer may not be used with any other discounts, promotions or interest-only/buy-down and second lien products. This offer is subject to changes or cancellation at any time at the sole discretion of CMG Home Loans. Additional restrictions/conditions may apply. This is not a commitment to lend and is contingent on qualification per full underwriting guidelines. Program will be available on loans disclosed on or after 11/1/22. Program is applicable for refinances 6 months after closing up to 5 years from original note date and with a net tangible benefit which includes a rate reduction of 0.5%, going from an ARM to fixed rate, reducing loan term, movement to a more stable product, or a lower principal and interest payment. By refinancing the existing loan, the total finance charges may be higher over the life of the loan.

On Time Closing Guarantee
The On Time Close Guarantee is valid for FHA, VA and Conventional (Agency only) Purchases only (No loan contingency). All required credit documents and the property appraisal must be received by CMG within 4 days of the closing date. The guarantee will be reduced if the closing costs do not meet or exceed the amount of the guarantee. The On Time Close Guarantee will not apply in any of the following cases: (1) Changes to the original closing date, contract, or loan terms. (2) Delays due to unforeseeable events, including weather or natural disaster. (3) Delays caused by third parties, including but not limited to appraisal and title services. (4) If loan application is withdrawn or denied. CMG reserves the right to amend, terminate or withdraw the On Time Close Guarantee at any time without prior notice. This Guarantee expires 12/31/2024. Consult with your loan officer for more details.

Market Update: Rates Trend Higher; ADP Nonfarm Employment Coming Up this Week

Blog posted On December 30, 2022

Last week, mortgage rates trended higher. Mortgage rates are based on the bond market, which is oftentimes slightly chaotic toward the end of the year. “The last two weeks of December are often a roll of the dice,” writes Matthew Graham of Mortgage News Daily. Rate movement this time of the year can more or less be ignored. During the holidays, the bond market and rates are often more volatile, but they should start to normalize once we get into the thick of January.

Will 2023 Bring Good News for Home Buyers? Here's What Experts Are Saying

Blog posted On December 30, 2022

2022 wasn’t necessarily smooth sailing for home buyers. As the year comes to a close, we’re starting to see some light at the end of the tunnel. What will this bring for the housing market next year? Here are four predictions for 2023 according to housing market experts.

Inside USDA Loans – Buy Your Home with 0% Down

Blog posted On December 29, 2022

Buying a home with no upfront payment sounds nice, but many hopeful owners don’t think they qualify for a 0% down loan. Perhaps the biggest misconception about 0% down USDA Loans is that they are only for farms and rural areas. Surprisingly, over 95% of U.S. landmass is eligible for USDA financing. Many USDA buyers live in the suburbs. Here are more facts about USDA Loans that might pleasantly surprise you.

Is It Better to Rent Or Buy A House?

Blog posted On December 28, 2022

The weather isn’t the only thing cooling this season. Yesterday, the Case-Shiller home price index showed that home prices are continuing to fall. October marked the fourth consecutive month of cooling home prices. Meanwhile, rent prices are expected to continue climbing in 2023. When comparing the costs for renting and buying, which is right for you? Let’s explore some of the pros and cons for both.

Worried About a Possible Recession? Experts Agree Real Estate is a Good Investment

Blog posted On December 27, 2022

If you feel like we’ve been on the edge of a recession for months, you’re not alone. More big names are warning Americans of an impending recession – Jeff Bezos, Elon Musk, and most recently, billionaire David Rubenstein. Alongside these names is the majority of Wall Street. While investors may have different ideas about the best stocks for a recession, most agree that one investment is almost always a smart, recession-proof move.

Market Update: Rates Trend Higher; Pending Home Sales Coming Up This Week

Blog posted On December 26, 2022

Last week, mortgage rates inched higher. It’s important to remember that rate movement can be more volatile during the holidays but in the long run, the movement last week and this week won’t matter as much. “In general, we're not paying too much attention to mortgage rate volatility until the 2nd week of January,” writes Matthew Graham of Mortgage News Daily. “During winter holidays, it becomes increasingly apparent that something is "different,"” Graham notes. “Those differences can manifest themselves in different ways but one of the most apparent is with higher volatility.”

Pros and Cons of HELOCs

Blog posted On December 22, 2022

HELOCs have been all the rage in 2022. Because of the flexibility of a home equity line of credit (HELOC), the number of new HELOCs jumped to more than 341,000 in the second quarter of 2022 — a 44% increase year-over-year, according to ATTOM. In the second quarter alone, homeowners tapped more than $66 billion in equity. Many buyers and owners have made the jump into HELOCs this year – for good reason. If you’re wondering if it’s right for you, here are some pros and cons to weigh out.

6 Financial Tasks to Complete by the End of the Year

Blog posted On December 21, 2022

Home Buyers Inch Back into the Market Following Weeks of Positive Rate News

Blog posted On December 20, 2022

Still think it’s a bad time to buy? According to Mortgage Bankers Association, more buyers think it’s a good time to buy a house in recent weeks. While many are still sitting on the sidelines, the ones who are taking advantage now are reaping the benefits of lower-trending rates, seller concessions, and less competition than the hotter spring market.

Market Update: Rates Fall Toward 3-Month Lows; NAHB Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales Coming Up This Week

Blog posted On December 19, 2022

Last week brought a whirlwind of good news for mortgage rates, starting with the consumer price index. The consumer price index for November showed that inflation is continuing to cool, which is good news for the bond market, which influences rates. It also is good news for the Federal Reserve because it shows that their rate hikes have been working. Therefore, the central bank decided to slow its pace of rate hikes, which was although expected, was another wave of positive news for rates. Consequently, they trended lower and were brushing fresh 3-month lows. This week, there’s a great deal of housing reports coming up, starting with the NAHB index.

CMG Home Loans Announces More Affordable Construction Financing, Giving Home Buyers More Options in a Low-Inventory Market

News posted On December 16, 2022

San Ramon, CA – CMG Home Loans, the retail division of well-capitalized privately held mortgage banking firm, CMG Financial, announced today that it is enhancing its product menu with more affordable construction financing options. With lower upfront costs than many other construction programs, CMG's construction financing solution will provide home buyers a much-needed breath of fresh air in a low-inventory, high-cost market.

6 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!

What This Morning's Inflation Data Means for You

Blog posted On December 13, 2022

Things are looking up for home buyers. Though the holidays aren’t for another week, the Bureau of Labor Statistics (BLS) dropped off an early gift this morning. The gift came in the form of the consumer price index – a popular inflation-measuring method – which showed that November’s inflation levels were cooler than expected. Mortgage-backed securities jumped for joy, traders breathed a sigh of relief, and anyone concerned with mortgage rates should be drinking a nice cup of holiday cheer.

Market Update: Rates Relatively Unchanged; Consumer Price Index, and Fed Interest Rate Decision Coming Up This Week

Blog posted On December 12, 2022

Mortgage rates ended last week at levels relatively unchanged from the week before. This week, the market is eagerly awaiting data from the consumer price index. This could have a huge impact on rates if it shows anything unexpected. The Federal Open Market Committee (FOMC) will announce their decision on the benchmark interest rate the following day. Their decision will be heavily influenced by the consumer price index data.

CMG Financial Named a Top Employer for Mortgage Women

News posted On December 08, 2022

San Ramon, CA – CMG Financial, a well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, was recognized as a 2022 Top Employer for Women in Issue 6, 2022 of Mortgage Women Magazine. The annual honor celebrates the best employers in the industry who are actively creating more opportunities for women to thrive.

Rent Payment Edge: Use Your Rent Payments to Qualify for a Mortgage

Blog posted On December 08, 2022

Have you been discouraged from applying for a mortgage due to your limited credit history? We are happy to introduce our Rent Payment Edge program that helps reward renters with a good payment history!

5 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.

Sneak Peek of Next Week: Jobs, Inflation, and Future Fed Rate Hikes

Blog posted On December 06, 2022

Mortgage rates ended last week brushing some of the lowest levels in two months. On Wednesday, Fed Chair Jerome Powell hinted that there’s a strong chance next week’s rate hike could be smaller than the previous hikes of 0.75%. Friday’s jobs reports put a temporary damper on the mood. Overall, rates finished the week strong, but the next eight days will be crucial in determining where they go next. If this all sounds a little bit confusing, don’t worry, we’ll break it down below.

Sneak Peek of Next Week: Jobs, Inflation, and Future Fed Rate Hikes

Blog posted On December 06, 2022

Market Update: Rates Fall; Consumer Credit Coming Up This Week

Blog posted On December 05, 2022

Last week was a roller coaster for the stock and bond markets, but mortgage rates came out on top. Rates saw a huge downward shift following Fed Chair Powell’s comments surrounding the fed funds rate outlook. While he was still cautious with his choice of words, the markets took note of his confirmation that the Fed is looking at slowing the pace of rate hikes soon. Experts are thinking that ‘soon’ means the upcoming Federal Open Market Committee (FOMC) meeting next week. Therefore, the markets repriced for the hopeful outlook. But the week didn’t end there.

The Secret Hack to Lower Mortgage Rates

Blog posted On December 01, 2022

It would be hard to get a mortgage rate in the range we saw during the pandemic. But what if you could get something low by today’s standards? More and more buyers are taking advantage of programs that can help them save hundreds per month on their mortgage payment. In fact, sellers can benefit from these programs too.

5 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.

How to Effectively Price Your Home in the Modern Market, According to an Appraiser

Blog posted On November 29, 2022

Today, the Case-Shiller home price index showed that the prices of homes declined for the third consecutive month in September. Annual price gains appeared to have peaked roughly six months ago and have been declining ever since. This cooling may come as a shock to sellers, who had enjoyed nearly two years of red-hot prices and sky-high profits. Now as the market is shifting, many sellers are swallowing a tough pill – that their home may not sell for the same price that it could have earlier this year.

Market Update: Rates Unchanged; Case-Shiller Home Price Index and Pending Home Sales Coming Up This Week

Blog posted On November 28, 2022

During the shortened holiday week, mortgage rates remained relatively unchanged. This marks the second consecutive drama-free week for the bond market and mortgage rates – a trend not seen in months. As stated by Matthew Graham, COO of Mortgage News Daily, “mortgage rates have been hovering around the best levels since late September for two straight weeks now.” As we move into December, it’s possible that rates could have slightly more volatility, but the largest changes are likely to take place closer to the next Federal Open market Committee (FOMC) meeting on December 13-14.

Market Update: Rates Unchanged; New Home Sales Coming Up This Week

Blog posted On November 21, 2022

Mortgage rates were relatively unchanged last week with much less volatility than in recent months. They could have continued trending lower last week were it not for comments from various Federal Reserve members discouraging the markets from getting too excited for future declines. What does that mean? The Fed is extremely unified in its determination to lower inflation and will likely need more than one month of good inflation news to consider pausing rate hikes.

CMG Home Loans Opens Scottsdale, AZ Branch with Branch Manager Matt Kron

News posted On November 17, 2022

Scottsdale, AZ – CMG Home Loans, the retail division of the well-capitalized privately held mortgage banking firm, CMG Financial, announced this week a new branch opening in Scottsdale, Arizona. This will be CMG Home Loans’ seventh installment in Arizona, headed by Area Sales Manager and Branch Manager, Matt Kron (NMLS# 1589307). Joining Kron will be Sales Manager Rebecca St. Thomas (NMLS# 215202), a seasoned industry veteran, Senior Loan Officer Jessica Kron (NMLS# 1589238), and their respective mortgage teams.

Will Mortgage Rates Continue to Drop?

Blog posted On November 15, 2022

Hope is in the air for home buyers. For several months, many buyers have been holding their breath as mortgage rates have continued climbing higher. Last week they finally got a breather. Following Thursday’s release of the consumer price index, mortgage rates saw their biggest single-day tumble in over a decade. The question now is whether rates have peaked or if they trend higher again.

Market Update: Rates Fall; Housing Starts and Building Permits, Existing Home Sales Coming Up This Week

Blog posted On November 14, 2022

Last week, the consumer price index for October showed that inflation was much cooler than expected, which in turn gave the markets increased hope for a lower fed funds rate increase in December. When the bond market is happy, mortgage rates tend to trend lower. In this case, they trended drastically lower – marking the largest single-day drop in over a decade, according to historic data from Mortgage News Daily. While this doesn’t ensure a smaller rate hike in the future, it certainly provides some hope in the meantime.

CMG Home Loans Announces Mid-Atlantic Expansion with President Bill Landon

News posted On November 10, 2022

FAIRFAX, VA – CMG Home Loans, the retail division of the well-capitalized privately held mortgage banking firm, CMG Financial, announced today its sweeping expansion into the Mid-Atlantic region. The new group of branches is headed by President Bill Landon NMLS# 221041 who brings decades of experience to CMG including his previous role as the CEO of George Mason Mortgage.

Looking Back: The Current Housing Market is All Too Familiar

Blog posted On November 08, 2022

This isn’t the first time the housing market has been here. In the late 1970s, inflation climbed to 14% and home prices surged 14%. It was a seller’s market; buyers were taking what they could get. Eventually, the Federal Reserve raised interest rates to calm down the economy. By 1980, mortgage rates had soared to 15%. Buyer competition cooled, home prices declined, and more options became available on the market. What was once a seller’s market quickly turned in favor of the buyers. Flash forward 42 years, and you’ll find a market in very similar conditions.

Market Update: Rates Rise; Consumer Price Index Coming Up This Week

Blog posted On November 07, 2022

The Federal Reserve raised the benchmark interest rate another 75 basis points last week. Additionally, the Federal Reserve statement hinted the Committee would discuss smaller hikes in the near future. The markets widely expected the increase and initially reacted well to the hints in the statement. After Fed Chair Powell’s press conference, they started to take a turn. While he did confirm that the Fed would discuss the easing hikes at the December meeting, he also included a lot of reminders about high inflation and reinforced the Fed’s commitment against it. Future Fed decisions are largely going to depend on incoming economic data like inflation reports and jobs reports. This week, all eyes are on the consumer price index – the most widely-used inflation report.

CMG Home Loans Recognized for Standout Origination Growth in 2022

Blog posted On November 03, 2022

CMG Home Loans was one of just six top lenders to increase originations in the third quarter of 2022. Inside Mortgage Finance recognized the accomplishment in a recent article titled, “Short Takes: An Exclusive Lending Club / Public vs. Private / BayFirst Exits the Arena / UWM’s Earnings? / Fannie and Freddie?”

CMG Home Loans Opens Westminster, CO Branch with Branch Managers Mitch Friedman and Jodi Showman

News posted On November 02, 2022

Westminster, CO – CMG Home Loans, the retail division of the well-capitalized privately held mortgage banking firm, CMG Financial, is expanding its Colorado presence with the addition of a brand-new branch in Westminster. Located between Denver and Boulder, the new branch will be able to serve a large population of home buyers and owners, furthering CMG Home Loan’s mission to create more pathways to homeownership.

Home 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.

Here's What to Expect from Tomorrow's Fed Announcement

Blog posted On November 01, 2022

How much higher will rates get? Time will tell, but tomorrow all eyes are on Fed Chair Jerome Powell. Tomorrow is the penultimate Fed interest rate announcement of the year. Economists largely expect another 0.75% increase. The Fed rate hike probability is almost certain, but what comes after is not.

Market Update: Rates Fall; Construction Spending and Fed Interest Rate Decision Coming Up This Week

Blog posted On October 31, 2022

Last week, mortgage rates had their best winning streak in months. One of the factors was a more rate-friendly tone from a Fed member who suggested that the Fed should start discussing its let up on rate hikes. Other helpful factors include the European Central Bank’s friendlier-than-expected announcement and economic data that hinted the Fed’s rate hikes are starting to make their desired effect. Rate-friendly decisions abroad tend to impact domestic rates positively. Domestically, the Fed is waiting for signs from economic data (like cooler inflation) before tapering off its rate hikes. The market eagerly awaits this week’s interest rate decision from the Federal Open Market Committee (FOMC) and subsequential press conference by Fed Chair Jerome Powell.

More Home Buyers Turning to ARMs for Relief in the Current Market

Blog posted On October 27, 2022

Affordability has become an increasing issue for home buyers this year. Mortgage rates have more than doubled their levels in January. Home prices, though falling, are still high relative to the past few years. And many home buyers are being ‘priced out’ by their projected monthly mortgage payments. One solution, however, is becoming increasingly popular.

Home Sellers Are Cutting Prices at a Record High Rate

Blog posted On October 25, 2022

Relief is well on its way for home buyers struggling with rising mortgage rates. Earlier today, the Case- Shiller home price index showed that in August, home prices cooled at the fastest pace in history. On top of that, more than one in five sellers reduced their sales price in September. Both are strong signs of a shift in the market – a shift in favor of buyers.

Market Update: Rates Rise; Case-Shiller Home Price Index, New Home Sales, and Pending Home Sales Coming Up This Week

Blog posted On October 24, 2022

Last week, mortgage rates continued their upward trend, but saw some hope at the end of the week. A big debate impacting current rate trends is the trajectory of the Federal Funds rate hikes. While the Federal Funds rate doesn’t directly set interest rates, it can influence trends. Right now, the bond market is debating whether or not the Federal Reserve can/will continue hiking the benchmark rate at the same pace. The past three rate hikes have been 75 basis points. Most rate hikes throughout history average around 25 basis points. The aggressive rate hikes of late are a tactic to combat against high inflation levels. Basically, the Fed has “remained very unfriendly toward rates,” writes Matthew Graham of Mortgage News Daily, and is waiting to see a change in inflation before changing its stance. Many experts believe the Fed can’t continue at its current pace; the consequence would be a huge negative effect on the national and global economy.

Buying a Home in the Current Market? Explore a Loan Less Dependent on Rates

Blog posted On October 20, 2022

A little over a year ago, the average 30-year fixed mortgage rate was just under 3%. Now, it’s trending several percentage points higher. This is the sharpest rate hike over the past four decades and comes as a shock to many home buyers and leaves them thinking it’s a bad time to buy. However, there is another alternative product, and if you use it correctly, it could actually be a great time to buy.

Tax Benefits of Owning a Home

Blog posted On October 19, 2022

Not only is owning a home a great investment for the future, but it also comes with numerous tax benefits that can help reduce the amount you owe when filing your taxes. Below are tax benefits you can take advantage of as a homeowner.

Investment Homeowners to Profit from Sky-High Rent Prices, Remote Work Opportunities

Blog posted On October 18, 2022

Investment homeowners are in for a profitable year in 2023. The past two years have been a whirlwind – from the pandemic cooling to the hottest market in decades. Now, rent prices are skyrocketing, more people have the flexibility to work remotely, and investment homeowners are reaping the benefits. And even more good news is in the queue for next year.

Market Update: Rates Inch Higher; NAHB Housing Market Index, Housing Starts and Building Permits, Existing Home Sales Coming Up This Week

Blog posted On October 17, 2022

Last week, mortgage rates trended higher following hotter-than-expected inflation data. High inflation is tough on mortgage rates for a couple of reasons. First, inflation is the enemy of bonds, and the bond market heavily influences rate trends. Additionally, persistently high inflation will likely lead the Federal Reserve to continue its aggressive rate hikes.

What Can Buyers Negotiate When Buying a Home?

Blog posted On October 12, 2022

Rates are continuing to trend higher, giving many home buyers pause about their purchase. But rising rates are just the tip of the iceberg. Beneath the surface, the housing market is shifting in favor of home buyers. Prices are falling, competition is dwindling, and sellers are doing anything to reach the closing table. The power is yours – what do you want to ask of your sellers? Here are some factors you can negotiate.

Data Doesn't Lie: October is the Best Month to Buy a Home, Even This Year

Blog posted On October 11, 2022

Temperatures are dropping, leaves are falling, and the housing market is cooling off. Normally a cooled market suggests it’s a less-than-ideal time to buy a home, but this year it might just be your window of opportunity.

Market Update: Mortgage Rates Rise; Consumer Price Index Coming Up This Week

Blog posted On October 10, 2022

Mortgage rates trended higher last week after the release of strong jobs reports. In a typical market, economic data wouldn't influence rates to the volatility of this extent. But this year has not been a typical market. After several job reports last week came in at higher-than-expected levels, the markets started adjusting and repricing. Why? Strong jobs data suggests that the economy can continue enduring the rate increases by the Fed. This doesn't necessarily mean that the Fed will continue raising at the current increases, but it could influence continued hikes.

4 Questions to Ask Before You Buy a Second Home

Blog posted On October 05, 2022

An oceanside paradise, a lakefront escape, acres of space and endless skies – they all sound like a dream. But owning a second home is a big financial commitment. It’s easy to imagine all the ideal possibilities of a second home. It can be more difficult to go through the financial details.

Home Prices Cooled at Fastest Pace Ever, Offering Hope for Buyers

Blog posted On October 04, 2022

Rent prices took a dip in August but the long-term forecast looks grim for most tenants. According to Realtor.com’s chief economist, Danielle Hale, rent prices are expected to rise at an above-average rate through the spring of 2023. Home prices, however, are quickly cooling. Could now be your time to make the switch from renting to buying?

Market Update: Mortgage Rates Rise; Construction Spending and Job Openings Coming Up This Week

Blog posted On October 03, 2022

Mortgage rates continued trending upward last week. While there was a short correction mid-week, the volatility ramped back up by end-week. However, this doesn't mean that all hope is lost for mortgage rates. While it's likely that they will continue trending upward until inflation cools, rates have seen some of the biggest day-to-day changes in a decade over the past several months. Which means you could still lock in a good rate. When compared to rates over the past couple of decades, the current rates are still very average.

How to Lower Your Monthly Mortgage Payment

Blog posted On September 29, 2022

Interest rates have risen, but there are still ways you can make your mortgage payment lower. Here are five ways you can lower your monthly mortgage payment.

5 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.

The Best Week to Buy a House is Here

Blog posted On September 27, 2022

Have you been waiting for the perfect time to buy a home? The wait is up! A recent study by Realtor.com found that the week of September 25 to October 1 is the best week of the year to purchase a home – based on ideal market conditions like lower prices, more options and reduced competition.

Market Update: Rates Trend Higher; Case-Shiller Home Price Index, Pending Home Sales, and PCE Index Coming Up This Week

Blog posted On September 26, 2022

Last week, mortgage rates trended higher. Mortgage rates have been trending higher since the release of the latest consumer price index, which showed that inflation is at higher-than-expected levels. The Federal Open Market Committee (FOMC) also made a unanimous decision to raise the benchmark interest rate by another 0.75%. Important reports scheduled for release this week could have another big impact on the movement of rates – especially the PCE inflation reports on Friday. Completion is the enemy of the bond market, which influences mortgage rates heavily. Other important reports include the Case-Shiller home price index and pending home sales.

Best Ways to Use Your Record-High Home Equity

Blog posted On September 22, 2022

Homeowners are gaining record amounts of wealth. According to a recent report by CoreLogic, Home equity has soared nearly 28% over the past year alone. That’s an average gain of $60,200 per homeowner. Now, the average homeowner now has $300,000 in home equity – an all-time high. What does this mean? How can you take advantage of the equity in your home?

5 Ways to Decorate Your Front Porch for Fall

Blog posted On September 21, 2022

With Fall right around the corner, this is the time that people start pulling out the Fall decorations. For many, this is the time to spruce up the front porch with pumpkins, straw bales, and more fun Fall decor.

CMG Financial’s Dave Herbst Named 2022 HousingWire Insider

News posted On September 20, 2022

San Ramon, CA — CMG Financial’s Dave Herbst, VP, All In One Loan Finance, was honored as a 2022 HousingWire Insider. “The [HousingWire] Insiders award spotlights the industry professionals who are essential to the performance and success of their organizations,” writes Lesley Collins, Program Manager for HousingWire’s Editor’s Choice Awards. Dave was recognized for his incomparable contributions to the growth of the All In One Loan™ and his dedication to educating industry professionals, borrowers, real estate agents and fiduciaries on the impact the mortgage has and the need for this type of innovation.

It's Still a Good Time to Buy; Here's Why

Blog posted On September 20, 2022

Since the beginning of the year, countless articles have claimed that it's the worst time to buy a home. Their reasoning? Rising rates. “From an affordability perspective, this might be the worst time you could buy because mortgage rates have spiked quite a bit,” said Chistopher Mayer, co-director of the Paul Milstein Center for Real Estate and professor at Columbia University. This is the narrative dominating the industry right now. But rising rates are just the tip of the housing market iceberg. Below the surface, there are several encouraging signs for hopeful buyers.

Market Update: Rates Rise; Housing Starts and Building Permits, Existing Home Sales, and FOMC Announcement Coming Up This Week

Blog posted On September 19, 2022

Mortgage rates trended higher last week after the consumer price index showed much higher levels of inflation than what economists were expecting. The market was also preparing for the upcoming Federal Open Market Committee (FOMC) meeting later this week, which will reveal any increases to the benchmark interest rate. Oftentimes the market tries to predict any hikes the Fed might make and price itself for those changes.

Closing 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.

CMG Financial Named a Best Mortgage Company to Work for Once Again

News posted On September 14, 2022

SAN RAMON, CA - CMG Financial, a well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, has been recognized for the second consecutive year as a Best Mortgage Company to Work For. On September 4th, 2022, Wells Fargo’s Equity Research Division put out an Industry Update titled, “The Best Mortgage Company to Work for Is...”. The annual report analyzes and ranks the nation’s top 25 non-bank mortgage companies based on employee feedback in a variety of categories. This year, CMG Financial was ranked number two, just behind Veterans United but much higher than many notable industry names including Guaranteed Rate, Movement Mortgage, Caliber Home Loans, and Better.com.

Whether You’re Headed Back to The Office or Working Remote, Here’s How We Can Help

Blog posted On September 13, 2022

Labor Day has always been an unofficial end to summer. Pools have shut down, kids have headed back to the classroom, and larger companies now want their employees back in the office. After over two years of working remotely, many don’t share their employer’s desire. So what are your options?

CMG Financial Increases Conforming Loan Limits Across Channels

News posted On September 13, 2022

SAN RAMON, CA – CMG Financial, a well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, has raised the conventional conforming loan limit for one-unit properties in preparation for 2023. Effective immediately all CMG Financial channels (Retail, Wholesale, and Correspondent) will start accepting one-unit Conventional Loan applications and locks of up to $715,000.

Market Update: Rates Unchanged; Consumer Price Index Coming Up This Week

Blog posted On September 12, 2022

Mortgage rates ended last week relatively unchanged from the week before, or slightly lower in some cases. This week’s rate volatility could be higher as the consumer price index is scheduled for release and the Federal Reserve is it its usual public comment ‘blackout’ prior to the Federal Open Market Committee (FOMC) meeting next week.

How a USDA Loan Can Help You Buy a Home with 0% Down

Blog posted On September 08, 2022

High home prices and rising mortgage rates are putting hopeful home buyers in a difficult position. Buy now and try to save money in other ways? Or keep renting to avoid the upfront costs of buying? It seems like an impossible decision, but there are other options. Buying a home doesn’t have to mean spending thousands of dollars in upfront costs alone. There are countless home loan programs that offer closing cost assistance, below-market interest rates, and 100% financing.

5 Tips on Selling Your Home in a Shifting Market

Blog posted On September 07, 2022

The housing market is starting to look a lot different than it did at the beginning of the year. It’s shifting, and homes are no longer getting multiple offers over asking price before the agent can even get the sign in the yard. Are you looking to put your home up for sale soon? Below are five tips on how to sell your home faster in the current market.

Don’t Use Your 401(k) to Pay Off Debt — Do These 7 Things Instead

Blog posted On September 06, 2022

It may be tempting to tap into your 401(k) to pay off higher interest debt like credit cards, auto loans, and student loans. But homeowners have a better option. Refinancing your mortgage can be a great opportunity to reset your finances without sacrificing your retirement savings.

Market Update: Rates Rise; Consumer Credit Coming Up This Week

Blog posted On September 05, 2022

Mortgage rates trended higher last week as traders digested more economic data that led them to believe July’s brief cooling was premature. Inflation data from overseas and stronger-than-expected jobs data from the U.S. were two large contributors. Inflation is the enemy of bonds (which influence rates) – regardless of whether it’s domestic or foreign. Higher-than-expected jobs data indicates that the economy is not cooling as expected in July. All things being equal, a weaker economy leads to lower rates. Due to the unexpected economic strength, rates saw a bit more volatility last week.

How to Lower Your Interest Rate on an FHA or VA Loan

Blog posted On September 01, 2022

Housing affordability has become increasingly difficult in 2022 as home prices and mortgage rates have trended higher. Many buyers are eager to escape soaring rent prices but struggling to find affordable ways to buy a home. A couple of popular loan options for new buyers are FHA Loans and VA Loans. They’re generally easier to qualify for and offer more lenient underwriting requirements. Plus, you can now lower your monthly mortgage payments for up to three years with our temporary interest rate buydown for FHA and VA Loans.

Wedding Or First Home: Which Is a Better Use of Your Money?

Blog posted On August 31, 2022

A wedding and a home are two of the most significant purchases someone will make during their lifetime. With couples funding their wedding becoming the norm, more couples are trying to figure out if they should spend money on their wedding or a down payment on a home.

Home Buyers are Enjoying More Concessions from Sellers

Blog posted On August 30, 2022

Words unheard over the past two years – home buyers are enjoying newfound bargaining power. As demand dips and home inventory continues to climb, home sellers are agreeing to more repairs, lower down payments, and other concessions.

Market Update: Rates Rise; Case-Shiller Home Price Index and Construction Spending Coming Up This Week

Blog posted On August 29, 2022

Last week, mortgage rates trended higher after Federal Reserve Chairman Jerome Powell gave a short statement at the Jackson Hole Symposium. Additionally, the recent rise in rates this month are likely a larger correction to the fast downward trends we saw in July.

5 Ways to Prepare Your Finances for a Recession

Blog posted On August 24, 2022

An economic slowdown is coming, according to countless experts. Consumers are becoming more concerned about the future state of the economy and the likelihood of another recession. Here are five ways you can financially prepare for a recession.

Is Now a Good Time to Refinance?

Blog posted On August 23, 2022

For the past several months, headlines have said the refinance boom is over. Interest rates have been steadily rising since the beginning of the year. While many homeowners might think they missed their chance, nearly one million owners can still save over $3,500 per year by refinancing.

Market Update: Rates Rise; Pending Home Sales and New Home Sales Coming Up This Week

Blog posted On August 22, 2022

Mortgage rates trended upward last week after new inflation data from the UK and Germany that was hotter-than-expected. Hotter inflation tends to mean higher rates – regardless of whether it’s abroad or domestic. Until inflation reports show more consistent trends lower, rates will likely continue their volatility. This week, we have important data coming in on new home sales and pending home sales.

Budgeting Tips for Unexpected Home Repairs

Blog posted On August 17, 2022

Owning a home is an excellent investment but saving for unexpected expenses and repairs is essential. Even newer homes can have issues shortly after moving in. It’s highly recommended that you go into a new home with money saved for the unknowns and continue saving money yearly. Here’s how you can save for unexpected expenses and repairs.

How an Economic Slowdown Can Benefit Buyers (and How to Prepare Financially)

Blog posted On August 16, 2022

Many experts are predicting an upcoming economic slowdown. During times like these, people have historically tended to take a step back from the home buying process. But in today’s market, it could benefit certain home buyers to stay the course.

Market Update: Rates Fall; NAHB Housing Market Index, Housing starts and Building Permits, Existing Home Sales

Blog posted On August 15, 2022

Mortgage rates trended lower again last week after the consumer price index showed positive signs of inflation cooling. Inflation has been soaring beyond 40-year highs, which has had negative effects on the bond market and therefore mortgage rates. So when the year-over-year consumer price index showed a drop in inflation, the markets reacted positively. This week, we have several housing reports scheduled for release.

CMG Financial Launches New Retail Division Name, CMG Home Loans

News posted On August 11, 2022

San Ramon, CA – CMG Financial, a well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, announced the launch of a new Retail Division name, CMG Home Loans. The new name and corresponding slogan, “Home Loans, Simplified. Trusted. Committed,” allow a more dedicated approach to consumers and offer them more direct access to our resources.

Doing This Now Can Help You Save Up to $100,000 on Your Mortgage

Blog posted On August 11, 2022

Home prices, mortgage rates, and inflation are all cooling. But they’re still at higher levels than they were last year and the year before, making homeownership harder to achieve for some. Certain buyers are deciding to take a step back. Others can’t afford to wait. Regardless of where you are in the home buying process, there’s one thing that everyone can do to save money on your purchase.

Is Now a Good Time to Sell Your Home, or Should You Wait?

Blog posted On August 10, 2022

Fewer buyers and declining home prices have sellers thinking twice about listing their homes. So is now a good time to put your home on the market, or should you wait? Unfortunately, it’s not a simple yes or no. But below are things that you can consider to help you make a decision.

Here are some factors that typically sway people to list their homes.

Bidding Wars Are at a Two-Year Low; Should You Buy Now?

Blog posted On August 09, 2022

If you’ve been waiting for the market to cool, now might be your chance. The red-hot housing market is cooling off, just in time for Fall. Buyers have more options, more likelihood of price cuts, and less likelihood of bidding wars.

Market Update: Rates Unchanged; Consumer Price Index Coming Up This Week

Blog posted On August 08, 2022

Last week, mortgage rates trended higher. Throughout the week, they saw high volatility, fluctuating up and down. However, following the employment report on Friday morning, they began trending upward again. The employment report was overall better than expected – just not for the bond market. The number of jobs gains were higher than expected, but we are also seeing a reduction of output in terms of GDP specifically, which infers decreased productivity per worker. This is an inflationary signal, and the bond market (which influences rates), hates inflation.

CMG Financial’s Tara Pettersen Named 2022 HousingWire Woman of Influence

News posted On August 05, 2022

San Ramon, CA — CMG Financial’s Chief Compliance Officer, Tara Pettersen, was honored by HousingWire as one of its 2022 Women of Influence. This annual award recognizes women in the housing industry who are making notable contributions to their companies and to the industry at large. Tara was honored for her inspiring leadership, caring mentorship, and ability to transform her department to better protect the company and its consumers from risks or losses.

Why Researching School Districts When Buying a Home is Important

Blog posted On August 03, 2022

When searching for a home, home buyers typically list out what’s important to them before beginning their home search. The top factors that most buyers look for are price, location, and a good neighborhood with amenities. And when it comes to location, school districts are a big consideration.

Home Prices Cooled at Fastest Recorded Pace in June

Blog posted On August 02, 2022

Black Knight analytics is bringing good news to home buyers. Home price gains are officially slowing down, according to the data firm.

Market Update: Rates Fall; Construction Spending and Jobs Reports Coming Up This Week

Blog posted On August 01, 2022

Mortgage rates took a sharp downward tumble last week after the Federal Open Market Committee (FOMC) announced another aggressive rate hike, and the GDP estimate showed another negative number for Q2 of 2022.

6 Tips on How to Reduce Greenhouse Gas Emissions at Home

Blog posted On July 27, 2022

Many parts of the world are experiencing extreme heat waves this summer. What are ways that we can help reduce the impact of heat waves at home?

4 Ways to Avoid Overpaying in the Current Housing Market

Blog posted On July 26, 2022

Making offers higher than the asking price was routine during the pandemic. Because the market was so competitive, most people who wanted to ‘win the home’ would end up paying much more than the listing price. But as home buyer demand cools and home inventory climbs, overbidding will become much less common. If you’re looking to buy now, remember this isn’t the housing market from two years ago. You might not need offer more than the asking price, and here are four tips that can help you avoid it.

Market Update: Rates Fall; New Home Sales and Fed Interest Rate Decision Coming Up This Week

Blog posted On July 25, 2022

Last week, mortgage rates trended down to two-week lows due to weak economic data in the U.S. and announcements from the European Central Bank (ECB). The Philadelphia Fed Index resulted in a chart that pointed to big economic weakness, which is good news for interest rates. The ECB also released an announcement about a new bond-buying program that will increase demand for specific European bonds. Generally, more bond demand leads to lower rates. Lower rates in Europe can influence rate trends in the U.S.

How 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.

5 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.

4 Things to Know About the Current Housing Market

Blog posted On July 19, 2022

2022 has been a whirlwind for the housing market. Mortgage rates have been steadily climbing since the beginning of the year, inflation has hit a 40-year high, and home prices are soaring. But it’s not all bad news. In fact, several market conditions are beginning to shift in favor of home buyers.

Danielle Hale, chief economist at Realtor.com, shed some light with four things buyers should know about the current housing market.

Market Update: Rates Unchanged; NAHB Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales Coming Up This Week

Blog posted On July 18, 2022

Last week, mortgage rates were relatively unaffected by the rising inflation levels reported by the consumer price index. Most people would typically expect a drastic shift higher in rates since inflation is the enemy of bonds, and the bond market influences rates. While rates did begin to trend slightly higher – it was not as big of a jump as expected. The cause? As inflation continues to climb higher in the current economic state, “the market increasingly sees [it] (and the Fed's necessary policy response) as resulting in recession,” writes Matthew Graham, COO of Mortgage News Daily. When economic activity slows (recession symptoms), rates tend to trend lower.

Home Equity and Financial Safety: Which Loan Programs Can Help You Prepare for Uncertainty?

Blog posted On July 14, 2022

Economists are watching the jobs market closely for hints of a slowdown. In times preceding economic slowdowns, the unemployment rate will typically increase, quits rate will fall, and job openings will decline. During times of uncertainty, Americans typically search for more financial safety and less risk – bonds increase, stocks fall, etc. There are several home loan options that can help increase your financial safety as well.

4 Factors to Consider When Determining Your Max Purchase Price

Blog posted On July 13, 2022

Buying a home is exciting, but it’s essential to determine how much house you can afford before starting the home buying process.

Below are important factors to consider before you begin your home search journey.

Experts Say That Home Buyers Are Gaining More Power

Blog posted On July 12, 2022

Over the past several months, home buyers have faced increasingly high prices and quickly rising mortgage rates. Affordability has become a large challenge, and low home inventory has left buyers few options to choose from. But signs of a tipping point may be here.

Market Update: Rates Slightly Higher; Consumer Price Index Coming Up This Week

Blog posted On July 11, 2022

Last week, mortgage rates trended slightly higher from their one-month lows the previous week. After last month’s consumer price index release showed that inflation was still climbing, rates trended sharply upward. Later, the bond market rallied after the Federal Open Market Committee (FOMC) meeting and rates began trending lower. The consumer price index scheduled for release this week will be very important.

Reverse Mortgages: How to Make the Best Use of Money in Retirement

Blog posted On July 07, 2022

As homeowners age, they begin to prepare for retirement. Most homeowners would prefer to be debt-free by retirement, but many still pay a mortgage. Reverse mortgages are one home financing option that is popular with homeowners who are 62 and older. But there are other options that can help you achieve a debt-free retirement.

New Home vs. Existing Home: Which is Right for You?

Blog posted On July 06, 2022

Buying a brand-new home is more appealing for many home buyers. But does ‘new’ always mean better quality? Here are some of the pros and cons to both new and existing homes.

Debunking Mortgage Myths in the Modern Market

Blog posted On July 05, 2022

It’s no longer 2020. Mortgage rates are no longer near record lows and home prices are still high. But that doesn’t mean you shouldn’t invest in a home. In fact, there are several encouraging signs in the modern market. Unfortunately, there are also several myths. Here are five modern mortgage myths, debunked.

Market Update: Rates Fall; Job Openings Coming Up This Week

Blog posted On July 04, 2022

Last week, mortgage rates trended downward to reach their lowest level in over a week. A large contributor was the personal consumption expenditures (PCE) index, which is the Federal Reserve’s preferred method of measuring inflation. May’s PCE index revealed that spending was slightly cooler than expected. Inflation is the enemy of bonds, and mortgage rates closely follow the bond market. So, when the inflation numbers were better than expected, rates likely followed the bond market’s positive trend. Another factor was the Atlanta Fed releasing its revised GDP estimate for Q2 of 2022 following the PCE news. Prior to the index’s release, the estimate was around 0%. Then it dropped to -1% after the PCE news. When the economy shows signs of slowing, the bond market rallies, and interest rates typically trend lower.

HomeFundIt: An Easier Way to Fund Your Down Payment

Blog posted On June 30, 2022

Did you know that saving for a down payment is one of the biggest obstacles potential homeowners face? Many buyers who can afford a mortgage struggle to buy a home because of the upfront costs like a down payment. For some, saving for a down payment takes years – especially when home prices are high. With HomeFundIt™, home buyers can buy their home sooner with a larger down payment.

5 Ways to Lower Your Closing Costs When Purchasing a Home

Blog posted On June 29, 2022

Closing costs are the final hurdle home buyers have when purchasing their new home. They are around 3% to 6% of the borrowed loan amount, which can be a significant amount on top of the down payment. Luckily most costs can be negotiated, which can help you lower the amount of money you will have to pay at the closing table.

Signs That the Housing Market is Normalizing, Not Slowing

Blog posted On June 28, 2022

Order is being restored in the housing market. Two years ago, mortgage rates sank, and housing activity boomed. Home buyers jumped at low rates and homeowners wasted no time refinancing. Now, activity is cooling off. Some are framing it as a ‘slowdown’ in housing. While this isn’t entirely inaccurate, it doesn’t paint the full picture of what’s going on in the market, nor does it highlight why a ‘cooldown’ is actually needed in the current housing environment.

Market Update: Rate Fall; Pending Home Sales, Case-Shiller Home Price Index, and Construction Spending Coming Up This Week

Blog posted On June 27, 2022

Mortgage rates trended downward last week after a rally in the bond market following Federal Reserve Chairman Jerome Powell’s testimony. During his testimony, he subtly prepped the markets for the possibility of a slowdown. When the economy slows, interest rates typically drop.

The Mortgage Payment Buydown: The Secret Hack to Rising Mortgage Rates

Blog posted On June 23, 2022

Mortgage rates are trending higher, which will ultimately help stabilize the housing market in the long run. But that doesn’t make it any easier on your wallet right now. While a listing price reduction might help lower your monthly mortgage payments minimally, our Mortgage Payment Buydown Program can help you save more.

Why 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.

Breaking Down the Last Week for Rates: Why the Fed Hike is a Good Thing

Blog posted On June 21, 2022

Last week the Federal Open Market Committee (FOMC) voted to make the largest benchmark interest rate hike in almost 30 years. The media has largely portrayed benchmark rate hikes as a bad thing for consumers. Last week proved the opposite – offering hope to home buyers, homeowners, and consumers alike.

Market Update: Rates Fluctuate; Existing Home Sales, New Home Sales Coming Up This Week

Blog posted On June 20, 2022

Mortgage rates trended sharply upward near the beginning of last week as a response to the latest Consumer Price Index (CPI), which revealed that inflation is at its highest level in 40 years. Interest rates do not favor high inflation numbers. Typically, with higher inflation comes higher rates. And the release of May’s CPI proved no different. The market also heated up because the CPI was released right before the Federal Reserve decided on the future of the benchmark interest rate. Therefore, the Fed was in a “blackout period” – which means that the Fed members could not make any public comment on monetary policy. Without any guidance from Fed member comments, the market’s imagination went wild. Then, when the Fed released its announcement that it would raise the benchmark rate by 75 basis points, the bond market was actually relieved, which helped mortgage rates feel some relief and trend lower as well. By hiking the benchmark rate 0.75%, the Fed showed the bond market that it is serious about fighting inflation aggressively now.

Introducing the All In One Loan™ TX Homestead

Blog posted On June 16, 2022

Texas homeowners and buyers have enjoyed the benefits of second home financing with the All In One Loan™. Now, our All In One Loan™ (AIO) product is available for Texas primary residences (homestead properties) as well! If you’re a primary residence homeowner or buyer in Texas, the All In One Loan™ TX Homestead was made exclusively for you.

DIY Projects That Can Boost Your Home’s Value

Blog posted On June 15, 2022

Are you thinking about putting your house on the market? Certain updates can help you maximize profits from the sale of your home. It may be overwhelming to think about the cost of renovations, but there are several medium-to-low-cost updates that can quickly boost your home’s value.

Home Equity is at an All-Time High; Should You Get a HELOC?

Blog posted On June 14, 2022

Many mortgage holders are sitting on a gold mine, according to data released last week by Black Knight. Tappable home equity – the amount of equity owners can borrow while leaving at least 20% in their home – soared to another record high in the first quarter (Q1) of 2022. With this growth, homeowners have even more financial power, security, and freedom. Common uses for tappable equity include home improvements, debt consolidation, unexpected expenses, and more. However, to access this equity, homeowners would need something like a cash-out refinance, home equity loan, or Home Equity Line of Credit (HELOC).

Market Update: Rates Rise; Fed Interest Rate Decision, Housing Starts and Building Permits Coming Up This Week

Blog posted On June 13, 2022

Last week, mortgage rates trended higher after announcements from the European Central Bank (ECB) and the release of the consumer price index for May. The US bond market reacted to an announcement from the ECB last week, which pushed mortgage rates higher. Additionally, the consumer price index showed that inflation is still climbing higher, which also caused a market reaction. Higher levels of inflation likely indicate that the Federal Reserve will raise benchmark interest rate by at least another 50 basis points in several of their upcoming meetings. To prepare for the upcoming Fed rate increases, the market mortgage rates are continuing to trend upward.

Home Maintenance Checklist for the Summertime

Blog posted On June 08, 2022

Owning a home brings a lot of pride and joy but it also requires a good amount of maintenance throughout the year. Without the proper maintenance, your home may require more costly repairs down the road. The summer is a perfect time to take advantage of the longer days and start on your home's to-do list.

Renovation Loans Are on the Rise

Blog posted On June 07, 2022

Mortgage rates have been sharply trending upward in recent months, causing many potential buyers to pick up their home hunting pace. Locking a mortgage rate now could prevent you from paying for a higher rate later, should they continue trending upward. However, home inventory is still very low – leaving buyers few options on the market. The newer, more updated homes are selling quickly, and for a steep price. But that doesn’t mean that all hope is lost. One financing option that’s saving the day for many is Renovation Loans.

Market Update: Rates Trend Higher; Consumer Price Index Coming Up This Week

Blog posted On June 06, 2022

Mortgage rates trended higher last week after seeing favorable downward trends the week before. Several factors contributed to the rise. One simply is the volatility of the current market. “Any time anything in the market has been doing one thing bigger/longer than normal, odds of a rebound increase,” writes Matthew Graham, chief operating officer at Mortgage News Daily. Other contributors include China’s easing of lockdowns, data showing that the manufacturing sector was more resilient than expected in May, and markets predicting an aggressive stance from the Federal Reserve in its upcoming Federal Open Market Committee (FOMC) meeting.

What is an Adjustable-Rate Mortgage and How Can it Help You Save Money?

Blog posted On June 02, 2022

Not all mortgage rates are as high as you think. Typically, the 30-year fixed rate average is what most people notice when they see the current market rates. Most home buyers lock into a 30-year fixed-rate mortgage because of its consistency. But fixed-rate mortgages aren’t your only home financing option. In fact, they’re often pricier than some alternatives, like the adjustable-rate mortgage (ARM).

The Dos and Don'ts While Waiting for Closing Day

Blog posted On June 01, 2022

Your offer on your dream home has finally been accepted – but your work isn’t finished just yet. While it may be tempting to start purchasing new furniture and décor, it’s crucial to monitor your spending until your loan is fully approved. There are other financial aspects you will want to be aware of before you close. Below are six tips on what to do and what not to do while waiting for closing day.

Adjustable-Rate Mortgages Are on the Rise: Are They the Right Move for You?

Blog posted On May 31, 2022

Rising mortgage rates are pushing more home buyers toward adjustable-rate mortgages (ARMs). By March 2022, the ARM share dollar volume for conventional single-family mortgage originations was three times higher than its level in January 2021. Typically, ARMs start at lower mortgage rates than fixed-rate mortgages. This makes them an appealing option for many home buyers when mortgage rates and home prices are higher.

Market Update: Rates Drop; Case-Shiller Home Price Index and Construction Spending Coming Up This Week

Blog posted On May 30, 2022

Mortgage rates fell to their lowest level in over a month last week, according to the average data from Mortgage News Daily. One of the main causes for the downward trend is the continued declines in the stock market. Last week, there was a specific drop following the new home sales data. So, the silver lining of the seemingly poor trends in market-moving reports (like new home sales) is their potentially positive impact on rates.

Lock N Shop: How to Lock in Your Rate Before You Find Your Home

Blog posted On May 26, 2022

Have you ever made a decision before you feel ready? When it comes to a decision as big as a home, it’s important to find the right fit. Don’t let fluctuating mortgage rates pressure you into buying before you’ve found the right home. Instead, consider Lock N Shop.

Home Selling Checklist: 7 Things to Do Before Putting Your Home on the Market

Blog posted On May 25, 2022

Spring and early summer are some of the busiest home buying seasons. If you’re considering selling your home, there are several ways you can prepare it for the market. Below are seven steps to take before listing your home.

Mortgage Rates Are Rising Fast; Here’s How to Get the Lowest One Possible

Blog posted On May 24, 2022

Since the beginning of 2022, mortgage rates have been trending higher at a shockingly fast pace. According to data from Freddie Mac, the average 30-year fixed mortgage rate was trending around 3.11% at the end of 2021. Now, it’s trending over two percentage points higher. Historically, this is one of the sharpest upward rate trends in 40 years. And many experts predict that rates will continue to rise. If you’re considering buying, don’t fret. Here are five tips that can help you secure the lowest mortgage rate possible.

Market Update: Rates Trend Lower; New Home Sales and Pending Home Sales Coming Up This Week

Blog posted On May 23, 2022

Last week, mortgage rates trended downward to hit three-week lows. Again, no huge contributing factor or obvious reason for the large sways in rate trends right now other than the extreme volatility of the current market.

How Our On-Time Closing Guarantee Can Help You Make the Winning Offer

Blog posted On May 19, 2022

In a busy housing market, each day counts. With our On-Time Close Guarantee, you can get a head start on your mortgage underwriting, get an on-time close guaranteed, and compete in a crowded market.

CMG Financial Welcomes Ricardo Torres, Area Sales Manager

News posted On May 19, 2022

MCALLEN, TX – CMG Financial, a well-capitalized, privately held mortgage-banking firm headquartered in San Ramon, CA, announced the new hire of Area Sales Manager, Ricardo Torres NMLS #255493. Ricardo, a well-established originator in southern Texas, will be driving the CMG market in that area.

5 Things to Look for When Touring a Home

Blog posted On May 18, 2022

Real estate is continuing to move fast, and often this means that you must move faster on a home that you are interested in than you would in a slower moving market. You must often decide if you will be putting an offer on a home within hours of touring it. It is essential to make your first tour count and know what key things to look for.

Why Now is Actually a Good Time to Buy a Home

Blog posted On May 17, 2022

Nearly 75% of consumers told Fannie Mae that they think it's a bad time to buy a home. Historically low housing inventory, record high home prices, and sharply rising mortgage rates are the main headlines driving the sentiment. But the current headlines don’t always paint the full picture. Here’s why you should consider buying now vs. later.

Market Update: Rates Trend Lower; NAHB Index, Housing Starts and Building Permits, and Existing Sales Coming Up This Week

Blog posted On May 16, 2022

Mortgage rates dropped to some of the lowest levels in two weeks towards the middle of last week. Typically, decreases that drastic only happen but once a year and are tied to some huge event happening in the market. But this year is a year like no other. The volatility alone in the 2022 market has spawned some dramatic climbs and tumbles for rates. Commenting on the drops from last week, Mortgage News Daily CEO and founder Matthew Graham writes, “It's a sign of 2022's times that there really weren't any glaringly obvious scapegoats for this particular drop in rates.”

How Our PLS Helps Investment Property and Second Home Buyers

Blog posted On May 12, 2022

Effective May 2, 2022, we officially launched our own Private Label Security (PLS). Remember when the Federal Housing Finance Agency (FHFA) increased upfront fees on second home and high-balance loans? With our own PLS, we can now help you avoid these fees and offer you a much better price on your second home/ investment property loan.

6 Ways to Create the Perfect Outdoor Space

Blog posted On May 11, 2022

It’s that time of year again! Temperatures are starting to rise, which means people are beginning to spend more time outside. Is your outdoor space ready to start hosting your family and friends? Here are some tips on creating the perfect outdoor space that will prepare you for your upcoming outdoor gatherings.

Asian American Home Buying Accelerates Post-Pandemic

Blog posted On May 10, 2022

May marks the beginning of Asian American and Pacific Islander Heritage Month. In honor of the month, Realtor.com studied the trends in Asian American homeownership from March 2019 to December 2021. What the study found was that Asian American home buyers are the group that had the largest increase in the rate of homeownership in recent years.

Market Update: Rates Rise; Consumer Price Index Coming Up This Week

Blog posted On May 09, 2022

Mortgage rates trended upward last week for different reasons. Although the Federal Reserve hiked the benchmark interest rate, the market reacted more positively to Fed Chairman Jerome Powell’s statement that “the committee isn't even considering raising rates by more than 0.50% at any subsequent meeting,” writes Mortgage News Daily Chief Operating Officer Matthew Graham. Towards the end of the week, they began trending upward again. “In the case of the bond market, unwinding the Fed reaction meant crossing into territory that triggered additional selling,” writes Graham. “When traders are selling more bonds than they're buying, rate move higher, all other things being equal.”

How Reverse Mortgages Can Help Retired Homeowners or Buyers

Blog posted On May 05, 2022

You’ve spent years investing into your home and now it’s time to reap the rewards of your hard-earned equity. As you get older, you might be thinking about buying a home that better suits your lifestyle. But you also are probably thinking about your retirement funds.

9 Tips for Beating Out Buyer Competition

Blog posted On May 04, 2022

If several people want same item at an auction, what happens? Chances are, they’ll try to outbid each other until one person makes an unbeatable offer. The same goes for the housing market. When there are several home buyers in the market but few homes for sale, oftentimes they’ll run into a bidding war. A bidding war is when two or more home buyers make offers on the same property and simultaneously increase their offers in order to win the home. The secret to winning a bidding war? It might be simpler than you think.

A More Normalized Housing Market is Coming Soon

Blog posted On May 03, 2022

Last week, the housing market gained valuable insight from two key economic reports. The Case-Shiller home price index, released last Tuesday, showed that home prices are appreciating at a faster pace. The pending home sales index, released last Wednesday, revealed that home sale contract signings decreased again. While that may be the basic summary of both indexes, it’s not the full story.

Market Update: Rates Rise; Construction Spending and The Fed Interest Rate Decision Coming Out This Week

Blog posted On May 02, 2022

Mortgage rates trended downward last week for the first time in nearly a month. Right now, “volatility is elevated [in the current market], and it has been for quite some time,” writes Matthew Graham of Mortgage News Daily. “Every time the rate market hits a new long term high, odds increase that we'll see some attempt at a counterattack in subsequent days.” Last week, the drop in rates was closely connected to the lockdowns in China, which caused a drop in global markets overnight, as well as a drop in oil prices.

Ins and Outs of the All In One Loan™

Blog posted On April 28, 2022

There are hardly any loans that can compare to the All In One Loan™ in United States of America. It’s the Smarter Way to Borrow™ that everyone is talking about. And it’s likely to become even more prominent in the housing market this year and beyond.

Money Moves to Make Amid High Inflation

Blog posted On April 27, 2022

One of the main consequences of skyrocketing inflation is often times rising interest rates. Raising the benchmark interest rate is one financial tool that the Federal Reserve uses to help curb inflation. However, there are several other effects that can come from higher interest rates. Here’s how higher rates can affect your wallet and how you can prepare.

Why HousingWire Lead Analyst is “Team Higher Mortgage Rates”

Blog posted On April 26, 2022

There’s no avoiding the recent headlines about rising mortgage rates. Simply put, mortgage rates have jumped significantly since the beginning of 2022. How significantly varies per lender, but in general, mortgage rates have been trending nearly two percentage points higher than December 2021. This has caused undoubtable noise from the housing market and likely concern from many hopeful homeowners. But housing experts like HousingWire’s Lead Analyst Logan Mohtashami see rising rates as a benefit for the housing market.

Market Update: Rates Rise; Case-Shiller Home Price Index, Pending Home Sales Coming Up This Week

Blog posted On April 25, 2022

Last week, mortgage rates trended upward. The cause, which was well explained by Matthew Graham at Mortgage News Daily, “[has remained] relatively unchanged over the past several months and almost perfectly unchanged over the past 6 weeks. Specifically, the Fed was in the process of making a significant shift in its monetary policy stance between September 2021 and the present. This involved faster rate hikes and bigger steps toward reducing bond purchases.”

Benefits of Financing Your Home with a Jumbo Loan

Blog posted On April 21, 2022

A Jumbo Loan is a mortgage that exceeds the Fannie Mae and Freddie Mac conforming loan limits. With a larger loan limit than conventional mortgages, jumbo loans allow you to finance more expensive properties. But there are several other benefits that may be lesser known.

Why Your Credit Score Matters When Rates Are Rising, and How to Improve It

Blog posted On April 20, 2022

Working to improve your credit score is always good idea, especially when preparing to buy a home. But when interest rates are rising, it may be even more important than you think.

CMG Financial Welcomes David Crowder, Area Sales Manager

News posted On April 20, 2022

Oak Brook, IL – CMG Financial, a well-capitalized, privately held mortgage-banking firm headquartered in San Ramon, CA, celebrates the recent hire of David Crowder, Area Sales Manager, NMLS# 503134. A seasoned originator with over 18 years of experience in the mortgage industry, David will be a strong presence in the growth of CMG’s Midwestern branches. Right now, the midwestern market accounts for nearly a quarter of the nation’s total existing home sales.

More Home Buyers Rush to Lock in Rates

Blog posted On April 19, 2022

Mortgage rates have been climbing at the fastest pace since 1994. Last week, the average 30-year fixed-rate hit levels not seen since 2009. Higher mortgage rates typically lead to fewer mortgage applications and originations. Last month proved the opposite. Despite rapidly rising rates, mortgage origination activity increased in March. But why? Could a mortgage rate lock be right for you?

Market Update: Rates Trend Higher; NAHB Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales Coming Up This Week

Blog posted On April 18, 2022

Mortgage rates fluctuated last week, ultimately trending higher by the end of the week. Much of the movement has to do with inflation levels and market predictions on what the Federal Reserve will do in its May meeting.

CMG Financial Opens Chattanooga, TN Branch with Branch Manager Janet Hillis Reimann

News posted On April 18, 2022

Chattanooga, TN – CMG Financial, a well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, announced the addition of a new branch in Chattanooga, TN. The new branch, headed by Branch Manager Janet Hillis Reimann, NMLS# 546540, will bring the total number of Tennessee branches to 20.

Pros 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).

7 Features That Could Boost Your Home’s Value

Blog posted On April 13, 2022

Not all of a home’s value is based on a curb appeal. In fact, some unusual features could actually attract more buyers and boost your sales price. In a study for Angi, formerly Angie’s List, researchers identified common features that people have in their homes that come with a nice price premium.

Good News for Buyers as More Listings and Lower Prices Join the Market

Blog posted On April 12, 2022

Mortgage rates have been trending higher, housing supply has been painfully low, and home prices have been soaring to new heights. Little good news has spawned from the housing market in recent months. But recent reports are offering hope for many discouraged home buyers. According to Realtor.com and Redfin, more listings are coming up in the market and more home sellers are lowering their asking prices.

CMG Financial’s Chris George Receives Distinguished Career Award from Mortgage Executive Roundtable

News posted On April 12, 2022

San Francisco, CA – Chris George, CEO, President, and founder of CMG Financial, a well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, has been named the Distinguished Career Award Recipient for the Spring 2022 Mortgage Executive Roundtable. The award recognizes some of the most influential leaders in the mortgage industry. Past recipients have included former Mortgage Bankers Association (MBA) President David Stevens, Vice Chairman of Rock Holdings, Inc. – the majority owner of Rocket Mortgage and Quicken Loans – Bill Emerson, and Ellie Mae Founder and Executive Chairman Sigmund Anderman.

Market Update: Rates Rise; Consumer Price Index and Retail Sales Coming Up This Week

Blog posted On April 11, 2022

Mortgage rates trended higher last week largely resulting from comments by various Fed members. Three weeks ago, Fed Chairman Jerome Powell kicked off the upward trend with his comments about speeding up the interest rate hikes and balance sheet reduction. Then, last week, Fed Vice Chair Lael Brainard commented that Fed bond buying would be winding down significantly more. This made the markets react since she typically has more of a rate-friendly approach. More demand for bonds generally leads to lower rates. So with comments predicting a reduced bond demand from the Fed, mortgage rates reacted negatively.

How to Use a Cash-Out Refinance to Fund Your Next Purchase

Blog posted On April 07, 2022

Homeowners have been gaining record amounts of equity in recent years – giving them more financial power than ever. If you’ve been considering investing in more real estate, now might be the time to make your move with a cash-out refinance.

3 Essential Yard Care Tips for Spring

Blog posted On April 06, 2022

Caring for your yard has endless benefits for both your health and financial well-being. Studies have found that yard care and gardening can boost your mood and mental health, not to mention boost your home’s value a little. If you’re getting ready to warm up the lawn mower or start the watering hose, here are three tips to remember when caring for your yard.

Why the Recent Jobs Report is a Good Sign for Housing

Blog posted On April 05, 2022

Last week the U.S. Department of Labor released its jobs report for the month of March. Initially, some of the numbers in the report appear to fall below many economists’ expectations. However, at a closer look it shows several encouraging signs for the housing market.

Market Update: Rates Fall; Consumer Credit Coming Up This Week

Blog posted On April 04, 2022

Last week, mortgage rates trended downward for the first time in several weeks. It began due to hopes that there would be de-escalation in Ukraine. With de-escalation would hopefully come reduced oil prices and easing upward pressure on inflation, allowing the Fed to ease their policy changes that could be negative influences for rates.

Benefits 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.

10 Songs to Play at Your Open House

Blog posted On March 30, 2022

Freshly baked cookies may be a long-lost tradition in the real estate world. But newer sales tactics are starting to gain popularity among some home sellers and buyers. Music can move people in many ways – bringing them to tears, energizing their workout, or providing a calming background tune during the workday. In recent years, some REALTORS® have harnessed the power of music to enhance buyers’ experiences at open houses. Some have found that this can help seal the deal. But if you’re going to try testing it out for yourself, there are a few keys to keep in mind.

Home Prices Are Rising: Should You Increase Your Budget?

Blog posted On March 29, 2022

In February, the median sales price for an existing home was $357,300 – a 15% increase from February 2021. The rise in home prices combined with higher mortgage rates, limited home inventory, and steep home buyer competition are stretching many buyers beyond their budgets’ limits. To stand out in a competitive market, many will make an offer well above the sales price. But how high is too high when it comes to an offer? Here are some factors to consider when making an offer in the current market.

Market Update: Rates Rise; Case Shiller Home Price Index, Construction Spending Coming Up This Week

Blog posted On March 28, 2022

Last week mortgage rates saw a sharp trend upward. Federal Reserve Chairman Jerome Powell spoke on Monday and discussed a more aggressive path with balance sheet reduction. The bond market reacted badly to this, which influenced a sharp trend upward in mortgage rates. This week, the Case-Shiller home price index is scheduled for release on Tuesday and the construction spending report is scheduled for release on Friday.

How to Choose the Best Mortgage Fit

Blog posted On March 24, 2022

Shopping for a home is the fun part. Then comes the mortgage shopping. Conventional loans have long reined as the most popular type of home loan. But there are a few more options out there, such as FHA Loans, VA Loans, USDA Loans, Jumbo Loans, Renovation Loans, and all kinds of specialty programs. Not to mention the different loan terms and mortgage rate options. Deciding on what’s right for you may feel overwhelming, but with these five steps, you can find your perfect mortgage fit in no time.

6 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.

More Fed Rate Hikes Are Coming, and It Could Be a Good Thing

Blog posted On March 22, 2022

Last week, the Federal Open Market Committee (FOMC) voted to hike the benchmark interest rate for the first time since 2018. The hike comes after nearly two years of the benchmark rate sitting near zero. It was a hike of 25 basis points, or 0.25%, which brought the benchmark rate to a range of 0.25% to 0.50%. The increase was as expected, but other details of the Committee’s meeting were not – specifically, the number of projected rate hikes for the remainder of 2022. While the federal funds rate doesn’t directly dictate mortgage rates, the outlook for future hikes can affect their trends.

Market Update: Rates Rise; New Home Sales, Pending Home Sales Coming Up This Week

Blog posted On March 21, 2022

Mortgage rates trended up for last week, largely due to the Federal Reserve’s rate hike announcement. In its March meeting, the Federal Open Market Committee (FOMC) voted to hike the benchmark interest rate by 25 basis points, or 0.25%. While this hike was largely expected, the rate hike projections for the rest of the year were not. The new forecast projected seven rate hikes in 2022.

Understanding Our Desktop Appraisal Process and Benefits

Blog posted On March 17, 2022

During the COVID-19 pandemic, the top priority for many was keeping distance. Companies sent employees home, restaurants closed their dine-in service, and people began moving out of large cities to more spacious suburban areas. However, in the home buying/selling process, you will often want to take a tour, have an open house, and get an appraisal – all of which typically were conducted in person. But when the pandemic hit, the real estate industry adjusted. Many companies began advertising virtual home tours, e-sign documents, and desktop appraisals.

5 Ways a Fed Rate Hike May Impact You

Blog posted On March 16, 2022

In 2008, the Federal Reserve lowered the benchmark interest rate to a level of near zero. This was the first time the benchmark rate had been this low. The second time was in March 2020. March 2022 will be only the second time that it has raised rates from near zero. So how will this jump affect you?

Homeownership Remains a Key Factor in Building Long-Term Wealth

Blog posted On March 15, 2022

A recent study by the National Association of REALTORS® (NAR) showed that homeowners have accumulated nearly $150,000 in housing wealth over the past five years. As home prices continue to rise, homeowners continue to benefit from rising equity.

Market Update: Rates Rise; Fed Interest Rate Decision, Housing Starts and Building Permits, and Existing Sales Coming Up This Week

Blog posted On March 14, 2022

Mortgage rates trended higher last week as inflation hit another 40-year high and continues to face upward pressures from the conflict in Ukraine. Mortgage rates are largely dependent on trends in the bond market, and the bond market does not like inflation.

Halal Financing Program: Accessible Homeownership for All

Blog posted On March 10, 2022

The Halal Financing Program is a home buying solution that can offer more buyers a path to homeownership. Through our partnership with the Ijara Community Development Corporation, we are one of the only companies in the nation to offer Islamic-compliant lending.

10 Simple Steps to Make Spring Cleaning a Breeze

Blog posted On March 09, 2022

After a long, hard winter, many people welcome the signs of warmer weather. No more snow shoveling, driveway salting, and sitting in your freezing-cold car waiting for it to heat up. But with warmer weather also comes a dreaded task for many homeowners and renters alike—spring cleaning. If you’re having trouble making dents in your cleaning list, try these 10 steps to make it a little more doable (and maybe even enjoyable)!

Ukraine, Fed Rate Hikes, and Inflation: What’s Moving Mortgage Rates and Why

Blog posted On March 08, 2022

Last week was a whirlwind for mortgage rates. On Monday and Tuesday, the average mortgage rate dropped more than almost any other 48-hour period in the past 10+ years. Then, on Wednesday, they shot right back up. Different factors are influencing rates drastically right now, pushing and pulling them in all different directions. However, they will likely begin to level out in the long run, falling into a more consistent and predictable trend.

Market Update: Rates Fluctuate; Job Openings and Consumer Price Index Coming Up This Week

Blog posted On March 07, 2022

Mortgage rates saw a sharp downward trend near the beginning of last week. Then, on Wednesday, Federal Reserve Chairman Jerome Powell told Congress that the Fed still plans to bump up the benchmark interest rate in its March meeting – but only by 25 basis points. This sent mortgage rates back on an upward trend because the bond market doesn’t like inflation, and inflation levels are very high right now. One of the Fed’s tools to combat inflation is the benchmark interest rate. The higher the rate hike, the greater likelihood of lowering inflation.

How to Report Capital Gains on Your Home Sale to the IRS

Blog posted On March 03, 2022

When you sell your home, you will likely come out with a profit. While most of the profit is yours, part of it will go to Uncle Sam. This is a capital gains tax. To make sure you don’t give the government too much of your profit, follow these steps when filing your capital gains.

4 Tips for a Quick and Efficient Military Move

Blog posted On March 02, 2022

Getting new orders that require a move is not uncommon in the military. And when that happens, you likely will need to act fast and transition efficiently. To help you on your move, here are four tips.

What Experts Are Saying About Geopolitical Effects on Rates

Blog posted On March 01, 2022

Last week, the markets reacted to the news abroad. Treasury yields fell and mortgage-backed securities climbed, both signs of decreasing mortgage rates. When geopolitical crises arise, people tend to invest in safer options rather than stocks and head toward bonds instead. However, the effect on rates doesn’t end there. Depending on how the crisis evolves, it could also impact the already-high levels of inflation. Higher levels of inflation put the Federal Reserve in a difficult spot in terms of rate hikes. So it’s a fine balance between the pressures pushing rates higher and lower. Here’s what the experts are saying.

Market Update: Rates Fluctuate; Construction Spending Coming Up This Week

Blog posted On February 28, 2022

Mortgage rates were trending higher in the beginning of last week but shifted lower after the news in Ukraine. Typically, global turmoil is a factor that can help the bond market because people want to invest in safer options than stocks. The bond market is closely tied with mortgage rates, so mortgage rates benefitted as well.

5 Tax Deductions for Home Sellers

Blog posted On February 24, 2022

Tax season may not be your favorite time of year, but it does come with some perks. If you currently own a home or recently sold your home, you probably qualify for some decent tax deductions this year.

Why Calculating Your Own Property Tax is Important

Blog posted On February 23, 2022

Paying your property taxes is an important part of being a homeowner. But just like any other tax, sometimes property taxes can overcharge. To make sure that you’re paying the right amount on your property taxes this year, it’s best to calculate them yourself.

What’s Driving Mortgage Rates and Why Do They Need to Rise?

Blog posted On February 22, 2022

Mortgage rates have been consistently trending higher since the start of 2022. Recently, they reached levels not seen since before the pandemic. Many factors have contributed to the rise, and the effect has been a busy market. Homeowners are considering refinances, home buyers are pushing home inventory levels to an all-time low, and home builders are feeling decreasingly confident in the market outlook. But some housing experts argue that increasing mortgage rates aren’t actually a bad thing. In fact, they could actually help the market get to a healthier place.

Market Update: Rates Rise; Case-Shiller Home Price Index, New Home Sales, Pending Home Sales

Blog posted On February 21, 2022

Mortgage rates trended higher last week as the momentum from the previous week continued. The main cause a couple weeks ago was the consumer price index, which revealed that inflation levels are at a 40-year high level. Consequently, more experts believe that the Federal Reserve will hike the benchmark rate in March.

Renting vs. Selling: Which is Right for You?

Blog posted On February 17, 2022

When rent prices and home prices are both soaring, you might be faced with the tough decision: should you sell your home or rent it out? Both are good options, but before you decide, it’s important to consider the pros and cons of each scenario.

How To Tackle Tax Season as a Homeowner or Home Buyer

Blog posted On February 16, 2022

Everyone’s favorite season of the year is here. Not spring, summer, fall, or winter, but something even better – tax season! The deadline for filing your federal income taxes is in mid-April, but you can start submitting them now. Over the next several months, you’ll be receiving many different documents that you will need before, during, and after you file your taxes. If this is your first time filing taxes as a new homeowner or hopeful home buyer, make sure to be on the lookout for these important documents.

What Experts Are Saying About Rising Inflation

Blog posted On February 15, 2022

Last week, the consumer price index showed that inflation has surged to a 40-year high. Up 7.5% year-over-year in January, the index rose much higher than economists had expected. Have we seen the worst of it? What’s next for the Federal Reserve? What does this mean for you? Here’s what market experts have to say.

Market Update: Rates Rise; NAHB Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales Coming Up This Week

Blog posted On February 14, 2022

Mortgage rates continued their upward trend last week. One of the main factors was the consumer price index, released on Thursday, which showed inflation levels not seen since 1982. With higher inflation levels, the Federal Reserve is more likely to raise the benchmark interest rate in March.

How a Renovation Loan Can Help You

Blog posted On February 10, 2022

Searching for an affordable home in a competitive market can be difficult. Not only are you competing with other buyers, but with high home prices as well. A good option that can help expand your home search is a renovation loan.

CMG Financial Opens Auburn, MA Branch with Branch Manager Patrick Harvey

News posted On February 10, 2022

Auburn, MA – CMG Financial, a well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, continues to grow its Northeastern presence with the addition of a branch in Auburn, MA. The new branch, headed by Branch Manager Patrick Harvey, NMLS# 857465, will serve the greater Massachusetts area. Joining Patrick at the new branch is Sales Manager Tom Hunt, NMLS# 756136.

4 Tips for a Stress-Free Home Search

Blog posted On February 09, 2022

The housing market goes through ebbs and flows of inventory levels. During a time of high buyer competition and low housing supply, you might find your home search a little more difficult. There will likely be fewer options in your price range and more buyers looking at the same house. If you’re searching for a home during a time like this, there are several ways you can help make the house hunting process smoother.

Housing Wealth is Breaking Records for Owners and Sellers

Blog posted On February 08, 2022

The past two years have been kind to homeowners and sellers. Soaring home prices and booming home buyer demand have brought earnings to record-breaking heights. And while this year’s housing market might start to cool down, homeowners and sellers are still cashing in earnings.

Market Update: Rates Inch Up; Consumer Price Index Coming Up This Week

Blog posted On February 07, 2022

Despite trending lower in the beginning half of last week, mortgage rates trended slightly higher toward the end. Foreign bond markets were largely the cause. On Thursday, the Bank of England (BOE) hiked its benchmark rates and the European Central Bank (ECB) hinted at a rate hike in its upcoming meeting. Consequently, foreign bond yields rose, and U.S. bond yields followed the trend. Mortgage rate trends closely follow bond yield trends.

Benefits of Taking Out a HELOC

Blog posted On February 03, 2022

Charging expenses to your credit card may seem easy, but it can cost you more in the long run. Credit card interest rates are typically much higher than mortgage rates and maxing out lines of credit can be bad for your credit score. A good alternative to using your credit card is getting a Home Equity Line of Credit, or HELOC.

How to Tackle Credit Card Finances Before Rates Rise

Blog posted On February 02, 2022

In a rising rate environment, credit cards typically get hit the hardest. Interest rates on credit cards are generally much higher than interest rates on a mortgage. While average mortgage rates have been hovering between 2% and 4%, average credit card rates have largely been hovering between 15% and 20%. And credit card rates typically follow the federal funds rate much more closely that mortgage rates. So what should you do if a federal funds rate hike is coming?

Fed Rate Hikes Are Coming: What This Means and How to Prepare

Blog posted On February 01, 2022

For the past two years, home buyers and owners have been reaping the rewards of record-low mortgage rates. In March 2020, the Federal Reserve made an emergency interest rate cut, lowering the benchmark rate to near zero. As a result, mortgage rates dropped to historically low levels. By locking in mortgage rates while they are low, buyers and owners are drastically reducing their monthly payments saving thousands over the life of their loan. But last week, the Fed hinted that this is all about to change.

Market Update: Rates Inch Higher; Construction Spending Coming Up This Week

Blog posted On January 31, 2022

Last week, mortgage rates trended higher after the Federal Reserve hinted at an interest rate hike in March. “The Fed’s announcement that it will ‘soon be appropriate’ to raise interest rates is a clear sign that a March rate hike is coming,” noted Michael Pearce, senior U.S. economist at Capital Economics. Although the benchmark interest rate does not directly set mortgage rates, it does influence them. When the benchmark interest rate dropped to zero two years ago, mortgage rates saw a similar downward trajectory. Now, in preparation for the Fed’s hike this Spring, rates are starting to inch up.

How to Make an All-Cash Offer Without Taking Out Cash

Blog posted On January 27, 2022

Standing out in a competitive market can be hard. Home prices are high, home inventory is low, bidding wars are rising, and all-cash offers are taking the cake. Most sellers favor all-cash offers but for many buyers they can be difficult to finance. With our Delayed Financing Program, you can give your offer the all-cash edge it needs and recoup your assets later.

What to Look for in a Home Listing

Blog posted On January 26, 2022

In a competitive housing market, you might not be as picky about your choices. But there’s one factor to look at that could help you save money in the long run.

Purchase Activity Spikes as Home Buyers Rush to Lock in Rates

Blog posted On January 25, 2022

Spring might be starting early for this year’s housing market. Two weeks ago, mortgage application submissions for home purchases surged 8% – the largest weekly jump since September. As mortgage rates reach pandemic-highs, home buyers are eager to get a move on their purchases.

Market Update: Rates Rise; Case-Shiller Home Price Index, New Home Sales, and Fed Interest Rate Decision Coming Up This Week

Blog posted On January 24, 2022

Mortgage rates trended upward last week as the bond market continued adjusting to the Federal Reserve’s asset tapering plan. In December, the Federal Open Market Committee (FOMC) announced that it was speeding up its asset tapering in hopes of concluding the process in March. Soon after, the Fed will likely begin raising the benchmark interest rate. Right now, many traders are preparing for the eventual shift.

The 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.

6 Tips to Help You Reach the Closing Table Faster

Blog posted On January 19, 2022

Mortgage lending has come a long way in recent years. You no longer need a 20% down payment and perfect credit score to secure a loan. There are several mortgage options with low down payment requirements and lenient credit score qualifications. What you do need for a smooth closing is honesty, cooperation, and trust. There are many steps in the mortgage process, but the most important factor in each is providing your lender all the information we need.

Home Sales to Reach 16-Year High; Buyers Have ‘Much to Look Forward to’ in 2022

Blog posted On January 18, 2022

Mortgage rates may be inching up, but home buyers show no signs of slowing down. According to Realtor.com’s 2022 Housing Market Forecast, existing home sales are expected to surge 6.6% this year – bringing their annual total to a 16-year high. Despite challenges of affordability and availability, “home buyers have much to look forward to in 2022,” writes Danielle Hale, chief economist of Realtor.com

Market Update: Rates Unchanged; NAHB Housing Market Index, Housing Starts and Building Permits, Existing Home Sales Coming Up This Week

Blog posted On January 17, 2022

Last week, mortgage rates were initially trending higher than the previous week. During the latter half of the week, they began trending lower. The bond market is largely tied to mortgage rate movement, and over the past two weeks, bond market supply has been elevated. Higher supply typically translates to higher rates. Other factors pushing rates higher include the Federal Reserve’s minutes released last week, and the potential for the Omicron variant to help speed up the endemic phase of COVID. Factors pushing rates lower included a stabilizing bond market and steady improvement following the congressional testimony from Fed Chair Jerome Powell.

How to Pick the Right Type of Refinance

Blog posted On January 13, 2022

Refinancing your mortgage can be a great financial move for several different reasons. Depending on your financial goals, you can choose the refinance loan that suits your personal needs the best.

3 Ways to Save Thousands on Your Mortgage

Blog posted On January 12, 2022

Purchasing a home will likely be the largest investment of your life. While there are several actions you can take to lower the cost of your home upfront, there are also ways you can save money even after you’ve reached the closing table.

Homeownership Remains More Affordable than Renting

Blog posted On January 11, 2022

Both home prices and rent costs have been rising substantially over the past two years. According to the most recent 20-city Case-Shiller home price index, home prices are up 18.4% year-over-year. Single-family rent prices are up 10.9% year-over-year. Though it initially appears that homes are more expensive than rent, it’s important to remember that these are just the paces at which prices are increasing – not the actual costs themselves. In fact, a recent study by ATTOM Data Solutions showed that owning a home is still more affordable than paying rent.

Market Update: Rates Rise; Consumer Price Index Coming Up This Week

Blog posted On January 10, 2022

Last week, mortgage rates trended upward as the Omicron outlook brightened and the Federal Reserve released its minutes from the December meeting. “Bonds feed on fear, turmoil, and risk aversion,” wrote Matthew Graham of Mortgage News Daily. When the economy has a negative outlook, interest rates for things like bonds and homes tend to fall. When the economy is stronger, mortgage rates trend higher. Another factor pushing rates up is the Federal Reserve saying that it ideally would raise the benchmark interest rate sooner than previously anticipated.

How to Buy a Home with No Down Payment

Blog posted On January 06, 2022

Saving for a down payment can take years – especially if you want to avoid mortgage insurance. For some home buyers, this could mean missing out on your dream home, or spending more money on rent and not building equity. But if you’re trying to speed up your home buying process, there are a few options that can help you buy a home with little or no down payment.

6 Ways to Improve Your Credit Fast

Blog posted On January 05, 2022

Your credit score is one of the most important factors in your loan application. Sometimes, building a credit score can take time, but there are some quick fixes that can help you boost your credit score fast.

Home Inventory Set to Increase This Winter: Here’s How to Prepare

Blog posted On January 04, 2022

Though the Winter season is typically cooler for the housing market, it looks like it’s about to heat up. According to a recent Realtor.com report, almost 50% of home sellers plan to sell in the next two months. Sixty-five percent of sellers plan to sell before April 2022. For home buyers, this could be a welcome relief from steep competition and high prices.

Market Update: Rates Unchanged; Construction Spending and Job Openings Coming Up this Week

Blog posted On January 03, 2022

Mortgage rates were relatively unchanged last week. Many traders are monitoring the Omicron variant carefully and waiting to see how it will affect the economy. Kicking off the new year, both the construction spending report and job openings data are scheduled for release.

7 Tips to Help You Maximize Wealth at Any Age

Blog posted On December 29, 2021

Regardless of where you are in life, it’s likely that you have money on your mind. Whether you’re just getting your first paycheck, or getting ready to retire, you’re probably wondering about the best places to spend, save, or invest your money. Though the best financial advice is tailored to your individual situation, a few suggestions can help you at almost any stage in life.

Fed Changes its Stance on Inflation – Here’s How to Navigate Rising Prices

Blog posted On December 28, 2021

Inflation has been soaring at increasing paces. Prices according to the consumer price index hit almost 40-year highs when it came out earlier this month. Two weeks ago, the Federal Reserve redefined their assessment of the current inflation levels and are no longer using the word ‘temporary’ to describe them. When inflation is high, it can put a strain on your wallet. To help you weather the inflation storm, here is what financial planners are saying you should do with your money.

Market Update: Rates Rise; Case-Shiller Home Price Index, Pending Home Sales Coming Up This Week

Blog posted On December 27, 2021

Mortgage rates remained relatively unchanged last week. Many investors are waiting to see how the Omicron variant will develop over the holidays. This week, the Case-Shiller home price index is scheduled for release on Tuesday and the pending home sales index is scheduled for release on Wednesday.

3 Credit Card Resolutions for Next Year

Blog posted On December 22, 2021

Your credit score is one of the most important factors when it comes to applying for loans, leases, or even cell phone plans. When determining whether or not to provide you a loan or lease, most lenders will assess your credit score and credit history. The best time to try and boost your credit score is well before you plan on making any important financial moves. So, to help you prepare for next year, here are three important habits that can help boost your credit score.

Fed Speeds Up Tapering – How it Affects You and What You Should Do Next

Blog posted On December 21, 2021

Last week, the Federal Reserve announced that it would be doubling down on its asset tapering process. Previously, it was reducing its bond purchases by $15 billion a month, setting its projected completion date for June 2022. In light of recent inflation spikes, the Fed decided to speed up its tapering process and remove $30 billion in bond purchases per month. The new plan now puts the Fed’s projected completion date for tapering in March. What does this mean for you?

Market Update: Rates Unchanged; Existing Home Sales, New Home Sales Coming Up This Week

Blog posted On December 20, 2021

Last week, mortgage rates remained relatively unchanged following the Federal Reserve’s announcement saying that it would be doubling the size of the asset taper. Now the Fed will be reducing its asset purchases by $30B a month as opposed to $15B per month. At this rate, the tapering processes is expected to be completed by March 2022. This could poise the Fed to raise the benchmark interest rate as early as the Spring. So far, the Fed has done a good job at signaling its changes well in advance of announcing them, which has given the market time to prepare. This way, mortgage rates haven’t been reacting as strongly.

How Home Equity Can Increase Your Financial Safety

Blog posted On December 16, 2021

While many home buyers dream of the day they can paint their own walls, have their own yard, and finally have a place to call home, they might be forgetting about the most beneficial perk of all. Home equity is one of the most valuable assets for many homeowners. Not only does it boost your net worth and increase your financial freedom, but it also can strengthen your financial safety net.

10 Financial Resolutions for the New Year

Blog posted On December 15, 2021

The third most popular New Year’s resolution is saving money. Though New Year’s Eve is still a few weeks away, we wanted to help you start the year off on the right foot. Here are ten tips to help you boost your personal finance next year.

Home Equity Surges to Record High – Here’s How to Put it to Good Use

Blog posted On December 14, 2021

Home price appreciation may be slowing down, but tappable home equity is still reaching new heights. According to the most recent Mortgage Monitor Report by Black Knight, Americans now have $9.4 trillion in tappable home equity. As a result, more homeowners are exchanging their equity for cash.

Market Update: Rates Rise; NAHB Housing Market Index, Fed Interest Rate Decision, and Housing Starts and Building Permits Coming Up This Week

Blog posted On December 13, 2021

Last week, mortgage rates trended upward as more hopeful news about the Omicron variant was released. When the economy is doing better, mortgage rates typically trend higher. The job openings report and consumer price index also came out last week – showing a very high number of job openings and inflation levels. When inflation levels get too high, the Fed can use some of its tools to bring them back down. One of those tools is raising the benchmark rate. Many experts expect the Fed to further discuss a plan to speed up their asset tapering process, which would push their rate increases forward.

5 Questions to Ask Before Paying Off Your Mortgage

Blog posted On December 09, 2021

Entering retirement without any debt sounds ideal but rushing to pay off your mortgage might set you back more than you think. Before you rush to pay off your mortgage, ask yourself these five questions.

How to Successfully Invest in Short-Term Rentals

Blog posted On December 08, 2021

Many vacation homeowners may choose to lease their second homes out as short-term rentals when they are not occupying the property. Leasing a home as a short-term rental through a service like Airbnb or VRBO is a great way to earn extra income and offset some of the cost of homeownership. In some popular vacation destinations, the prevalence of short-term rentals has led to restrictions and ordinances limiting rental activity. For example, in Breckenridge, Colorado, city officials are currently trying to reduce the amount of licensed short-term rentals from 3,000 to 2,200 properties.

3 Predictions for the Housing Market in 2022

Blog posted On December 07, 2021

After a frenetic year of rock bottom mortgage rates, steep buyer competition, and higher home prices, prospective buyers are wondering what they can expect for the housing market in 2022. Here’s what to expect from the housing market as we usher in a new year.

Market Update: Rates Trend Lower; Job Openings Coming Up This Week

Blog posted On December 06, 2021

Last week, mortgage rates trended lower during the beginning of the week as concerns surrounding the Omicron variant spread. Typically, when news about something that could affect the economy breaks, people look to put their money in bonds as opposed to stocks. When bonds improve, rates tend to fall.

5 Red Flags to Watch for with Your Real Estate Agent

Blog posted On December 02, 2021

In today’s busy market, working with the right real estate agent is critical to moving fast and getting your offer accepted. While your real estate agent can’t change the floorplan or location of your home, they can make the home buying process easier. If you’re working with an agent and you’re not sure if it’s helping, here are five red flags that might signal it’s time to hire a new agent.

The Cost of Aging in Place

Blog posted On December 01, 2021

When you approach retirement, you’ll be faced with the decision of whether to stay in your home or move. Many retirees choose to downsize or move from a single-family home to a townhouse or condo. Others choose to renovate their current home to accommodate expected life changes. If you’re considering whether you’re going to stay in your home or move when you retire, make sure to account for all the expected costs.

Rental Rates Rise at Record Pace – Is Now the Time to Buy?

Blog posted On November 30, 2021

A recent report from CoreLogic showed in September, rents for single-family homes increased 10.2% year-over-year nationwide, up from a 2.6% annual increase in September 2020. The economic rebound powered by strong job growth, plus a record low level of single-family rental vacancies, will likely continue to push rental rates up. Home prices are rising as well but choosing to buy now rather than continuing to rent gives you the opportunity to lock in a record-low mortgage rate, build valuable home equity, and escape the volatile rental market.

Market Update: Rates Trend Higher; Pending Home Sales, Case-Shiller Home Price Index, Construction Spending Coming Up This Week

Blog posted On November 29, 2021

Last week, mortgage rates trended higher in reaction to the bond market. Typically, when the bond market is weaker, mortgage rates trend higher. The bond market saw its first pair of challenges early in the week with the re-nomination of Federal Reserve Chairman Jerome Powell. Though the re-nomination was largely expected, some hoped for the nomination of Fed Governor Lael Brainard. Brainard was viewed as a rate-friendly choice. Powell, however, has successfully navigated two years of the coronavirus pandemic. Additional bond pressure came from the Treasury auctions.

9 Quick Ways to Decorate Your Home for Thanksgiving

Blog posted On November 24, 2021

You’ve called the family. Your kitchen is cleaned and ready to go. You have the turkey, mashed potatoes, gravy, cranberry sauce, and all your favorite baking ingredients. Everything’s ready for you to host Thanksgiving at your house. But what about the decorations? The table centerpiece? The placemats? In case you need some last-minute help with festive décor, here are nine quick DIY projects that can help spice up your home’s Thanksgiving vibe.

What the Experts Are Saying About the Current Housing Market

Blog posted On November 23, 2021

To buy or not to buy? Many hopeful homeowners are wondering. While some signs in the housing market might push you toward, “it’s the perfect time to buy,” others might make you feel, “maybe I should wait.” Home prices are rising, but mortgage rates are trending at generally low levels. So, what do you do? Some people decide to trust their gut, but we decided to trust the experts. Doug Duncan, Fannie Mae’s senior vice president and chief economist, weighed in on the market and whether it’s the right time to buy.

Market Update: Rates Rise; Existing Home Sales, New Home Sales Coming Up This Week

Blog posted On November 22, 2021

In the former half of last week, mortgage rates saw a slight upward trend after the release of more reports showing strong economic performance. On Tuesday, the retail sales report showed a 1.7% increase in October – the strongest monthly retail sales data in several years. Typically, when the economy grows stronger, interest rates trend higher. However, “In the bigger picture, rates are still [trending] very low,” said contributors at Mortgage News Daily. Coming up this week, both the existing home sales and new home sales report are scheduled for release.

Government-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.

How to Make Large Purchases Without Using Your Credit Card

Blog posted On November 17, 2021

Credit cards are useful for quick payments and things like monthly bills. But they often have higher interest rates than personal loans, which can make paying them off harder. If you’re thinking about making a large purchase (home renovation, household appliance, holiday gift), then you might want to explore your other options.

More Americans Are Taking Advantage of Their Home Equity

Blog posted On November 16, 2021

As property values continue to rise, homeowners continue to gain more equity. According to Federal Reserve data, U.S. home equity reached a record high of $23.6 trillion in the second quarter of 2021. That’s nearly double the amount of home equity from the 2006 housing boom.

But what does this really mean for homeowners?

Market Update: Rates Rise, NAHB Housing Market Index, Housing Starts and Building Permits Coming Up This Week

Blog posted On November 15, 2021

Mortgage rates trended upward last week. In the middle of the week, the bond market struggled. Interest rates are generally tied to the bond market, so if bonds have a bad day, mortgage rates will likely trend up too. One of the culprits was the consumer price index – a key inflation report – which showed inflation was at a higher-than-expected level. Bonds typically react badly to inflation.

Breaking Down Common Refinancing Concerns

Blog posted On November 10, 2021

If you haven’t refinanced your mortgage, it’s probably for a valid reason. Maybe you don’t think you would save enough or don’t think you would qualify. Whatever the reason, it’s likely that you’ve thought about it and come to a logical conclusion. However, it might be worth revisiting. Almost 14 million homeowners are passing up on hundreds of millions of dollars in savings for one of the following misconceptions.

Home Sales Profits Reach Another Record High

Blog posted On November 09, 2021

Last week, property database ATTOM released its U.S. Home Sales Report for Q3 of 2021. The results of the report revealed that median-priced single-family homes had the highest profit margin in 10 years. It also showed that returns on sales rose at the fastest quarterly pace in seven years and fastest annual pace in over a decade.

Market Update: Rates Fall; Consumer Price Index, Job Openings Coming Up This Week

Blog posted On November 08, 2021

Last week, the Federal Open Market Committee (FOMC) decided to leave the benchmark interest rate near zero. It also officially announced the tapering of asset purchases. Historically, this has pushed mortgage rates higher. So far, mortgage rates have not seen a drastic change following the announcements. In fact, rates saw a downward trend later in the week. The Bank of England announced its own policy adjustment last week which turned out to be more rate-friendly than our own central bank’s decision. As a result, the global markets reacted, and the U.S. lending rates improved. Some important economic reports coming out this week include the consumer price index, scheduled for release Wednesday, and the Job Openings and Labor Turnover Survey (JOLTS), scheduled for release Friday.

What 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.

How to Save Money While Aging in Place

Blog posted On November 03, 2021

Many working-age people dream of the day that they can someday retire on a sunny beach. But as we get older, it seems that our preferences and priorities change. According to AARP, more than 75% of adults aged 50 and above prefer to stay in their current home. It’s natural to want to stay in an area close to family and friends. However, maintaining a home in retirement can be a difficult and costly endeavor. Luckily, there are ways you can prepare for these financial adjustments.

Federal Reserve Data Shows Housing Market is Still Strong

Blog posted On November 02, 2021

The housing market has been fueling the economy since the beginning of the pandemic. When other industries tumbled, the housing market boomed. Mortgage rates sunk to historic lows, buyers and owners jumped to purchase or refinance, and home sales soared to 15-year highs. A year and a half later, the real estate industry is still booming. Though some may fear that it has reached its peak, the housing market is going strong.

Market Update: Rates Fall; Construction Spending, Fed Interest Rate Decision Coming Up This Week

Blog posted On November 01, 2021

Last week started with mortgage rates trending higher but they quickly trended lower towards the middle of the week. The bond market showed similar trends. Typically, mortgage rates follow the patterns of the bond market. Right now, the biggest influencer on the bond market seems to be the Federal Reserve and its bond buying program. Ever since the Fed hinted at tapering assets soon, the bond market has shown more hesitation. Consequently, mortgage rates have generally trended upward.

9 Loan Programs for First-Time Home Buyers

Blog posted On October 28, 2021

Saving for the down payment is one of the biggest hurdles for first-time home buyers. But with the help of low down payment loan programs and down payment assistance, you can be home sweet home in no time.

Helpful Tips to Protect Your Home on Halloween

Blog posted On October 27, 2021

Don’t let the adorable zombies and witches fool you. There can be some real monsters out there on Halloween. According to Travelers Insurance, crime-related insurance claims spike by nearly 25% on October 31. This is a bigger claims spike than any other day of the year. Luckily, with a few simple home-protection tricks, you can focus on the real treat of Halloween.

CMG Financial Welcomes Timothy M. Quinlan, Sr., Regional Sales Manager

News posted On October 27, 2021

CHICAGO, IL – CMG Financial, a well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, announced today the hire of Timothy M. Quinlan, Sr., Regional Sales Manager – Illinois, Indiana, Iowa, and Missouri. Timothy is a strong sales leader in the Midwest, with a proven record of coaching and mentoring top originators to build successful teams.

Housing Starts Data Shows Positive Signs for the Market

Blog posted On October 26, 2021

Last week, the U.S. Census Bureau reported that housing starts and building permits saw respective declines of 1.6% and 7.7% in September. Typically, this data would have negative connotations for buyers and builders alike. A slowdown in housing starts can suggest a slowdown in construction – which is the last thing the real estate industry would need right now. Home prices are already soaring, and if housing construction slows, this could put even more upward pressure on prices. Luckily, the month-over-month construction data is only telling a small part of the overall story. The long-term data shows a much more positive trend.

Market Update: Rates Rise; Case-Shiller Home Price Index, New Home Sales, and Pending Home Sales Coming Up this Week

Blog posted On October 25, 2021

Last week, mortgage rates trended upward. Even though existing home sales and home builder sentiment showed growth, rates continued their upward momentum. “There really isn't any great, short-term explanation for the incremental [increases],” noted Mortgage Daily News contributors. Rates have simply been carried by an upward momentum since the Fed hinted at tapering assets in November or December. Unless the economic outlook or COVID recovery drastically changes over the next few weeks, it’s likely the Fed will begin the tapering process.

How to Budget for Your First Home Purchase

Blog posted On October 21, 2021

A lot goes into buying your first home. At first, it can be an intimidating process, but with the right guidance it can go by smoothly. If you’re considering buying your first home, there are a few things you should keep in mind when making your home budget.

Retirees and Inflation: How to Retire When Prices Are High

Blog posted On October 20, 2021

In the mid-1960s, it cost $1 to buy a movie ticket, $.30 for a gallon of gas, and $20,000 to buy a home. Today, it costs around $10 - $20 to buy a movie ticket, an average of $3.27 for a gallon of gas, and approximately $357,000 to buy a home of median value. To some extent, rising prices are a natural part of a progressing economy. Everything stabilizes when wages keep up with the increased cost of living. But what happens if you’re not receiving wages at all? For some people, rising inflation costs might be less concerning; but for those who are retired or planning to retire soon, it can be slightly more worrisome.

Breaking Down the Fed’s Minutes: What’s Next and What Does it Mean for You?

Blog posted On October 19, 2021

Last Wednesday, the Federal Open Market Committee (FOMC) released its minutes from the September meeting. Not surprisingly, the minutes showed a collective opinion from Committee members that tapering asset purchases would be appropriate given the economy’s progress. Somewhat surprisingly, the Fed changed its take on inflation and now believes it could remain elevated throughout next year. It previously thought that inflation was temporary. Almost all Fed members saw substantial progress toward maximum employment. Both inflation and maximum employment were two benchmarks that the Fed was using to determine when a taper would be appropriate. Many members thought that tapering could begin as soon as next month. But what does this actually mean for you and how does it affect mortgage rates?

Market Update: Rates Fall, NAHB Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales Coming Up This Week

Blog posted On October 18, 2021

Last week, mortgage rates trended downward after a few strong days in the bond market. When bonds – specifically mortgage-backed securities (MBS) – show more strength, mortgage rates tend to fall. The Federal Open Market Committee (FOMC) also released its minutes from the September meeting, revealing a unanimous opinion that it was time to begin tapering assets.

Closing Costs Explained

Blog posted On October 14, 2021

When you purchase a home, you don’t typically pay for the whole thing upfront. This is why people get mortgages loans. Once you close on your loan, you will begin making monthly mortgage payments that will pay for your home little by little. When you originate a loan, you will be required to make some initial payments upon your closing. One is the down payment. The other is your closing costs. Though you will get a full breakdown of all of your closing costs in your initial loan estimate and final closing disclosure, here’s a quick overview of the most common closing costs you can expect.

Should You Trust Online Home Price Estimates?

Blog posted On October 13, 2021

In the age of Zillow and Zestimates, it can be difficult to discern what’s real and what’s not. Online home price calculators like Zillow’s Zestimate tool and Redfin’s Estimate calculator can give you a rough idea of how much a home is worth. This can help sellers get an idea of their market value and buyers determine what’s in their budget. However, it shouldn’t be the sole factor influencing your sales price or home offer.

What to Do Before the Next Federal Reserve Meeting

Blog posted On October 12, 2021

The next Federal Open Market Committee (FOMC) meeting will take place on Nov. 2-3, 2021. And this one could be big. FOMC meetings were relatively mundane for about a year and a half. The benchmark interest rate remained near zero, asset purchases stayed strong, and the Federal Reserve was “committed to using [its] full range of tools to support the economy,” said Federal Reserve Chairman Jerome Powell. Now, the economy is in a much better place, and many economists believe that the Federal Reserve is about to shake things up.

CMG Financial Ranked #2 Top Mortgage Lender by Austin Business Journal

News posted On October 12, 2021

Austin TX – CMG Financial, a well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, was ranked the second highest producing residential mortgage lender in Austin, TX by the Austin Business Journal. Its three Austin locations produced a collective $895.62 million in volume, serving 3,497 families in 2020. CMG Financial is honored to be recognized as a top-producing mortgage lender in one of the nation’s busiest housing markets.

CMG Financial Raises Conforming Loan Limits Nationwide

News posted On October 12, 2021

San Ramon, CA – CMG Financial, a well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, announced today that the company will be increasing the conforming loan limits for all property types, including owner-occupied homes, vacation homes, and investment properties. As home values continue to increase, CMG Financial will continue to adapt and enhance its product menu to serve all markets and all home buyers.

CMG Financial Increases Conforming Loan Limits

Blog posted On October 12, 2021

As home values continue to rise, CMG Financial is making it easier for you to purchase the home of your dreams. As of 10/12/21, we have increased our conforming loan limits to make buying a home more accessible to more home buyers.

Market Update: Rates Rise, Job Openings and Consumer Price Index Coming Up This Week

Blog posted On October 11, 2021

Mortgage rates trended upward again last week with some weakening in the bond market and strong job reports. When the bond market is weaker, rates tend to be higher. The ADP employment report showed a stronger-than-expected number of nonfarm jobs hirings. Friday’s job reports, however, showed lower-than-expected results. Therefore, the bond market volatility seemed to level out by the end of the week but may heat up again this week.

What to Expect When You Close on a Home

Blog posted On October 07, 2021

Closing on a home is an exciting start to a new future, and it’s a huge accomplishment. If you’re about to close on a home of your own – congrats! We’re sure you can’t wait to move in and start enjoying life as a homeowner. Before you do, there are a few important steps of the closing process left.

How to Protect Yourself from Cybercrime

Blog posted On October 06, 2021

Every year, Americans lose billions of dollars to cybercrime. In 2020, cyber criminals stole over $210 million from home buyers alone. Real estate wire fraud is one of the fastest growing schemes in the United States. Hackers often target people transferring large amounts of money like down payments. But don’t worry. It doesn’t mean that your transaction isn’t safe. It just means that you need to take a few extra precautions along the way.

3 Reasons Why Now is the Best Time to Buy a Home

Blog posted On October 05, 2021

The best week to buy a home is here. According to Realtor.com’s Best Time to Buy Report, the week of Oct. 3 – Oct. 9 is the most optimal time of year to buy. The report analyzed data from the Top 50 Largest Metro Areas across the country and determined the best week to purchase a home for each. Though some areas hit their peak in the beginning of the year, most of the markets will hit their “home buying sweet spot” between Sept. 12 and Oct. 17. This time was ranked the best because you’ll likely see more homes on the market, less competition, and lower sales prices.

Market Update: Rates Rise, ADP Employment and Employment Situation Coming Up This Week

Blog posted On October 04, 2021

Mortgage rates continued their upward trend last week as the bond market continued to lose ground. When the bond market is weaker, rates are typically higher. Largely, the bond market has been losing ground since the Federal Open Market Committee (FOMC) meeting two weeks ago. After that meeting, the Federal Reserve showed increasing resolve about their plan to taper assets and raise rates in the near future. Consequently, the bond market reacted badly and hasn’t shown significant improvement yet, though

What is Down Payment Assistance and How Can it Help?

Blog posted On September 30, 2021

One of the biggest hurdles for first time home buyers is saving for a down payment. When you buy a home, you pay a lump sum of money upfront – known as the down payment. The amount you put down is generally up to you, depending on your credit score and other qualifying factors. On average, first-time home buyers make down payments of around 6% of the loan amount. For a typical starter home of $148,527, this would be $8,912. Saving nearly $9,000 isn’t easy for most first-time buyers. But there are several options that can help you reach that goal.

7 Ways Every Homeowner Can Prepare for the Fall

Blog posted On September 29, 2021

It’s hard to believe that Fall is already here. The leaves are changing colors, the weather’s getting cooler, and the excitement for the holidays is already building up. Though Fall has already begun, it’s still early in the season, and there are still several ways you can prepare your house for what’s to come.

CMG Financial Welcomes Jas Sohal, Regional Vice President Retail – Northern California and Northern Nevada

News posted On September 28, 2021

San Francisco, CA – CMG Financial, a well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, announced today the hire of Jas Sohal, Regional Vice President of Northern California and Northern Nevada. Jas has extensive experience throughout this critical region and will be an integral part of CMG Financial’s retail leadership team.

Despite High Home Prices, Buyers are Still in a Good Financial Position

Blog posted On September 28, 2021

Home prices have been skyrocketing over the past year. In July, the Case-Shiller home price index reported a 19.7% annual gain – shattering its previous record. In August, the median existing home sales price was up 15% annually. Still, home buyers have not been deterred. Home buyer demand, although not as hot as it was peak pandemic, is still soaring. Despite record-high prices, home buyers aren’t paying for more home than they can handle.

Market Update: Rates Rise; Case-Shiller Home Price Index, Pending Home Sales, and Construction Spending Coming Up This Week

Blog posted On September 27, 2021

Last week, the Federal Open Market Committee (FOMC) decided to leave the benchmark interest rate unchanged. However, more members predicted that the first rate hike will occur next year as opposed to 2023. Consequently, mortgage rates reacted by trending higher. In his press conference last week, Federal Reserve Chairman Jerome Powell mentioned that the “test for substantial further progress on employment is all but met therefore a gradual tapering process that concludes around the middle of next year is likely to be appropriate.” A large deciding factor will be the upcoming jobs reports next month.

A Step-by-Step Guide to Downsizing as a Retiree

Blog posted On September 23, 2021

Change can be hard – whether you’re a first-time home buyer adjusting to home maintenance or a retired homeowner moving to a smaller place. Going from what you’ve known to something new isn’t always easy – especially if it’s what you’ve known most of your life. Downsizing homes as a retiree can almost feel like you’re a first-time home buyer all over again. But in a few simple steps, you can go from experienced homeowner to successful home seller in no time.

Tips for Avoiding Severe Water Damage in Your Home

Blog posted On September 22, 2021

Cleaning gutters, raking leaves, shoveling snow, and changing furnace filters are all a part of the American Dream. You may not have heard it on commercials or seen it in magazines, but home maintenance is a big part of homeownership. If you’re a new homeowner, you might feel overwhelmed by the new responsibilities. If you’re a seasoned expert, you might just be getting tired of the upkeep. Home maintenance can be a lot to handle. And if you’re thinking of cutting some corners or avoiding some maintenance duties, just make sure that you keep doing the ones that will help prevent water damage.

Home Prices and Home Buyer Competition are Cooling Off

Blog posted On September 21, 2021

If you’ve been sitting on the home buying sidelines, now might be your chance to jump in. According to real estate brokerage Redfin, both median home prices and pending home sales were down in early September – signaling a potential opportunity for some buyers to save money and still make the winning offer.

Market Update: Rates Unchanged, NAHB Housing Market Index, Existing Home Sales, Fed Interest Rate Decision, New Home Sales

Blog posted On September 20, 2021

Mortgage rates remained relatively unchanged last week. At the beginning of the week, rates were flat, until the release of the consumer price index (CPI), which sent rates slightly lower. When data suggests an improved economy or hotter inflation, rates typically trend higher. When reports suggest that the economy and inflation are cooling off, rates tend to trend lower. The CPI showed that inflation decelerated more than expected. Then, the underlying bond market showed promising signs as well, which continued rate improvements. However, bonds eventually started losing steam in the middle of the week, leveling out rates once more.

5 Ways to Tell If a Home is Overpriced

Blog posted On September 16, 2021

With surging home prices, high buyer demand, and low housing inventory, the market can become a feeding frenzy for eager buyers looking to lock in low mortgage rates. Sellers list their homes at higher prices and buyers make offers that are tens of thousands of dollars over asking price to compete. But even in a seller’s market, there comes a point where the price of a home simply outweighs its worth. Here are five ways to determine if a home is overpriced.

What to Know About Home Insurance for Second Homes

Blog posted On September 15, 2021

Second homes used to be a sort of escape for many Americans. Getting out of town, away from the office, and heading to the beach to feel some fresh breeze or visiting the mountains to be surrounded by trees instead of high rises. Now, second homes are starting to climb their way into the starting lineup. With the increasing flexibility to work remotely and the decreased desire to head back to crowded spaces, many people have extended their stay in a second home…permanently. If you do have this flexibility, that’s great. But if you decide to stay at your second home longer than a typical vacation, then you might want to consider updating your home insurance coverage.

Tappable Home Equity Reaches All-Time High: Here’s How to Take Advantage

Blog posted On September 14, 2021

Last week the Data & Analytics division of Black Knight released its latest Mortgage Monitor Report – revealing a record-breaking amount of tappable home equity. Tappable home equity is the amount of money that homeowners can cash-out while keeping their remaining equity at or above 20%. According to the data analytics company, homeowners have an astounding $9.1 trillion in tappable home equity. What does this mean for you?

Market Update: Rates Unchanged, Consumer Price Index, Retail Sales Coming Up This Week

Blog posted On September 13, 2021

Mortgage rates trended higher toward the beginning of last week and lower toward the end of the week – creating little change in their levels from the week before. A strong 10-year Treasury auction and 30-year bond auction contributed to the rate improvements for many lenders. Treasuries and mortgage-backed securities are both good indicators for mortgage rate trends. Typically, when the prices of mortgage-backed securities rise, mortgage rates fall. When Treasury prices rise, mortgage rates tend to rise as well. Mortgage rates also reacted well to the European Central Bank’s announcement that they were reducing their bond buying efforts by a smaller amount than was expected. This week, there are few housing-specific reports, but a couple of important consumer-specific reports that tend to reflect the economy’s strength and influence rates.

What is an Acceleration Clause and How Can You Avoid It?

Blog posted On September 09, 2021

Whenever you sign a contract, it’s important to read it thoroughly before signing on the dotted line. It can be a lot of reading, but when there’s as much money involved as a mortgage, you want to make sure you know all the rules. One rule that’s often overlooked in a mortgage contract is the acceleration clause.

What to Know About Insurance and Wildfires

Blog posted On September 08, 2021

Over the past several years, the severity and size of wildfires across the U.S. have increased at an alarming rate. In 2020, nearly 40,000 forest fires destroyed 4 million acres of land. In California alone, almost 500,000 homes are located in wildfire zones – as are millions of other homes across the country. But many homeowners are unaware of their risk – leaving them vulnerable for hundreds of thousands of dollars in damage.

Survey: Most Homeowners Are Missing Out on Significant Savings

Blog posted On September 07, 2021

Since the beginning of the pandemic, mortgage rates have been hovering near historic lows – fueling the red-hot housing market with millions of eager buyers. From 2019 to 2020, a record 2.1 million buyers became owners, matching the largest increase from 2003 to 2004. Home buyers are taking full advantage of the record low rates. Homeowners, on the other hand, are still missing out on the opportunity of a lifetime.

Market Update: Rates Unchanged, Job Openings Coming Up This Week

Blog posted On September 06, 2021

Mortgage rates were trending lower toward the beginning of last week and started trending higher towards the latter half of the week – leaving them relatively unchanged from the week prior. Not much happened in the bond market last week until Friday’s job’s report – which came in much lower than expected. Economists predicted nonfarm payrolls to increase by over 700,000 in August, but they only grew by 235,000. The limited growth likely reflects the rising concerns and restrictions with the Delta variant. Job growth is a key factor that the Fed is watching to determine when to taper their asset purchases. While the Fed had previously expressed optimism about the job gains, they could reassess their tapering timeline if jobs data continues to slow down.

How to Buy a House While Paying Off Student Loans

Blog posted On September 02, 2021

Millennials have been the generation with the most home buyers since 2014, followed by Gen X. As of 2021, Gen X has been the generation with the most student loan debt, followed by Millennials. Many people sitting on the home buying sideline might think that they can’t purchase a home because of their student debt. However, the two generations with the most debt are also the two generations that purchase the most homes. While having student loans might make the home buying process slightly more challenging, it certainly shouldn’t prevent you from applying. By taking some of the following steps, you can increase your chances of mortgage approval and better prepare for your home purchase.

What to Know About the Rising Costs of Flood Insurance

Blog posted On September 01, 2021

Every year between June 1 and November 30, hurricane season takes the Atlantic and Gulf Coasts by storm. Power outages, uprooted trees, ruined buildings, and high flooding all cause billions of dollars in damages to towns and nearby homes. In 2020, Hurricane Laura cost a total of $19 billion. Six weeks later, Hurricane Delta struck the same area, adding another $2.9 billion in damages. While there’s not much that homeowners can do to prevent storms, they can prevent the costs from stacking up.

Housing Market Heat to Continue this Fall

Blog posted On August 31, 2021

In a normal housing market, home sales would begin to slow down around the beginning of Fall. However, the world has been far from normal over the past 18 months. When the pandemic began, many experts believed that the housing market would suffer. But it turned out to be an economic life raft for the U.S. – thriving with eager buyers and owners looking to take advantage of record-low rates. Since then, home sales have been consistently soaring despite seasonal changes. Almost two years later, many people are wondering, when will it end?

Market Update: Rates Trend Higher, Pending Home Sales, Case-Shiller Home Price Index, and Construction Spending Scheduled for Release

Blog posted On August 30, 2021

Mortgage rates trended slightly upward in the beginning of last week after some strong home sales reports. Additional rate influencers include falling bond prices and rising yields from the week before. Toward the end of the week, core inflation rose again according to the PCE index and Fed Chair Jerome Powell delivered a speech at the Jackson Hole Economic Symposium. In his speech, Powell noted that ‘substantial further progress’ has been met for inflation and employment has improved notably as well. Ultimately, he sees the tapering of asset purchases to begin at the end of the year, however there is “much ground to cover” before the Fed raises rates.

How to Lower the Costs of Refinancing

Blog posted On August 26, 2021

Refinancing your mortgage can save you thousands of dollars over the life of your loan. However, it will come with closing costs that can add up quickly. Before refinancing, make sure that you have a good plan that will pay off your closing costs with your refinance savings. Explore different options that can help lower the price of your closing costs and save on your overall refinance.

Common Reasons Your Credit Score Might Drop, and How to Avoid Them

Blog posted On August 25, 2021

When you first start building credit, your payments are likely relatively simple – gas, food, rent etc. But the older you get, the more the bills pile up. Soon, you’re paying for medical expenses, trips, home repairs, clothes, and more purchases than you remember. Still, you pay your bills at the end of the month and check your credit score every so often. Normally it might hover in the same range, but a common shock for credit borrowers is when your score drops unexpectedly. Because your credit score affects your ability to qualify for other financial products, seeing a sudden decline can be disconcerting for most. If you’re wondering what might have gone wrong (and what to be aware of in the future), here are six common causes for a falling credit score.

Mortgage Trends That Will Define Housing During the End of 2021

Blog posted On August 24, 2021

Throughout real estate history, mortgage trends have commonly corresponded with the overall trends in the housing market. If mortgage rates are improving, then it’s likely that the real estate industry is doing the same. For the remainder of 2021, there are three key trends that will have an impact on the industry – inventory issues, fluctuating interest rates, and increased technological advances.

Market Update: Rates Unchanged, Existing Home Sales and New Home Sales Scheduled for Release

Blog posted On August 23, 2021

Last week, mortgage rates remained relatively unchanged. Near the middle of the week, they started inching up in reaction to the Fed’s July minutes – released on Wednesday. Though no key decisions were made during the Fed’s July meeting, traders are still nervous about future decisions related to assets and rates. The traders’ anxiety resulted in bond market weakness, which typically implies higher rates. In the latter half of the week, the bond market began to improve, pushing rates downward once again. By the end of the week, rates were largely unchanged from their levels the week before.

Pros and Cons of Pocket Listings

Blog posted On August 19, 2021

Pocket listings – often called exclusive listings or off-MLS listings – are essentially properties that are sold by word of mouth instead of the MLS system. The MLS, or multiple listing service, is an online database where real estate agents register different homes for sale. Once an agent puts a house into the MLS, the listing is automatically shared with other agents and sites such as Redfin, Zillow, and Realtor.com. “A pocket listing is essentially a privately sold home,” says Amber Taufen, managing editor at HomeLight’s Buyer Resource Center. “Buyers need to have some sort of connection to the brokerage, the listing agent or the home seller in order to hear about the property.” Why would a seller want fewer buyers making offers on their home?

A Home Buyer’s Guide to Moving: What to Buy and What You Can Get Free

Blog posted On August 18, 2021

According to Moving.com, the average cost of a local move is $1,250. The cost of a long-distance move is $4,890. Though these costs might seem steep, there are certain moving purchases that could save you thousands in the long run. Others, you might be able to do without.

Fannie Mae Eases Underwriting Calculation

Blog posted On August 17, 2021

On Wednesday, August 11^th, the Federal Housing Finance Agency (FHFA) announced that positive rental payment history will be accounted for during Fannie Mae’s underwriting process. Not only will on-time rental payments help potential homeowners but missed rental payments will no longer prevent them from getting a mortgage. The change is effective immediately and should help current renters have greater access to homeownership.

Market Update: Rates Trend Upward, Housing Market Sentiment Index, Housing Starts and Building Permits

Blog posted On August 16, 2021

Last week, mortgage rates saw a slight upward trend after hitting six-month lows the week before. Strong jobs reports pushed rates slightly higher, but economic risks related to the Delta variant could keep them low. If COVID cases calm down or school starts without a noticeable uptick in case numbers, the Fed might be more inclined to push the benchmark rate up. The next few weeks should provide more data on the rise in cases. This coming week, the National Association of Home Builders’ (NAHB) housing market sentiment index is scheduled for release as is the report on housing starts and building permits.

What Is a Home Warranty and How Can You Avoid a Rejected Claim?

Blog posted On August 12, 2021

A home warranty covers repairs and replacements on major home appliances and features such as furnaces, HVAC, plumbing systems, and electrical systems. Instead of dipping into your savings or reserve funds for expensive repairs, you can purchase a home warranty for cheaper repair and replacement costs. Home warranties also make it easier for homeowners because they provide repairmen – meaning you don’t need to track down a contractor. For home sellers, providing the option for the buyer to purchase a home warranty can provide some protection against buyer complaints after closing.

Best Money Moves to Make During August

Blog posted On August 11, 2021

As summer break starts to wind down, back to school planning starts to rev up. For many, it’s time to swap out the flip flops and pool bags for sneakers and backpacks. The month of August is a big month for shopping and spending, but it also has many great opportunities to save. From discounts to sales to tax breaks, there are many smart ways you can spend (or save) your money this month.

Out-of-Town Buyers are Headed Back to the Cities

Blog posted On August 10, 2021

After a year-long drought, home buyers are flooding big cities once again. When COVID-19 sent the nation into lockdown last year, many buyers fled crowded urban areas in search of larger homes, bigger yards, and more space. Now, with increasing vaccination rates and reopening offices, people are returning to metropolitan hubs – and bringing steep home offers with them. Many out-of-town buyers are offering much more than the asking price on homes, which is putting pressure on local buyers.

Market Update: Rates Drop, Coming Up This Week: Job Openings and the Consumer Price Index

Blog posted On August 09, 2021

Near the beginning of last week, mortgage rates dipped near some of their lowest levels in six months – largely due to the Fed’s announcement and rising COVID cases. Toward the end of the week, rates began to trend upward due to strong economic reports including the ISM Non-Manufacturing Index, the ADP employment report, and the employment situation. Positive reports suggest that the economy is returning to a more stable level, which would then prompt the Fed to potentially raise the benchmark rate. Consequently, bond prices fell and Treasury yields rose – typically pushing rates higher. This week, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) is scheduled for release followed by the consumer price index.

Seller Concessions: What Are They and How Can They Help?

Blog posted On August 05, 2021

Many buyers look at one number when shopping for a home – the number on the price tag. While a home’s sales price plays a large role in the cost of your future payments and how much your mortgage loan will be, it’s not the only cost you should be considering in your budget. Aside from interest rates and your down payment, another important home buying factor is your closing costs.

7 Tips for a Successful Refinance

Blog posted On August 04, 2021

Refinancing your home while interest rates are low can be a great financial choice. There are many benefits to refinancing your home, but before jumping in, it’s a good idea to have a game plan about why you are refinancing in the first place.

Available Housing Inventory Starts to Increase

Blog posted On August 03, 2021

Last week, the Commerce Department released their report on new home sales in June. Though the level of completed new homes sales was lower than expected, the level of new homes on the market increased to a pandemic high. Earlier this month, the National Association of REALTORS^® (NAR) revealed that the level of existing home sales increased in June after four straight months of declines. The cause? More available homes for sale. With continued inventory gains, home buyers could be seeing less competition and lower home prices over the next several months.

Market Update: Benchmark Rate Unchanged, Construction Spending, ADP Employment Scheduled for Release

Blog posted On August 02, 2021

Last week, the Federal Open Market Committee (FOMC) voted to leave interest rates unchanged. Though they did mention that the economy has improved substantially, they have kept the benchmark interest rate near zero. The path of continued economic recovery (and consequential rate adjustments) will largely depend on potential spread of the coronavirus, specifically the delta variant. Mortgage rates have trended downward in past weeks due to several different factors – one of which includes the rising delta variant concern. However, the Fed did claim that future waves of the virus should have less impact on the economy. As for asset tapering, they said that we are not seeing enough progress on employment levels to begin tapering just yet. In other news, this week, construction spending is scheduled for release, as well as the ADP employment report.

CMG Financial’s Tammy Turner Named 2021 HousingWire Women of Influence

News posted On August 02, 2021

San Ramon, CA — National mortgage media group HousingWire announced the 2021 Women of Influence. CMG Financial’s Eastern Divisional Sales Manager, Tammy Turner, was honored on the 11th installment of this annual list of leading women in the mortgage, real estate, and fintech industries. Tammy was recognized for her passion for promoting homeownership, her intuitive mentorship, and her proven success growing the Eastern Division.

How to Finance a Home Renovation

Blog posted On July 29, 2021

When the housing market has a limited supply of homes, many owners opt to renovate or upgrade their existing home rather than move to a new home. Not only can this help improve your living area, but it can boost your home’s resale value as well. Plus, there are several different options that can help you finance home renovations.

5 Mortgage Myths, Debunked

Blog posted On July 28, 2021

If you don’t think you’d qualify for a mortgage, think again. Many times, home buyers will doubt they can qualify for a home loan based on misinformation. So, to set the record straight, here are five mortgage myths, debunked.

How Biden’s Neighborhood Homes Proposal Could Help Real Estate Investors

Blog posted On July 27, 2021

At the end of May, HUD Secretary Marcia Fudge introduced details of President Biden’s $2.3 trillion infrastructure proposal dubbed the “American Jobs Plan.” A large part of this plan is the proposed $318 billion dedicated to housing investments. Additionally, the Biden Administration proposed a new federal tax credit, the Neighborhood Homes Tax Credit, designed to encourage construction and rehabilitation of homes in underserved communities. The primary goal of this act would likely to increase homeownership opportunities for low- and moderate-income buyers in underserved communities. However, there would also be another large incentive be for inventors.

Market Update: Rates Drop Sharply, Coming Up This Week: New Home Sales, Case-Shiller Home Price Index, and the FOMC Meeting

Blog posted On July 26, 2021

Mortgage rates continued to drop last week in reaction to the Adverse Market Refinance Fee removal. An additional influence on the rate trend was the significant improvement in the bond market. The combination of these two factors pushed rates for the average lender to their lowest range since February. There are also several important reports scheduled for release this week that could have an impact on rates and the housing market.

What to Know About Homeowners Insurance Before Selling Your Home

Blog posted On July 22, 2021

Moving to a new home is an exciting adventure. Chances are, if you’re moving, you’re focused on the next step – picking décor for the new house, arranging plans for travel, and imagining your future life. There’s a lot going on during a move, and it’s easy to forget little details. One detail you should never forget is your homeowners insurance.

Taking a Five-Sense Approach to Touring Homes

Blog posted On July 21, 2021

Touring a home can be a sensory overload. Many times, we see what we want to see, and not what we need to see. In other words, when touring a home, you’re likely envisioning a perfect future instead of noticing the current imperfections of your surroundings. If you take a five-sense approach to your home tours, you can get an even better feel of how you might like your future home.

Sales of Vacation Homes Soar

Blog posted On July 20, 2021

After spending 15 months inside, people are itching to get out. They’re also itching to spend some of the money they’ve been saving for the past year. Consequently, the sale of vacation homes has seen a noticeable increase during the first four months of 2021.

Market Update: Rates Fall, NAHB Housing Market Index, Housing Starts & Building Permits, and Existing Home Sales

Blog posted On July 19, 2021

Last week, mortgage rates fell to some of their lowest levels in months after the Federal Housing Finance Agency (FHFA) announced the removal of the Adverse Market Refinance Fee. As of last Friday, lenders no longer have to pay a fee amounting to 0.5% of every refinance. “Santa Claus has come early for homeowners looking to refinance their mortgages,” said Greg McBride, CFA, Bankrate chief financial analyst.

Adverse Market Refinance Fee Eliminated

Blog posted On July 16, 2021

As of today, Friday July 16^th, 2021, the Federal Housing Finance Agency (FHFA) has eliminated the Adverse Market Refinance Fee. Homeowners still seeking to take advantage of record-low mortgage rates may now be able to save even more money through a refinance.

Renting vs. Buying: Which is Right for You?

Blog posted On July 15, 2021

Buying your first home is an exciting transition, but it’s not always the right time for every renter. Sometimes it depends on timing, other times it depends on the responsibilities and costs that come with buying a home. To help you determine which is right for you, here are some factors to consider.

6 Decorating Tips for Homes with Pets

Blog posted On July 14, 2021

Having the company of furry friends can add significant joy and health benefits to our lives. Many studies have shown that pet owners are less likely to suffer from depression, high blood pressure, and stress. However, owning a pet can also wreak havoc on your home. It might be harder for you to incorporate your pet’s belongings into a new home’s design, but with these six quick tips, you’ll have a model pet palace in no time.

CMG Financial’s Paul Akinmade Recognized as 2021 HousingWire Marketing Leader

News posted On July 14, 2021

San Ramon, CA – National mortgage media group HousingWire announced the winners of the inaugural 2021 Marketing Leaders awards. CMG Financial’s Chief Strategy Officer, Paul Akinmade, was recognized among this elite class of marketing innovators for his ability to nurture a symbiotic relationship between marketing and technology to equally promote CMG Financial as an organization and establish personal branding for its originators.

What the Fed is Saying About Surging Home Prices

Blog posted On July 13, 2021

Last week, the Federal Open Market Committee (FOMC) released their June meeting minutes. While the large focus of the meeting was inflation, asset purchases, and interest rates, the Committee also had its eye on the climbing home prices. Over the past year, home prices have seen their highest appreciation in over 30 years – up nearly 15% in April. Home buyer demand has been soaring while inventory has remained near record lows – causing a steep increase in prices. Meanwhile, the Fed hasn’t budged.

Market Update: Rates Fall, Coming Up This Week: Consumer Price Index and Retail Sales

Blog posted On July 12, 2021

Mortgage rates took a sharp downward trend last week, hitting some of their lowest levels in the past five months. No major market-moving reports have caused the drop, but “timing pays a role,” according to contributors at Mortgage News Daily. Two weeks ago, we saw a stronger than expected jobs report, which would normally push rates higher, but rates didn’t move significantly and continued floating. Then, after the three-day weekend, trading resumed, and the bond market improved substantially – pushing rates lower. This week, the consumer price index and retail sales are both scheduled for release – which may also have an impact on rate movement.

3 Steps to Take When Making an Offer on a Home

Blog posted On July 08, 2021

When shopping for a home in a competitive market, you will want to make sure that your offer is as strong as possible. There will likely be several other buyers making offers on the same home, so it’s crucial that your offer stands out. The stronger your offer, the more likely it will be accepted by the seller.

6 Ways to Improve Your Credit Score Right Now

Blog posted On July 07, 2021

If you have a less than perfect credit score, applying for a mortgage or other type of loan might feel impossible. Fortunately, there are several mortgage programs that have lenient credit requirements plus many ways you can boost your score on your own before you apply for a mortgage.

6 Ways to Improve Your Credit Score Right Now

Blog posted On July 07, 2021

Good News Ahead for Buyers After a Surge in New Listings

Blog posted On July 06, 2021

Over the past year, home inventory has dropped to record low levels. Historically low mortgage rates have driven eager home buyers into the market, but with hesitant home sellers and overpriced home building materials, the supply of homes has not risen alongside buyer demand. Consequently, buyers have faced increased purchasing competition, higher sales prices, and fewer options to choose from. However, more supply is on the horizon.

Market Update: Mortgage Rates Drop, Job Openings Scheduled for Release

Blog posted On July 05, 2021

Last week, mortgage rates fell to some of their lowest levels since mid-June. They have been slowly dipping ever since the Fed meeting on June 16. Though the monthly jobs report was a slight concern, it didn’t significantly impact rates. Nonfarm payrolls surged much higher than expected, which is a good sign for the economy and could start to shift rates higher. However, average weekly hours dipped slightly, unemployment inched up, and the participation rate remained unchanged. In other words, the report wasn’t overwhelmingly positive to the point where it could push mortgage rates higher.

When to Not Pay Off Your Mortgage Early

Blog posted On July 01, 2021

If you had to choose between paying a mortgage and being mortgage-free, most of us would opt for the latter. Being free of monthly mortgage payments sounds ideal, but there are a few factors to consider before you start making extra payments.

When to Not Pay Off Your Mortgage Early

Blog posted On July 01, 2021

4 Tips for Buying a Home in a Busy Market

Blog posted On June 30, 2021

When the housing market is hot, it might take you a little bit longer to find your future home, but it’s not impossible. Instead of rushing in on the first house you see or opting out altogether, here are four tips to help guide you home when the market is hot.

What Lies Ahead for the FHFA?

Blog posted On June 29, 2021

Last week was a busy week for the Federal Housing Finance Agency (FHFA). On Wednesday, the Supreme Court decided that the structure of the Agency was unconstitutional. By Thursday morning, Biden had appointed a new director. Sandra Thompson, FHFA’s deputy director of the division of housing mission and goals, will replace Mark Calabria as director of the FHFA. So, what exactly happened and what’s coming next?

Market Update: Rates Fall, Case Shiller Home Price Index, Pending Home Sales, and Construction Spending Coming Up This Week

Blog posted On June 28, 2021

Mortgage rates trended downward towards the end of last week. Bonds had a few solid days of stability – the most stability since the Fed’s meeting two weeks ago – while also trading at or near some of the best levels week-over-week. Consequently, mortgage rates saw improvement as well. This week, there are several reports scheduled for release that could have an impact on current rates. On Tuesday, the Case-Shiller home price index is scheduled for release, and on Wednesday, pending home sales will be released as well. Construction spending is scheduled for release on Thursday morning.

3 Compromises You Shouldn’t Make When Buying a Home

Blog posted On June 24, 2021

When the housing market is hot and inventory is low, finding the right home can be difficult. You’ll likely have fewer choices and more buyers competing for the same homes. Consequently, you might have to expand your search and sacrifice certain home features. This can help you buy your home sooner, but there are certain compromises you shouldn’t make even when you are eager to buy.

Don't Let this Mistake Cost You 30% of Your Home's Value

Blog posted On June 23, 2021

When you sell your home, you ideally want to get the biggest profit possible. Before you list it, you might renovate, hire a professional stager, paint, or do anything else you can to boost its market value. The most common updates are generally cosmetic, but if your home has certain underlying health issues, you will want to address those before making cosmetic touch ups – for your home’s market value and your own safety.

How Current Inflation Could Actually Help You Save Money

Blog posted On June 22, 2021

With the Federal Reserve deciding to leave interest rates unchanged, inflation will likely continue to heat up. Though this is generally a good sign of an improving economy, it tends to have negative effects like higher prices and lower purchasing power. For consumers, this isn’t ideal. But for borrowers, it can actually help them save on interest and pay off their debts faster.

Market Update: Rates Trend Higher, Existing Home Sales and New Homes Sales Coming Up this Week

Blog posted On June 21, 2021

Last week, the Federal Open Market Committee (FOMC) voted to leave the benchmark interest rate near zero. The move caused some market volatility, likely due to the FOMC’s discussion of tapering and rising rates. With the economy’s current pace of recovery and inflation, the FOMC predicted that we will see at least two interest rate hikes in 2023. Before last week’s meeting. the rate liftoff was set for 2024. As for their bond-buying program, they still plan to keep purchasing assets at the current pace until the labor market and inflation show substantial and sustained progress. But they did mention the idea of tapering, which is likely what sparked the movement in the 10-year Treasury yield and mortgage rates. Mortgage rates could see more movement this week after the release of the existing home sales report and new home sales on Tuesday and Wednesday, respectively.

8 Questions to Ask Your Contractor Before Renovating

Blog posted On June 17, 2021

Renovating your home is exciting. But it’s also a big undertaking, and you will want to make sure it’s done right. To make sure you get the most bang for your buck, here are eight questions to ask potential contractors before you hire them.

4 Tips for Selling in a Competitive Market

Blog posted On June 16, 2021

Selling your house in a competitive market might sound like a breeze. You list your home, get several offers right away, and close on a contract offering you thousands of dollars above your listing price. Unfortunately, the sales process might not be as straightforward as you think and there are a few other factors to consider.

CMG Financial Welcomes Dan Humes, Area Sales Manager

News posted On June 16, 2021

Dallas, TX – CMG Financial, a well-capitalized, privately held mortgage-banking firm headquartered in San Ramon, CA, announced the hire of Dan Humes, Area Sales Manager. The central United States housing market is experiencing rapid growth spurred by record-low mortgage rates and active home builders. Dan’s Texas roots plus his leadership experience will be instrumental in growing CMG Financial’s presence across North and East Texas, Arkansas, Oklahoma, and Missouri.

What is Inflation, How Does it Affect Interest Rates, and Why Does it Matter?

Blog posted On June 15, 2021

Over the next two days, the Federal Open Market Committee (FOMC) will hold their fourth meeting of the year to discuss interest rates and their Summary of Economic Projections. The central bank has kept the benchmark interest rate near zero since they made an emergency rate cut last March. But with the economy continuing to gain strength, many experts are wondering when the Fed will begin tapering asset purchases and raising rates again.

Market Update: Rates Fall, Housing Market Index, FOMC Meeting, Housing Starts and Building Permits

Blog posted On June 14, 2021

Last week, mortgage rates trended downward after the 10-year Treasury yields dropped to some of their lowest levels since May 7. Though Treasury yields don’t directly influence mortgage rates, they often trend in similar directions. When longer-dated Treasury yields (like the 10-year yield) gain strength, mortgage bonds tend to benefit as well – pushing rates lower. This week, the Federal Open Market Committee (FOMC) will be meeting on Tuesday and Wednesday to discuss the benchmark interest rate, currently set near zero. In other important market-moving news, the National Association of Home Builders (NAHB) will be releasing their housing market sentiment index on Tuesday. Housing starts and building permits are scheduled for release on Wednesday.

3 Steps that Could Help Speed Up Your Refinance

Blog posted On June 10, 2021

When mortgage rates trend lower, people want to act fast. Home buyers will rush to find a home, while homeowners will rush to refinance. Then they’ll come to their lenders wanting to close on their loans immediately. Direct lenders, like us, typically have the ability to close quicker than others. However, part of the speed of our closings depends on you. The more prepared, responsive, and organized you are, the quicker you can close on your loan.

How to Remove Negative Items from Your Credit Report

Blog posted On June 09, 2021

Your credit score can influence a lot of different opportunities, including your ability to buy a home. Different loan programs have different credit requirements, and the higher your credit score, the better chance you have at getting approved. A higher credit score can also increase your chances of securing a lower interest rate, which can save you thousands over the life of your loan. So, it’s important to stay on top of your credit, and if you notice a negative item bringing down your score, here’s what you should do.

Housing Bill Proposed to Help Teachers and First Responders

Blog posted On June 08, 2021

On May 13^th, U.S. Representatives introduced a new bill aimed to help first responders and teachers buy homes. The bill, called Homes for Every Local Protector Educator and Responder Act, will be similar to VA Loans in assistance and structure.

Market Update: Rates Unchanged, Job Openings Scheduled for Release

Blog posted On June 07, 2021

Mortgage rates remained relatively unchanged last week and continued to hover near historic lows. Bond market volatility sent them slightly higher in the middle of the week, but with Friday’s employment situation, they trended lower again. Most of the reports in the employment situation were much lower than expected by economists. Consequently, “stock market futures actually rose, with investors continuing to bet that the measured pace of job gains would keep the Federal Reserve from raising interest rates and tightening monetary policy,” wrote Jeff Cox, Finance Editor for CNBC. The jobs report was a good check-in with the economy’s recovery, which is a key factor for the Fed to raise rates. With the economy’s job growth at a slower-than-expected pace, it’s unlikely the Fed will raise rates just yet. However, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) is scheduled for release this Tuesday, which will be another important rate-influencing report.

Fannie Mae RefiNow Available Tomorrow

Blog posted On June 04, 2021

Fannie Mae has launched RefiNow, a new refinance program designed for eligible homeowners who have not yet taken advantage of record-low mortgage rates. Fannie Mae RefiNow guarantees homeowners will get an average interest rate reduction 0.25%* lower than their qualifying market mortgage rate. As an added bonus, CMG Financial will give homeowners a $500 appraisal credit.

5 Questions to Ask a Real Estate Agent Before Hiring Them

Blog posted On June 03, 2021

Google can do a lot, but it can’t quite compete with talking to someone about all of your home buying questions. Working with a REALTOR^®can be a great asset in your home buying journey. Not only can they provide individualized advice, but they’re there to help guide you every step of the way. Many home buyers find a trusted REALTOR^® through word of mouth or network connections, but if you’re starting from scratch, asking potential REALTORS^®these five questions might be a good place to start.

Don’t Make This Common Home Buying Mistake

Blog posted On June 02, 2021

If you’re buying a home, you’re probably focused on the upfront costs: your down payment, interest rate, and purchase price. These costs will dictate how much you pay upfront and how much your monthly mortgage payments will be going forward. To aid your home search, you might create a budget around the estimated monthly mortgage payments you will be able to afford. While this is a good start to your purchase preparation, you won’t want to stop there. Making a home buying budget strictly based on the estimated monthly mortgage payments you can afford might put yourself in a difficult financial position down the road.

Is the Housing Market Headed Toward a Crash?

Blog posted On June 01, 2021

It’s no secret that the housing market is still red hot. Supply is low, demand is high, and home values are soaring to some of their highest levels since 1999. The market has been getting hotter and hotter over the past year, leaving many people wondering, “are we headed to a crash?”

Market Update: Rates Drop, Construction Spending, and the Employment Situation

Blog posted On May 31, 2021

In the beginning of last week, mortgage rates trended downward to some of the lowest levels since the beginning of May. Towards the end of the week, they inched up due to a weakened bond market, but continue to remain historically low. According to Mortgage News Daily, these upward rate “moves aren't extreme in the bigger picture.” Some claim that Biden’s plan to propose a $6 trillion budget had an effect on the market. Another cause could be the core PCE index, which showed an increase of 3.1% that surged past the Federal Reserve’s 2% goal.

4 VA Loan Facts to Know Before You Apply

Blog posted On May 27, 2021

VA Loans are government-sponsored loans backed by the U.S. Department of Veterans Affairs designed to help military members, National Guard members, veterans, and surviving spouses buy a home. If you’re thinking of financing your home with a VA Loan, it might be easier than you think.

4 Money Moves to Make Before the End of May

Blog posted On May 26, 2021

By now, you’ve likely filed your taxes. The hard part is over. But as May comes to a close, there are still a few key deadlines to be aware of that can help you maximize your savings, increase profits on your investment, and make other beneficial money moves.

What to Do if You Missed the Tax Deadline

Blog posted On May 25, 2021

Last Monday was Tax Day – the final day you could file your income taxes. Though it typically falls on April 15, the IRS allowed Americans an extra month to complete their taxes this year, due to the pandemic. If it slipped your mind, don’t worry. Tax Day has been a little different the past two years and you might still have some options to complete your 2020 taxes.

Market Update: Rates Inch Upward, Case-Shiller Home Price Index, New Home Sales, Pending Home Sales

Blog posted On May 24, 2021

Last week, mortgage rates saw a slight upward trend. The bond market took a turn on Wednesday after a scheduled treasury auction, but the bigger rate factor was the Fed’s policy meeting minutes on Wednesday afternoon. The minutes showed that the Fed was debating tapering soon. This means that they will gradually reduce the amount of bond purchases they make until it reaches zero. Historically, mortgage rates tend to move up when the Fed tapers their bond purchases. In 2013, rates spiked abruptly in reaction to the Fed’s taper discussion. However, this year is different because of the pandemic’s effect on the economy. The Fed is still looking for further economic recovery before they taper, and even when they do, it will be gradual.

Home Renovations with the Highest and Lowest Returns

Blog posted On May 20, 2021

Home renovations can be costly endeavors, depending on the scope of your project. Some homeowners might renovate simply because they need more space. Others might have the goal of boosting their home’s value. If the purpose of your home renovation is to increase your home’s value, it’s important to weigh out its cost. Certain renovations might not have the same resale value that you imagined. To help you plan for your home renovation, here are the current home upgrades with the highest and lowest return on investment (ROI).

5 Myths About Buying a Home

Blog posted On May 19, 2021

Buying a home is a big step. Renting allows you to live more commitment-free, and when you think of buying, you might be worried about what it entails. For many people, they envision a large debt, strict mortgage requirements, and settling down. But not everything you hear about buying a home is true. To help you transition from renting to buying, here are five common myths about buying a home.

How Long Will High Lumber Prices Last?

Blog posted On May 18, 2021

Lumber prices have been surging to record highs over the past few weeks. One year ago, random-length lumber futures were around $340, according to Nasdaq. Two weeks ago, they hit an all-time high of $1,670. If they continue to rise, construction projects could be significantly delayed, the housing shortage could worsen, and home prices could climb even higher than they already are. Many people are wondering “how did lumber prices get here?” An even more important question might be, “how (and when) will they drop?”

Market Update: Rates Move Higher, Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales

Blog posted On May 17, 2021

Mortgage rates trended slightly higher last week after hitting a two-month low the week before. The Job Openings and Labor Turnover Survey (JOLTS) revealed a record high number of job openings and the consumer price index (CPI) showed the highest year-over-year increase in 13 years – both strong signs of the economy’s continued recovery. When the economy is stronger, rates may trend higher. However, the Federal Reserve is unconcerned by the CPI’s high year-over-year inflation jump due to its distorted comparison to last year’s pandemic lows. Until inflation is consistently averaging at around 2%, the Fed has said that it will keep the benchmark interest rate near zero.

What’s the Difference Between Condos, Apartments, and Townhouses?

Blog posted On May 13, 2021

Choosing where to buy or rent a place to live depends on many different factors. How far is the commute? What are the school districts like? Is it located in a nice neighborhood? All important questions to consider. But before you answer them, you’ll need to answer what kind of property am I looking for? There are several options to consider besides a house.

What You Need to Know About Homeowners Insurance Before You Buy a Vacation Home

Blog posted On May 12, 2021

After years of saving and dreaming, you’re finally ready to invest in that house by the beach. But before you do, it’s important to make sure that your money (and home) will be protected. While homeowners insurance might not stop bad things from happening to your home, it can help compensate you in the case of a bad event.

Biden’s Impact on Housing in His First 100 Days

Blog posted On May 11, 2021

It’s hard to believe that we’re already 100 days into President Biden’s term. A couple of weeks ago, he gave his first address to Congress with updates on his progress so far and plans to come. Here are some of the ways he has impacted the housing industry over the past 100 days.

Market Update: Rates Unchanged, Job Openings, and Mortgage Applications

Blog posted On May 10, 2021

Last week, mortgage rates remained relatively unchanged, continuing to trend near historic lows. Early in the week, the bond yields fell due to stocks losing ground. Mortgage rates typically follow the momentum of the bond market, so they hovered near their current lows. Later in the week, several employment reports were expected to have an impact on rates. ADP employment was increasingly positive but the employment situation reports were mixed. Though a couple of the reports saw higher-than-expected increases (average hourly earnings, average weekly hours), others fell below expectations (manufacturing payrolls, nonfarm payrolls, private nonfarm payrolls, and the unemployment rate). Consequently, rates didn’t see much movement and remained low.

How an Investment Property Can Increase Your Wealth

Blog posted On May 06, 2021

Investment properties are primarily used to generate additional income. With the money generated from rental payments you can profit every year in the form of passive income. Plus, you could qualify for significant tax benefits, increase your wealth, and diversify your investment portfolio.

Money Moves to Make When Interest Rates Are Low

Blog posted On May 05, 2021

Last week the Federal Open Market Committee (FOMC) voted to leave the benchmark interest rate near zero. Consequently, the cost of borrowing will remain relatively favorable for consumers. If you’re thinking about how to take advantage of low rates, now is the time. Don’t know where to start? Here are two ways you can take advantage of interest rates while they’re still low.

Congress Introduces First-Time Homebuyer Act

Blog posted On May 04, 2021

Last week we looked at President Biden’s Downpayment Toward Equity Act of 2021. Initially, it seemed like it was an updated version of his proposed tax credit. However, last Tuesday, two U.S. Representatives introduced another bill called the First-Time Homebuyer Act, which would more closely resemble Biden’s original tax credit plan.

CMG Financial’s AJ George Recognized as 2021 HousingWire Finance Leader

News posted On May 04, 2021

San Ramon, CA – National mortgage media group HousingWire announced its inaugural list of HousingWire Finance Leaders, a class of mortgage and real estate executives dedicated to driving financial performance, expanding margins, improving liquidity, and helping their businesses access the capital markets. CMG Financial’s Chief Administrative Officer, AJ George was recognized among a select class of housing industry finance executives for his ability to take a comprehensive approach to creating new opportunities for all parties involved in the mortgage transaction from the lender to the investor to the customer.

Market Update: No Rate Hike, Construction Spending, and the Weekly Mortgage Application Survey

Blog posted On May 03, 2021

Last week, the Federal Open Market Committee voted to leave interest rates unchanged, but predicted economic growth and inflation would accelerate in the coming months. Mortgage rates remained relatively unchanged, and as a result are in a still historically low range. The cooling of rates has been much needed after consistent climbs throughout February and March. However, there’s a certain risk factor to the downward trend we’ve been witnessing for the past several weeks. Either rates could continue making insignificant fluctuations, or we could see a “reinvigoration of 2021’s rising rate trends,” said contributors at Mortgage News Daily.

Market Recap: Home Prices Appreciate, Fed Leaves Rates Unchanged, and Pending Sales Rise

Blog posted On April 30, 2021

This week, the Federal Open Market Committee (FOMC) announced that the benchmark interest rate would remain near zero. This marks over one year since the Fed pushed rates down due to the coronavirus pandemic. As a result, mortgage rates remained relatively unchanged. For right now they’re still trending in a historically low range, and the market doesn’t show many indicators of that changing soon.

5 Mortgage Terms Every First-Time Home Buyer Should Know

Blog posted On April 29, 2021

There are several different steps of the home buying process that you might not have seen on Million Dollar Listing. It might feel overwhelming at times, but professionals like a REALTOR^® and loan officer can help guide you through the process. According to the National Association of REALTORS^® (NAR), 91% of buyers aged 22 to 30 cited a real estate agent as a main source of information when buying a home. Among that 91%, a large majority of first-time buyers had similar questions about these five mortgage terms.

How Carrying a Balance Affects Your Credit Score

Blog posted On April 28, 2021

You carry a credit card balance when you don’t pay your total bill on time and in full each month. Whatever’s left unpaid gets carried over to the next month’s bill. For example, if you bought a $1,000 TV and paid off $700, you carried over a balance of $300. For the most part, credit card users are encouraged to pay their bills on time and in full. So, is carrying a balance ever a good idea?

3 Major Updates to Biden’s Home Buyer Assistance Bill

Blog posted On April 27, 2021

Earlier this year, we took A Deeper Look at President Biden’s Proposed Tax Credit. Initially, the tax credit was designed to “help families buy their first homes and build wealth by creating a new refundable, advanceable tax credit of up to $15,000.” However, on April 14^th, lawmakers published a new draft of the Downpayment Toward Equity Act of 2021 that had a few key differences from its original concept.

Market Forecast: Case-Shiller Home Price Index, FOMC Meeting, and Pending Home Sales

Blog posted On April 26, 2021

Last week, mortgage rates trended downward to reach some of the lowest levels in almost two months. The bond market showed renewed signs of strength and most mortgage lenders adjusted their pricing accordingly. The Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday of this week to assess the benchmark interest rate and determine if it needs to be adjusted. Right now, the benchmark rate sits near zero. Federal Reserve Chairman Jerome Powell will give a press conference on Wednesday afternoon. Prior to the decision, the Case-Shiller home price index will be released on Tuesday. The pending home sales index comes out on Thursday.

Market Recap: Mortgage Applications Jump, Existing Home Sales Decline, News Home Sales Surge

Blog posted On April 23, 2021

Mortgage rates fell this week, trending near lowest levels since the beginning of March. The bond market was “fairly stable,” according to Mortgage News Daily. Yesterday, the proposed increase in capital gains tax rates pushed bond yields down. Consequently, many lenders reported drops in mortgage rates as well.

How to Groom the Perfect Lawn

Blog posted On April 22, 2021

Curb appeal is one of the top influencers when buying or selling a home. If you have a nice garden, new paint, and a well-groomed yard, your home will likely get more offers than one with poorly kept outdoor features. Even if you aren’t considering selling, you still probably appreciate the looks of a nice green lawn. Luckily, growing the perfect lawn doesn’t require an extensive skill set, just a few extra steps in your daily routine.

5 Simple Ways to Boost Your Credit Score

Blog posted On April 21, 2021

There are certain factors that are out of your control when getting a mortgage rate. You can’t control the Federal Reserve, bond market, or any of the economic factors that influence rate trends. However, you can control your credit score. Your credit score shows lenders how good you are at borrowing money and repaying debts. The higher the score, the better. By improving your credit score, you could qualify for a lower mortgage rate and save money over the life of your loan.

4 Ways the Housing Market Could Change After the Pandemic

Blog posted On April 20, 2021

The housing market saw notable shifts when coronavirus initially broke out last year. Mortgage rates dropped, home prices surged, and an increasing number of buyers fled the cities into suburban areas. Now, as the economy is gaining strength, we will likely see the housing market shift again – specifically in these four ways.

Market Forecast: Mortgage Applications, Existing Home Sales, New Home Sales

Blog posted On April 19, 2021

Mortgage rates have seen a steady downward trend over the past couple of weeks, hitting some of their lowest levels in nearly a month. COVID-19 and mortgage rates have generally been conversely related. When COVID cases have spiked, rates have dropped lower. Therefore, as the economy recovers from the pandemic, we will likely see higher rates. If case counts rise and variants spread, then rates might hold or even drop further.

Market Recap: Mortgage Applications Decline, Home Builder Sentiment Improves, Housing Starts and Building Permits Jump

Blog posted On April 16, 2021

This week, mortgage rates trended near some of their lowest levels in almost a month. After weeks of steady increases, rates are finally falling at a consistent pace. “The drop in rates creates yet another opportunity for those who have not refinanced to take a look at the possibility,” said Sam Khater, chief economist at Freddie Mac. In other market news, mortgage application submissions declined once again. Home builder sentiment improved, despite record high lumber prices. Housing starts jumped to their highest level in years and building permits rose as well.

Mistakes to Avoid When Buying in a Busy Market

Blog posted On April 15, 2021

Everything moves faster when buyer competition is high. The offers roll in quicker, the houses close sooner, and the seller often gets much more than their asking price. Consequently, many buyers feel the pressure to act fast too. This can lead you to skip inspections, overpay, and wind up in a bad financial position in the long run. To help you avoid these common mistakes, here are five DOs and DON’Ts to guide you through buying in a busy market.

Home Buying Tips from a Financial Planner

Blog posted On April 14, 2021

“How much can I spend?” is a common question asked when buying a home. For Eric Roberge, CFP of Beyond Your Hammock, this is the top financial priority for many of his clients. Roberge specializes in helping 30- to 40-year-old professionals manage their finances, and a popular goal for this age range is buying a home. To guide buyers in their home search and prepare their finances for a purchase, Roberge offers two main tips.

New Home Buyers are Taking Charge of the Current Market

Blog posted On April 13, 2021

Last year, the number of first-time home buyers hit its lowest level in over 30 years. The coronavirus pandemic likely played a large role in the decline, but outside of that, the market had other challenges for first-time buyers as well. Low inventory, high demand, and rising mortgage rates are all making it harder for new buyers to break into the homeowner’s club. Consequently, first-time buyers are having to pave more creative paths to homeownership – paths that may differ from their parents and grandparents.

Market Forecast: Mortgage Applications, Housing Market Index, Housing Starts and Building Permits

Blog posted On April 12, 2021

Last week, mortgage rates trended downward and hit their lowest point since the beginning of March. The bond market remained stable and bond yields have remained below important ceilings since mid-March. Coming up this week in housing news, the weekly mortgage application survey will be released on Wednesday morning, followed by the housing market index on Thursday and housing starts and building permits on Friday.

Market Recap: Job Openings Surge, Mortgage Applications Fall, Consumer Credit Increases

Blog posted On April 09, 2021

Mortgage rates trended downward this week as the bond market remained relatively strong. According to Mortgage News Daily, bond yields “have remained under important ceilings since March 18th despite numerous attempts at a breakout.” Bond yields, specifically the 10-year treasury yields, are important indicators of any shifts in rate momentum. “Evidence for a supportive shift in the rate environment is beginning to mount,” wrote Mortgage News contributors.

Breaking Down the Most Common Myths About USDA Loans

Blog posted On April 08, 2021

Initially created to encourage rural development, the USDA Loan has helped nearly 1.5 million home buyers become homeowners. Backed by the U.S. Department of Agriculture (USDA), the USDA Loan offers zero down payment, reduced mortgage insurance costs, and low mortgage rates. It’s a great deal that saves buyers thousands of dollars in upfront costs, but over the years it has become increasingly less popular.

A Home Buyer’s Guide to a Pet-Friendly Purchase

Blog posted On April 07, 2021

When buying a home, it’s important to consider the needs of all family members involved. For many families, this includes the needs of a furry friend. According to the American Veterinary Medical Association, over 50% of American households have at least one pet, and nearly 90% of those households said their pets’ needs are very important factors when buying a home. If you’re one of those 90%, consider these four questions to find the perfect place for both or both you and your pet.

HUD Holds FHA Premiums Steady, Home Buyers Still Win

Blog posted On April 06, 2021

Last week, U.S. Department of Housing and Urban Development (HUD) Secretary Marcia Fudge announced that there would be no cuts to FHA mortgage insurance premiums (MIPs). Most of the housing industry had hoped for a 0.25% reduction, but for now the benchmark annual MIP rate will remain at 0.85%.

Market Forecast: Job Openings, Mortgage Applications, and Consumer Credit

Blog posted On April 05, 2021

Mortgage rates trended higher last week. On Tuesday, Mortgage Daily News reported net gains that pushed rates near some of their highest levels in a year. However, with the bond market recovery on Tuesday afternoon and the reprices that followed, rates dropped slightly in the latter half of the week. This week, the Labor Department will release their Job Openings and Labor Turnover Survey (JOLTS) on Tuesday. The weekly mortgage application survey will be released Wednesday morning, followed by the report on consumer credit that afternoon.

Market Recap: Home Prices Surge, Pending Sales Drop, Construction Spending Declines

Blog posted On April 02, 2021

Mortgage rates trended upward most of the week, reaching near long-term highs. Earlier in the week we saw a bounce in the bond market, which was a hopeful sign that rates were hitting their ceiling. While mortgage-backed bonds are one of the largest influencers on daily mortgage rates, the downward trend did not hold. Mortgage experts are divided on the trend of mortgage rates next week. According to a Bankrate survey, 46% expect rates to continue rising while 15% expect them to fall. A large number (38%) said that rates will remain unchanged. In other housing news, home prices surged once again, while pending sales slowed and construction spending decreased.

Why You Should Stay with the Same Lender for Your Refinance

Blog posted On April 01, 2021

Refinancing your home while rates are low can save you thousands of dollars over the life of your loan. If you’re looking into refinancing you might be considering what type of refinance you want, what rates you are looking for, and whether or not you should stay with your current lender. But before you decide to refinance with someone new, here are four reasons when it makes sense to stay put.

Are ‘We Buy Houses’ Signs a Scam?

Blog posted On March 31, 2021

Many of us know a scam when we see one. Whether it’s a phone call from “Spam Risk,” or a text to claim your free prize, we’re wary of anything that seems too good to be true. So, are the “We Buy Houses” signs any different?

More First-Time Home Buyers Choose Conventional Over FHA Loans

Blog posted On March 30, 2021

The FHA Loan has been a cost-effective staple for first-time home buyers since its creation in the 1930s. With low down payments and lenient credit requirements, the FHA Loan has helped millions of home buyers over the years. However, recent data by the National Association of REALTORS® (NAR) has shown a sharp decrease in the number of buyers who are financing their first homes with the FHA Loan. Over the past 1-2 years, more first-time buyers have been choosing the conventional financing route – but why? When might a conventional loan be a better option for first-time buyers?

Market Forecast: Case-Shiller Home Price Index, Pending Sales, and Construction Spending

Blog posted On March 29, 2021

Last week, mortgage rates trended near some of their lowest points since the middle of March, according to Mortgage News Daily. The downward trend comes after consistently rising throughout the beginning of the month and is a positive outlook for future rates. Regardless of whether this downward trend will last, Mortgage News Daily contributors pointed out that eventually one of these rates drop clusters will “have staying power.”

Market Recap: Existing Home Sales Drop, New Home Sales Decline, Mortgage Applications Mixed

Blog posted On March 26, 2021

Mortgage rates trended downward this week, hitting some of the lowest levels in the past 10 days, according to Mortgage News Daily. Encouraged by calmer conditions in the bond market, rates finally started to fall after three weeks of consistently rising. Though it’s unclear whether this is a broader reversal of rates or just a false start, it is an optimistic drop, nonetheless. “Eventually, one of these friendly bounces will have staying power,” wrote Mortgage News contributors in a daily report. In housing news, both existing and new home sales dropped in February. Mortgage refinance application submissions fell while purchase submissions increased.

6 Quick Tips to Help Sell Your House Fast

Blog posted On March 25, 2021

Staging your home for sale is always important – even in a busy market. With the help of good staging, you could garner more buyer interest, close on your home faster, and potentially increase your profit. To get started with a solid home staging, follow these six easy tips from REALTORS® across the country.

How to Spend Your Stimulus Money Wisely

Blog posted On March 24, 2021

Last week, the third round of stimulus checks were sent to qualifying citizens. The checks – equaling up to $1,400 per person – were quickly processed by the IRS and U.S. Treasury in an effort to stimulate the economy amidst the continued coronavirus pandemic. If you were one of the stimulus check recipients, it may be tempting to splurge on that new PlayStation 5 or the necklace that you’ve wanted. However, here are five smarter ways you can spend your stimulus money.

How Housing Has Changed in a Year & Where it’s Headed Next

Blog posted On March 23, 2021

Unexpected is an understatement when describing this past year. A global pandemic, a struggling economy, and so much more led to a 2020 that we won’t be forgetting anytime soon. And in the midst of it all, the housing market took a turn that hardly anyone expected – breaking records, surging demand, and a much-needed hand that helped keep the economy going through unprecedented times. Now, many of us are wondering: what’s next?

Market Forecast: Existing Home Sales, New Home Sales, and Mortgage Applications

Blog posted On March 22, 2021

Last week the Fed decided to leave the benchmark interest rate near zero once again – reaffirming its commitment to economic recovery. Mortgage rates, however, still saw a slight upward trend as the economy continues to gain strength and housing demand continues to boom. Demand and inflation are two other factors, in addition to the Central Bank’s monetary policy, that influence mortgage rates. Though the benchmark rate is still low, mortgage demand is high, and inflation has inched up as well, Federal Reserve Chairman Jerome Powell expects this trend is temporary.

Market Recap: Home Builder Confidence Drops, Housing Starts and Building Permits Decrease, and Fed Leaves Rates Unchanged

Blog posted On March 19, 2021

The Federal Reserve announced on Wednesday that it was leaving the benchmark interest rate unchanged at a range of 0 to 0.25%. As a result, mortgage rates should not move drastically in the near future. In the past week, they have trended slightly upward due to increased economic recovery and inflation. In its revised economic outlook, the Fed predicted a higher inflation and GDP growth this year – both good signs of economic strength. In other housing news, home builder confidence dropped to its lowest level in seven months while housing starts and building permits slowed – largely a result of increased construction costs.

4 Steps for Home Buying Success

Blog posted On March 18, 2021

After years of saving and months of searching, you’ve finally found the one. Now, you’re ready to move in. But there are a few other steps you need to take before the moving trucks roll up. If you know them in advance and are prepared, then the home purchase process can move even faster, and you can start packing up in no time.

10 Easy Ways to Go Green at Home

Blog posted On March 17, 2021

There’s one day a year that everyone loves to go green. Some think it saves them from a pinch of the skin, while other hope it can lead them to a pot of gold. But with a few simple changes, you can go green every day of the year – right in the comfort of your home – and save a lot more than a pinch.

How the American Rescue Plan Will Impact Housing

Blog posted On March 16, 2021

Last week, Congress approved a $1.9 trillion relief package known as the American Rescue Plan. President Biden signed the plan on Friday, which means the sixth coronavirus relief measure should be disbursed very soon – giving many Americans a $1,400 direct payment and millions of others assistance with unemployment benefits, small business loans, vaccine investment, and community support.

Market Forecast: Housing Market Index, FOMC Meeting, Housing Starts and Building Permits

Blog posted On March 15, 2021

Mortgage rates remained relatively unchanged last week. Treasury yields are starting to inch higher in anticipation of increased inflation. With this imminent recovery, more people are anticipating the rise of benchmark interest rates. It’s not a matter of will rates rise, but when will it happen.

Market Recap: Mortgage Applications Mixed, Consumer Price Index Increases, Job Openings Jump

Blog posted On March 12, 2021

Mortgage rates remained relatively unchanged this week after inching up the week before. There are many hopeful signs of the economy’s strength right now, but people are worried about possible inflation and rising interest rates. In reality, these are effects of a recovering economy. According to the Mortgage Bankers Association (MBA), mortgage application submissions decreased on the refinance index but increased on the purchase index. The consumer price index rose slightly but inflation remains lower than pre-pandemic levels. Job openings expanded as more businesses start reopening again.

Should You Refinance Your Mortgage in Retirement?

Blog posted On March 11, 2021

By the time you retire, your finances should be pretty consistent, which is why the thought of making a large financial move like refinancing can be intimidating to some. However, refinancing when you’re retired can bring you similar benefits to when you were still working, and can be a smart financial move for many.

REALTORS Answer Their 5 Most Commonly Asked Questions

Blog posted On March 10, 2021

When it comes to buying a home, your REALTOR^® is your go-to guru. Whether it’s questions about the home’s price or concerns about the strength of your offer – you’ll likely look to your REALTOR^® for all the answers. Naturally, home buyers will have questions and concerns when purchasing a home. If you think you’re alone in your concerns, you’re not. Don’t believe us? Here are five of the most common questions a REALTOR^® gets asked.

How Millennials are Shaping the Current Housing Market

Blog posted On March 09, 2021

For decades, Millennials have sat on the sidelines and delayed milestones like homeownership. Two years ago, Millennials – people born between 1981 and 1996 – officially became the largest generation in America, totaling at 72.1 million people. Last year, they became the largest home buying population in America, making up 38% of all buyers. And today, they’re driving the housing boom – with existing sales up 24% annually.

Market Forecast: Mortgage Applications, Consumer Price Index, and Job Openings

Blog posted On March 08, 2021

Mortgage rates dropped last week and continue to stay in a historically low range. This week, the weekly mortgage application survey will be released on Wednesday morning, followed by the consumer price index later that day. The Job Openings and Labor Turnover Survey (JOLTS) will be released by the Labor Department on Thursday.

Market Recap: Construction Spending Jumps, Mortgage Applications Increase, and ADP Employment Shows Job Growth

Blog posted On March 05, 2021

Mortgage rates trended downward this week. Construction spending hit an all-time high in January. Mortgage application submissions increased. The ADP employment report showed increases as well.

Removing Insurance from an FHA Loan

Blog posted On March 04, 2021

The FHA Loan is one of the most popular government-backed loans. With lower down payment options and less restrictive requirements than conventional loans, it’s an especially appealing program for home buyers like first-time buyers who may struggle to qualify for a conventional loan. If you decide to finance your home with an FHA Loan, you will be required to pay mandatory mortgage insurance.

What Homeowners Insurance Covers in a Power Outage

Blog posted On March 03, 2021

Losing power in your home is more than just an uncharged iPhone and a missed episode of This is Us – especially during the winter months. For many, losing power can be physically dangerous, emotionally taxing, and financially expensive. Luckily, some of the costs that ensue from power outages are covered by your homeowners insurance – but the extent of your coverage depends on your insurer and policy.

6 Factors that Affect a Home’s Price

Blog posted On March 02, 2021

Home price appreciation has surged over the past year – up 10.1% year-over-year, according to the recent Case-Shiller home price index report. This is the first time that home prices have seen a double-digit gain since 2014, as more buyers have been flooding the housing market and fewer homes have been available for sale. Whether you’re a proactive homeowner getting your house ready to sell, or a savvy home buyer looking to make a smart investment, knowing which factors affect a home’s price could help you maximize your returns in the future.

Market Forecast: Construction Spending, Mortgage Applications, and ADP Employment

Blog posted On March 01, 2021

Mortgage rates saw a slight upward trend last week but are still relatively low. The report on construction spending will be released today, and the weekly mortgage application survey will be released on Wednesday. Also scheduled for release this week, is the ADP employment report.

CMG Financial Honored as a Freddie Mac 2020 SHARP Award Winner

News posted On February 26, 2021

Freddie Mac released its 2020 Servicer Success Scorecard and CMG Financial was honored among nine servicers nationwide as a 2020 SHARP Awards Winner. The SHARP Awards recognize exemplary performance among mortgage servicers especially during the unprecedented market conditions we experienced during the pandemic.

Market Recap: Home Prices Appreciate, New Home Sales Jump, and Pending Home Sales Fall

Blog posted On February 26, 2021

Mortgage rates trended upward this week but remain in a historically low range. Home prices appreciated at the fastest pace since 2014. New home sales rose nationwide while pending home sales slipped slightly.

What Are the Costs of Refinancing Your Mortgage?

Blog posted On February 25, 2021

When mortgage rates are near record lows, it is a great opportunity for homeowners to refinance their home loans and potentially save thousands of dollars over the life of the loan. However, when making the choice to refinance, be sure to take all of these added costs into account.

How to Determine if You’re Financially Ready to Buy a Home

Blog posted On February 24, 2021

When many home buyers are preparing to purchase a home, they can picture it all – the perfect house, the perfect family, and the perfect renovations they’re already planning in their heads. While buying a house is definitely an exciting investment, it’s important that your financial preparedness matches (or surpasses) your emotional preparedness to buy as well. In order to to help determine if you’re financially ready to buy a home, here are 5 questions to answer.

3 Reasons You Should Refinance Now

Blog posted On February 23, 2021

Mortgage rates have trended near historic lows for almost a year now, with the number of new home purchases and refinances surging in response. At the end of last month, the number of refinance application submissions were up 59% year-over-year, hitting their highest level since March 2020. Thousands of homeowners have already refinanced their mortgage to take advantage of low rates, but if you haven’t yet, here are three factors to consider before you make your mortgage move.

CMG Financial’s Doug Nesbit Honored Among RISMedia’s 2021 Real Estate Newsmakers

News posted On February 23, 2021

San Ramon, CA – Doug Nesbit, Director of Affinity Partnerships, CMG Financial was recognized as a 2021 Real Estate Newsmaker by RISMedia, the leading information and news provider for the residential real estate industry. Doug was recognized in the trendsetter category for his work in organizing a series of affordable home buying virtual summits through CMG Financial’s partnership with Freddie Mac and his continued effort to educate home buyers and real estate agents on innovative pathways to homeownership.

Market Forecast: Case-Shiller Home Price Index, New Home Sales, Pending Home Sales

Blog posted On February 22, 2021

Mortgage rates trended slightly upward last week, but still remain relatively low. This week, the S&P CoreLogic Case-Shiller home price index is scheduled for release on Tuesday. The new home sales report is scheduled for release on Wednesday, and the pending home sales index is scheduled for release on Thursday.

Market Recap: Home Builder Confidence Improves, Housing Starts Fall, Building Permits Rise, and Existing Home Sales Increase

Blog posted On February 19, 2021

Mortgage rates inched upward this week but are still trending near historic lows. The National Association of Home Builders’ (NAHB) housing market index showed an increase in home builder confidence. Though housing starts dropped slightly, building permits soared to their highest level in 15 years. Existing home sales increased for the second month in a row.

Answer These Questions BEFORE You Buy a Home

Blog posted On February 18, 2021

Mortgage rates have been breaking record lows for the past several months – making home buyer demand surge. And while low mortgage rates present a great opportunity for potential home buyers, there are many factors that you should consider, besides your mortgage rate, before you buy a home.

5 Benefits of Mobile Banking

Blog posted On February 17, 2021

It’s hard to imagine getting through the day without using your phone. How would you get directions? How would you stay connected during quarantine? How would order a chicken sandwich from the comfort of your couch? In modern days almost anything is accessible on your phone – even banking. Mobile banking apps have become increasingly popular over the years, and for good reason. If you haven’t tried using your bank’s mobile app to manage your finances, here are five factors to consider.

Are iBuyers Worth the Buzz?

Blog posted On February 16, 2021

No, an iBuyer is not the next big Apple product, it’s an online ‘instant buyer’ that is becoming a popular option in today’s housing market. Over the past several years, many home sellers have chosen iBuyers because of their convenience and efficiency. When a seller uses an online iBuyer platform, the purchasing company makes an offer for your house, takes care of upgrades and repairs, and buys the house from you in order to make a small profit when it sells again. Before you choose to go this route, make sure you know the advantages and disadvantages of using an iBuyer to purchase your home.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales

Blog posted On February 15, 2021

Mortgage rates did not fluctuate much last week and continued to hover near historic lows. This week, the National Association of Home Builders’ (NAHB) housing market sentiment index is scheduled for release on Wednesday. On Thursday, the housing starts and building permits reports will be released, and on Friday the existing home sales report will come out.

Market Recap: Job Openings Increase, Mortgage Applications Decline, and Consumer Price Index Rises

Blog posted On February 12, 2021

Mortgage rates continued to trend near historic lows this week with no significant changes. Job openings increased in December, according to the Labor Department. Mortgage application submissions declined for both refinances and purchases. The consumer price index inched up in January.

10 Questions to Ask Your Lender Before Closing

Blog posted On February 11, 2021

The road from saving for your home to closing on your loan can feel like a long one. By the time you reach your closing date, you will likely be excited to sign the documents, pay the necessary fees, and cross the finish line once and for all. But before you do, make sure you ask these important questions before closing on your home purchase, or even your refinance.

5 Ways to Be Smarter with Your Credit this Year

Blog posted On February 10, 2021

Late fees, overdraft fees, and fraud expenses are easily overlooked credit card costs, and though they may seem miniscule, they tend to add up. Last year, Americans spent a collective $74 billion on these ‘miniscule’ fees – or an average of $577 per household. But now that it’s a new year, it’s time for some new (and improved) credit card tactics. To get you started, here are five ways to improve your credit habits starting now.

A Deeper Look at President Biden’s Proposed Tax Credit

Blog posted On February 09, 2021

Last month, Joe Biden celebrated his inauguration as the 46^th president of the United States. Now it’s down to business. One of the proposed changes that the Biden Administration mentioned in their campaign was a $15,000 tax credit for first-time home buyers. According to real estate experts, if this credit is passed by Congress, it could be a positive change for the industry.

Market Forecast: Job Openings, Mortgage Apps, Consumer Price Index

Blog posted On February 08, 2021

Mortgage rates remained relatively unchanged last week and continued to trend near record lows. This week, the Labor Department’s report on job openings is scheduled for release on Tuesday. On Wednesday morning, the weekly mortgage application survey will be released, followed by the consumer price index later that afternoon.

Market Recap: Construction Spending Increases, Mortgage Applications Jump, ADP Employment Grows

Blog posted On February 05, 2021

This week, mortgage rates remained relatively unchanged and continued to trend near historic lows. Construction spending rose again, largely due to the residential sector increasing spending for the seventh month in a row. Mortgage applications jumped as well. ADP employment grew as the labor market continues to recover from COVID-19 related slowdowns.

4 Ways to Save Money When Building a Home

Blog posted On February 04, 2021

Finding the perfect existing home can be hard when housing inventory is tight. Building a new house is a way your dream home can still become a reality. Unlike the upfront cost of buying a home, the cost of building is fluid. Though you will often know the rough estimate beforehand, the total cost can change as the project progresses. In order to help keep costs under control, here are four ways to plan your dream home’s construction.

7 Simple Ways to Spruce Up Your Home’s Curb Appeal

Blog posted On February 03, 2021

Nothing says “welcome home” like a freshly trimmed front yard and a newly painted front door. Though we all know we can’t judge a book by its cover, when it comes to your home, the front cover matters. According to a study by the Journal of Real Estate Finance, your home’s curb appeal can contribute up to 7% of the overall price. For a $300,000 house, that’s equivalent to $21,000. So, if you’re preparing to sell your home, be sure to touch up its curb appeal with these seven simple strategies.

HUD Announces That the FHA is Backing DACA Mortgages

Blog posted On February 02, 2021

Last month, the U.S. Department of Housing and Urban Development (HUD) declared that the Federal Housing Administration (FHA) would begin backing mortgages for immigrants under the Deferred Action for Childhood Arrivals (DACA) program. This announcement marks the first time that DACA status recipients would be eligible for FHA loans, provided that they meet all other FHA requirements.

Market Forecast: Construction Spending, Mortgage Applications, and ADP Employment

Blog posted On February 01, 2021

Last week, the Fed voted to leave interest rates unchanged, and mortgage rates continued to brush record lows. The report on construction spending is scheduled for release today. Also scheduled for release this week are the weekly mortgage application survey and the ADP employment report.

Market Recap: Home Prices Appreciate, Fed Leaves Rates Unchanged, New Home Sales Increase

Blog posted On January 29, 2021

On Wednesday, the Federal Reserve voted to leave the benchmark interest rate near zero. As a result, mortgage rates trended downward, hovering near historic lows. In other housing news, home prices appreciated, and new home sales rose.

Everything You Need to Know About Your Mortgage Escrow

Blog posted On January 28, 2021

In the world of real estate, the word “escrow” is a term widely used and often confused. Typically, escrow refers to an escrow account, but it can also refer to the escrow process and the escrow period of time. To help keep your escrows straight, here is a breakdown of the escrow process, account and timeline when buying a home.

8 Home Features That Make a Lasting First Impression

Blog posted On January 27, 2021

You never get a second chance to make a first impression. But when it comes to the home you love, you’ll oftentimes make any excuse for why it deserves another. Though you may want to overlook some features in a home and make an offer as soon as possible, you might want to take a closer look at these eight home features before making such a large investment.

CMG Financial Named a Best FHA Mortgage Lender for 2021

Blog posted On January 26, 2021

This month, The Mortgage Reports named CMG Financial among the 9 Best FHA Mortgage Lenders for 2021. Recognized for its low mortgage rates and “superior customer care,” CMG was ranked the third-best FHA lender in the nation.

FHA Raises Loan Limits for 2021

Blog posted On January 26, 2021

On January 1^st, 2021 the the Federal Housing Administration (FHA) raised its loan limits for the new year. Though the limits vary per house location across the country, both the limit floor and limit ceiling have increased by thousands of dollars.

Market Forecast: Case-Shiller Home Price Index, FOMC Meeting, and New Home Sales

Blog posted On January 25, 2021

Mortgage rates remained relatively unchanged last week and continue to trend near historic lows. The Federal Open Market Committee (FOMC) will be meeting on Tuesday and Wednesday of this week, followed by an announcement from Federal Reserve Chair Jerome Powell on Wednesday afternoon. The S&P CoreLogic Case-Shiller home price index is scheduled for release on Tuesday, and the new home sales report will be released on Thursday.

Market Recap: Home Builder Sentiment Drops, Housing Starts & Building Permits Surge, and Existing Home Sales Jump

Blog posted On January 22, 2021

Mortgage rates remained relatively unchanged this week, still hovering near historic lows. The National Association of Home Builders’ (NAHB) housing market sentiment index showed a slight drop in home builder confidence. Housing starts and building permits hit the highest level in 14 years. Existing home sales rose in December, marking the highest annual level since 2006.

Jumbo Loans 101: What They Are and When You Need One

Blog posted On January 21, 2021

Last month, the Federal Housing Finance Agency (FHFA) announced that it would be raising the Fannie Mae and Freddie Mac conforming loan limits, marking the fifth straight year of loan limit increases. Still, in certain markets, homes are more expensive than the current conforming loan limits. If you’re looking in one of these markets, you’ll likely need to consider a jumbo loan option.

Understanding This Crucial Fact About Your Finances

Blog posted On January 20, 2021

When life gets busy, certain activities might have to take a backseat – whether that’s date night, a family facetime, or even checking in on your finances. If you have a steady income and regularly scheduled payments, it can be easy to let your finances take care of themselves so that you can take care of the people around you. However, when it comes to your interest rates, you might want to take a closer look a little more often, because knowing your them could help you save thousands of dollars.

Home Buyers and Sellers Set to Score Big in 2021

Blog posted On January 19, 2021

It’s hard to predict the economic swings we experienced in 2020. From a global slowdown brought on by the pandemic to a booming housing market keeping everything afloat – it was a year full of surprises. But now that a new year is beginning, many are wondering, what’s next? and where do we go from here? And while many things remain unclear, one is nearly certain: the housing market will continue to thrive.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales

Blog posted On January 18, 2021

Last week, mortgage rates trended slightly upward, but still remain near record lows. This week, the National Association of Home Builders’ (NAHB) housing market sentiment index is scheduled for release on Tuesday. On Thursday, the reports on housing starts and building permits will be released, and on Friday the existing home sales report will come out.

Market Recap: Job Openings Decline, Mortgage Apps Surge, Consumer Price Index Rises

Blog posted On January 15, 2021

Mortgage rates rose slightly this week but are still near 12-month lows. Job openings declined somewhat. Mortgage applications surged to a pandemic high. The consumer price index increased.

Why You Should Pay for a Remodel Using Home Equity

Blog posted On January 14, 2021

Over the past ten months, the kitchen barstools have become your desk chair, and the white cabinets have become your kids’ Crayola canvas. You thought it would just be for a couple of weeks but now your kitchen looks like a kindergarten classroom and your back is paying a stiff price. Though it may be a while until everyone’s back at work, that doesn’t need to mean you can’t get back to the office.

Why Buying a Home is a Smart Investment

Blog posted On January 13, 2021

When people think of investments, they normally think Wall Street and stockbrokers. And while stocks can be a great investment, many experts recommend diversifying your investment portfolio to reduce risk and maximize returns.

How Lockdown Has Helped Americans Save For Second Homes

Blog posted On January 12, 2021

After ten months of TV, takeout, and talking through a phone screen, it’s safe to say that cabin fever is taking a toll. But as the weather cools down and COVID cases rise, freedom from home seems further than ever. Having a home away from home, however, seems like a newly attainable dream. With record low mortgage rates, remote working, and other saving opportunities related to COVID-19, purchasing a second home has become a more achievable goal for many Americans.

Market Forecast: Job Openings, Mortgage Apps, Consumer Price Index

Blog posted On January 11, 2021

Average mortgage rates continued trending near historic lows last week. This week, the Labor Department will release their Job Openings and Labor Turnover Survey (JOLTS) on Tuesday. On Wednesday, the weekly mortgage application survey is scheduled for release. Also scheduled for release on Wednesday is the consumer price index.

Market Recap: Construction Spending Increases, Mortgage Apps Decrease, ADP Employment Falls

Blog posted On January 08, 2021

Average mortgage rates touched the current record low for the second time this week. Construction spending rose again for the fifth time over the past six months. Mortgage application submissions decreased over a two-week period. ADP employment fell for the first time in eight months.

What to Know About Refinancing an Investment Property

Blog posted On January 07, 2021

As interest rates have fallen to record-breaking lows over the past year, mortgage refinances have surged. Refinancing your mortgage can offer many benefits – such as lowering rates and monthly payments, removing mortgage insurance, and getting cash out for other investments. But keep in mind that if you are refinancing an investment property, you may have a few more factors to consider than when refinancing a primary residence.

4 Easy Ways to Give Your Bathroom a Fresh Start This Year

Blog posted On January 06, 2021

As your home ages, the interior features often age as well. Interior design is constantly evolving, making it difficult to keep up with the latest trends. Upgrading your interior features every five to ten years is a good way to freshen up your home without completely starting from scratch. But if you don’t know where to start, here are four affordable ideas on how to touch up your bathroom’s features.

Demand for Rentals is on the Rise: Here’s How to Invest

Blog posted On January 05, 2021

In October 2020, Roofstock, an online marketplace for rental properties, reported the highest level of rental property transactions they had ever seen in a one-month period. Year-over-year, the site’s traffic was up 45%. “There’s just been extraordinary demand for rental homes in a lot of these secondary cities, tertiary cities, suburban markets, where a lot of the single-family rental properties are located,” said Roofstock’s CEO, Gary Beasley. Under the right circumstances, purchasing an investment property can be a good source of substantial cash flow. But remember that purchasing and maintaining a rental home does come with different responsibilities than your primary residence.

Market Forecast: Construction Spending, Mortgage Apps, ADP Employment Report

Blog posted On January 04, 2021

Mortgage rates remained relatively unchanged last week but continued to brush historic lows. The report on U.S. construction spending is scheduled for release today. The weekly mortgage application survey and the ADP employment report will both be released on Wednesday.

Market Recap: Home Prices Increase, Mortgage Apps Mixed, Pending Home Sales Decline

Blog posted On January 01, 2021

This week, mortgage rates continued to trend near historic lows. Home prices surged to a six-year high according to the S&P CoreLogic Case-Shiller Index. Mortgage apps remained mixed. Pending home sales declined for the third consecutive month.

New Year’s Down Payment Countdown

Blog posted On December 31, 2020

Let the countdown begin! While the world is busy counting down to 2021, we’re counting down all the different ways you can buy a home with less than 20% toward your down payment. Many people think that a 20% down payment is the only route to homeownership. In reality, over half of all home buyers make down payments that are less than 20%. If you’re looking for ways to purchase a home with a smaller down payment, here is a countdown of some of the most common options.

5 Questions to Consider as a Young Adult Home Buyer

Blog posted On December 30, 2020

With the new year just around the corner, now is a great time for a fresh start. After spending almost one year cooped up in your parents’ basement or outgrowing your little apartment, you might be thinking that it’s time for the next step. Mortgage rates are historically low, your job is letting you work remotely, and you’re ready to purchase a home of your own. However, buying a home is a big step, and before you do, you want to make sure that you have considered all of the factors involved.

What a Spike in COVID-19 Cases Could Mean for Housing

Blog posted On December 29, 2020

When the coronavirus spread to the United States, home sales had seen nine consecutive weeks of year-over-year declines. From stay-at-home orders, to stock market dips, to widespread financial hardship – buying and selling homes were low on the list of concerns for many Americans during the Spring. Though the housing market has recovered – prospered even – at a shocking rate, many question how long this growth will last with COVID-19 cases on the rise.

Market Forecast: Case-Shiller Home Index, Mortgage Apps, Pending Home Sales

Blog posted On December 28, 2020

Last week, mortgage rates remained relatively unchanged and continued to touch historic lows. This week, the S&P CoreLogic Case-Shiller home price index is scheduled for release on Tuesday. The weekly mortgage application survey will come out on Wednesday. Also scheduled for release Wednesday is the pending home sales index.

Market Recap: Existing Home Sales Decline, Home Prices Increase, New Home Sales Drop

Blog posted On December 25, 2020

Mortgage rates remained relatively unchanged this week and continue to trend near historic lows. In other housing news, existing home sales declined for the first time in five months. Home prices increased, according to the Federal Housing Finance Agency (FHFA) house price index. New home sales fell in November.

3 Reasons to Refinance with a Renovation Loan

Blog posted On December 24, 2020

‘Tis the last day of shopping, and you still don’t have a clue, of which gifts you should buy or what you should do. Stores may be closed, and deals may be done, but luckily, we have the perfect gift for everyone. A playroom for the kids, a home office for you, and a new kitchen for the chef in the family, too. So, look no further than the walls of your home – because anything is possible with a renovation loan.

6 Ways to Maximize Your Tax Benefits This Year

Blog posted On December 23, 2020

Most of us feel like it’s still March, but December 31^st is fast approaching. And while you’re probably busy enjoying the jolliest season of all, you might also consider preparing your finances for the upcoming tax season. It might be slightly less jolly but maximizing your tax benefits now could help save you thousands of dollars later.

How to Win Bidding Wars This Winter

Blog posted On December 22, 2020

Home buyer competition has stayed hot this fall. In October, 56.8% of all Redfin offers were involved in bidding wars – marking the sixth month in a row that over half of the offers faced competition. Compared to October 2019, bidding wars have increased by 460%, and if you’re looking at buying a house this winter, you likely won’t be the only one. Luckily, there are several ways you can prepare to win a bidding war – including this one simple strategy.

Market Forecast: Existing Home Sales, FHFA House Price Index, New Home Sales

Blog posted On December 21, 2020

Last week, the Federal Open Market Committee met and voted to leave interest rates unchanged. This week the report on existing home sales is scheduled for release on Tuesday. On Wednesday, the Federal Housing Finance Agency (FHFA) will release their house price index. The report on new home sales is scheduled for release as well.

Market Recap: Home Builder Sentiment Drops, Fed Leaves Rates Unchanged, Housing Starts & Building Permits Climb

Blog posted On December 18, 2020

This week, the Federal Reserve voted to leave the benchmark interest rate near zero. As a result, mortgage rates continued to trend near historic lows. The National Association of Home Builders (NAHB) reported a slight drop in home builder confidence. Housing starts and building permits increased marginally.

Navigating a Competitive Market with Your VA Loan

Blog posted On December 17, 2020

Low housing inventory and soaring home buyer demand have led to an increasingly competitive housing market this year. While homeowners are flooded with multiple offers, home buyers are struggling to find ways to stand out. With the VA Loan – a loan backed by the U.S. Department of Veterans Affairs for military members, Veterans, and surviving spouses – you have many benefits that can help you edge out your competition. Here’s how you can best prepare to use them to your advantage.

How These 7 Bills Affect Your Credit Score

Blog posted On December 16, 2020

If you’re preparing to apply for a mortgage loan, you’ve likely already looked at ways you can improve your credit score. Your credit score is calculated by the three national credit bureaus – Experian, TransUnion and Equifax – and will fall within a range between 300 and 850. Scores between 740 and 799 are considered very good and will often qualify for better rates than applicants with lower scores. Though the specific scoring algorithms are not public knowledge, several scoring factors are widely well known. The most important factor, according to Experian and other credit experts, is your loan payment and credit card payment history.

Biden Elects Representative Marcia Fudge as HUD Secretary

Blog posted On December 15, 2020

Two weeks ago, President-elect Joe Biden announced former Federal Reserve Chairwoman, Janet Yellen, as his official nominee for Treasury secretary. Last week, he announced Representative Marcia Fudge as his lead choice for U.S. Department of Housing and Urban Development (HUD) secretary.

Market Forecast: FOMC Meeting, Housing Market Index, Housing Starts & Building Permits

Blog posted On December 14, 2020

Last week, mortgage rates trended downward near historic lows. This week, the Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday, followed by an announcement from Federal Reserve Chair Jerome Powell on Wednesday afternoon. The National Association of Home Builders (NAHB) will release the housing market sentiment index on Wednesday as well. On Thursday, the reports on housing starts and building permits are scheduled for release.

CMG Financial's Paul Akinmade Recognized as 2020 HousingWire Tech Trendsetter

News posted On December 14, 2020

National mortgage media group HousingWire announced its 2020 HousingWire Tech Trendsetters, an annual list honoring the most impactful and innovative technology leaders in the housing industry. This year, CMG Financial's Paul Akinmade was honored for his contributions to the organization's marketing, business intelligence, and information technology departments. In his role as Chief Strategy Officer, Akinmade oversees many of CMG's technical and consumer initiatives. He has hands-on involvement in designing the customer and originator experience, managing development, training, marketing, and ensuring successful deployments.

Market Recap: Consumer Credit Slows, Mortgage Apps Mixed, Job Openings Increase

Blog posted On December 11, 2020

Mortgage rates remained relatively unchanged this week and continue to hover around historic lows. Consumer credit slowed with a rise in nonrevolving credit and a fall in revolving credit. Mortgage application submissions were mixed as purchase submissions dropped but refinance application submissions increased. Job openings rose slightly.

Preparing to Use Home Equity to Finance a Second Home

Blog posted On December 10, 2020

With record low mortgage rates and reduced costs spent on commuting and dining out, some home buyers have been able to save thousands of dollars for a down payment. And with home equity on the rise, if you are a homeowner, you could save thousands more by using your first home to help finance your second.

Why You May Not Want to Age in Place

Blog posted On December 09, 2020

Many working-age people dream of the day that they can retire by a beach or travel the world. However, by the time most people reach age 65, they are ready to settle down and stay home. In a 2018 study, AARP reported that over 75% of all retirees want to age in place. While the desire to grow old in a familiar place is understandable, considering other options might not be a bad idea.

Janet Yellen Announced as Biden’s Treasury Nominee

Blog posted On December 08, 2020

Last week, President-Elect Joe Biden and his transition team announced the appointments and nominees for several economic posts in his incoming administration. Among the nominees was former Federal Reserve Chair, Janet Yellen, who is Biden’s choice for Secretary of the Treasury. If she is confirmed by the Senate, Yellen will be the first woman to lead the Treasury Department – similarly to when she was the first woman to lead the Federal Reserve from 2014 to 2018.

Market Forecast: Consumer Credit, Mortgage Apps, and Job Openings

Blog posted On December 07, 2020

Mortgage rates trended downward last week, touching near-historic lows. This week, the consumer credit report is scheduled for release on Monday. On Wednesday, the weekly mortgage applications survey will be released by the Mortgage Bankers Association (MBA) and the Job Openings and Labor Turnover Survey (JOLTS) will be released by the Labor Department.

Market Recap: Pending Home Sales Fall, Construction Spending Jumps, Mortgage Apps Mixed

Blog posted On December 04, 2020

Mortgage rates remained relatively unchanged this week but continued trending near record-breaking lows. Pending home sales fell for the second month in a row. Construction spending increased. Mortgage purchase application submissions rose while refinance submissions decreased.

Why You Might Want to Have a Home Inspection, Even in a Busy Market

Blog posted On December 03, 2020

Record-low mortgage rates typically drive home buyers into the housing market. As a result, prices go up and buyer competition increases. Home buyers may try several different tactics to make their offers more appealing, such as getting preapproved for a mortgage, making their offer in cash when they can, and even skipping home inspections.

How to Maximize Savings When Interest Rates Are Low

Blog posted On December 02, 2020

You’ve refinanced your mortgage, paid off your student loans, and you still have some extra savings leftover. Interest rates are still trending extremely low, but you’re fresh out of ideas on how to take advantage of them. Before you go buying another online streaming service, consider putting your money toward one (or more) of these three high-return investments that can help you maximize your savings, even when interest rates are low.

New Purchase Volume Predicted to Break Records in 2021

Blog posted On December 01, 2020

Home sales are strong, interest rates are low, refinance activity is booming, and the future of the housing market is looking bright. Two weeks ago, the Mortgage Bankers Association (MBA) released its revised predictions for the remainder of this year as well as estimates for the year to come. By the end of 2020, the MBA predicts that total mortgage originations will reach their highest level in 17 years. In 2021, they expect to see this trend continue, with record-high purchase origination volume, an expanding GDP, and an upward trend in mortgage rates.

Federal Housing Finance Agency Increases Conforming Loan Limits

Blog posted On December 01, 2020

Last Tuesday, the Federal Housing Finance Agency (FHFA) announced it is raising the conforming loan limits for loans securitized by Fannie Mae and Freddie Mac again in 2021. This year, the limit increased by 7.5%, marking the fifth straight year of loan limit increases.

Market Forecast: Pending Home Sales, Construction Spending, and Mortgage Apps

Blog posted On November 30, 2020

Mortgage rates remained relatively unchanged last week and are hovering near-historic lows. This week, the pending home sales report will be released on Monday. The US construction spending report will be released on Tuesday. On Wednesday, the weekly mortgage application survey will be released by the Mortgage Bankers Association (MBA).

Market Recap: Home Prices Appreciate, Mortgage Applications Jump, New Home Sales Decline

Blog posted On November 27, 2020

Mortgage rates were relatively unchanged this week and remain near record lows. The S&P CoreLogic Case-Shiller home price index showed an appreciation in home prices. Both new purchase and refinance mortgage application submissions jumped. New home sales dropped slightly.

8 People You Want on Your Team When Buying a Home

Blog posted On November 26, 2020

Buying a home will likely be one of the biggest investments of your life. It can feel like a daunting process to tackle alone, but with the help of an experienced team, you can reach your goal with less stress and hassle. As the coach of your real estate team, it’s up to you to pick the best players possible. But before you do, make sure you know the positions you’re looking for.

Preparing Your Home for a Safe Thanksgiving

Blog posted On November 25, 2020

The holidays are normally a time when you gather with friends and family to spread cheer and share food. But in 2020, we are working to avoid spreading and sharing. Many holiday traditions might look different this season in an effort to stay safe and stop the spread of the coronavirus pandemic. If you’re preparing to host a small Thanksgiving gathering this year, here are three ways to stay safe while you celebrate.

Everything You Need to Know About the New Refinance Fee

Blog posted On November 24, 2020

In one week, the Federal Housing Finance Agency (FHFA) will begin imposing a new fee on all refinance transactions. Initially scheduled for September 1^st, 2020, the Adverse Market Refinance Fee will add a 0.5% charge to all refinance loans starting on December 1^st, 2020. The purpose of the fee is to protect mortgage backers Fannie Mae and Freddie Mac from predicted coronavirus-related losses.

Market Forecast: Case-Shiller Home Price Index, Mortgage Apps, New Home Sales

Blog posted On November 23, 2020

Mortgage rates trended downward last week and continue to remain historically low. This week, the S&P CoreLogic Case-Shiller home price index is scheduled for release on Tuesday. On Wednesday, the weekly mortgage application survey will be released by the Mortgage Bankers Association (MBA). New home sales are also scheduled for release on Wednesday.

Market Recap: Home Builder Sentiment Hits Record High, Housing Starts Rise, Building Permits Unchanged, Existing Home Sales Climb

Blog posted On November 20, 2020

Mortgage rates trended downward this week, touching some of the lowest levels in the past 12 months. The housing market sentiment index surged to another record high. Housing starts jumped while building permits remained unchanged. Existing home sales reached the highest annual rate since 2006.

How to Finance a Home in Retirement

Blog posted On November 19, 2020

You’ve finished working, paid off your debt, and finally gotten the kids out of the house – now, it’s time to retire and relax. However, relaxing can be hard when you’re still responsible for keeping up a family-sized home. If you’re tired of maintaining a large house, but still want the benefits of owning a home, it might be time to downsize. Unfortunately, downsizing to a smaller home requires you to apply and qualify for another mortgage – which can be unfamiliar when you don’t have a salary.

What Type of Credit Score Matters the Most to a Mortgage?

Blog posted On November 18, 2020

When you apply for a mortgage, your lender will evaluate several factors to determine how much money you qualify for and how much interest you will pay. Based on your application, you could qualify for a larger mortgage, buy a more expensive house, and save thousands of dollars on interest. Though all parts of your application are important, many experts recommend that you prioritize boosting your credit score to help qualify for the best rates possible.

The Real Winner of the Election: Home Buyers and Homeowners

Blog posted On November 17, 2020

Two weeks ago, millions of Americans flooded the polls to answer one question, and last week, the results finally came in. So, who really won the election? According to the housing market – you did.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, Existing Home Sales

Blog posted On November 16, 2020

Mortgage rates trended slightly upward last week, but are still in a historically low range. This week, there are several key housing reports scheduled for release. The housing market index will come out on Tuesday. Followed by housing starts and building permits on Wednesday and the existing home sales report on Thursday.

Market Recap: Job Openings Increase, Jobless Claims Drop, Consumer Price Index Unchanged

Blog posted On November 13, 2020

Mortgage rates increased slightly this week, though they continue to remain in a historically low range. Job openings rose marginally, while jobless claims dropped significantly. Consumer prices did not increase after four consecutive months of gains.

2 Rules for Setting the Perfect Mortgage Budget

Blog posted On November 12, 2020

Deciding how much money you want to spend on a house is a big decision. For many people, it’s the most expensive purchase you will make. To help you decide, you will likely want to get a letter of preapproval from a mortgage lender first – this will tell you the maximum amount of money you are qualified to borrow. However, it should not dictate the maximum amount of money you should borrow from your lender.

What You Need to Know Before Refinancing Your VA Loan

Blog posted On November 11, 2020

Financing your home with a VA Loan is one of the most affordable pathways to homeownership. Created by the US Department of Veterans Affairs (VA), the VA Loan is available to all active duty military, veterans, reserve members, National Guard members, and surviving military spouses. With no down payment, no mortgage insurance and oftentimes a lower than average interest rate, the VA Loan makes homeownership much more financially feasible for those who have served. While many people are aware of the benefits of a VA Loan, fewer people know of the great opportunities of refinancing with the Interest Rate Reduction Refinance Loan (IRRRL).

Signs the Real Estate Market is Going to Change

Blog posted On November 10, 2020

Over the past several months, mortgage rates have dropped to all-time lows while home builder sentiment has reached record-breaking highs – suggesting a busy future for the real estate industry. But if 2020 has taught us anything, it’s to expect the unexpected.

Market Forecast: Job Openings, Jobless Claims, Consumer Price Index

Blog posted On November 09, 2020

Last week, the Federal Open Market Committee voted to leave the benchmark interest rate unchanged, and mortgage rates remain historically low. This week, there are no significant housing reports scheduled for release. On Tuesday, the Labor Department will release the Job Openings and Labor Turnover Survey (JOLTS). Scheduled for release on Thursday is the weekly jobless claims report and the consumer price index.

Market Recap: Fed Holds Rates, Construction Spending Increases, ADP Employment Growth Slows

Blog posted On November 06, 2020

The Federal Open Market Committee (FOMC) met on Wednesday and Thursday of this week and did not move interest rates. As a result, mortgage rates continue to stay low. In other housing-related news, construction spending increased slightly. The ADP Employment report showed a significant slowdown in job growth.

3 Questions to Consider Before Refinancing Your Mortgage

Blog posted On November 05, 2020

Refinancing your home loan when interest rates are low could save you thousands of dollars on the lifetime cost of the loan. In a mid-year report by Black Knight, financial experts estimated that homeowners could save an aggregated $4.5 billion per month if they refinanced their mortgages. There are many benefits to refinancing your home, but it’s not the right choice for everyone. To make sure a refinance is right for you, answer these three questions first.

Leave the Leaves Out: Protect Your Gutter This Fall

Blog posted On November 04, 2020

When fall started, you were ready. You picked out the pumpkins. You baked an apple pie. You even broke out your favorite mustard-colored cardigan (only to sweat through it in 80-degree weather by the afternoon). But as the leaves start to fall, you might be realizing that you’re not as prepared as you thought.

Election Day 2020: How the Housing Market Could Influence the Polls

Blog posted On November 03, 2020

It’s Election Day and if you haven’t already voted early or voted by mail, today is the day to head to the polls. Last month, we examined how the presidential election could impact the future of the housing market. This week, we’re turning the tables – examining how the housing market could impact the election. Political experts typically analyze social, political, and economic factors in order to predict the question on everyone’s mind: who will be the next president of the United States?

Market Forecast: Construction Spending, ADP Employment Report, and FOMC Meeting

Blog posted On November 02, 2020

As expected, mortgage rates continued to trend downward last week. This week, the Federal Open Market Committee (FOMC) will meet on Wednesday and Thursday, followed by a press conference with Federal Reserve Chair, Jerome Powell, on Thursday afternoon. In housing news, the construction spending report is scheduled for release today. The ADP employment report is also scheduled for release this week.

Market Recap: New Home Sales Down, Home Prices Appreciate, Pending Home Sales Fall

Blog posted On October 30, 2020

Mortgage rates trended downward this week and continued to touch historic lows. New home sales and pending home sales dropped for the first time in four months, while home prices saw the biggest gain in more than two years.

How to Take Advantage of a Cash-Out Refinance

Blog posted On October 29, 2020

Many home buyers have been taking advantage of record low interest rates the past several months by refinancing their mortgages. Refinancing your mortgage while interest rates are low is a great opportunity to lower your mortgage rate, change your loan terms, switch your loan type, or even withdraw equity to fund other expenses with a cash-out refinance.

4 Easy Tricks to Help You Avoid Wire Fraud Cheats

Blog posted On October 28, 2020

It’s hard to believe that October is almost over. Holiday fever is heating up, fall air is cooling down, and candy stocks are running low. If you haven’t voted yet, you still have time; but if you haven’t gotten your Halloween candy yet, you’re probably going to be that house handing out mint gum and stale Oreos. Luckily, trick or treat isn’t the threat it used to be – at least on the streets. On the web, however, tricksters are on the rise.

How Each Presidential Candidate Could Influence the Housing Market

Blog posted On October 27, 2020

As we discussed last week, the election as an event will not likely affect the busy housing market. However, our next president and their policy agenda will influence the market It’s hard to believe that Election Day is just one week away, and housing market experts predict that a change is coming, regardless of who wins.

Market Forecast: Case Shiller Home Price Index, Pending Home Sales, New Home Sales Index

Blog posted On October 26, 2020

Last week, mortgage rates remained relatively unchanged, but are still in the historically low range. This week, there are several important housing reports scheduled for release. The new homes sales index is scheduled for release later today. The S&P CoreLogic Case-Shiller Home Price Index is scheduled for release on Tuesday, and the pending home sales index will be released Thursday.

Market Recap: Home Builder Sentiment Hits Record High, Housing Starts and Building Permits Climb, Existing Home Sales Surge

Blog posted On October 23, 2020

Mortgage rates trended slightly upward this week, but still remain in a historically low range. The home builders’ sentiment index reached a record high for the third month in a row. Housing starts and building permits increased. Existing home sales rose for the fourth consecutive month.

When to Choose a 30-Year Fixed Over a 15-Year Fixed

Blog posted On October 22, 2020

The 30-year fixed-rate mortgage is America’s Sweetheart of loans — we know her, we love her, and we just can’t get enough of her. For decades, people have depended on the 30-year fixed-rate loan to help finance their home purchases, but the recent record-breaking low mortgage rates might be swaying some home buyers toward the 15-year loan instead.

CMG Financial's Pete Castillejos to Be Installed as President of the Mortgage Bankers Association of Hawaii in 2021

News posted On October 22, 2020

CMG Financial, a privately-held mortgage banking firm headquartered in San Ramon, CA, congratulates Pete Castillejos, NMLS# 331643, on his nomination as the President of the Mortgage Bankers Association of Hawaii (MBAH) in 2021. Pete has been an integral part of CMG Financial’s Hawaii-area leadership team for the past five years and currently serves as the Branch Manager/Area Marketing Manager for the Honolulu and Aiea branches. He is also actively involved in mortgage industry advocacy and has served as a Board Member/Director at the MBAH for the past four years.

Does Your Credit Score Matter in Retirement?

Blog posted On October 21, 2020

Your credit score can make or break many financial opportunities – mortgage loans, car loans, getting hired for a job, and more. For years, you’ve been carefully paying your bills on time, keeping your credit balance low, avoiding debt, and doing everything you can to maintain a good credit score. Now, as you head into retirement, you have a fully owned home, a paid-off car loan, no outstanding debt, and no intention of getting a full-time job. You don’t think you’ll be borrowing money anytime soon and you begin to question if you really need to keep up with your credit score once you head into retirement.

Will the Presidential Election Impact Home Sales?

Blog posted On October 20, 2020

When an election is approaching, all of America’s attention is focused on the candidates and the future of our nation – the only house that people are concerned about is the one on Pennsylvania Ave. As is expected, many home buyers and sellers are currently wondering how the upcoming presidential election will impact the housing market.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, Existing Home Sales

Blog posted On October 19, 2020

Mortgage rates trended downward last week and continued to touch historic lows. The National Association of Home Builders (NAHB) releases the housing market sentiment index today. Housing starts and building permits are scheduled for release on Tuesday, and existing home sales will be released on Thursday.

Market Recap: Consumer Price Index Down, Mortgage Applications Slow, Retail Sales Surge

Blog posted On October 16, 2020

Mortgage rates trended downward this week and touched some of the lowest levels in the past 12 months. The consumer price index showed the smallest increase since May. Mortgage application submissions dropped slightly. Retail sales rose for the fifth month in a row.

Market Recap: Consumer Price Index Down, Mortgage Applications Slow, Retail Sales Surge

Blog posted On October 16, 2020

All Hands on Deck: 6 DIY Projects for You and Your Family Before Winter

Blog posted On October 15, 2020

As we roll into the eighth month of the global pandemic, you may be wondering, how many more games of Monopoly can I play? From bike rides to hikes, movie nights to game nights — you’ve done everything in your power to keep the family entertained.

How Many Credit Cards is Too Many?

Blog posted On October 14, 2020

When it comes to credit cards, more isn’t always merrier. Most financial advisors recommend limiting your number of credit cards to one or two in order to avoid taking on too much debt. When used responsibly, having multiple credit cards is a good way to maximize your rewards, increase your credit limit, and allow for financial flexibility.

CMG Financial Ranked Among Top Mortgage Lenders by Austin Business Journal

News posted On October 14, 2020

CMG Financial, a well-capitalized privately held mortgage banking firm headquartered in San Ramon, California, was ranked the second-highest-producing residential mortgage lender in Austin, Texas. Additionally, five loan officers ranked as top mortgage producers among a select list of 74 top producers in the Austin area. CMG congratulates its three Austin branches and all of its Austin-area originators for earning this distinct recognition.

What to Expect This Fall, According to the Experts

Blog posted On October 13, 2020

In recent months, home sales have been rising at a record pace. In August, existing home sales surged to a seasonally-adjusted annual rate of 6 million – the fastest pace in 14 years. New home sales also reached record-highs in August, surpassing 1 million for the first time since 2006. “Buyers are moving forward in record numbers,” said Adam Contos, CEO of real estate brokerage RE/MAX Holdings. The housing demand is booming right now, but how long will it last?

Market Forecast: Consumer Price Index, Mortgage Applications, Retail Sales

Blog posted On October 12, 2020

Mortgages rates continued to touch historic lows last week. This week, there will be no major housing reports. Scheduled for release on Tuesday is the consumer price index. The Mortgage Bankers Association (MBA) will release its weekly mortgage application survey on Wednesday, and the retail sales report comes out on Friday.

Market Recap: Job Openings Down, Mortgages Apps, Consumer Credit Mixed

Blog posted On October 09, 2020

Mortgages rates trended slightly upward this week but continue to come in at historic lows. Job openings slipped marginally. New purchase mortgage application submissions declined while refinance applications surged. Revolving consumer credit dropped but nonrevolving credit increased.

Low Down Payment Options: FHA Loan vs. Freddie Mac Home Possible Loan

Blog posted On October 08, 2020

You grew up dreaming of the day that you trade in the treehouse and purchase a home of your own. You’ve done the research, found the perfect place, but there’s one thing still standing in between you and your American Dream come true: the down payment.

5 Painting Mistakes Amateurs Make

Blog posted On October 07, 2020

Staring at the same walls all summer may mean you’re seeing things in a new light. Maybe you want to brighten up your new home office (bedroom) or give the conference room (dining room) a new look. One of the easiest ways to spruce up your space is to add a fresh coat of paint. Painting is an inexpensive way to improve a room, but it can also be a costly mistake.

Prepare for Bidding Wars this Fall

Blog posted On October 06, 2020

In August, over half of the home offers made by Redfin-represented buyers facing competing offers for the fourth month in a row. Despite the fact that home sales tend to slow down in the fall and winter months, this year’s continued increase in buyer demand and limited home supply suggests that bidding wars are likely to persist.

Market Forecast: Job Openings, Mortgage Applications, Consumer Credit

Blog posted On October 05, 2020

Mortgage rates continued to trend downward last week. This week, the only significant housing report will be the Mortgage Bankers Association (MBA) weekly mortgage application survey. Other market-moving reports include consumer credit and the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS).

Market Recap: Home Prices Appreciate, Pending Home Sales Jump, Construction Spending Up

Blog posted On October 02, 2020

Mortgage rates continued to hit record lows this week. The S&P CoreLogic Case-Shiller home price index showed sustained appreciation in July after no changes in June. Pending home sales soared to a new record high. Construction spending increased for the second consecutive month.

Tips for the Perfect Home Office (In Any Room!)

Blog posted On October 01, 2020

When employees began working from home, everyone set up shop wherever they could — kitchens, dining rooms, bedrooms, or any other rooms with outlets and a work surface. You thought it would just be a couple of weeks, but six months later and your kitchen table is covered with empty soda cans, open laptops, endless pens, loose papers, and more cords than you can count.

What is the 30/30/3 Rule for Buying a Home in Uncertain Times?

Blog posted On September 30, 2020

Buying a home is always a significant investment, but during uncertain economic times, buyers should be especially careful to not overstretch their finances. Unlike the stock market, real estate is often considered a more stable investment since it tends to appreciate over time. However, if you lose your job or suffer an income reduction, you want still to be able to cover the cost of your mortgage, at least temporarily, so you do not fall behind on payments, or worse, go through a foreclosure.

Nearly 2 Million Telecommuting Renters Could Now Become Homeowners

Blog posted On September 29, 2020

Many renters are considering a home purchase lately, and you may know (or be) one of them. In addition to historically low mortgage rates, many companies have adopted work-from-home models, meaning their employees are commuting less or not at all. Zillow estimates nearly 1.92 million renting households could become homeowners this year because of the growing popularity of working remotely and the flexibility that goes with it.

Market Forecast: Case-Shiller Home Price Index, Pending Home Sales Index, and US Construction Spending

Blog posted On September 28, 2020

Mortgage rates continue to touch historic lows. This week, the S&P CoreLogic Case-Shiller home price index will be released on Tuesday, followed by the pending home sales report will come out Wednesday, and the US construction spending report will come out Thursday.

Market Recap: Existing Home Sales Climb, FHFA House Price Index Appreciates, New Home Sales Surge

Blog posted On September 25, 2020

Mortgage rates trended downward this week. Existing home sales climbed for the third month in a row. The Federal Housing Finance Agency (FHFA) house price index appreciated from June to July. New homes sales surged to the highest level in 14 years.

Should You Build a New Home or Renovate a Fixer-Upper?

Blog posted On September 24, 2020

Average mortgage rates have reached historic lows, giving many prospective buyers an added incentive to purchase now. However, if you’re one of many people on the hunt for a new home, you’re likely going to face stiff competition, limited options, and higher home prices. To navigate the challenges of the current housing market, you may want to consider these alternatives to buying a move-in ready home: building a new home or renovating a fixer upper. Both are viable options, but here are some pros and cons of both to help determine which is best for you.

Why Your Credit Score Matters, Even if You’re Not Buying a Home

Blog posted On September 23, 2020

If you’re thinking about buying a new home or refinancing an existing mortgage, you’re probably taking a closer look at your credit score and ways to improve it. Your credit score, specifically your FICO® credit score, is used by lenders and financial institutions to determine whether you will be a good candidate for a loan, or a line of credit based on how you currently manage your debt. Many non-bank institutions also look at your credit score. Your credit score matters, even if you’re not actively making mortgage moves, and could impact your ability to rent an apartment, get a new phone, or even influence your car insurance premium.

Selling Your Home When Interest Rates are Low

Blog posted On September 22, 2020

You know low interest rates are an incentive for home buyers, but a low interest rate environment can actually benefit home sellers as well. When you sell your home when rates are low, you can usually count on strong buyer demand and multiple offers. As the seller, this will give you more negotiating power and you can typically net a higher profit since you won’t have to lower your asking price to compete for buyers. You may also to be able to sell your home shortly after listing, rather than having it linger on the market waiting for the right buyer. If you’re buying a new home yourself, you’ll also be able to lock in a relatively low interest rate on your new mortgage.

Market Forecast: Existing Home Sales, FHFA House Price Index, and New Home Sales

Blog posted On September 21, 2020

Last week, the Federal Open Market Committee voted to leave the federal funds rate unchanged. Mortgage rates continue to trend lower. This week, the existing home sales and new home sales reports are both scheduled for release. The Federal Housing Finance Agency (FHFA) will also release its house price index.

Market Recap: Rates Stay Low, Home Builder Sentiment Improves, Housing Starts and Building Permits Decline

Blog posted On September 18, 2020

The Federal Open Market Committee (FOMC) met on Tuesday and Wednesday of this week and, as expected, did not move interest rates. As a result, mortgage rates remain historically low. The National Association of Home Builders’ (NAHB) housing market sentiment index improved. Housing starts and building permits declined slightly in August after strong gains in July.

4 Things that Happen to Your Finances When You Buy a Home

Blog posted On September 17, 2020

Buying a home, especially your first home, is a lifechanging event and a big financial investment. You know buying a home will come with the upfront costs of the down payment and closing costs, but do you know about all of the ongoing financial implications? Buying a home impacts your credit score, your savings, and your tax bill, but it also becomes a vehicle for you to build wealth in the form of home equity.

All American Homes Assigned Flood-Risk Score

Blog posted On September 16, 2020

In the wake of the recent devastation of Hurricane Laura, you may be thinking about your home’s flood insurance policy. Even if you do not live in a coastal area vulnerable to hurricane damage, stronger and more frequent hurricanes plus other climate-related natural disasters could put your home at a greater risk now than when you bought the home. To keep home buyers and homeowners informed and aware, nonprofit research and technology group, First Street Foundation, has designed an interactive website to host flood risk data on over 142 million homes. Additionally, Realtor.com will now include the flood-risk score on its online home listings.

Federal Reserve Announces New Approach to Inflation and Interest Rate Policy

Blog posted On September 15, 2020

The Federal Reserve announced revisions to its policy in the way it reviews inflation and the labor market. These changes will impact how much interest consumers earn on savings accounts and pay on lines of credit and loans like credit cards and mortgages.

Market Forecast: FOMC Meeting, Housing Market Index, and Housing Starts and Building Permits

Blog posted On September 14, 2020

Mortgage rates continued to trend lower last week and remain near the lowest levels in the past twelve months. This week, the Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday and no major interest rate movement is expected. The National Association of Home Builders (NAHB) will release the housing market sentiment index on Wednesday. Housing starts and building permits are scheduled for Thursday.

Market Recap: Consumer Borrowing Accelerates, Mortgage Apps Up, Job Openings Increase

Blog posted On September 11, 2020

Mortgage rates trended downward this week and remain within a historically low range. Consumer borrowing accelerated to a pre-pandemic pace. Both new purchase and refinance mortgage application submissions increased. Job openings increased for the third straight month.

5 Things to Consider Before Fleeing the City for the Suburbs

Blog posted On September 10, 2020

The coronavirus pandemic has many city dwellers considering a suburban migration. With cultural hotspots closed or operating at limited capacity and many companies imposing work-from-home orders and distance-learning procedures, living close to city centers may no longer be as important as it once was.

Do You Have a Bad Credit Score?

Blog posted On September 09, 2020

If you’re thinking about buying a home or refinancing your existing mortgage in the near future, you’ve probably reviewed your credit score recently. Mortgage lenders use your FICO® credit score to evaluate how you’ve managed your loans and lines of credit in the past and how likely you will be to repay your new home loan. While you do not need perfect credit to qualify for a mortgage, a lower credit score can lead to higher interest rates or worse, the inability to qualify at all.

Predictions for the Fall Housing Market

Blog posted On September 08, 2020

Following an unprecedented Spring and Summer due to the coronavirus pandemic, the Fall housing market is going to look different this year. Historically, buyers tend to buy and sell homes more frequently in the Spring and Summer when it’s more convenient for children to change schools, warmer weather is more favorable for home tours and travel, and home builders are busy. After an economic standstill in March and April, and a slow reopening across the country, many housing professionals are expecting an exceptionally busy Fall. Mortgage rates are historically low, builders have been busy, and buyers are returning to the housing market.

CMG Financial’s Candace Baima Recognized as 2020 HousingWire Insider

News posted On September 08, 2020

San Ramon, CA – National mortgage media group HousingWire announced its 2020 HousingWire Insiders, an annual list honoring the unsung heroes of the housing industry working behind the scenes to drive their companies to success. This year, CMG Financial’s Candace Baima, Vice President, National Underwriting Manager, was honored among only 50 winners nationwide.

Market Forecast: Consumer Credit, Mortgage Apps, Job Openings

Blog posted On September 07, 2020

Mortgage rates continue to touch down to historic lows, hovering around the lowest levels in the past 12 months. This week, the only significant housing report will be the Mortgage Bankers Association (MBA) weekly mortgage application survey. Other market-moving reports include consumer credit and the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS).

Market Recap: Construction Spending Up, Mortgage Application Submissions Down, ADP Employment Growth Slow

Blog posted On September 04, 2020

Mortgage rates trended lower this week and are expected to stay low. Overall US construction spending increased marginally, but residential spending increased substantially. Both new purchase and refinance application submissions declined. The ADP Employment report showed hiring has tapered off.

Preparing for Your VA Loan Purchase

Blog posted On September 03, 2020

The VA Loan is one of the most important benefits offered to active duty military and veterans. It was designed by the US Department of Veterans Affairs (VA) to give returning World War II veterans an affordable pathway to homeownership because it is available with no down payment and flexible underwriting requirements.

Demand for Clean Home Technology on the Rise

Blog posted On September 02, 2020

Smart home technology has become an increasingly more common home buyer demand, especially as the internet of things evolves. Home buyers are looking for features like smart thermostats, self-closing blinds, and doorbell cameras among other home enhancements. In the wake of the coronavirus pandemic, a new type of smart home technology is on the rise. Home buyers, especially new home buyers, are inquiring about self-cleaning and sanitizing technology.

Should You Refinance Your Mortgage – Again?

Blog posted On September 01, 2020

Average mortgage rates continue to plunge to historic lows and if you have a mortgage, you’re probably thinking about a refinance. With the delay of the proposed Adverse Market Refinance Fee, many homeowners are now rushing to refinance.

Market Forecast: Construction Spending, Mortgage Apps, ADP Employment Report

Blog posted On August 31, 2020

Mortgage rates trended slightly upward last week, but overall remain historically low. This week, the US construction spending report is scheduled for release. The Mortgage Bankers Association (MBA) weekly mortgage application survey comes out on Wednesday, along with the ADP employment report.

Market Recap: Home Price Appreciation Moderates, New Home Sales Surge, Pending Home Sales Increase

Blog posted On August 28, 2020

Mortgage rates did not move significantly this week, trending slightly upward from recent 12-month lows. Home prices continue to rise at a moderate pace. New home sales jumped to the highest level since 2006. The pending home sales index also increased.

CMG Financial Honored with Freddie Mac Home Possible RISE Award for Education

News posted On August 28, 2020

San Ramon, CA, September 1, 2020 – CMG Financial, a well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, was recognized by Freddie Mac with the Home Possible RISE Award^SMfor Education. The annual program, RISE (Recognizing Individuals for Sustained Excellence), salutes Freddie Mac’s top clients across multiple categories for excellence with Home Possible® mortgages – Freddie Mac’s affordable lending solution for low-to-moderate-income home buyers.

What to Expect to Pay for Closing Costs

Blog posted On August 27, 2020

Any mortgage loan origination, for both a new purchase and a refinance, comes with closing costs. Closing costs cover things like inspections, any lender fees, attorney’s fees, and other associated costs. Most first-time home buyers know they have to save for a down payment, but some may forget to budget for closing costs. Homeowners who are refinancing an existing loan to save money need to factor closing costs.

New to Online Banking? How to Stay Safe

Blog posted On August 26, 2020

In the wake of the coronavirus pandemic, many consumers have switched to banking totally online, some for the very first time. Online banking and bill pay makes it easy to stay on top of your finances from afar, but it may also make it easier for hackers and cyber criminals to access your private information. Since March, 82% of seniors have started using online banking more frequently and 55% are using mobile banking apps. Older Americans are often targeted by hackers and cyber criminals because they are newer to online banking technology and may not be aware of common practices.

Adverse Market Refinance Fee Delayed

Blog posted On August 26, 2020

Two weeks ago, the Federal Housing Finance Agency (FHFA) announced a 0.5% “adverse market fee” on all mortgage refinances, including cash-out refinances. Numerous trade organizations voiced concern over the fee, including the Mortgage Bankers Association (MBA), as the fee would make it more expensive to refinance a mortgage at a time when many homeowners are refinancing to lower their mortgage payment and increase their income in the wake of widespread economic hardship. This week, the FHFA reversed course delaying the adverse market refinance fee until December 1^st, 2020. Additionally, the FHFA announced it would exempt select refinance loans from the fee when it is enacted.

Stay-At-Home Guidance Drives Home Remodeling Boom

Blog posted On August 25, 2020

If it seems like you’re hearing a lot of hammer and sawing lately, your neighbors may be participating in the current home remodeling boom. Low mortgage rates combined with a steep increase in time spent at home is driving home remodeling and renovation activity across the country. Online home remodeling professional directory, Houzz, reported a 58% increase in project leads from June 2019 to June 2020.

Market Forecast: Case-Shiller Home Price Index, New Home Sales, Pending Home Sales Index

Blog posted On August 24, 2020

Average mortgage rates trended upward last week but remain near 12-month lows. This week, the S&P CoreLogic Case-Shiller home price index and the new home sales report will come out on Tuesday. The pending home sales index is scheduled for release on Thursday.

Market Recap: Home Builder Sentiment Hits Record High, Housing Starts and Building Permits Jump, Existing Home Sales Surge

Blog posted On August 21, 2020

Mortgage rates trended slightly upward this week but remain near historical lows. The National Association of Home Builders’ (NAHB) housing market index reached a record high in August. Housing starts and building permits continued to increase. Existing home sales also experienced a record gain.

How to Get a Lower Mortgage Rate

Blog posted On August 20, 2020

Record low mortgage rates have dominated the financial news cycle lately and both prospective home buyers and homeowners looking to refinance are rushing to lock in low mortgage rates. While a low interest rate environment means average mortgage interest rates are lower, your actual mortgage interest rate will reflect your personal financial profile and other unique factors.

Where to Start Your Emergency Fund

Blog posted On August 19, 2020

Financial stress related to the coronavirus pandemic has led many Americans to reevaluate their emergency savings. Workers of all industries have experienced income disruptions over the past several months from temporary and, in some cases permanent, layoffs. You know you should set aside some savings for an emergency fund but just the thought of starting one may seem overwhelming. If you haven’t started saving an emergency fund, or you would like to grow your emergency fund, here’s where you can start.

Freddie Mac: 70,000 Homes With ADUs Sold in 2019

Blog posted On August 18, 2020

Accessory dwelling units or ADUs is a separate, detached, dwelling located on the same lot as a single-family home. Sometimes called “granny flats” or “guest homes,” ADUs are becoming more popular, according to research from Freddie Mac. Currently, there are 1.4 million reported single-family homes with ADUs out of an MLS listing of 600 million. The actual figure may even be higher, since it could include ADUs added without a permit.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales

Blog posted On August 17, 2020

Mortgage rates continued to touch down to record low levels last week. The National Association of Home Builders’ (NAHB) housing market sentiment index will come out on Monday, followed by housing starts and building permits on Tuesday, and the existing home sales report on Friday.

Market Recap: Job Openings Increase, Mortgage Apps Jump, Consumer Price Index Recovers

Blog posted On August 14, 2020

Mortgage rates did not move significantly this week and continue to hover around year-long lows. The Job Openings and Labor Turnover Survey (JOLTS) showed businesses have started to reopen and staff. Both new purchase and refinance mortgage application submissions increased. The consumer price index rebounded.

What You Should Know About Buying a Second Home

Blog posted On August 13, 2020

With many Americans flocking to far-flung regions to escape coronavirus clusters, the second-home market is seeing a sales surge. To accommodate social distancing guidelines, many city and suburb dwellers are looking into vacation homes or moving away entirely.

What Lower Interest Rates Mean for Your Savings Account

Blog posted On August 12, 2020

Historically low interest rates are great news for borrowers and not the greatest news for savers. While the cost of borrowing money is at an all-time low, savers are earning less interest on their savings accounts. Even traditionally higher-interest savings accounts at digital banks are earning less interest than they did just two years ago and are expected to continue on that trend as long as the Federal Open Market Committee (FOMC) keeps rates low. If you’re trying to maximize the return on your savings in a low interest rate environment, here’s what you need to know.

Waiting to Buy vs. Buying Now

Blog posted On August 11, 2020

Historically low mortgage rates have motivated many home buyers across the country, but some are still wary about buying a home due to the economic uncertainty brought on by the coronavirus pandemic. Although the way we buy and sell homes looks different, the housing market has had an exceptionally busy summer. Real estate agents are practicing social distancing by offering video tours and virtual listings and much of the mortgage process has gone digital. If you’re on the fence about buying a new home now or waiting a few months, here are some things to consider before making your decision.

Market Forecast: Job Openings, Mortgage Apps, and Consumer Price Index

Blog posted On August 10, 2020

Mortgage rates continue to plunge to historic lows and will likely stay low through the end of the year. This week, the only significant housing report will be the Mortgage Bankers Association (MBA) weekly mortgage application survey. Other market-moving reports include the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) and the consumer price index.

Market Recap: Construction Spending Down, Mortgage Apps Fall Off, ADP Employment Report Modest

Blog posted On August 07, 2020

Mortgage rates remained near historic lows this week. US construction spending declined slightly as economies slowly reopened. After several weeks of increases, both new purchase and refinance mortgage application submissions declined. The ADP employment report added fewer jobs than expected.

Private Mortgage Insurance Explained

Blog posted On August 06, 2020

Although some home buyers believe it’s necessary to put down a 20% down payment when buying a home, rising home prices are making it more difficult for buyers to reach that savings goal. There are many low down payment loan programs available to make buying a home more accessible, especially for first-time home buyers. In addition to the familiar government programs like the FHA Loan for low income and first-time home buyers and the VA Loan for Veterans and active-duty military, that allow for low to no down payment, there are also conventional options like the Fannie Mae Home Ready and Freddie Mac Home Possible loans. In fact, the National Association of Realtors reported in 2017, 61% of first-time home buyers put down 6% or less on their home purchase.

How Unemployment Could Impact Your Ability to Buy a Home

Blog posted On August 05, 2020

Earlier this year, many American workers were furloughed or laid off due to closures and restrictions brought on by the coronavirus pandemic. If you were planning to buy a home this year, your plans have likely been put on hold. A period of unemployment will impact your ability to buy a home like any other income disruption. It will not make it impossible to buy a home ever, you just may need to postpone your purchase until you’ve reestablished your income.

The Truth About Today’s Low Interest Rates

Blog posted On August 04, 2020

Last week, the Federal Open Market Committee (FOMC) voted to leave the federal benchmark interest rate unchanged and mortgage rates continued to hit historic lows. Whether you’re a homeowner thinking about a refinance or a home buyer ready to make a purchase, you’ve likely been encouraged to make your moves by today’s low rates.

Market Forecast: Construction Spending, Mortgage Apps, and ADP Employment Report

Blog posted On August 03, 2020

Mortgage rates remain historically low, following the Federal Open Market Committee’s (FOMC) decision to leave interest rates unchanged. This week, the US construction spending report will be released along with the weekly mortgage application survey. The ADP employment report is also scheduled for release.

Market Recap: No Rate Hike, Home Price Appreciation Moderate, Pending Home Sales Jump

Blog posted On July 31, 2020

The Federal Open Market Committee (FOMC) voted to leave the benchmark interest rate unchanged and mortgage rates remain historically low. Home price appreciation was flat month-over-month and slow year-over-year. Pending home sales jumped.

How the Size of Your Down Payment and Your Credit Score Impact Qualifying for a Mortgage

Blog posted On July 30, 2020

When you’re applying for a home loan, what’s more important: a large down payment or a high credit score? The simple answer is, both are equally important. A 20% down payment will mean you do not have to pay Private Mortgage Insurance (PMI) and you can borrow less to purchase your home. An excellent credit score signals that you have responsibly managed your debt and have a low debt-to-income ratio. Before you apply for a mortgage, you should save as much as you can for your down payment and closing costs and work to improve your credit score.

How to Stretch Your Income if You’ve Been Impacted by the Pandemic

Blog posted On July 29, 2020

Many Americans have experienced a loss of income due to the coronavirus pandemic related to sickness, job closures, layoffs, and furloughs. Bankrate reports approximately half of American households lost income as of June 2020. With an uncertain road to recovery ahead, American workers are worried about an extended coronavirus outbreak impacting their income again.

More Sellers Requesting Proof of Preapproval Before Allowing Buyers to Tour Home

Blog posted On July 28, 2020

When you’re thinking about buying a home, you may not think about your mortgage right away. You could have some idea of what you’d like to put down for a down payment, but the mortgage preapproval process requires extensive paperwork and your preapproval letter is typically only valid for 60 to 90 days. While real estate professionals have always advocated reviewing your mortgage options before shopping for a home, current market conditions have made preapproval more important than ever. Mortgage rates have touched down to record lows, buyers are competing over a limited number of homes for sale, and because of the pandemic, sellers are wary of allowing too many strangers into their homes. In fact, some sellers are requiring letters of preapproval before welcoming prospective buyers into their homes. Here’s what you need to know.

CMG Financial Welcomes Kelly Tasaki, Regional Manager of Hawaii

News posted On July 28, 2020

CMG Financial, a privately held, well-capitalized mortgage-banking firm headquartered in San Ramon, California, announced today the hiring of Kelly Tasaki, Regional Manager of Hawaii. Kelly has over 17 years of mortgage industry experience and has held leadership positions at national and regional lenders throughout Hawaii. Kelly will be based in Aiea, Hawaii, and lead the entire CMG Hawaii team to capture more market share and open new branches to better serve the local community.

Market Forecast: Federal Open Market Committee Meeting, Case-Shiller Home Price Index, and Pending Home Sales Index

Blog posted On July 27, 2020

Mortgage rates did not move significantly last week and continue to hit historic lows. This week, the Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday. In housing news, the S&P CoreLogic Case-Shiller home price index and the pending home sales index are both scheduled for release.

Market Recap: Home Price Appreciation Decelerates, Existing Home Sales Surge, New Home Sales Climb

Blog posted On July 24, 2020

Mortgage rates remain historically low ahead of next week’s Federal Open Market Committee (FOMC) meeting. The Federal Housing Finance Agency (FHFA) released its house price index and showed a month-over-month deceleration in home price appreciation. Both existing home sales and new home sales jumped.

6 Home Improvement Projects that Won’t Improve Your Home’s Resale Value

Blog posted On July 23, 2020

Like many Americans, you’ve probably spent considerably more time than usual at your home over the past few months. Homeowners across the country have gotten inspired to renovate their homes and invest in upgrades to improve their homes’ present livability and also increase the resale value.

Reasons to Break Your Lease and How to Do It

Blog posted On July 22, 2020

One of the reasons people choose to rent instead of buy is because it gives them greater flexibility if they are new to an area or only plan to stay there temporarily. In any legal rental arrangement, you will have to sign a lease agreement with your landlord, and there are times when you may need to break the lease. When the time comes to break a lease it’s important to talk to your landlord first. Many leases have clauses or instructions already outlined if there comes a need to break your lease.

1.3 Million Homeowners Put Down Less than 20%

Blog posted On July 21, 2020

Record low mortgage rates have inspired many first-time home buyers to transition from renting to owning in recent months. Even before mortgage rates fell to the lowest level in the past year, first-time home buyers accounted for a substantial share of home buyers, taking advantage of low down payment mortgage options. A report from the US Mortgage Insurers (USMI) association found more than 1.3 million homeowners put down less than a 20% down payment in 2019.

Market Forecast: FHFA House Price Index, Existing Home Sales, and New Home Sales

Blog posted On July 20, 2020

Average mortgage rates have touched the lowest levels in the past 12 months last week. This week, the Federal Housing Finance Agency (FHFA) will release its house price index. Existing home sales and new home sales are also scheduled for release.

Market Recap: Refinance Applications Jump, Home Builder Sentiment Recovers, Housing Starts and Building Permits Climb

Blog posted On July 17, 2020

Mortgage rates continue to trend lower. Homeowners have rushed to refinance and lock in record-low rates. Home builder sentiment continued to recover in July, reaching pre-pandemic levels. Housing starts surged and building permits also increased.

Questions to Ask Before You Refinance

Blog posted On July 16, 2020

If you’re a homeowner, you may be thinking about a mortgage refinance. Record-low mortgage rates and an easy and online refinance application process have led to a surge in refinance activity this summer. You may be tempted to lower your monthly payment with a mortgage refinance, but even with today’s low rates, a refinance is not right for everybody. If you’re considering a mortgage refinance, here’s what your loan officer is going to ask you first.

How to Get Items Removed from your Credit Report

Blog posted On July 15, 2020

Monitoring your credit report is an important first step in the mortgage process and generally good practice for your financial wellness. Lenders use your credit score to determine your creditworthiness and whether you will be a good candidate to repay your mortgage loan based on your payment history, current balances, and other factors. Derogatory marks on your credit report can significantly hurt your score and take years to recover. It becomes even more complicated if the credit dings are not your fault and the result of identity theft or credit mistakes.

Report: It Could Take Up to 21 Years or More to Save a 20% Down Payment

Blog posted On July 14, 2020

If record low mortgage rates have you thinking about buying your first home, the cost of a 20% down payment may have you thinking twice. Although many first-time home buyers believe a 20% down payment is required to buy a home, that’s not the case. Putting down more money isn’t a bad thing; it can help you avoid paying mortgage insurance; however, a 20% down payment is not a requirement.

Market Forecast: Mortgage Apps, Housing Market Index, and Housing Starts and Building Permits

Blog posted On July 13, 2020

Average mortgage rates are at record low levels, continuing to motivate home buyers and homeowners looking to refinance. This week, the National Association of Home Builder (NAHB) will release its housing market sentiment index. Housing starts and building permits and the Mortgage Bankers Association (MBA) weekly mortgage application survey are also scheduled for release.

Market Recap: Job Openings Up, Mortgage Apps Jump, Consumer Borrowing Declines

Blog posted On July 10, 2020

Average mortgage rates touched the lowest level in the past twelve months according to Mortgage News Daily. Job openings are starting to increase as workers return to work. Both new purchase and refinance mortgage application submissions increased. Revolving consumer borrowing declined again, but nonrevolving consumer borrowing increased.

First-Time Home Buyers: Buy, Build, or Fix Up?

Blog posted On July 09, 2020

First-time home buyers are facing an especially competitive market this summer. Record low mortgage rates have made buying a home more affordable and first-time home buyers are expecting to be bidding on fewer homes for sale. When you’re buying a home, you have the option to buy an existing home that is move-in ready, build a new home in a development or on your own land, or buy an existing home that needs repair or renovation before you move in. Depending on your market, your options may be limited, and you may have to be flexible.

Surge in Mobile Banking App Usage Increases Fraud Risk

Blog posted On July 08, 2020

Last month, the FBI reported a 50% increase in mobile banking app usage. Stay-at-home orders, social distancing guidelines, and convenience may have all contributed to a rise in mobile banking. When done safely, mobile banking is an easy way to manage your finances, pay bills, and deposit checks from the comfort of your home. However, mobile banking can also put you at risk of cybercrime.

Nearly 70% of Home Sellers Willing to Accept Lower Offer Price

Blog posted On July 07, 2020

When you’re selling your home, you probably have a deadline in mind. Maybe you’re starting a new job somewhere else, maybe you want to move before your kids go back to school, or maybe you’re eager to close on the new home you are buying. Due to the coronavirus pandemic, many moves have been interrupted or postponed entirely. As a result, a LendingTree survey revealed 69% of home sellers are willing to accept a lower offer price to sell their home, with 29% strongly agreeing with the strategy and 40% somewhat agreeing.

Market Forecast: Job Openings, Mortgage Applications, and Consumer Credit

Blog posted On July 06, 2020

Mortgage rates continued to trend downward last week. This week, the most significant housing report scheduled for release is the Mortgage Bankers Association (MBA) weekly mortgage application survey. Other market-moving reports include the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) and consumer credit.

Market Recap: Pending Home Sales Jump, Home Prices, Construction Spending Declines

Blog posted On July 03, 2020

Mortgage rates continue to trend lower, touching the lowest levels in the past two months. Pending home sales soared after a record decline the previous month. The S&P CoreLogic Case-Shiller home price index showed home price appreciation is sustained. US construction spending declined again.

Ask the Experts: Saving for Your New Home

Blog posted On July 02, 2020

Thinking about declaring independence from your landlord? You are not alone. With record low mortgage rates, first-time home buyers are expected to be shopping in droves this summer. When you’re new to the home buying process, you may not know where to start. Here are four steps you can take now whether you’re planning to buy a home soon, or just starting your research.

Warning: 4 Ways You’re Paying Too Much for Your New Home

Blog posted On July 01, 2020

Buying a home is a big investment, you don’t want to spend too much up front. Failing to look into a home’s history or forgoing a home inspection could cost you more than you bargained for.

8 Million US Workers Live in Cities Where They Don’t Work

Blog posted On June 30, 2020

Moving to a new home is often triggered by a major life event. Maybe you are growing your family and need more space for children, or you’re retiring, and you want to downsize to a smaller home. Another common reason to move was relocating for work. In recent months, however, many companies have shifted to a work-from-home model to adhere to social distancing guidelines and stay-at-home orders. This wide-scale remote work shift has proven that many workers do not need to commute to the office every day or even at all. If companies continue allowing employees to work from home, many workers may no longer factor their commute into where they live or need to live nearby their office. Could this remote work shift change where people live?

Market Forecast: Pending Home Sales Index, Case-Shiller Home Price Index, and US Construction Spending

Blog posted On June 29, 2020

Mortgage rates remained historically low last week and will likely stay low through the end of the year. This week, there are several important housing reports scheduled for release this week, including the pending home sales index, the S&P CoreLogic Case-Shiller home price index, and US construction spending.

Market Recap: Existing Home Sales Fall, New Home Sales Jump, FHFA House Price Index Appreciates

Blog posted On June 26, 2020

Mortgage rates did not move significantly this week and remain near the lowest level in the past two years. Existing home sales fell, but new home sales jumped. The Federal Housing Finance Agency (FHFA) house price index continued to appreciate.

Design Ideas for the Perfect Home Office

Blog posted On June 25, 2020

If you’re working from home more often than you used to, you may be reevaluating your at-home workspace. Having a separate space to work can improve your productivity and help you establish a better work-life balance. What is your current home office missing?

CMG Financial Loan Officers Recognized by Scotsman Guide, Mortgage Executive Magazine, and National Mortgage News

News posted On June 25, 2020

San Ramon, CA – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, congratulates its loan officers who earned placement on the annual top originator lists published by Scotsman Guide, Mortgage Executive Magazine, and National Mortgage News, including 18 loan officers who were recognized by all three publications.

Can Your Age and Income Hurt Your FICO Score?

Blog posted On June 24, 2020

When you’re getting ready to buy a home, you’re probably taking a closer look at your credit score. If you’re working on improving your credit score it’s important to know what helps or hurts your score, but also what factors do not impact your score at all. Your FICO credit score is the most widely accepted credit score by banks and lenders and is influenced by five factors: your payment history, your credit utilization, the length of your credit history, your credit mix, and new credit.

Over 3 Million Adults Migrate Home During Coronavirus Quarantine

Blog posted On June 23, 2020

The coronavirus pandemic has disrupted daily life around the country. Social distancing and stay-at-home orders have caused many companies to shift to work-from-home models and many colleges and universities have temporarily closed. As a result, over 32 million adults were living with parents or grandparents as of April 2020. 80% of these young adults are members of Generation Z, costing the rental market approximately $726 million each month. As work-from-home and distance learning procedures extend, the rental market may see long-term impacts with a lack of 18- to 25-year-old renters.

Market Forecast: Existing Home Sales, New Home Sales, and FHFA House Price Index

Blog posted On June 22, 2020

Mortgage rates continue to hover around record lows, motivating home buyers and homeowners to make mortgage moves. This week, the existing home sales report and new home sales report are both scheduled for release and are expected to reveal the state of post-coronavirus recovery. The Federal Housing Finance Agency (FHFA) will release its house price index on Wednesday.

Market Recap: Home Builder Sentiment Improved, Mortgage Apps Climb, Housing Starts and Building Permits Rebound

Blog posted On June 19, 2020

Mortgage rates continue to hover around record lows, following the Federal Open Market Committee’s (FOMC) decision to leave interest rates unchanged. The National Association of Home Builders’ (NAHB) housing market sentiment index improved significantly in June, after a steep decline in April. Both new purchase and refinance mortgage application submissions increased. Housing starts and building permits rebounded in May after April’s declines.

7 Steps to Your New Home Purchase

Blog posted On June 18, 2020

If you’re planning to buy a home this summer, you are not alone. After a disrupted spring home buying and season, many buyers and sellers are expecting a busy summer. Be prepared for a competitive market and multiple offers. Buying a home is a big purchase and the process may seem confusing. Make it easier on yourself, by focusing on these seven steps.

The Credit Score You Should Aim For, According to Experts

Blog posted On June 17, 2020

Most American consumers are either working to improve or maintain their credit score. The FICO Credit Score, the most widely accepted credit score by banks and lenders, ranges from 300-850. The higher your score, the more favorable you will look to banks and lenders. As of May 2020, only 1.6% of consumers had a perfect credit score of 850. You should always be working to improve your credit score, but experts report having a score of at least 760 will get you the best benefits and terms on your credit cards and lines of credit.

70% of Homeowners Applying for Forbearance May Not Need It

Blog posted On June 16, 2020

As of last month, over 4 million homeowners now have mortgage loans in forbearance. Due to the coronavirus pandemic, many American workers were laid off or furloughed due to temporary workplace closures and state and local social distancing ordinances. A LendingTree study revealed approximately 70% of those homeowners with loans in forbearance reported the move wasn’t financially necessary and only 5% reported they would not have been able to pay their next mortgage payment without forbearance.

Market Forecast: Housing Market Index, Mortgage Apps, and Housing Starts and Building Permits

Blog posted On June 15, 2020

Mortgage rates continued to trend downward last week, following the Federal Open Market Committee’s decision to leave the federal benchmark interest rate unchanged. This week, the National Association of Home Builders’ (NAHB) housing market sentiment index and housing starts and building permits are scheduled for release. The Mortgage Bankers Association (MBA) will release its weekly mortgage application survey on Wednesday.

Market Recap: Fed Leaves Interest Rates Unchanged, Mortgage Apps Up, and Fewer Job Openings

Blog posted On June 12, 2020

The Federal Open Market Committee (FOMC) voted to leave the benchmark interest rate unchanged this week, and mortgage rates remain historically low. The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) survey showed job openings have fallen to the lowest level since 2014, because of coronavirus closures. Both new purchase and refinance mortgage application submissions are up, as buyers and homeowners take advantage of record low interest rates.

How to Sell Your Home this Summer

Blog posted On June 11, 2020

Did you delay listing your home because of the coronavirus pandemic? Are you ready to move and not sure where to start? Many real estate professionals are expecting a delayed busy home buying and selling summer, especially with today’s low mortgage rates.

Can Breaking Your Lease Hurt Your Credit Score?

Blog posted On June 10, 2020

As a renter, you may be faced with a circumstance where you have to break your lease. You may have to relocate to another city because of work, you may end up buying a home before your lease expires, or you may face the unfortunate scenario of not being able to afford your rent. When you’re faced with the need to break your lease, it’s important to know your rights as a tenant and be transparent about your situation with your landlord. Breaking a lease without taking the right steps could make it harder for you to qualify for a rental or home purchase in the future and could hurt your credit score.

Can Breaking Your Lease Hurt Your Credit Score?

Blog posted On June 10, 2020

Low Mortgage Rates Could Bring Out the Next Wave of Millennial Home Buyers

Blog posted On June 09, 2020

With this year’s home buying and selling season disrupted by the coronavirus pandemic, some real estate professionals are predicting a delayed busy season this summer. Historically low mortgage rates plus cheaper homes for sale could mean the next wave of Millennial home buyers is primed to make a purchase. After a few years of climbing mortgage rates and steady home price appreciation, previously sidelined first-time home buyers may find current market conditions more affordable.

Market Forecast: Job Openings, Mortgage Apps, and Federal Open Market Committee Meeting

Blog posted On June 08, 2020

This week, the Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday for its semiannual monetary policy meeting. After two emergency rate cuts in March, the Fed is not expected to move interest rates at this month’s meeting. The only significant housing report will be the weekly mortgage application survey. In employment news, the Labor Department’s Job Openings and Labor Turnover Survey comes out on Tuesday.

Market Recap: Construction Spending Down, Mortgage Apps Mixed, ADP Employment Report Sheds More Jobs

Blog posted On June 05, 2020

Mortgage rates have not moved significantly this week and remain historically low. US construction spending declined; however, the decline was less than expected. New purchase mortgage application submissions increased but refinance application submissions decreased. The ADP employment report showed the loss of 2.76 million jobs.

Making Your New Home Wish List

Blog posted On June 04, 2020

If you’ve spent the past several weeks (or months) confined to your home, like many other Americans under coronavirus-related stay-at-home orders, you probably have a better idea of what you are looking for in a new home. Maybe your once unused extra bedroom has transformed into an essential home office. Maybe you’ve realized a fenced-in backyard could have provided safer play space for your children. Spending this extra time in your current home is a great opportunity to decide what features are most important for your new home.

How to Support Your Neighbors from a Safe Distance

Blog posted On June 03, 2020

Shelter-in-place guidelines and stay-at-home orders may mean you are spending more time at home than ever before. A positive outcome of more time at home has been more people are getting to know their neighbors, from a safe distance. Neighbors are using online platforms like Nextdoor, Facebook, and Slack to offer assistance to neighbors who have been impacted by the coronavirus pandemic. Volunteers can offer to complete grocery runs for sick or elderly neighbors, find ways to contribute to food banks and other community organizations, or simply connect through virtual community events.

Share of Single American Homeowners Reaches 118-Year High

Blog posted On June 02, 2020

Americans are no longer delaying homeownership until marriage, according to US Census Bureau data. In 2019, single Americans owned 38.4% of US housing stock, the largest share of single homeowners in 118 years. Numerous factors may have caused the increase including Millennials delaying marriage, viewing a home as an investment and a place to live, and lower mortgage rates.

Market Forecast: Construction Spending, Mortgage Applications, ADP Employment Report

Blog posted On June 01, 2020

Mortgage rates did not move drastically last week and remain historically low. In housing news, the US construction spending report and the Mortgage Bankers Association weekly mortgage application survey are both scheduled for release. In employment news, the ADP employment report comes out on Wednesday.

Market Recap: Home Values Go Up, New Home Sales Increase, Pending Home Sales Fall

Blog posted On May 29, 2020

Markets were closed on Monday, in observance of the Memorial Day holiday. Mortgage rates remain historically low. Home price appreciation continued. New home sales turned around. Pending home sales declined.

Where Home Prices are Headed Post-Pandemic

Blog posted On May 28, 2020

The last Recession that most of us remember was brought on by the Financial Crisis of 2007-08. Following this recession, home prices tumbled, due in part by irresponsible lending practices that left many homeowners unable to pay their mortgage. The current global economic slowdown brought on by the coronavirus pandemic will likely not hurt home values the same way. Before the pandemic-related shutdowns, the economy was thriving, job creation and home price appreciation were steady, and lenders were observing strict lending guidelines enacted after the Financial Crisis. As states start to reopen, and people go back to work, most real estate professionals predict that home prices will remain stable and continue to appreciate.

Understanding How Much Homeowners Insurance You Need

Blog posted On May 27, 2020

When was the last time you examined your homeowner’s insurance policy? Now, more than ever, homebound homeowners are making sure their homeowner’s insurance policies offer adequate coverage, as your home has become your living, working, and schooling space during nationwide stay-at-home orders and social distancing guidelines. You don’t want to pay for coverage you don’t need, but you want to make sure you’re protected. The biggest mistake most homeowners make is not updating their policy. The original policy you took out when you bought your home might not be enough to cover its appreciation in value or might not accommodate the increased frequency in natural disasters like fires and hurricanes.

Former Airbnb Rentals May Soon be For Sale

Blog posted On May 26, 2020

Travel and tourism is one of the industries hardest hit by the coronavirus pandemic. As Americans adapt to new social distancing guidelines, many have suspended travel plans and cancelled vacations. Airbnb hosts are starting to feel the strain of reduced traveling. Unlike large hotel chains with the capital to withstand market fluctuations, many Airbnb’s are owned by sole proprietors managing only one or a few properties. As social distancing continues, many Airbnb owners will have to shift their business model or sell their properties rather than cover the costs of maintaining an unoccupied short-term rental home.

Market Forecast: Case-Shiller Home Price Index, New Home Sales, Pending Home Sales Index

Blog posted On May 25, 2020

Markets are closed today in observance of Memorial Day. Mortgage rates have not moved significantly in recent weeks, continuing to average historic lows. This week, the S&P CoreLogic Case-Shiller home price index, the new home sales report, and the pending home sales index are all scheduled for release.

Market Recap: Home Builder Sentiment Rebounds, Housing Starts and Building Permits Down, Existing Home Sales Fall

Blog posted On May 22, 2020

Mortgage rates continued to trend downward this week. Home builder sentiment rebounded in May after a historic plunge in April, suggesting business is starting to get back to normal. As expected, housing starts and building permits declined, as did existing home sales.

How to Increase Your Home’s “Screen Appeal” for Social-Distanced Selling

Blog posted On May 21, 2020

Before you list your home for sale, spend some time researching and staging your home to maximize your space and give it a more neutral palette for prospective home buyers to imagine themselves there. With stay-at-home ordinances and social distancing guidelines in place, you may be relying more on photos of your home and video tours rather than in-person tours. Your home looks great when you’re in it, but how will it be perceived through a virtual listing?

Tips for a Stress-Free Move During the Coronavirus Pandemic

Blog posted On May 20, 2020

Moving under any circumstances can be stressful. You have to pack and organize all of your belongings, you may be spending a night or two without assembled furniture, and you may have to coordinate with helpful friends and professional movers to get your things to your new home. Moving during the coronavirus pandemic adds another layer of stress as you try to complete your move safely while practicing social distancing.

Housing Market Data Shows Early Signs of Recovery

Blog posted On May 19, 2020

The coronavirus pandemic shuttered businesses around the world and has caused widespread economic slowdown. Like other industries, the housing market was impacted. Some sellers took their homes off the market and some buyers suspended their home search to avoid close contact with others and wait for stay-at-home restrictions to ease. As states and cities start to reopen, housing market data shows early signs of recovery. After a slower-than-average April, buyers and sellers are starting to re-enter the market.

New FHFA Guidance: Home Purchase and Refinance After Forbearance

Blog posted On May 19, 2020

Due to the coronavirus pandemic, approximately 4.7 million homeowners have put their mortgage in forbearance as of May 2020.

If you put your mortgage loan in forbearance due to financial hardship brought on by the pandemic, you may be wondering how this will impact your ability to qualify for a refinance or buy a new home.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales

Blog posted On May 18, 2020

Mortgage rates remain historically low and did not move much last week. This week, several important housing reports are scheduled for release and will give us more perspective on the impact of the coronavirus on the housing market.

Market Recap: New Purchase Mortgage Applications Up, Consumer Price Index, and Retail Sales

Blog posted On May 15, 2020

Mortgage rates did not move significantly this week, maintaining historically low levels. Home buyers reacted, and new purchase mortgage applications jumped. The consumer price index showed inflation has slowed, due to the coronavirus-related economic slowdown. Retail sales fell sharply.

What to Expect from Home Buyers, Home Sellers, and Renters Post-Pandemic

Blog posted On May 14, 2020

The coronavirus or covid-19 pandemic has impacted many industries including the real estate industry. Widespread layoffs and furloughs have caused economic disruption and social distancing procedures have impacted the way people do business. As states and municipalities gradually start to reopen, home buyers, home sellers, and renters will start to see the long-term impacts on the post-pandemic housing market.

Expanded Unemployment Benefits: What You Need to Know

Blog posted On May 13, 2020

In addition to the millions of American workers who have lost their job due to coronavirus-related closures, millions of other American workers have lost hours or wages without fully losing their job. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to expand unemployment benefits to all workers impacted by the pandemic, including independent contractors, part-time workers, and those who are self-employed.

Build-to-Rent Neighborhoods Popular Among Property Investors

Blog posted On May 12, 2020

When you invest in real estate you either buy to sell or buy to rent. Investors who buy to sell will buy a home for a lower price, renovate or improve it to add value, and sell for a profit. Investors who buy to rent, rent the home to a tenant and earn a profit over time. Real estate investment is often considered a more stable investment than the stock market because homes and property tend to appreciate in most market conditions. Single-family rental homes particularly have become a popular investment, so much so that some housing developments are being built exclusively for renters.

Market Forecast: Consumer Price Index, Mortgage Applications, and Retail Sales

Blog posted On May 11, 2020

Mortgage rates continue to come in at historic lows and are not moving much. This week, the only significant housing report will be the weekly mortgage application survey. Other market-moving reports include the consumer price index and retail sales.

Market Recap: Low Mortgage Rates Motivate Home Buyers, ADP Employment Report, and Consumer Credit

Blog posted On May 08, 2020

Mortgage rates are still historically low, trending lower according to some sources. Lower rates seemed to have motivated home buyers, and new purchase mortgage applications have increased. The ADP employment showed significant job loss due to coronavirus closures. The consumer credit report showed that overall borrowing has slowed.

Questions You Can Ask the Neighbors Before You Buy Your New Home

Blog posted On May 07, 2020

When you’re shopping for a new home in a new area, the neighbors could be your greatest resource to learning more about your prospective future neighborhood. Your Realtor or real estate agent can be a great resource, but there’s nothing like the insight from a resident who has lived in the area for many years.

Protect Your Credit Score During the Coronavirus Outbreak

Blog posted On May 06, 2020

As the coronavirus or Covid-19 outbreak has led to businesses closing across the nation, millions of Americans are out of work. According to a TransUnion survey of over 3,000 people, nearly 60% of Americans said their household income has been affected by the pandemic. While millions of Americans have lost income, many are struggling to pay their bills, thus threatening their credit scores. Here’s how you can protect your credit score during the coronavirus pandemic.

Money Moves to Make While Interest Rates are Low

Blog posted On May 05, 2020

Last week, the Federal Open Market Committee voted to leave the benchmark interest rate unchanged, as the economy recovers from the mass closures of the coronavirus pandemic. Some states are starting to ease coronavirus restrictions and reopen businesses while continuing to observe social distancing procedures.

Market Forecast: Mortgage Apps, ADP Employment Report, Consumer Credit

Blog posted On May 04, 2020

Mortgage rates continue to trend downward. This week, the only significant housing report scheduled for release is the Mortgage Bankers Association (MBA) weekly mortgage application survey. Other market-moving reports include the ADP employment report and consumer credit.

Market Recap: Home Prices Appreciate, Pending Home Sales Fall, No Rate Cut

Blog posted On May 01, 2020

The Federal Open Market Committee (FOMC) met virtually on Tuesday and Wednesday of this week, and Federal Reserve Chair Jerome Powell delivered a press conference and met with reporters over video chat following the meeting. Mortgage rates did not move significantly this week, continuing to trend lower. Home price appreciation continued upward in February. Pending home sales dropped significantly in March.

Divorce and Your Mortgage: What You Need to Know

Blog posted On April 30, 2020

When you get divorced, one of the biggest assets typically at stake is your marital home. If you and your spouse bought your home together and paid the mortgage together, you’re going to need to decide what to do with your joint investment. Sometimes, both spouses agree to sell the home. Other times, one spouse will continue living in the home and the other will move out. The first choice you and your former spouse will need to make are whether to sell the home or keep the home, then you can decide what to do about your mortgage.

Shelter-At-Home Improvement Projects

Blog posted On April 29, 2020

As the coronavirus outbreak has led to increased social distancing precautions and shelter-in-place orders, many parts of the country have been advised to quarantine in their homes. Stay-at-home orders have disrupted routines and shut millions off from the traditional world, Americans are searching for ways to pass the time. While isolating, there are plenty of projects to make your home a more enjoyable place to quarantine.

5 Ways Coronavirus May Impact Housing Trends

Blog posted On April 28, 2020

The coronavirus pandemic and associated restrictions have significantly changed many industries. Recent data like March’s existing home sales report and new home sales report show sales have slowed during the season that is typically one of the busiest. As states start to reopen and adjust social distancing procedures, the housing market will likely see a lasting impact, specifically in where people prefer to live and how we buy and sell homes.

Market Forecast: Case-Shiller Home Price Index, Pending Home Sales Index, and FOMC Meeting

Blog posted On April 27, 2020

Mortgage rates remain historically low and have not moved much in recent weeks. This week, the Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday for its first scheduled semiannual monetary policy meeting since the two emergency meetings last month. In housing news, the S&P CoreLogic Case-Shiller home price index and the pending home sales index are both scheduled for release.

Market Recap: Existing Home Sales Fall, Mortgage Apps Mixed, New Home Sales Slump

Blog posted On April 24, 2020

Mortgage rates have not moved drastically this week and are still historically low. Existing home sales declined, as some markets adjust to social distancing guidelines and shelter-in-place ordinances due to the coronavirus pandemic. New purchase mortgage application submissions are up, but refinance application submissions are down.

4 Features That Will be Hard to Find in Your Next Home

Blog posted On April 23, 2020

When you’re searching for a new home, you’ll usually have a list of your “must-haves” and your “nice-to-haves” to help narrow your search. Your home search may involve some compromises, especially if you are searching in a busy market. Real estate contributor, Steven Gottlieb, identified these four features you should think twice about adding to your “must-have” list if you are currently searching for a home.

Read This Before You Refinance Your Student Loans

Blog posted On April 22, 2020

Following the recent rate cuts, you may be bombarded with messaging to refinance everything from credit card debt to student loans. When you refinance your credit card debt you typically take out a personal loan to pay off the credit card debt. You still have to pay back the personal loan, but it will typically be at a much lower interest rate than the credit card issuers use. Choosing whether or not to refinance your student loans is not always a simple answer.

Know Your Options: Forbearance or Refinance?

Blog posted On April 21, 2020

Many Americans across the country are experiencing financial hardship due to coronavirus or Covid-19 related closures and shutdowns. Federal, state, and local social distancing guidelines have left many workers temporarily furloughed or laid off. The term “mortgage forbearance” has come up frequently on the news and also in the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Market Forecast: Existing Home Sales, Mortgage Apps, and New Home Sales

Blog posted On April 20, 2020

Mortgage rates trended lower last week. Although coronavirus or Covid-19-related closures have caused many closures and slowdowns, banks and lenders are fully operational. This week, the existing home sales and new home sales reports are both scheduled for release. The Mortgage Bankers Association (MBA) weekly mortgage application survey comes out on Wednesday.

Market Recap: Refinance Applications Up as Homeowners Take Advantage of Low Rates

Blog posted On April 17, 2020

Mortgage rates have not moved significantly this week, continuing to come in at historic lows. Refinance mortgage application submissions jumped but new purchase mortgage application submissions declined. The National Association of Home Builders’ (NAHB) housing market sentiment index declined due to the coronavirus or Covid-19 slowdown. Housing starts and building permits declined month-over-month but improved year-over-year.

4 Signs Your Home’s Value Is Declining

Blog posted On April 16, 2020

Your home is an investment, and for most Americans, your biggest investment. Even if you are not planning on selling your home in the near future, you want your home to appreciate in value, so you continue to build wealth through home equity. It is important to recognize factors that indicate a decline in the value of your home. These signs may be an indicator that value has declined.

CMG Financial Welcomes Brian Reynolds, Divisional Vice President, Pacific Northwest

News posted On April 16, 2020

CMG Financial, a well-capitalized, privately held mortgage banking firm headquartered in San Ramon, CA, announces the hire of Brian Reynolds, Divisional Vice President of the Pacific Northwest. Brian will lead growth initiatives throughout the Pacific Northwest region by spearheading loan officer recruitment, onboarding new branches, and sharing CMG Financial’s proprietary products with this critical market.

Coronavirus and Unemployment: What You Need to Know

Blog posted On April 15, 2020

Over the past few weeks, many industries have experienced changes due to the coronavirus or Covid-19 pandemic. Developing federal, state, and local guidance on social distancing and operating procedures has led some businesses to slow operations or temporarily shut down and many Americans have been laid off or had their wages reduced.

How Home Buyers Have Adapted to Socially Distant Home Sellers

Blog posted On April 14, 2020

With states and counties adapting to social distancing and shelter-in-place mandates to stop the spread of coronavirus or Covid-19, the way prospective home buyers are touring homes is changing. As an essential service, banks and lenders are still fully operational helping people buy new homes and refinance existing home loans. Realtors and real estate agents are adjusting to temporary changes by using technology to create 3D home listings, conduct virtual tours, and give prospective home buyers all the information they need to purchase their homes.

Market Forecast: Mortgage Apps, Housing Market Index, Housing Starts and Building Permits

Blog posted On April 13, 2020

Overall, average mortgage rates continue to hover around historic lows, though they have experienced some volatility in recent weeks. Coming up this week, the National Association of Home Builders (NAHB) will release its housing market sentiment index. Housing starts and building permits are also scheduled for release. The Mortgage Bankers Association (MBA) weekly mortgage application survey comes out on Wednesday.

Market Recap: Job Openings Down, Consumer Credit Expands, Mortgage Apps Fall

Blog posted On April 10, 2020

Mortgage rates have experienced some volatility in recent weeks but remain historically low. Job openings dipped slightly in February and are likely to continue declining into March. Consumer borrowing picked up in February. Weekly mortgage application submissions declined.

Avoid These Costly Refinance Mistakes

Blog posted On April 09, 2020

Many homeowners are considering a mortgage refinance because they have heard about “historically low interest” rates. Before refinancing your home loan, there are numerous factors to consider besides the lower interest rate. Are you trying to take cash out? Has anything changed significantly in your financial history since you originally financed your home? How much lower would your payment actually be?

How You Can Help Others During the Coronavirus Outbreak

Blog posted On April 08, 2020

Within the last few weeks, the novel coronavirus or Covid-19 has infected thousands and disrupted the lives of millions across the country. Schools have closed, sporting seasons have been suspended, and Americans are stocking up on quarantine supplies. Although many across the nation are able to self-isolate in their homes as employees shift to a working remotely approach, some segments of the population are facing a tougher time. Older people, immunocompromised individuals, workers who do not have paid sick leave, and those who can’t afford sufficient supplies or quality healthcare are the most at risk.

Why a Recession Does Not Mean a Housing Crisis

Blog posted On April 07, 2020

As the global economy reacts to the fallout from the coronavirus or Covid-19 pandemic, the word “recession” has reappeared consistently across news outlets. Many of us may associate the word “recession” with the Financial Crisis that occurred from 2007 to 2008, that was partly caused by subprime lending and the housing crisis. During these unprecedented times, it is understandable to struggle with feelings of uncertainty. However, it’s important to stay informed with legitimate facts and data.

Market Forecast: Job Openings, Consumer Credit, Mortgage Applications

Blog posted On April 06, 2020

Mortgage rates have experienced some volatility in recent weeks as the mortgage market reacts to the coronavirus or Covid-19. This week, the only significant housing report will be the weekly mortgage application survey. The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) and the consumer credit report are each scheduled for release on Tuesday and both reports will reflect pre-coronavirus data.

Market Recap: Pending Home Sales Up, Home Prices Appreciate, Construction Spending Down

Blog posted On April 03, 2020

Mortgage rates climbed slightly higher this week, but overall remain lower than last year’s highs. Pending home sales increased. The S&P CoreLogic Case-Shiller home price index appreciated. Construction spending weakened.

What You Can Do Now to Set Yourself up Financially Later

Blog posted On April 02, 2020

For many Americans, financial freedom means the flexibility to save and invest now to give yourself financial flexibility later. When you’re young, things like retirement and your children’s college tuition may not be as top of mind as climbing the career ladder and paying off your student loans. The choices you make now will influence your comfort level later. Here are four things CNBC contributors identified as the most important things to do now to be more financially flexible later.

What to Do If You Can’t Make Your Mortgage or Rent Payment

Blog posted On April 01, 2020

The coronavirus (Covid-19) pandemic has led to travel slowdowns, shutdowns of gyms, restaurants, churches, and other gathering spaces, amid a global economic slowdown. Millions of American households will likely feel the financial strain from temporary or permanent job loss, investment uncertainty, and other economic pressures. In times of economic stress, many families may be wondering what to do if they are unable to make a mortgage or rent payment.

What the $2 Trillion Stimulus Plan Means for You

Blog posted On March 31, 2020

The coronavirus or Covid-19 pandemic has caused a global economic slowdown and American businesses and taxpayers are feeling the impact. Closures at the state and local level have impacted businesses like gyms and restaurants as they are forced to temporarily close their doors to encourage social distancing. Travel, sports, and events industries are all experiencing hardship from slowdowns and shutdowns as many Americans postpone travel, national sports leagues delay seasons, and gatherings of 10 or more are discouraged.

Market Forecast: Pending Home Sales Index, Case-Shiller Home Price Index, Construction Spending

Blog posted On March 30, 2020

Mortgage rates have experienced some volatility in recent weeks, as the global economy copes with coronavirus concerns. Overall, average mortgage rates are historically low. In housing news, this week, the pending home sales index, the S&P CoreLogic Case-Shiller home price index, and US construction spending are all scheduled for release.

Market Recap: New Home Sales Down, Mortgage Apps Fall, FHFA Price Index Appreciates

Blog posted On March 27, 2020

Mortgage rates continued to experience some volatility this week, but despite that remain historically low. New home sales dropped in February, after touching a 13-year high in January. Both new purchase and refinance mortgage application submissions declined. The Federal Housing Finance Agency (FHFA) house price index appreciated.

Flexible Ways to Use the FHA Loan

Blog posted On March 26, 2020

The FHA Loan is a popular home loan for first-time home buyers because of its low down payment options and more lenient credit score and debt-to-income ratio requirements. In 2018, approximately 83% of FHA borrowers were first-time home buyers. When using an FHA Loan, you have to use it on a home that will pass the FHA appraisal. In a busy market, it may be hard to find the right home to pass the FHA appraisal.

Financial Moves You Can Make During Coronavirus Quarantine

Blog posted On March 25, 2020

The onslaught of coronavirus news has left a lot of us thinking about our finances. Some investors are experiencing stock market losses while some workers are facing uncertainties surrounding workplace closures. During this turbulent time, it’s important to think about your finances and plan ahead to protect yourself.

Why the Fed’s Rate Cut Does Not Mean 0% Mortgage Rates

Blog posted On March 24, 2020

Last Sunday March 15^th, the Federal Reserve cut the Federal Funds rate to a range of zero to 0.25%. The federal funds rate is the interest rate at which banks lend money to other banks. It will influence other types of interest rates, like mortgage rates, but they are not the same rate and it’s unlikely that Americans will see 0% mortgage rates at any time.

Market Forecast: New Home Sales, Mortgage Applications, FHFA House Price Index

Blog posted On March 23, 2020

Mortgage rates experienced volatility last week, following the Federal Reserve’s emergency rate cut on Sunday and the global economic slowdown related to the coronavirus. This week, the new home sales report and the Federal Housing Finance Agency (FHFA) house price index are both scheduled for release. The Mortgage Bankers Association (MBA) weekly mortgage application survey comes out on Wednesday.

Market Recap: Home Builder Sentiment Slips, Housing Starts and Building Permits Drop, Existing Home Sales Jump

Blog posted On March 20, 2020

Mortgage rates experienced some volatility this week, after the Federal Reserve’s emergency Sunday night rate cut. Home builder sentiment declined slightly but remains in a positive range. Housing starts and building permits declined. Existing home sales climbed.

What to Know About Buying a Foreclosed Home

Blog posted On March 19, 2020

In a home foreclosure sale, the seller is a bank or mortgage lender who has seized the property from the owners who were unable to make their mortgage payments. To make up for the losses, the bank or lender sells the property.

How to Identify Coronavirus Scams

Blog posted On March 18, 2020

The novel coronavirus (COVID-19) outbreak has caused stock market shock, hand sanitizer and cleaning supplies to sellout, and major healthcare disruptions. It has also created a new opportunity for fraudsters to steal under the cloak of coronavirus panic. Federal Trade Commission (FTC) Chairman Joe Simmons warned in a news release, “what we don’t need in this situation are companies preying on consumers by promoting products with fraudulent prevention and treatment claims.”

When Married Couples Should File Separately

Blog posted On March 17, 2020

Tax Day is coming up soon – have you filed your taxes yet? Over 95% of married couples file their taxes jointly, however, there are some cases where it may make sense to file separately. The Internal Revenue Service (IRS) considers you married if you are legally married, live together in a state-recognized common-law marriage, or are separated without separation maintenance or a final divorce decree as of the end of the tax year.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales

Blog posted On March 16, 2020

The Federal Reserve will not meet on Tuesday and Wednesday of this week, following Sunday night's emergency rate cut. Mortgage rates did not move significantly last week, remaining near year-long lows. There are several significant housing reports scheduled for release this week including the National Association of Home Builders’ (NAHB) housing market index, housing starts and building permits, and existing home sales.

Market Recap: Mortgage Apps Jump, Consumer Price Index Up, Jobless Claims Lower

Blog posted On March 13, 2020

Mortgage rates trended slightly upward this week, but overall are at least a full percentage point lower than average rates this time last year. Lower rates triggered mortgage activity with both new purchase and refinance mortgage application submissions increasing. The consumer price index also increased slightly. Jobless claims continue to come in at historic lows.

Weekend Home Improvement Projects

Blog posted On March 12, 2020

There are many reasons that homeowners start home improvement projects. Maybe you are looking to sell your home soon, increase your return on investment when you do sell, or just want to spruce up your living space. Many homeowners put off their home improvement projects because they’re worried about how long it’s going to take or how much it’s going to cost. While major remodels may be expensive or take a long time, some high-value projects can be completed over the weekend!

5 Mistakes to Avoid When Buying a New Construction

Blog posted On March 11, 2020

A new-construction home may be a great opportunity to build a custom house that caters to all of your needs. When you purchase a new construction, you have the chance to design the home of your dreams without uprooting and renovating the existing features. However, there are some serious choices to consider when making arrangements for your new home.

Higher Rent Costs Hurting Middle-Income Americans

Blog posted On March 10, 2020

New data reveals it is not just low-income Americans who are feeling the pain from rising rents. Middle-income Americans are also finding themselves “cost-burdened.” The Joint Center for Housing Studies of Harvard University revealed more than 10.9 million renters spend more than 50% of their income on rent.

Market Forecast: Mortgage Apps, Consumer Price Index, Weekly Jobless Claims

Blog posted On March 09, 2020

Last week, the Federal Reserve announced an emergency rate cut in response to coronavirus (COVID-19)-related economic slowdown. Mortgage rates reacted by trending lower. This week, the only significant housing report will be the Mortgage Bankers Association (MBA) weekly mortgage application survey. Other market-moving reports include the consumer price index and the weekly jobless claims report.

Market Recap: Fed Cuts Rate, Construction Spending Up, Refinance Apps Surge

Blog posted On March 06, 2020

On Tuesday, the Federal Reserve announced an emergency half point rate cut to stimulate economic activity in the wake of the global slowdown due to coronavirus (COVID-19) concerns. Mortgage rates reacted by trending lower. US construction spending increased, refinance mortgage applications jumped, and new purchase mortgage applications declined. The ADP employment report added fewer jobs in February than in January.

How Paying Off Debt Sets You Up for Financial Success

Blog posted On March 05, 2020

Everyone is trying to spend less and save more, but the key to financial success depends what you’re spending on. Financial experts agree the key to success is paying down debt – but where do you start? Last holiday season, American consumers added an average of $1,325 in credit card debt. Credit card debt typically carries a higher interest rate than auto loans or student loans, thus costing you more over time if you carry a balance.

What to Know About Buying a Home Near Water

Blog posted On March 04, 2020

Many Americans dream of owning a home near water. Whether this home borders an ocean, a bay, or a lake, waterfront houses have a special charm. As alluring as this charm may be, there are several factors that home buyers may not consider. As sea levels rise each year and hurricanes get stronger, purchasing a coastal home may not be in your best interest. Make sure you consider these factors when buying a home near water:

Last Minute Ways to Save On Your 2019 Taxes

Blog posted On March 03, 2020

Haven’t filed your 2019 taxes yet? You’re still weeks away from the 4/15/20 deadline, and you may even still have some opportunities to save. Although you may think when the calendar year ends so does your tax year, that is not always the case. If you haven’t filed your taxes yet, review these items with your tax preparer and see if you can reduce your tax bill.

Federal Reserve Cuts Rates in Emergency Response to Coronavirus

Blog posted On March 03, 2020

For the first time since 2008, the Federal Reserve announced an emergency rate cut. Following a teleconference with other finance leaders from the G-7, Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin determined this economic strategy would best support economic growth to combat the slowdown caused by the coronavirus (COVID-19).

Market Forecast: Construction Spending, Mortgage Apps, and ADP Employment Report

Blog posted On March 02, 2020

Mortgage rates dipped down to year-long lows last week. This week in housing news, the US construction spending report is scheduled for release on Monday followed by the Mortgage Bankers Association (MBA) weekly mortgage application survey on Wednesday. Other market-moving reports include the ADP employment report.

Market Recap: Home Prices Appreciate, New Home Sales Climb

Blog posted On February 28, 2020

Mortgage rates touched down to year-long lows this week. Home price appreciation has picked up after a sluggish few months toward the end of 2019. New home sales jumped to a 12-year high.

Should you look at homes outside your budget?

Blog posted On February 27, 2020

Before you start looking at home listings, you should get preapproved for mortgage financing. Mortgage preapproval lets you know how much you can qualify for, estimate what you’ll need for a down payment, and lets you set a budget. Once you’ve gotten preapproved, you’ll know whether or not the homes you’re looking at are within your budget. You also may be heartbroken to find out the perfect home you’ve been checking out is outside your budget. Is there ever a reason to look at homes outside your budget?

Household Items You Should Be Cleaning but Probably Aren’t

Blog posted On February 26, 2020

Cleaning your home is always a good idea, especially in the midst of cold and flu season. Germs are just about everywhere, not just in the places you expect like door handles. For example—did you know that the kitchen is the germiest part of your home? Yes, even surpassing your bathroom!

9 Million Homeowners Could Save with a Refinance

Blog posted On February 25, 2020

On the fence about a refinance? Black Knight Analytics reports about 9.4 million homeowners with a mortgage could save an average of $272 per month if they refinanced their mortgage with today’s low mortgage rates. At the end of January, the Federal Open Market Committee (FOMC) voted to hold interest rates steady and mortgage rates reacted by trending downward. A mortgage refinance is an opportunity to lower your monthly mortgage payment, change your loan terms, or even get cash out.

CMG Financial Welcomes Tamara Dunlap, Regional Vice President of Colorado

News posted On February 25, 2020

CMG Financial, a privately held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, announced the hiring of Tamara Dunlap as Regional Vice President, Colorado. Tamara has over 26 years of mortgage leadership experience at regional and national lenders throughout the Western United States. At CMG Financial, she will focus on hiring individual sales leaders and dynamic mortgage teams to expand coverage in this critical region.

Market Forecast: Case-Shiller Home Price Index, FHFA House Price Index, New Home Sales

Blog posted On February 24, 2020

Mortgage rates have trended lower this month and will likely stay low. This week, both the S&P CoreLogic Case-Shiller home price index and the Federal Housing Finance Agency (FHFA) house price index are scheduled for release. The new home sales report will come out on Wednesday.

Market Recap: Home Builders Confident, Housing Starts and Building Permits Mixed, Existing Home Sales Decline

Blog posted On February 21, 2020

Mortgage rates touched down near year-long lows this week. Home builder confidence declined by one point, but overall builders remain confident. Housing starts declined but building permits jumped. Existing home sales fell, due in part to lack of for-sale inventory.

What to Know About Buying a Home Near a Busy Street

Blog posted On February 20, 2020

When you start looking at homes online, you may fall in love with the curb appeal of a home without stepping foot on the actual curb. While online listings are a great place to start, you should always visit the home in person before you make an offer. The home itself may be perfect, but the neighborhood might not be the best fit, and the one thing you can’t change about the home is the location.

Down Payment Myths You May Believe

Blog posted On February 19, 2020

A down payment can be one of the largest barriers to homeownership, especially for first-time home buyers. A 2019 TransUnion analysis found that first-time home buyers are getting younger, as Millennials and Generation Z are moving towards homeownership. However, the survey also revealed that many first-time buyers believe potentially harmful misconceptions about the home buying process. A staggering amount of the participants surveyed were particularly misinformed about down payment information. Researchers at DownPaymentResource.org combats the most common down payment myths.

Only 30% of Home Buying Millennials Have Spoken to a Mortgage Lender

Blog posted On February 18, 2020

The long-awaited Millennial migration into homeownership is underway, but a recent TD Bank survey suggests many 23 to 38-year-olds are uncomfortable with the mortgage process and unaware of what exactly goes into buying a home. From the survey of first-time Millennial home buyers, 68% of respondents think it’s the right time to buy a home and 52% are browsing listings online. However, 75% of respondents report they are overwhelmed by the mortgage process.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales

Blog posted On February 17, 2020

Markets are closed today in observance of the Presidents Day holiday. Mortgage rates continued to trend lower last week. There are several important housing reports scheduled for this short week, including the National Association of Home Builders’ (NAHB) housing market index, housing starts and building permits, and existing home sales.

Market Recap: Job Openings Down, Refinancing Boom, Consumer Price Index Higher

Blog posted On February 14, 2020

Average mortgage rates are hovering the lowest levels in the past 12 months. Refinance mortgage application submissions ticked up as a result. There were fewer job openings in December, as the labor market continues to edge closer to full employment. The consumer price index increased, by overall inflation is still slow.

What can you do about your debt before you buy a home?

Blog posted On February 13, 2020

When you apply for a mortgage, or any other loan or line of credit, your lender will look at your debt-to-income ratio or DTI. Having debt does not exclude you from buying a home, but most mortgage lenders want your DTI to be 43% or lower to qualify you. Your DTI is calculated by dividing your monthly debt repayments, like student loans, credit card debt, and car loans, by your gross monthly income.

Caution: What to Know When Buying a Home in Another Country

Blog posted On February 12, 2020

Ever thought about buying a home in another country? Whether you plan to purchase an international vacation home or move abroad permanently, buying overseas is quite the undertaking. This task can be even more arduous if there are additional complications, as many overseas buyers have experienced.

How Does the Fed Holding Rates Steady Help You?

Blog posted On February 11, 2020

Last month, the Federal Open Market Committee (FOMC) or the Fed voted to leave the Federal benchmark interest rate unchanged. That means they did not raise or lower interest rates. After this announcement, average mortgage rates trended lower and most real estate professionals expect mortgage rates will stay low into 2020. As a consumer, you may be wondering what exactly the Fed’s decision means for you, whether or not you have mortgage moves planned this year.

Market Forecast: Job Openings, Mortgage Apps, Consumer Price Index

Blog posted On February 10, 2020

Mortgage rates have not moved significantly this week, continuing to touch year-long lows. This week, the only significant housing report will be the weekly mortgage application survey. Other market-moving reports include the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) and the consumer price index.

Market Recap: Residential Construction Spending Up, Mortgage Apps Mixed, ADP Employment Surges

Blog posted On February 07, 2020

Mortgage rates did not move significantly this week, after touching year-long lows. Overall construction spending declined, but residential investment increased. The Mortgage Bankers Association (MBA) weekly mortgage application survey returned mixed results. The ADP employment report exceeded expectations.

How to Accurately Price Your Home for Sale

Blog posted On February 06, 2020

Your home has probably appreciated since you bought it, but do you know how much it’s worth? If you’re planning to sell your home this year, you want to list it at the right price. Significantly changing the price once its listed may be a red flag for potential buyers. You should consult with a Realtor or real estate agent before you list your home, to get their professional input. If you’re starting to do your research, here are some options for accurately estimating the value of your home.

How Will the FICO Changes Impact You?

Blog posted On February 05, 2020

Your FICO credit score is generated by the major credit reporting bureaus: Equifax, Experian, and TransUnion. A higher FICO score can help you apply for a loan and even get a lower interest rate. However, this latest change may leave many consumers with a lower score and influence your mortgage approval.

Home Sellers See Record Profits

Blog posted On February 04, 2020

In 2019, home sellers saw record profits, according to the 2019 US Home Sales Report by ATTOM Data Solutions. Sellers netted an average of $65,500, the highest level in 13 years. Higher profits were influenced by a strong job market, higher wages, stock market gains, and historically low mortgage rates. After three rate cuts in 2019, and no rate cuts expected this year, mortgage rates will likely stay low through 2020.

Market Forecast: Construction Spending, Mortgage Apps, and ADP Employment

Blog posted On February 03, 2020

Last week, the Federal Open Market Committee (FOMC) voted to leave the Federal benchmark interest rate unchanged, signaling mortgage rates will likely continue to stay historically low. This week, both US construction spending the Mortgage Bankers Association (MBA) weekly mortgage application survey are scheduled for release. Another market-moving report will be the ADP employment report.

Market Recap: No Rate Hike, New Home Sales and Pending Home Sales Decline, Home Price Appreciation Steady

Blog posted On January 31, 2020

As expected, the Federal Open Market Committee (FOMC) voted to leave the Federal benchmark interest rate unchanged. As a result, mortgage rates trended slightly lower this week. New home sales dipped, after gains the previous month. Home price appreciation was steady. Pending home sales unexpectedly fell.

4 Questions to Answer Before You Refinance Your Mortgage

Blog posted On January 30, 2020

Is it time for a mortgage refinance? With today’s low mortgage rates, you may be thinking about refinancing your mortgage to lower your interest rate, shorten your loan term, or get cash out. Black Knight reports approximately 8.1 million homeowners could benefit from a mortgage refinance. Keep in mind, a mortgage refinance is a new loan origination and with that comes a new mortgage and closing costs. Whether or not a refinance is right for you, depends on your answer to these four questions.

Five Plumbing Perils to Avoid

Blog posted On January 29, 2020

Many of us are guilty of treating our sinks, drains, and toilets like a trash can. Once it rinses down or flushes away, it’s forgotten—right? Wrong. Some of the seemingly innocent items you flush can cause serious damage to your home’s pipes. Not only can these mistakes be costly to fix, the flooding they may cause will bring a host of problems. Doyle James, the president of Mr. Plumbing, warns homeowners about the most dangerous plumbing mistakes.

4 Housing Trends to Expect in 2020

Blog posted On January 28, 2020

Tomorrow, the Federal Open Market Committee will meet for the first time in 2020, and based on the minutes from the December 2019 meeting, no interest rate movement is expected. Since the three rate cuts of 2019, mortgage rates have dropped to historically low levels, incentivizing many home buyers and homeowners looking to refinance. If the Fed stays the course and holds interest rates steady next week, it will likely continue to motivate home buyers and homeowners looking to refinance.

Market Forecast: New Home Sales, Case-Shiller Home Price Index, and Pending Home Sales

Blog posted On January 27, 2020

This week, the Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday. The Fed is not expected to cut or raise the Federal benchmark interest rate at this meeting and mortgage rates will likely continue to hover historically low levels. In housing news this week, the new home sales report, the S&P CoreLogic Case-Shiller home price index, and the pending home sales index are all scheduled for release.

Market Recap: Mortgage Apps Reverse, Home Prices Appreciate, Existing Home Sales Increase

Blog posted On January 24, 2020

Mortgage rates trended slightly lower this week ahead of next week’s Federal Open Market Committee (FOMC) meeting. Mortgage application submissions reversed course and declined for the week ending 1/17, not surprising after the previous week’s substantial gains. The Federal Housing Finance Agency (FHFA) house price index showed modest acceleration. Existing home sales turned around after last month’s decline.

3 Surprising Documents You May Need for Your Mortgage Application

Blog posted On January 23, 2020

When you apply for a mortgage you know you’re going to need a lot of paperwork. The more prepared you are before you start your mortgage application the better, especially in today’s busy market where time is of the essence. Before you apply for a mortgage, it’s best to gather your documents ahead of time. You know you’ll need bank statements, tax returns, and pay stubs, but what else will you need?

Five VA Loan Mistakes to Avoid

Blog posted On January 22, 2020

Owning a home is an integral part of the American Dream—the same American Dream that our Veterans and military fought for. The U.S. Department of Veteran Affairs (VA) offers several options to help those who served in the military get a home loan. However, the process isn’t foolproof, and it’s possible to make mistakes—whether it’s your first home or your tenth.

Could Densification Give Builders More Space to Build?

Blog posted On January 21, 2020

If you’re shopping for a home this year, you may have noticed you’re facing some competition. Real estate professionals are expecting one of the busiest home buying seasons yet, due to low mortgage rates and fewer homes for sale. Zillow researchers analyzed 17 metros across the country to conclude converting just 10% of single-family lots to two-unit homes instead could add 3.3 million additional housing units to existing available homes.

Market Forecast: FHFA House Price Index, Mortgage Applications, Existing Home Sales

Blog posted On January 20, 2020

Markets are closed today in observance of the Dr. Martin Luther King Jr. Holiday. Important housing reports scheduled for this week include the Federal Housing Finance Agency (FHFA) house price index and the existing home sales report. The Mortgage Bankers Association (MBA) will release its weekly mortgage application survey on Wednesday.

Market Recap: Mortgage Apps Jump, Home Builder Sentiment Slips, Housing Starts Hit Record High

Blog posted On January 17, 2020

Mortgage rates did not move significantly and remain historically low. Mortgage applications reacted and the Mortgage Bankers Association (MBA) weekly mortgage application survey showed a strong increase in both new purchase and refinance mortgage application submissions. The National Association of Home Builders’ (NAHB) housing market sentiment index dropped by one point and remains overwhelmingly positive. Housing starts climbed to a 13-year high. Building permits declined month-over-month but increased year-over-year.

Your New Home Checklist

Blog posted On January 16, 2020

Moving into a new home is exciting – and can be overwhelming. That’s why we’ve created your “Welcome Home” Checklist!

Before you roll out the welcome mat and invite the neighbors to your housewarming party, here are a few things you need to do.

Credit Score Myths You Might Believe

Blog posted On January 15, 2020

When you’re applying for a mortgage, or any line of credit or credit card, lenders use your credit score to review your credit history. A higher credit score shows lenders you are responsible with your debt and may help you get a better interest rate. Unfortunately, there are numerous credit score myths many consumers believe. The Wall Street Journal contributor Demetria Gallegos identified these top credit score myths to stop believing today.

Rising Childcare Costs Hurt Homeownership

Blog posted On January 14, 2020

One of the most commonly reported barriers to buying a first home is saving for the down payment. Student loan debt is a huge factor in preventing would-be first-time home buyers from saving, and most recently, rising childcare costs may also be a cause. Freddie Mac issued a recent report on how the rising cost of childcare is hurting renters and delaying home purchase. The report found the cost of housing has increased 14% in 25 years, while the cost of childcare has increased 49% over the same period.

Market Forecast: Mortgage Apps, Housing Market Index, Housing Starts and Building Permits

Blog posted On January 13, 2020

Mortgage rates did not move significantly last week, remaining historically low. The two most significant housing reports scheduled for release this week include the National Association of Home Builders’ (NAHB) housing market sentiment index and housing starts and building permits. The Mortgage Bankers Association (MBA) weekly mortgage application survey is also scheduled for release.

Market Recap: Mortgage Apps Mixed, ADP Employment Surges, Consumer Credit Decelerates

Blog posted On January 10, 2020

Mortgage rates did not move significantly this week, still historically low. New purchase mortgage application submissions increased, and refinance application submissions declined. The ADP employment report added more jobs than expected. Revolving consumer credit declined but non-revolving consumer credit increased.

6 Tips for Renting Your Vacation Home

Blog posted On January 09, 2020

If you own a vacation home, renting it out through short-term rental services like Airbnb and HomeAway is a way to earn rental income when you’re not using the home. Short-term home rentals are growing popular as a hotel alternative, especially for travelers seeking the comforts of home while they are away.

Preventing Ring Doorbell and Camera Hacks

Blog posted On January 08, 2020

Homeowners install cameras like the Ring doorbell camera system for added home security. You can check on activity in front of your home through the app while you are away or make sure your family members arrive home safely. With optional recording features, the Ring camera can also help catch criminals like package thieves. Unfortunately, Ring has been in the news lately for another type of criminal, cyber criminals, hacking into cameras, spying on homeowners, and talking to occupants.

Housing Market May See An Early Home Buying Season

Blog posted On January 07, 2020

A new year means new housing market predications, and the outlook is good for 2020. Last week, MarketWatch contributor Jacob Passy wrote, “overall, mortgage rates started off 2020 roughly 80 basis points lower than they were at the start of 2019.” Lower rates plus a more stable interest rate environment will likely trigger mortgage momentum heading into the new year and might even bring an early home buying season.

Market Forecast: Mortgage Applications, ADP Employment, and Consumer Credit

Blog posted On January 06, 2020

The week ahead will be the first full week of the year. The Mortgage Bankers Association (MBA) will release its first weekly mortgage application survey of 2020. The ADP employment report and consumer credit are also scheduled for release.

Market Recap: Pending Home Sales Increase, Home Prices are Up, Construction Spending Climbs

Blog posted On January 03, 2020

Markets were closed on Wednesday in observance of the New Year’s Day holiday. The pending home sales index improved in November after an October decline. The S&P CoreLogic Case-Shiller home price index appreciated more rapidly after a gradual slowdown in 2019. US construction spending increased.

What to Expect from the Housing Market in 2020

Blog posted On January 02, 2020

The new year has begun, and the 2020 housing predictions are in! Although recession rumors persisted throughout 2019, the economy does not appear to be slowing down drastically. Despite a slow summer for consumers, spending has picked back up since October. Additionally, the consumer confidence index and consumer sentiment index continue to post record high numbers. The job market is strong, the unemployment rate is historically low, and employers continue to add jobs at a steady pace.

Watch Out for Haphazard Home Renovations

Blog posted On January 01, 2020

Buying a home that was recently renovated can be a great find or a big mistake. If everything is up to code and completed by a thoughtful homeowner, you could score a home with like-new features at an affordable price. If the project was rushed by a property investor or developer, you may end up paying more to fix problems later. When you’re touring new homes, especially recently renovated homes, here is what you should do.

Fannie Mae: Upbeat Outlook for New Home Construction in 2020

Blog posted On December 31, 2019

Fannie Mae’s Economic and Strategic Research Group revised its expectations for the 2020 housing market. The researchers predict single-family housing starts will accelerate 10% in 2020 after just a 1% growth this year. Home buyers in many markets are competing over a limited number of existing homes for sale and turning to newly constructed homes.

Market Forecast: Pending Home Sales, Case-Shiller Home Price Index, Construction Spending

Blog posted On December 30, 2019

It will be another short week ahead with markets closed on Wednesday in observance of the New Year’s Day holiday. There are several important housing reports scheduled for release including the pending home sales index, the S&P CoreLogic Case-Shiller home price index, and US construction spending.

Market Recap: New Home Sales Climb, Mortgage Apps Decline, Jobless Claims Sink

Blog posted On December 27, 2019

Markets were closed on Wednesday, in observance of the Christmas holiday. Mortgage rates did not move significantly last week, trending slightly upward. New home sales increased, driven by strong buyer demand. New purchase and refinance mortgage application submissions each declined amidst seasonal slowdown. Jobless claims fell.

Is the home the next family heirloom?

Blog posted On December 26, 2019

If you’ve shopped for a home recently or currently work in real estate, you know fewer and fewer Americans are moving, for a number of reasons. In 1990, approximately 7.7% of homeowners moved over the course of the year, by 2016 that figure declined to just 4.2%. In 2017, Zillow reported 86% of all American homeowners who have owned their home for one year or more were not interested in moving in the next three years.

End-of-Year Finance Mistakes to Avoid

Blog posted On December 25, 2019

It’s easy to get swept up in the excitement of the holiday season and make some year-end financial mistakes. If you fail to pay attention to your finances now, it could cost you next year. Taking some time to review your finances before the end of the year can help you cut excess spending and take advantage of all opportunities to save.

Cash-Out Refinances Reach 12-Year High

Blog posted On December 24, 2019

Earlier this month, the Federal Open Market Committee (FOMC) voted to leave interest rates unchanged and will likely not move rates next year. This year, mortgage rates reacted by trending downward, incentivizing many homeowners to refinance their mortgage loans. According to data analytics firm, Black Knight, refinance volume climbed 132% in the third quarter of 2019, the highest level in three years. Of those refinances, 52% were cash-out refinances, where homeowners withdrew equity from their home. In 2019, homeowners withdrew $36 billion in home equity, a 12-year high.

Market Forecast: New Home Sales, Mortgage Apps, and Weekly Jobless Claims

Blog posted On December 23, 2019

Mortgage rates did not move significantly last week. This week, markets are closed on Wednesday in observance of the Christmas holiday. In housing news, this week, the new home sales report and the weekly mortgage application survey are scheduled for release. Another market-moving report scheduled for release is the weekly jobless claims report.

Market Recap: Housing Market Index Soars, Housing Starts and Building Permits Increase, Existing Home Sales Decline

Blog posted On December 20, 2019

Mortgage rates did not move significantly this week, ahead of next week’s shortened holiday week. The National Association of Home Builders’ (NAHB) housing market index improved, boosted by low mortgage rates and higher buyer demand. Housing starts and building permits each increased, also. Existing home sales, however, fell.

Real Estate Experts Warn Against These Kitchen Trends

Blog posted On December 19, 2019

Many homeowners are refinancing their mortgages with today’s low rates. Refinancing your mortgage can get you a lower mortgage rate, in some cases, and it can also be an opportunity to withdraw valuable home equity though a cash-out refinance. When you get a cash-out refinance, you originate a new mortgage loan equal to your existing balance plus the cash you wish to withdraw. Your new mortgage rate will also reflect today’s low rate environment plus any other changes since you financed your previous mortgage like an improved credit score or lower debt-to-income ratio.

Gen Z FICO Scores Exceed Millennial FICO Scores

Blog posted On December 18, 2019

New data reveals that Generation Z (people born in 1995 and onward) have higher credit scores than both Millennials and Generation X. According to LendingPoint, a personal lender, Gen Z had an average FICO score of 637, above Gen X’s average of 632, the Millennials’ average of 629, and even above the all-generation average of 634. Only Baby Boomers had a higher average credit score of 645. The report reviewed data from applications submitted between July 2018 to July 2019.

Americans of All Ages are Not Moving

Blog posted On December 17, 2019

If you’ve been house hunting in recent months, you’ve probably noticed fewer homes for sale. Many regions are dealing with housing inventory shortages, and the data proves it. Last month, the Census revealed that just 9.8% of the US population moved from March 2018 to March 2019, the lowest level since the Census started recording data in 1947. This lack of mobility is leading to a shortage of available homes for sale and creating competitive markets where buyers need to move quickly or may face bidding wars.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales

Blog posted On December 16, 2019

Last week, the Federal Open Market Committee (FOMC) voted to leave interest rates unchanged, and mortgage rates reacted by not moving significantly. There is a full week of housing news ahead with the National Association of Home Builders (NAHB) housing market index, housing starts and building permits, and existing home sales all scheduled for release.

Market Recap: Mortgage Apps Mixed, Consumer Price Index Increased, and No Rate Hike

Blog posted On December 13, 2019

As expected, the Federal Open Market Committee (FOMC) voted to leave the benchmark interest rate unchanged at its last meeting of 2019. Mortgage rates reacted by not moving significantly. New purchase mortgage application submissions fell slightly, and refinance application submissions climbed. The consumer price index increased.

What Co-Signing on Someone Else’s Mortgage Means for You

Blog posted On December 12, 2019

If you have a good credit score, manage your debt responsibly, and have a steady income you may be asked to co-sign on somebody else’s mortgage loan. For example, some parents may co-sign on their adult children’s mortgage to help improve their loan terms. Just like co-signing on a personal loan or car loan, when you co-sign on someone else’s mortgage you’re agreeing to take on that debt and make the payments if the occupying borrower defaults.

Avoiding Debt this Holiday Season

Blog posted On December 11, 2019

The season of giving can quickly become the season of debt if you do not spend carefully and stick to a budget. You want to shower your loved ones, and sometimes yourself, with gifts but you don’t want to be paying off that holiday debt until the next year. A new study from NerdWallet found consumers plan to spend an average of $825 on gifts this year, up from an average of $776 last year.

Rental Rates Rise, Especially for Single-Family Homes

Blog posted On December 10, 2019

Renters are about to start paying more every month, according to data from CoreLogic, due to a shrinking supply of single-family rental homes. After the high number of foreclosures following the Financial Crisis, a surplus of low-priced single-family homes were purchased by property investors and converted into rental homes. From 2010 to 2016, the number of single-family rental homes jumped 38%, while multifamily or apartment rentals increased just 3%. Since that surge, supply has flattened while demand has remained strong.

Market Forecast: Federal Open Market Committee Meeting, Mortgage Apps, and Consumer Price Index

Blog posted On December 09, 2019

This week, the Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday for its last semiannual monetary policy meeting of the year. The Fed is not expected to move interest rates during this meeting. In housing news, the Mortgage Bankers Association (MBA) will release its weekly mortgage application survey on Wednesday. Another market-moving report scheduled is the consumer price index.

Market Recap: Construction Spending Slows, Mortgage Apps Mixed, and the ADP Employment Report

Blog posted On December 06, 2019

Mortgage rates trended lower this week, ahead of next week’s Federal Open Market Committee (FOMC) meeting. This week, the US construction spending report showed overall construction investment slowed in October. New purchase mortgage application submissions increased but refinance application submissions declined. The ADP employment report was lower than expected.

Buying a Home for the Holidays

Blog posted On December 05, 2019

During the holiday season, most home buying and selling activity tends to slow down. People are traveling, the weather is colder, and home buyers and sellers have other things on their mind. However, if you’re on a timeline to start a new job or move for a family obligation, you may still need to buy or sell a home during the holiday season, even if it’s not the ideal time. After October’s rate cut, the third one of 2019, home buying and selling may pick up into the end of the year.

Christopher M. George Recognized as 2019 HousingWire Vanguard

Blog posted On December 05, 2019

San Ramon, CA – Christopher M. George, founder, president, and CEO of CMG Financial, was honored as a 2019 HousingWire Vanguard. For its 5^th annual list, HousingWire recognized select housing finance executives who have demonstrated outstanding leadership and service to the industry. The Vanguards were chosen by HousingWire’s editorial board based on their accomplishments in the last 12 months both within their respective companies and the housing sector they represent.

Commonly Overlooked Home Hazards

Blog posted On December 04, 2019

You don’t have to save your cleaning for the spring! With a new year approaching it’s the perfect opportunity to start fresh. Is there a musty smell in your basement? When was the last time you changed your smoke detector batteries? Do you even have a carbon monoxide detector? Zillow researchers narrowed down the top five household hazards and how you can avoid them.

Christopher M. George Recognized as 2019 HousingWire Vanguard

News posted On December 04, 2019

Christopher M. George, founder, president and CEO of CMG Financial, was honored as a 2019 HousingWire Vanguard. For its fifth annual list, HousingWire recognized select housing finance executives who have demonstrated outstanding leadership and service to the industry. The Vanguards were chosen by HousingWire’s editorial board based on their accomplishments in the last 12 months, both within their respective companies and the housing sector they represent.

Federal Housing Finance Agency Increases Conforming Loan Limits

Blog posted On December 03, 2019

Last Tuesday, the Federal Housing Finance Agency (FHFA) announced it is raising the conforming loan limits for Fannie Mae and Freddie Mac again in 2020. This historic move marks the fourth straight year of loan limit increases.

Market Forecast: Construction Spending, Mortgage Applications, and the ADP Employment Report

Blog posted On December 02, 2019

There was not much mortgage rate movement during last week’s shortened holiday week. This week in housing news, US construction spending and the Mortgage Bankers Association (MBA) weekly mortgage application survey are both scheduled for release. In employment news, the ADP employment report comes out on Wednesday.

Market Recap: Home Values Up, New Home Sales Down, Pending Home Sales Fall

Blog posted On November 29, 2019

It was a short week this week, with markets closed on Thursday in observance of the Thanksgiving holiday. Home price appreciation has started to pick up. New home sales and pending home sales both declined month-over-month, but climbed year-over-year.

4 Reasons to Consider Buying a Multi-Family Home

Blog posted On November 28, 2019

Your investment in real estate starts with the purchase of your first home. The major advantage of buying over renting, is that when you own your home, every mortgage payment goes toward building home equity. You can take your real estate investment a step further by buying a multi-family home like a duplex or triplex instead of just a single-family home.

How Personal Loans Help Some Consumers Pay Off Debt Faster

Blog posted On November 27, 2019

When you’re getting ready to apply for a mortgage, you’re going to want to improve your credit score and lower your debt-to-income ratio if needed. Lenders use financial data like your credit score and your debt-to-income ratio to evaluate how you manage your other debt and determine your interest rate.

More Young Home Buyers are Choosing VA Loans

Blog posted On November 26, 2019

The VA Loan is one of the most affordable ways for qualifying Veterans and Active-Duty Military to purchase a home. The VA Loan does not require a down payment, doesn’t have mortgage insurance, and typically will have a below-average interest rate. The VA Loan was created in 1944 to help soldiers returning from World War II put down roots and buy homes. However, it tends to be underutilized as a mortgage option. Recent data shows, both Millennial and Generation Z home buyers have led to a resurgence in VA Loan usage.

Market Forecast: Case-Shiller Home Price Index, New Home Sales, Pending Home Sales Index

Blog posted On November 25, 2019

It will be a short week for economic news, with markets closed on Thursday in observance of the Thanksgiving holiday and none scheduled on Friday. In housing news, the S&P CoreLogic Case-Shiller home price index and the new home sales report are both scheduled for Tuesday. The pending home sales index comes out on Wednesday.

Market Recap: Housing Market Index Pulls Back, Housing Starts and Building Permits Jump, Existing Home Sales Increase

Blog posted On November 22, 2019

Mortgage rates are historically low, and likely to remain low into the end of the year. The National Association of Home Builders’ (NAHB) housing market index dropped one point in November, but the reading is still positive. Both housing starts and building permits increased. Existing home sales turned around.

Tips for a Stress-Free Home Renovation

Blog posted On November 21, 2019

Recently, many homeowners are using cash-out refinances to reinvest in their homes. Through a cash-out refinance, you can withdraw a portion of your home’s equity to finance other expenses. Home repair or renovation projects are commonly financed through a cash-out refinance because they are a way for you to reinvest in your home. You should not withdraw equity from your home unless you’ve built up a cushion of at least 20%. When used responsibly, a cash-out refinance can be a way for you to increase the resale value of your home.

Do you have a high enough credit score to get a mortgage?

Blog posted On November 20, 2019

One of the things every lender looks at when you apply for a loan is your credit score. Your credit score reflects how well you manage your debt based on your repayment history, outstanding balance, and other factors. Recent data from the Federal Reserve showed 90% of US mortgages were issued to borrowers with a score of 650 or higher. Further, 75% of US mortgages were issued to borrowers with a score of 700 or higher.

Homeowners: What to Know Before End-of-Year Tax Time

Blog posted On November 19, 2019

With today’s low mortgage rates, many homeowners are refinancing their mortgages to get a lower interest rate or get cash out. A cash-out refinance is an opportunity to withdraw your home’s equity to improve your home, pay down other debt, or finance another need. Home repair and renovation projects are a good way to reinvest in your property and potentially increase its resale value. This year, Americans are on track to spend $425 billion on home improvement projects. You may even be able to claim tax benefits on some home upgrades.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales

Blog posted On November 18, 2019

Mortgage rates did not move significantly last week, trending slightly downward according to some sources. There are several important housing reports scheduled for this week ahead of next week’s Thanksgiving holiday. The National Association of Home Builders’ (NAHB) housing market index is scheduled for release on Monday, followed by housing starts and building permits on Tuesday, and existing home sales on Thursday.

Market Recap: Mortgage Apps Up, Consumer Price Index Accelerates, Retail Sales Climb

Blog posted On November 15, 2019

Mortgage rates trended slightly lower this week, continuing to hover near year-long lows. The Mortgage Bankers Association (MBA) weekly mortgage application survey reacted with an increase in both new purchase and refinance mortgage applications. Both the consumer price index and core CPI increased. Retail sales are also up.

Real Estate Investing: Single-Family Homes vs. Apartment Buildings

Blog posted On November 14, 2019

When you invest in residential real estate you either buy to rent or buy to sell. Buying to rent means you will have to pay for and maintain the property overtime, while renting to a tenant who will ideally offset the cost through the rental payment. Buying to sell means you buy the home to renovate, repair, and resell for a profit. When buying to rent, you have the option to buy a single-family home or multi-family units like a row of townhouses or apartment building, depending on your upfront capital and ongoing commitment. When you are deciding whether to go single-family or multi-family on your residential real estate investment, consider these four points: vacancy, management, maintenance, and capital.

How to Take Control of Your Energy Needs

Blog posted On November 13, 2019

With last year’s devastating wildfires in our recent memory, PG&E recently made the decision to temporarily shut down power services in high-risk areas. Power lines taken down by high-speed winds can cause sparks that ignite exceptionally dry foliage. Downed PG&E power lines have been linked to the 2018 Camp Fire that ripped through Northern California towns like Paradise. PG&E’s decision to shut off power sheds light on another issue, our reliance on utility companies. With climate change escalating and more climate-related problems expected to occur, it’s a good time to consider options to take control of your home’s energy needs.

5 Home Improvement Trends from the Home Improvement Research Institute

Blog posted On November 12, 2019

Homeowners and home buyers are going to be busy with home improvement projects in 2020. Many homeowners are taking advantage of lower mortgage rates to refinance and get cash out to reinvest in home improvement projects and many home buyers are choosing to renovate a home they buy rather than wait for the perfect home to go up on the market. The Home Improvement Research Institute (HIRI) hosted a summit earlier this summer to discuss home improvement trends and make predictions for 2020.

CMG Financial Now Offers Freddie Mac BorrowSmart Program

News posted On November 12, 2019

CMG Financial, a privately held, well-capitalized mortgage banking firm headquartered in San Ramon, California, announced today it will offer up to $2,500 toward down payment assistance or closing costs to qualifying home buyers based on their area median income (AMI) through the Freddie Mac BorrowSmart^SM program. Home buyers with less than 50% AMI can qualify for $2,500 while those with greater than 50% but less than 80% AMI are able to qualify for $1,500. Home buyers purchasing a manufactured home or a home in a high-needs rural area, with greater than 80% but less than 100% AMI, can qualify for $1,000 in assistance.

Market Forecast: Mortgage Apps, Consumer Price Index, Retail Sales

Blog posted On November 11, 2019

There are no economic events scheduled today in observance of the Veterans Day holiday. On behalf of everyone at our organization, we’d like to thank our Veterans and active-duty military for their service to our country. The only significant housing report scheduled for this week is the Mortgage Bankers Association (MBA) weekly mortgage application survey scheduled for release on Wednesday. Other market-moving reports include the consumer price index and retail sales.

Market Recap: Job Openings Down, Mortgage Apps Mixed, Consumer Credit Report Mixed

Blog posted On November 08, 2019

Mortgage rates trended slightly upward this week but continue to come in at historic lows. Job openings dropped for the fourth straight month. New purchase mortgage application submissions declined, and refinance mortgage application submissions increased. Revolving credit declined but non-revolving credit increased.

7 Inexpensive Ways to Add Value to Your Home

Blog posted On November 07, 2019

When you’re staging a home for sale the details matter. A couple of inexpensive changes can make a big difference to potential buyers who are touring your home. Your Realtor or real estate agent is the expert when it comes to staging your home, but here are some ways you can up the perceived value of your home before you list.

Are you financially prepared for an emergency?

Blog posted On November 06, 2019

Many Americans are unprepared for an emergency like a car accident or unexpected medical cost. Traditionally, financial experts recommend having at least six-month’s worth of income saved as an emergency fund to cover costs in case of a financial emergency or job loss. However, new research reveals the new magic savings number may be lower than you think. A study of 70,000 lower-income households found that $2,467 may be the magic number when it comes to emergency savings.

How the Fed Rate Cut Influences Mortgage Rates

Blog posted On November 05, 2019

Last week, the Federal Open Market Committee (FOMC) voted to lower the Federal benchmark interest rate. As a result, average mortgage rates have trended lower. When you’re shopping for a new home, you know you’re supposed to pay attention to FOMC decisions, but how exactly does the recent rate cut influence your future mortgage rate? The Federal benchmark interest rate does influence the cost to borrow to money for a mortgage or other loan, but there are other factors that impact how mortgage interest rates are determined.

Market Forecast: Job Openings, Mortgage Apps, Consumer Credit

Blog posted On November 04, 2019

Last week, the Federal Open Market Committee (FOMC) voted in favor of a rate cut and mortgage rates reacted by trending lower. This week, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) is scheduled for release on Tuesday and the consumer credit report comes out on Thursday. The only significant housing report will be the Mortgage Bankers Association (MBA) weekly mortgage application survey on Wednesday.

Market Recap: Fed Cuts Rates, Home Price Appreciation Slows, Pending Home Sales Jump

Blog posted On November 01, 2019

As expected, the Federal Open Market Committee voted to lower the federal benchmark interest rate to a targeted range of 1.5-1.75%. Mortgage rates will likely trend downward as a result. The S&P Core-Logic Case-Shiller home price index depreciated month-over-month and moved up just slightly year-over-year. The pending home sales index climbed.

Warning: 7 Outdated Home Décor Trends According to Real Estate Experts

Blog posted On October 31, 2019

When you’re selling your home, you want potential buyers to be able to picture themselves living there. Staging your home is an important part of that and so is avoiding or changing outdated décor trends. Apartment Therapy interviewed real estate agents, brokers, and Realtors from around the country to define these top trends to avoid.

Teaching Your Kids About Money Can Start Early

Blog posted On October 30, 2019

You may not think you need to start talking to your kids about money until they get their first job or start applying for college. However, introducing your kids to financial concepts early can help them develop a stronger understanding when it’s time for them to start earning and spending their own money. Children as young as toddlers are able to comprehend simple concepts like spending, saving, and earning, when you lay the groundwork early. Here are some concepts you can introduce to your kids early, so they understand money later.

Looking to flip homes? Look in the Midwest!

Blog posted On October 29, 2019

Home flipping, or buying a home at a low price to sell for a profit, is one of the ways real estate investors make money. The practice is usually popular in markets experiencing rapid home price appreciation, like Las Vegas or Miami. A new study from Realtor.com found that one of the best markets for flipping homes may not be where you expect – St. Louis, MO.

Market Forecast: FOMC Meeting, Case-Shiller Home Price Index, and Pending Home Sales Index

Blog posted On October 28, 2019

This week, the Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday, and Federal Reserve Chair Jerome Powell will give a press conference on Wednesday following the release of the FOMC announcement. In housing news, the S&P CoreLogic Case-Shiller home price index and the pending home sales index are both scheduled for release on Tuesday.

Market Recap: Existing Home Sales Down, Mortgage Apps Fall, New Home Sales Slip

Blog posted On October 25, 2019

Mortgage rates did not move significantly this week ahead of next week’s Federal Open Market Committee (FOMC) meeting. Existing home sales declined in September. Both new purchase and refinance mortgage application submissions are down. New home sales also declined.

Why Your Home Might Sell for Less than you Expect

Blog posted On October 24, 2019

The last thing you want to happen when you’re selling your home is for it to sell for less than you expected. If you’re selling your current home, you’re probably in the process of buying a new home. Selling your home for $5,000 or even $10,000 less than you expected to sell it for can seriously shrink your moving budget.

CMG Financial Welcomes Michael Iorio, Regional Vice President of Northern California and Nevada

Blog posted On October 24, 2019

CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, announced the addition of Michael Iorio to its Western Division leadership team. Michael has over twenty years of financial services experience and has held senior leadership positions at national banks and lenders. At CMG Financial, Michael will serve as Regional Vice President of Northern California and Nevada and spearhead growth initiatives in this critical region.

Are you making this big money-saving mistake?

Blog posted On October 23, 2019

Chances are if you’re working, you are saving for retirement. Most employers have a retirement savings program where employees can set aside pretax money directly out of their paycheck and save it in a retirement account. While most of us know we are “saving for retirement,” we may forget we are actually “investing for retirement.” The money you deposit in your 401(k), Roth IRA, or other retirement account is typically invested in the stock market so your money grows.

Expect Bidding Wars this Fall

Blog posted On October 22, 2019

After an unseasonably slow Spring, and two late-in-the-year rate cuts, many real estate professionals are expecting a busy Fall, bidding wars included. Typically, bidding wars tend to drop off when the housing market cools down in the Fall and Winter months, dropping about 15 percentage points from March to September. However, Redfin reports in September 2019, 11% of offers written by the firm faced a bidding war, up from 10% of offers in August. This figure may be down substantially from the 41% of offers facing a bidding war in September 2018, but the trend goes against the seasonal pattern the market has seen from 2013-2018.

Market Forecast: Existing Home Sales, Mortgage Apps, and New Home Sales

Blog posted On October 21, 2019

Mortgage rates did not move significantly this week, trending slightly downward according to some sources. This week will be a big week for housing with both the existing home sales and new home sales reports scheduled for release. The Mortgage Bankers Association (MBA) weekly mortgage application survey will come out on Wednesday.

Market Recap: Home Builder Sentiment Improves, Mortgage Apps Mixed, Housing Starts and Building Permits Declined

Blog posted On October 18, 2019

Mortgage rates did not change significantly this week, trending slightly downward according to some sources. Home builder sentiment reached the highest level in almost two years. New purchase mortgage application submissions declined, and refinance mortgage application submissions increased. After strong numbers in August, housing starts and building permits declined.

Investing in Real Estate vs. Stocks

Blog posted On October 17, 2019

Real estate is often considered a more stable investment than stocks, but why? While all investments come with varying degrees of risk and reward, the advantage of investing in real estate is that it tends to appreciate over time, and it is a useable, tangible asset. Before moving forward with any investment, you should consult a financial advisor. Investing in real estate is a good option for some and investing in stocks is a better option, although it depends on your how much you are investing and your short-term and long-term goals.

Many Seniors Prefer Multigenerational Housing

Blog posted On October 16, 2019

Multiple generations living in the same home is growing more common. In 1980, only 12% of Americans lived in a home that included adults from two or more generations. In 2018, that figure had risen to 20%. Living in a multigenerational household can help seniors stay active, healthy, and involved. Multigenerational housing is becoming so common, that it’s not just family members living together. Developers are designing co-living spaces to house multiple generations and meet this preference.

Medical Debt May Be Hurting More Potential Home Buyers Than Student Debt

Blog posted On October 15, 2019

In recent years, student loan debt has been one of the biggest obstacles to saving for the down payment on a home, especially for Millennials and younger first-time home buyers. A recent Zillow survey of 13,000 households nationwide reveals that another type of debt may be hurting home buyers and renters of all ages, even more than student loan debt.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, and New Home Sales

Blog posted On October 14, 2019

Mortgage rates are not expected to move significantly this week and continue to remain historically low. This week, the National Association of Home Builders’ (NAHB) housing market sentiment index is scheduled for release on Wednesday, followed by housing starts and building permits and new home sales on Thursday.

Market Recap: Consumer Credit Expands, Refinance Applications Up, Job Openings Dip

Blog posted On October 11, 2019

Mortgage rates have not moved significantly this week and remain historically low. Consumer credit growth expanded at a somewhat weaker rate, driven by a drop in credit card borrowing. Mortgage application submissions were mixed. Job openings declined.

How to Buy a Home Out of State

Blog posted On October 10, 2019

Any move can be stressful, but moving out of state comes with added intricacies. Whether you’re moving for a career change, family reasons, or a change of scenery, your new home purchase should not be something to worry about. Follow these steps to simplify your next big out-of-state move.

Airbnb Invests in Affordable Housing

Blog posted On October 09, 2019

Airbnb, the popular short-term rental service, announced a $25 million investment in affordable housing efforts in the San Francisco Bay Area and Los Angeles County. San Francisco and Los Angeles among other metro areas in the western United States, has experienced rapid home price and rental rate appreciation in recent years. San Francisco specifically has experienced sustained home price appreciation over the years because of the prevalence of job opportunities, especially tech jobs, and the limited supply of housing.

Over Half of Millennial Home Buyers Finance with PMI

Blog posted On October 08, 2019

Private mortgage insurance or PMI is typically required when the home buyer finances with a conventional loan and puts down less than 20% for the down payment. Not to be confused with homeowner’s insurance, private mortgage insurance is insurance for the lender, in case you default on your mortgage. PMI is usually added on top of the monthly mortgage payment and this extra cost can quickly add up, especially for first-time home buyers that may not fully understand PMI.

Market Forecast: Consumer Credit, Mortgage Applications, and Job Openings

Blog posted On October 07, 2019

Mortgage rates trended slightly lower last week. This week, the only directly related housing report is the Mortgage Bankers Association (MBA) weekly mortgage application survey. The Federal Open Market Committee (FOMC) will release the minutes from its last semiannual monetary policy meeting giving economists a better understanding of what to expect for the rest of the year. Other market-moving reports include consumer credit and the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS).

Market Recap: Construction Spending Up, Mortgage Apps Rebound, ADP Employment Report Down Slightly

Blog posted On October 04, 2019

Mortgage rates trended lower this week, continuing to touch down on year-long lows. US construction spending increased slightly, but residential construction spending specifically jumped. Both new purchase and refinance mortgage application submissions are up. The ADP employment report was lower than expected.

Why School Districts Matter, Even if You Don’t Have School-Age Children

Blog posted On October 03, 2019

When you’re looking at listings for your new home, you’ll often find the local school district rating featured right beside crime statistics and other important local data. Even if you do not have school-age children, the ranking of your neighborhood school district matters because it will influence the overall value of your home and when it comes time to sell, may even help sell your home faster and earn a larger profit.

Average Consumer FICO Score Reaches 706

Blog posted On October 02, 2019

Consumer credit scores continue to recover in the wake of economic recovery, most recently hitting a new record high FICO score of 706. The FICO credit score is the most widely accepted credit score used by banks and lenders to assess a consumer’s credit risk and ability to repay a loan or a line of credit. By comparison, just ten years ago, at the end of the Great Recession, the average FICO credit score was only 686.

What Not to Do When the Fed Cuts Interest Rates

Blog posted On October 01, 2019

Last month, the Federal Open Market Committee (FOMC) voted for a quarter-point interest rate cut, the second one this year. When the Fed cuts the Federal benchmark interest rate, all interest rates will react by trending lower. The cost of borrowing money, like the average mortgage rate, will fall, but the return on your savings account will also be lower, and can hurt some savers expecting to earn interest income.

Market Forecast: Construction Spending, Mortgage Apps, and ADP Employment Report

Blog posted On September 30, 2019

Average mortgage rates are still historically low following the two recent Federal Reserve rate cuts. This week in housing news, US construction spending comes out on Tuesday and the Mortgage Bankers Association (MBA) weekly mortgage application survey comes out on Sunday. In jobs-related news, the ADP employment report is scheduled for release on Thursday.

Market Recap: Home Price Appreciation Slows, Pending Home Sales Rebound

Blog posted On September 27, 2019

Average mortgage rates trended slightly upward this week, but still remain close to year-long lows. The S&P CoreLogic Case-Shiller home price index was unchanged from June to July, and the Federal Housing Finance Agency (FHFA) house price index increased slightly. Pending home sales increased.

Profile of Today’s First-Time Home Buyer

Blog posted On September 26, 2019

Do today’s first-time home buyers look drastically different from the first-time home buyers of twenty years ago? In some ways they do but in many ways they don’t. Harvard University’s Joint Center for Housing Studies analyzed over twenty years of housing data from the Department of Housing and Urban Development and American Housing Surveys to evaluate what today’s first-time home buyers look like, what trends have persisted, and what’s new.

Did you know your homeowner’s insurance may cover this?

Blog posted On September 25, 2019

You get homeowner’s insurance to protect your family and your property from fire, thefts, and weather damage, but did you know it may also cover other unexpected hazards? Consumer Reports collaborated with the Insurance Information Institute and found six surprising incidents your homeowner’s insurance may cover.

Home Buyers Rank Air Conditioning Over Proximity to Family and Friends

Blog posted On September 24, 2019

We’ve all heard the familiar real estate mantra “Location, Location, Location,” but today’s home buyers and renters are consistently ranking this home feature as the most important. Zillow Group’s 2018 Consumer Housing Trends Report found that air conditioning was the most important housing feature ranked even above proximity to family and friends.

Market Forecast: Case-Shiller Home Price Index, FHFA House Price Index, Pending Home Sales Index

Blog posted On September 23, 2019

Last week, the Federal Open Market Committee (FOMC) voted to cut the Federal benchmark interest rate, and mortgage rates responded by trending lower. This week, the S&P CoreLogic Case-Shiller home price index and the Federal Housing Finance Agency (FHFA) house price index are both scheduled for release on Tuesday. The pending home sales index will come out on Thursday.

Market Recap: Housing Market Index Up, Housing Starts and Building Permits Jump, Existing Home Sales Jump

Blog posted On September 20, 2019

As expected, the Federal Open Market Committee (FOMC) voted to lower the benchmark interest rate by a quarter-point to a target range of 1.75% to 2%. Mortgage rates reacted by trending lower. The National Association of Home Builders’ (NAHB) housing market index ticked upward. Housing starts and building permits each turned around. Existing home sales climbed to a 17-month high.

Listing Your Home? Emphasize These Features if You’ve Got Them

Blog posted On September 19, 2019

When you’re selling your home, you’re likely on a deadline. You have to get an offer on your current home, make an offer on your new home, and move all within a relatively tight timeline, especially if you live in or are moving to a busy market. Selling your home faster can be as easy as emphasizing certain features that buyers find appealing. Zillow analyzed 4.6 million home sales across the country from 2017 to 2018 and found that these features tended to sell homes faster and, in some cases, net a greater profit.

Watch Out: 6 Common HOA Rules You May Accidentally Break

Blog posted On September 18, 2019

In communities managed by a Homeowners Association (HOA), homeowners typically have to adhere to certain guidelines and rules known as covenants, conditions, and restrictions (CC&Rs). If you break one of your HOA’s CC&Rs you may face a fine in addition to your monthly or yearly dues. When you move into a new home, it’s important to read your HOA CC&Rs thoroughly. Seemingly routine changes to your home’s exterior or a friend visiting in a Recreational Vehicle may violate the rules and leave you with a fine or worse.

A Buyer’s Market Likely Coming this Fall

Blog posted On September 17, 2019

Fall home buyers may be in luck. This summer, mortgage rates touched down to the lowest levels in three years. Whether or not the Federal Open Market Committee (FOMC) votes for a rate cut tomorrow, mortgage rates will likely stay historically low through the end of this year. Additionally, appraisals have gotten harder, and many buyers are making more cautious decisions. Thus, sellers are not able to price their home as high as they did earlier this year.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales

Blog posted On September 16, 2019

Mortgage rates did not move significantly last week, continuing to hover around historic lows. The Federal Open Market Committee will meet on Tuesday and Wednesday of this week and is expected to cut interest rates. In housing news, the National Association of Home Builders (NAHB) housing market index is scheduled for release on Tuesday, followed by housing starts and building permits on Wednesday, and existing home sales on Thursday.

Market Recap: Consumer Credit Expands, Job Openings Down, Mortgage Apps Up

Blog posted On September 13, 2019

Mortgage rates stayed near year-long lows this week, skewing slightly higher according to some sources. Consumer credit expanded in July, powering overall economic growth. Job openings are down and voluntary quit rates are up, as the labor market stays strong. Both new purchase and refinance mortgage application submissions are up.

Do the Math: How much do you need to save for a down payment?

Blog posted On September 12, 2019

When you’re ready to buy a home, one of the first questions that will come to mind is naturally “how much do I need to save for a down payment?” The amount needed for the down payment will vary depending on the type of loan you choose. Many home buyers believe a 20% down payment is needed to buy a home, but that’s not always the case. In 2018, the National Association of Realtors (NAR) found that 55% of all home buyers bought their home with a down payment of 6% or less, and 72% of first-time home buyers used a down payment of 6% or less. To determine how much you will need to save for a down payment, start with these equations.

Think You’re Saving Money on that Fixer-Upper? Think Again!

Blog posted On September 11, 2019

Many home buyers choose to buy a fixer-upper for financial reasons. They often expect the cost of the home combined with the cost of the needed improvements will still be less than buying a comparable move-in ready home. A recent survey of 1,069 homeowners from Porch.com, found that although buyers who bought a fixer-upper spent on average $50,000 less than their counterparts who bought move-in ready homes. But they tended to spend that difference, or more, on renovations and repairs to make their home livable.

Would a Recession Impact Today’s Housing Market?

Blog posted On September 10, 2019

Lately, numerous networks have been broadcasting news about an impending recession. The economy ebbs and flows through various economic cycles, and there are times when sustained growth is followed by a downturn. After the longest period of economic expansion in American history, a recession would not be unusual. When we hear “recession” today, many of us may immediately recall the Financial Crisis of 2007-2008 and the ensuing Great Recession. The Great Recession was brought on in part by irresponsible lending practices and the housing market collapse. However, if a recession takes place soon, it will likely not have the same impact on housing as the Great Recession.

Market Forecast: Consumer Credit, JOLTS, and Mortgage Applications

Blog posted On September 09, 2019

There are no significant housing reports scheduled for this week, aside from the Mortgage Bankers Association (MBA) weekly mortgage application survey. Other market-moving reports include the consumer credit report and the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS).

Market Recap: Construction Spending Improves, Mortgage Apps Mixed, ADP Employment Report Beats Predictions

Blog posted On September 06, 2019

Markets were closed on Monday in observance of the Labor Day holiday. Mortgage rates continued their downward trend this week, touching down on year-long lows. Construction spending improved in July. New purchase application submissions were up, but refinance application submissions were down. The ADP employment report exceeded expectations.

How Soon is too Soon to Sell Your Home?

Blog posted On September 05, 2019

The home you buy today is not always going to be the home you live in forever. Sometimes the need to move may come sooner than you expect. Most real estate professionals recommend waiting at least five years after buying a home before selling it to make sure you recoup the cost of the home purchase. However, circumstances vary, and in some cases, you could benefit from selling your home sooner rather than later. Realtor.com contributor, Larissa Runkle, identified three times when you should break the “5-year rule.”

CMG Financial's Colleen Schofield Recognized as 2019 HousingWire Insider

News posted On September 05, 2019

National mortgage media group HousingWire announced its 2019 HousingWire Insiders, a carefully selected list of the industry’s unsung heroes making moves behind the scenes to ensure the success of their organizations. CMG Financial’s Colleen Schofield, Operations Manager of the Eastern Division, was honored among 50 other winners nationwide.

Tesla Tests Rental Solar Panels in Six States

Blog posted On September 04, 2019

Since Tesla acquired SolarCity in 2016, residential solar panel installations have stalled. High installation costs create a financial barrier for many homeowners to switch to solar panels, despite the long-term energy savings. To make its solar panels more accessible, Tesla is pioneering a rental program in Arizona, California, Connecticut, Massachusetts, New Jersey, and New Mexico, with no installation costs and no time commitment.

Trump Administration Prepared to Release Fannie Mae and Freddie Mac Reform Plan Soon

Blog posted On September 03, 2019

The Trump Administration is expected to release its plan to return Fannie Mae and Freddie Mac to private-shareholder ownership early this month. Although Treasury Secretary Steve Mnuchin initially pledged housing finance reform was a top priority when he took office, the issue has taken a backseat to other policy matters throughout the Trump presidency. This proposal was expected to be announced earlier this summer but was delayed by revisions from the Department of Housing and Urban Development.

Market Forecast: Construction Spending, Mortgage Applications, ADP Employment Report

Blog posted On September 02, 2019

Markets are closed today in observance of the Labor Day holiday. This will be a short week with lots of news. The US construction spending report comes out on Tuesday, the Mortgage Bankers Association (MBA) weekly mortgage application survey comes out on Wednesday, and the ADP employment report comes out on Wednesday.

Market Recap: Home Price Appreciation Slows, Pending Home Sales Decline

Blog posted On August 30, 2019

Mortgage rates trended downward this week, touching year-long lows according to some sources. Both the Case-Shiller home price index and the Federal Housing Finance Agency (FHFA) house price index showed a slowdown of home price appreciation in June. Pending home sales declined.

4 Ways to Reduce Your Biggest Expense During Retirement

Blog posted On August 29, 2019

Whether it’s your mortgage payment or your monthly rent, housing is most retirees’ biggest recurring expense. According to the Bureau of Labor Statistics, the average household headed by an adult 65 or older spends nearly 34% of their income on housing and housing-related expenses like insurance, property taxes, maintenance needs, and utilities. For many, retiring means a fixed income and the prospect of monthly housing costs may seem daunting, especially added onto other needs like medical expenses and travel. Financial contributors at the Motley Fool compiled this list of four ways to reduce your biggest expense during retirement.

Low-Cost Ways to Make Your Bathroom Feel Brand New

Blog posted On August 28, 2019

Whether you just moved into your home or have lived there for years, renovations do not have to be costly. Bathrooms are one of the most popular rooms to renovate following kitchen renovations. There are ways to spruce up your bathroom without breaking the bank. If you’re not ready for a full bathroom makeover, try some of these ideas.

Millennial Homeowners Driving Home Improvement Spending

Blog posted On August 27, 2019

Determined to become homeowners in today’s competitive housing market, Millennials have found a new way to get what they want out of their home purchase; home improvement. In many metros, especially high-cost areas with rising home prices, first-time home buyers like Millennials have found choosing to buy a home that needs renovation or repair allows them to become a homeowner sooner and start building valuable home equity from their real estate investment. CNBC reported last year, homeowners who had mortgages experienced an 8% annual equity increase, adding up to $678 billion in excess home equity or approximately $9,700 per homeowner.

Market Forecast: Case-Shiller Home Price Index, FHFA House Price Index, and Pending Home Sales Index

Blog posted On August 26, 2019

Mortgage rates did not move significantly last week, continuing to hover near historic lows. This week, two readings on home price appreciation trends will be released. Both the S&P CoreLogic Case-Shiller home price index and the Federal Housing Finance Agency (FHFA) house price index are scheduled for release on Tuesday. The pending home sales index comes out on Thursday.

Market Recap: Mortgage Apps Flat, Existing Home Sales Increase, New Home Sales Decline

Blog posted On August 23, 2019

Mortgage rates flattened out this week, not moving significantly in either direction. As a result, mortgage activity was slow. Existing home sales increased in July, possibly triggered by this summer’s lower mortgage rates. New home sales fell sharply.

Reasons Not to Get a Mortgage Online

Blog posted On August 22, 2019

The idea of a totally digital mortgage experience may sound alluring to anyone with a busy schedule of daily demands. But when it comes to a six (or more!) digit transaction, there is an advantage to having a real person on your side to advocate on your behalf. Even if you prefer to get started filling out your application online or through our mobile app, working with a real loan officer and not a customer service hotline empowers you to cross the finish line with confidence.

6 Ways to Start Your Winter Home Maintenance this Summer

Blog posted On August 21, 2019

If you’re kicking back by the pool, the last thing on your mind is colder weather ahead. But fast forward to the winter months and imagine going out to check your gutter leak in the chilling wind. Preparing your home for the winter months during the summer can save you tons of aggravation, and even reduce the need for expensive repairs.

Trump Administration Moves to Restrict FHA Mortgage Refinance Limits

Blog posted On August 20, 2019

In lieu of the Federal Reserve’s rate cut, many homeowners are considering a mortgage refinance. Refinancing your mortgage could help you lower your monthly mortgage payment through a lower interest rate, reduce or eliminate mortgage insurance, change loan programs or terms, or get cash out. When homeowners get cash out, they are able to use their home’s equity to finance other needs like a home renovation project or to pay down higher interest debt.

Market Forecast: Mortgage Applications, Existing Home Sales, New Home Sales

Blog posted On August 19, 2019

Mortgage rates continue to trend lower, reaching year-long lows in many cases. This week, both the existing home sales and new home sales reports are scheduled for release. The Mortgage Bankers Association (MBA) weekly mortgage application survey comes out on Wednesday.

Market Recap: Mortgage Apps Climb, Home Builder Sentiment Improves, Housing Starts Decline but Building Permits Increased

Blog posted On August 16, 2019

Mortgage rates have not moved significantly this week, staying near year-long lows. Lower rates led to a significant increase in refinance mortgage applications. The National Association of Home Builders (NAHB) housing market index improved. Housing starts fell but building permits jumped.

Choosing the Right Size Home: Floor Plan vs. Square Footage

Blog posted On August 15, 2019

After budget and location, the number of rooms and the square footage are among the top factors home buyers consider. However, when you’re buying a new home, bigger isn’t always better. Touring the actual homes you’re considering purchasing, rather than just relying on the reported square footage, allows you to see how the home is setup. A larger home with poorly used space won’t serve you as well as a smaller home with the right layout. When you see a home within your budget and a larger than expected square footage, take a tour with your Realtor or real estate agent. Make sure the layout suits your needs and you don’t get stuck with unusable space.

FHA Issues New Condominium Approval Rule

Blog posted On August 15, 2019

With new guidelines set to become effective on October 15, 2019, condominium financing will become more accessible for FHA borrowers. Previously, to finance a condominium unit with an FHA loan the condo project had to meet approval requirements. With the new policy, individual condo units that are not part of an FHA-approved condo project can still be eligible for FHA financing. The policy change is a response to the need for more affordable options for first-time home buyers in today’s competitive market.

5 Most Common First-Time Home Buyer Mistakes, According to Realtors

Blog posted On August 14, 2019

When you’re buying a home, especially for the first time, working with a Realtor or real estate agent can help you avoid any rookie mistakes. Lifestyle blog, Apartment Therapy, polled real estate agents from around the country to identify the most common first-time home buyer mistakes, and how you can avoid them.

FHA to make financing easier for condo owners

Blog posted On August 14, 2019

Announces long-awaited changes to eligibility requirements that include individual unit approval.

More Americans Qualifying for Jumbo Mortgage Loans

Blog posted On August 13, 2019

The Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI) revealed it was easier to get a jumbo loan in June 2019 than it has been in the past eight years. All types of mortgage loans saw increases in credit availability, but jumbo loan credit availability marked the 6th straight month of increases. Home buyers use jumbo loans to finance homes with purchase prices higher than the conforming loan limits.

CMG Financial Appoints Drew Dyet, Senior Vice President, Wholesale Lending

News posted On August 13, 2019

CMG Financial, a well-capitalized, privately held mortgage-banking firm headquartered in San Ramon, California, announced today the promotion of Drew Dyet to lead its Wholesale Lending Channel. As Senior Vice President, Drew will spearhead enhancements for wholesale broker partners and continue to source new investment opportunities to improve the mortgage transaction for both the broker and loan officer. With vast experience ranging from loan origination to senior management, Drew is intimately aware of what brokers and loan officers need to grow their market share.

CMG Financial Welcomes Rodriguez-Hazard Team in San Clemente, CA

News posted On August 13, 2019

CMG Financial, a privately held, well-capitalized mortgage banking firm headquartered in San Ramon, California, announced today the addition of the Rodriguez-Hazard Team in San Clemente, California. CMG continues to invest in Orange County sales leaders to expand its Southern California footprint. Al Rodriguez and Reed Hazard will lead the new outpost as Area Sales Managers. CMG also welcomes Brian Kane, Sales Manager; Amy Lyons Vilardo, Sales Manager; Josh Varela, Retail Production Manager; and Samira Hurd, Business Development Manager.

Market Forecast: Mortgage Apps, Housing Market Index, and Housing Starts and Building Permits

Blog posted On August 12, 2019

Mortgage rates have fallen to year-long lows, amidst the Federal Open Market Committee’s vote to cut rates. This week, there are several important housing reports ahead including the Mortgage Bankers Association (MBA) weekly mortgage application survey, the National Association of Home Builders’ (NAHB) housing market sentiment index, and housing starts and building permits.

Market Recap: Job Openings Down Slightly, Refinance Apps Surge, Consumer Credit Expands

Blog posted On August 09, 2019

Mortgage rates trended downward this week, reaching year-long lows according to some sources. Job openings slipped slightly. New purchase mortgage application submissions declined but refinance mortgage application submissions are up. Consumer credit expanded less than expected.

Forbes Real Estate Council’s Realtor Recommendations

Blog posted On August 08, 2019

Choosing the right Realtor or real estate agent will greatly influence how your home purchase goes. Your Realtor or real estate agent will connect you with the right listings in your community and be your number one advocate when it’s time to make an offer. Forbes polled leading real estate executives from its Forbes Real Estate Council and found these top five things to look for when choosing a Realtor or real estate agent.

Save Money by Never Buying These 5 Things New

Blog posted On August 07, 2019

We all have savings goals we are trying to reach. While we generally can’t change when we need to buy something, we can change how we buy it. Buying used instead of new can help you save substantially on some more expensive necessities. Whether you’re saving to pay down student loans, buy a home, or invest elsewhere, these simple strategies can help boost your savings efforts.

Mortgage Delinquency Rate Falls to 20-Year Low

Blog posted On August 06, 2019

The latest CoreLogic monthly Loan Performance Insights Reports revealed Americans are better at making their mortgage payments on time than they have been in the past two decades. A delinquent mortgage is defined as a mortgage that has been past due for 30 days or more. As of April 2019, the national mortgage delinquency rate dropped to 3.6%.

Market Forecast: Job Openings, Mortgage Applications, and Consumer Credit

Blog posted On August 05, 2019

Last week, the Federal Open Market Committee voted for its first rate cut in 10 years. Mortgage rates reacted by trending downward. This week, the only significant housing report will be the Mortgage Bankers Association (MBA) weekly mortgage application survey. Other market-moving reports include the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) and consumer credit.

Market Recap: Rate Cut, Home Appreciation Slows, Pending Home Sales Up

Blog posted On August 02, 2019

In a widely anticipated move, the Federal Open Market Committee voted to cut the federal benchmark interest rate by .25 bps. Mortgage rates trended slightly lower following the announcement. The S&P CoreLogic Case-Shiller home price index showed home price appreciation has continued to slow down in many metros across the country. Pending home sales continued to increase.

Build-to-Rent Housing Growing Popular

Blog posted On August 01, 2019

With foreclosure and distressed property sales at an all-time low, investors are looking for new ways to satisfy the growing demand for single-family rental homes. Today, distressed properties account for just 2% of home sales, down substantially from the high of 49% in March 2009. At the same time, renters are shifting away from apartments and multifamily living and seeking single-family homes. Home builders around the country are seizing this opportunity to build homes to rent.

Solar Panels Could Increase Your Home’s Resale Value

Blog posted On July 31, 2019

Homeowners switch to solar panels to reduce energy costs and lower their environmental impact. As an added bonus, Zillow researchers uncovered that homes with solar panels sell for 4.1% more on average that similar homes without solar power. The value of adding solar panels to your home varies depending on the market. On the lower impact end of the spectrum, homes in Riverside, CA sold for an average 2.7% or $9,926 more. Comparatively on the higher impact end of the spectrum, homes in New York, NY sold for an average 5.4% or $23,989 more.

How Tomorrow’s Federal Open Market Committee Vote Impacts You

Blog posted On July 30, 2019

The Federal Open Market Committee (FOMC) meets today and tomorrow and most analysts are expecting a quarter-point rate cut based on messaging in the Fed’s Beige Book released earlier this month. If the Fed votes for a rate cut, all interest rates will react accordingly. The cost to borrow money will decrease, possibly making it more affordable for you to take out a mortgage to buy a home or finance a vehicle purchase. However, the interest you earn from your savings account will also decrease.

Market Forecast: Case-Shiller Home Price Index, Pending Home Sales Index, and Federal Open Market Committee Meeting

Blog posted On July 29, 2019

The Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday of this week, and a rate cut is widely expected. Federal Reserve Chair Jerome Powell will host a press conference at 2:30 ET on Wednesday. In housing news, the S&P CoreLogic Case-Shiller home price index and the pending home sales index will both be released on Tuesday.

Market Recap: Home Price Appreciation Slows, Existing Home Sales Decline, New Home Sales Increase

Blog posted On July 26, 2019

Mortgage rates have not moved drastically this week, trending somewhat lower according to some sources. Home price appreciation has also slowed, according to the Federal Housing Finance Agency (FHFA) house price index. Existing home sales fell, but new home sales rebounded.

House Flipping Myths You Might Believe

Blog posted On July 25, 2019

One of the ways to make money through a real estate investment is to buy a home to sell or “flip.” Although some flips, especially the ones featured on reality television, involve distressed or foreclosed properties, this will vary greatly depending on the property you buy. Buying a distressed property may mean a lower buy-in price but buying a livable home in an area with rapid home price appreciation could also yield a sizable profit. With the popularity of house flipping shows plus a surge in house flipping following the Financial Crisis, many potential real estate investors have false preconceived notions about what goes into the purchase and resale of a home for profit. Realtor.com contributor, Terri Williams, reveals some of the most common house flipping myths you might believe.

Are you making these air conditioning mistakes?

Blog posted On July 24, 2019

Things are heating up this summer, and chances are your energy costs are inevitably going to go up. Home-energy monitoring company, Sense, reports the average cost to air condition a home in the United States is about $147.82. This figure varies widely based on geography, with a median cost of $292.90 per home in the Sun Belt and $95 per home bordering Canada. Most homeowners need to air condition their homes at least for some part of the summer, but there are ways to do so and save.

Price Gap: What’s for Sale vs. What Buyers Want

Blog posted On July 23, 2019

Mortgage rates may be on a downward trend, but home buyers in many metros are still facing out of budget home prices. Researchers at Realtor.com found half of today’s home shoppers are expecting to purchase a property under $288,000. Unfortunately, that’s 9.1% or $27,000 lower than the median sales price of homes on the market. In order to bridge that price gap, Realtor.com estimates the market needs roughly 94,000 more homes priced between $100,000 and $340,000, a 15% inventory increase on a market already starved of inventory.

CMG Financial Appoints Drew Dyet, Senior Vice President, Wholesale Lending

News posted On July 23, 2019

Market Forecast: FHFA House Price Index, Existing Home Sales, New Home Sales

Blog posted On July 22, 2019

Mortgage rates continued to stay low last week, especially with speculation about a rate cut later this year. This week, the Federal Housing Finance Agency will release its housing market index. Additionally, existing home sales and new home sales are both scheduled for release.

Market Recap: Builder Sentiment Improves, Mortgage Apps Mixed, Housing Starts and Building Permits Decline

Blog posted On July 19, 2019

Mortgage rates are continuing to trend downward ahead of this month’s Federal Open Market Committee (FOMC) meeting. The National Association of Home Builders’ (NAHB) housing market sentiment index improved. New purchase mortgage application submissions declined but refinance application submissions improved. Both housing starts and building permits declined.

Don’t Judge a Book by its Cover – What’s Hiding Beyond Your Dream Home’s Exterior

Blog posted On July 18, 2019

It’s easy to fall in love with a home at first sight – there’s a reason they call it curb appeal! Looking beyond a beautiful exterior could help you find costly dangers lurking within. Some of the common reasons home sales fall through include pending permits, undisclosed insurance claims, pests, water damage, and structural damage. A home inspection should unearth most potential problems but doing your due diligence before you make an offer can also protect you from falling for the wrong home.

The Cost of Selling to an “iBuyer”

Blog posted On July 17, 2019

In a busy market, selling your home through real estate startups that buy homes directly from buyers may be a tempting offer. Startups like Knock, Offerpad, and Opendoor solicit bids from “iBuyers” willing to buy its customers’ homes. A recent MarketWatch investigation found that sellers who sell their homes this way, net 11% less than sellers who sell their homes the traditional way on the open market. Especially when fees and other costs are considered.

Over 8 Million Borrowers Could Save with a Mortgage Refinance

Blog posted On July 16, 2019

After a steady climb throughout 2018, 2019 has seen the opposite in mortgage rate activity. Average mortgage rates continue to trend lower. Mortgage software and analytics firm, Black Knight, reported that at the end of June, approximately 8.2 million homeowners could benefit from a mortgage refinance. This figure is nearly 4.5 times greater than the number of potential refinance candidates at the end of November 2018.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Mortgage Apps

Blog posted On July 15, 2019

Mortgage rates did not move significantly last week, trending slightly lower amidst speculation that the Federal Open Market Committee may vote to cut the federal benchmark interest rate. Coming up this week, the National Association of Home Builders (NAHB) will release its monthly housing market sentiment index. Housing starts and building permits, and the Mortgage Bankers Association (MBA) weekly mortgage application survey are also scheduled for release.

Market Recap: Consumer Credit Up, Job Openings Down, Mortgage Applications Mixed

Blog posted On July 12, 2019

Mortgage rates stayed low this week, trending downward according to some sources. Consumer credit expanded for the second month in a row. Job openings fell in May, but could bounce back, especially after the strong jobs report last week. New purchase mortgage applications increased but refinance applications are down.

Can you afford to buy a home?

Blog posted On July 11, 2019

When it comes to buying a home, the first question most home buyers ask is “can I afford to buy a home?” There are numerous factors that influence whether or not you can afford to buy a home. Home prices may be rising rapidly in one area but may be level just a half-hour drive away. One loan program may mean high monthly payments, but another could be closer to your budget. If you find yourself answering “no” to the question of whether or not you can afford to buy a home, consider these solutions below.

Most Common Money Mistakes and How to Avoid Them

Blog posted On July 10, 2019

When it comes to financial decisions, consumers’ biggest disadvantage is lack of financial education. Feeling more comfortable and confident with financial decisions will help you get the most out of your money, save for your future, and better understand your financial picture. Certified Financial Planner® and the Motley Fool contributor, Matt Frankel, revealed the top money mistakes he sees his clients make and how you can avoid them.

What Parents Want When Buying Homes

Blog posted On July 09, 2019

The need to buy a home is often triggered by milestones like starting a family, children reaching school age, or career movement. It’s not surprising that almost half of all home buyers and one-third of renters who moved in the past year had children under 18 living at home. Zillow’s 2018 Consumer Housing Trends Report found that buyers with young children were more likely to go over budget than buyers without children. Having children significantly changes home buyer wish lists and, in some cases, makes it more difficult to compromise.

Market Forecast: Consumer Credit, Job Openings, MBA Applications

Blog posted On July 08, 2019

Mortgage rates are still hovering around year-long lows, following dovish remarks by the Federal Open Market Committee at their June meeting. This week, the only significant housing report will be the Mortgage Bankers Association (MBA) weekly mortgage application survey. Other market-moving reports include consumer credit and the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS).

Market Recap: Construction Spending Declines, Mortgage Apps Mixed, ADP Employment Adds Job

Blog posted On July 05, 2019

Mortgage rates continued to swing lower, amidst growing speculation surrounding a Federal rate cut later this year. Construction spending pulled back. New purchase mortgage application submissions increased, and refinance mortgage application submissions decreased. The ADP employment report added fewer jobs than expected but was positive.

6 Garage Renovation Ideas

Blog posted On July 04, 2019

Own a home with a garage? Realtor.com reports garage space ranks just as high as an updated kitchen for some prospective home buyers. If you are interested in upgrading your garage before selling your home or just looking for ways to repurpose unused garage space, review these top garage renovation ideas. Keep in mind the temperature of your garage, especially during the summer. Most of these renovation ideas may require an HVAC upgrade or other heating and cooling system.

Buying a home with a pool? Read this first!

Blog posted On July 03, 2019

Summer is in full swing and if you’ve spent any time waiting in line or shelling out fees to use a community pool, you may be day dreaming about having a pool of your own. Buying a home with a pool could mean endless summer fun and even a higher resale value when it’s time to move. It could also be a potential pitfall if you don’t do your due diligence or properly maintain the pool. Realtor.com contributor Sally Herigstad compiled this list of crucial lessons she learned when buying a home with a pool seven years ago. Take note!

Why Young Home Buyers are Facing Limited Inventory and What They’re Doing About It

Blog posted On July 02, 2019

For the past few years, home buyers have faced a competitive market with a limited number of homes for sale. One of the chief factors impacting housing supply is the Baby Boomer generation. Baby Boomers are staying in their homes longer, instead of downsizing or moving into retirement communities. This trend has kept previous generations, who are homeowners, in their starter homes longer, preventing would-be first-time home buyers from entering the market.

Market Forecast: Construction Spending, MBA Applications, ADP Employment Report

Blog posted On July 01, 2019

Mortgage rates continue to trend lower. This week in housing news, US construction spending comes out on Monday followed by the Mortgage Bankers Association (MBA) weekly mortgage application survey on Wednesday. Other market-moving reports include the ADP employment report.

Market Recap: Home Price Appreciation Flat, New Home Sales Decline, Pending Home Sales Improve

Blog posted On June 28, 2019

Mortgage rates continue to swing lower, amidst the Federal Open Market Committee’s decision to leave rates unchanged. Home price appreciation was flat month-over-month but up marginally year-over-year. New home sales declined, but pending home sales are up.

You’re Closing on Your Mortgage! Avoid These 5 Things.

Blog posted On June 27, 2019

You’re almost there! You’ve found the perfect home, you’re approved for your mortgage, and you’ve even picked out your new doormat to welcome everyone to the housewarming party you’re planning. It can take anywhere from a few days to a few weeks to get to your final closing date and certain financial missteps could jeopardize your transaction.

Are you making these common house hunting mistakes?

Blog posted On June 26, 2019

Buying a home can be an emotional experience, especially for first-time home buyers. Your new home is going to be the place where you host your holidays, raise your family, and make happy memories. It’s easy to get caught up in the home search. However, a seemingly simple mistake could cost you when it comes to the closing table.

Many Consumers Overestimate Mortgage Requirements

Blog posted On June 25, 2019

With today’s historically low rates, you may be considering buying your first home. Buying a home is the first step most Americans take toward building wealth in the form of home equity. A recent Fannie Mae survey of 3,647 consumers revealed that a staggering number of respondents vastly overestimate what it takes to get a mortgage.

Market Forecast: Case-Shiller Home Price Index, New Home Sales, Pending Home Sales Index

Blog posted On June 24, 2019

Last week, the Federal Open Market Committee (FOMC) voted to leave the benchmark interest rate unchanged. Mortgage rates reacted by holding steady. This week, the S&P CoreLogic Case-Shiller home price index, new home sales, and the pending home sales index are all scheduled for release.

VA Thought of the Week: Interest Rate Reduction Refinance Loan Transactions

Blog posted On June 24, 2019

In the first 4 installments, we covered overall refinance rules and a detailed review of cash-out refinance rules. In this installment, we will cover the specifics of an Interest Rate Reduction Refinance Loan transaction.

Market Recap: No Rate Hike, Home Builder Sentiment Drops, Housing Starts and Building Permits

Blog posted On June 21, 2019

The Federal Open Market Committee (FOMC) met on Tuesday and Wednesday this week and voted to leave the federal benchmark interest rate unchanged. As a result, mortgage rates trended downward. Home builder sentiment fell slightly. Housing starts declined and building permits increased.

Benefits and Risks of Home Sharing

Blog posted On June 20, 2019

A new practice called “house hacking” is a new name of an old concept, that is getting popular again, especially in expensive markets. Homeowners rent out one or more rooms in their home, through short-term rental sites or other rental agreements, to help with the cost of their mortgage and even make a profit. Some homes, like duplexes or homes with mother-in-law suites, are more conducive to renting, while others may require some modifications.

CMG Financial Welcomes New Area Sales Manager, Gary Coffman

News posted On June 20, 2019

Frisco, TX – CMG Financial, a privately held mortgage-banking firm headquartered in San Ramon, CA, announced today the hire of Gary Coffman, Area Sales Manager. will work to grow CMG Financial’s North Texas market share and lead hiring and onboarding efforts throughout the area.

What to Know About Friends and Family Loans

Blog posted On June 19, 2019

Lending money to friends and family, when you are financially able, can be a good way to help someone out and can also be a tricky subject depending on the outcome. Children may borrow money from parents to attend college or buy a car, siblings may borrow money from each other to pay for an unexpected healthcare cost, and a friend may borrow money to start a business. If you are considering lending money to a friend or relative there are ways to help them out and still protect yourself.

38% of Home Buyers Exceed Their Budgets

Blog posted On June 18, 2019

One of the first steps to buying a new home is setting a reasonable budget. Getting preapproved for mortgage financing will help you determine how much home you can afford and where you should start looking. Most mortgage professionals recommend setting a budget below the amount of loan you qualify for, to avoid stretching your finances. The cost of buying a home comes with the down payment, closing costs, and other ongoing maintenance and renovation costs that may come up during the first few years of homeownership. A new study from real estate brokerage, Owners.com, found that an alarming 38% of home buyers exceeded their self-imposed budgets over the past four years.

VA Thought of the Week: An in-depth Review of the Comparison Certification

Blog posted On June 17, 2019

VA created 2 forms for the Comparison Certification. The first is the estimated or proposed comparison and the second is the final comparison. Like a Loan Estimate, the proposed comparison must be accurate, but not necessarily perfect. It can be changed if the circumstances change, and then reissued. The final comparison is just as important as the final Closing Disclosure. It must be accurate without exception.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, FOMC Meeting

Blog posted On June 17, 2019

Mortgage rates did not move much last week, continuing to hover around historically low levels. The Federal Open Market Committee (FOMC) will meet Tuesday and Wednesday of this week. Some economists are suggesting a rate hike is warranted, as inflation slows and economic growth loses steam, while others predict the Fed will hold its course of leaving rates unchanged. Other important housing reports scheduled for release include the National Association of Home Builders (NAHB) housing market sentiment index, housing starts and building permits.

Market Recap: Job Openings Hold Steady, Mortgage Applications Jump, Consumer Price Index Increases

Blog posted On June 14, 2019

Mortgage rates have not moved significantly up or down this week, ahead of next week’s Federal Open Market Committee (FOMC) meeting. Both new purchase and refinance mortgage application submissions surged amidst low mortgage rates. The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed job openings declined slightly. The consumer price index increased marginally.

How much is too much for your down payment?

Blog posted On June 13, 2019

It’s no secret, accumulating a down payment is the biggest obstacle many first-time home buyers face. Between rising rents, higher home prices, and the pervasive myth that you need to put down at least 20% to buy a home, determining how much you need to save for a down payment varies. A larger down payment will usually reduce or eliminate the cost of mortgage insurance, and may lower the monthly mortgage payment, but you don’t need to put everything you have saved toward your down payment. Buying a new home will have costs associated with it like urgent upgrades, home maintenance, and the closing costs on your mortgage.

How Smart Home Tech Can Help Retirees Age In Place

Blog posted On June 12, 2019

The thought of smart home devices may conjure the idea of tech-savvy millennials using smart thermostats to regulate temperatures or smart appliances to maximize efficiency. However, smart home technology can also help older homeowners. As more and more retirees plan to age in place rather than downsizing or moving into a retirement community, smart home technology is making the transition easier.

House Members Push for Higher SALT Deduction Cut in Tax Cuts and Jobs Act

Blog posted On June 11, 2019

One of the major changes to the 2017 Tax Cuts and Jobs Act (TCJA) may soon be up for debate in Congress. Representative Mikie Sherrill (D-NJ) recently addressed state and local tax (SALT) deduction limits at a town hall in Bloomfield, NJ. Under the TCJA, taxpayers, regardless of income, cannot deduct more than $10,000 of total state and local taxes, including property taxes. This deduction cap disproportionately impacts residents of higher tax areas, like New Jersey, New York, and elsewhere.

VA Thought of the Week: The Net-Tangible Benefits Test

Blog posted On June 10, 2019

VA has established 8 different possible Net Tangible Benefits (NTB). All new Type II Cash Out refinance loans must meet at least 1 of the 8 possible NTB options.

Market Recap: Mortgage Rates Continue to Fall, Construction Spending, ADP Employment Report, and More

Blog posted On June 07, 2019

Mortgage rates continued to fall this week. US construction spending was unchanged. New purchase mortgage applications declined, but refinance applications are up. The ADP employment report added fewer jobs than expected.

CMG Financial Welcomes Ted Bishop, Area Sales Manager

News posted On June 07, 2019

Roswell, NM – CMG Financial, a well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, announced the hire of Ted Bishop, Area Sales Manager, Roswell, New Mexico. Ted will work to grow CMG Financial’s Southwestern market share and lead hiring and onboarding efforts throughout the area.

What’s the right rate to refinance?

Blog posted On June 06, 2019

After trending upward throughout 2018, 2019 has seen very little interest rate movement. In fact, average mortgage rates continue to trend toward year-long lows. Federal Reserve Chair Jerome Powell announced the Federal Open Market Committee (FOMC) would pause raising interest rates for the rest of the year. With today’s low rates, many homeowners could benefit from a rate and term refinance, or a refinance that lowers the mortgage rate or shortens the mortgage term. Making the decision to refinance your mortgage loan could help you lower your monthly mortgage payment, remove mortgage insurance, or even take cash out to fund a renovation project or other expense. Keep in mind, a mortgage refinance is a new loan origination and with that comes closing costs. With interest rates at 2019 lows, many homeowners are wondering, is it time to refinance my mortgage loan?

CMG Financial's Joe Cabrall Recognized as 2019 HousingWire Rising Star

News posted On June 06, 2019

National mortgage media group HousingWire announced its 2019 Rising Stars, an exclusive list of young leaders to watch in the housing industry. CMG Financial’s VP, Correspondent Operations, Joe Cabrall, was recognized among 50 other industry-leading innovators as a 2019 Rising Star.

3 Habits That Could Improve Your Credit Score

Blog posted On June 05, 2019

Your credit score is influenced by five differently-weighted components including payment history (35%), total amount owed (30%), credit history (15%), credit mix (10%), and new credit (10%). Banks and lenders use your credit score to determine whether or not you are a good candidate for a loan or a line of credit. Even if you are not planning to buy or refinance a home this year, it’s good to practice to build positive credit habits to maintain a positive score. Most financial experts recommend taking six months to a year to improve your credit before you apply for a mortgage loan.

Market Forecast: JOLTS, Mortgage Apps, and Consumer Price Index

Blog posted On June 05, 2019

The only housing report of significance this week will be the Mortgage Bankers Association (MBA) weekly mortgage application survey. Other market-moving reports include the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) and the consumer price index.

FHFA Director Mark Calabria Addresses GSE Reform

Blog posted On June 04, 2019

Federal Housing Finance Agency (FHFA) Director Mark Calabria shared his thoughts surrounding the future of Fannie Mae and Freddie Mac at the recent National Association of Realtors (NAR) Regulatory Issues Forum. Fannie Mae and Freddie Mac became government-sponsored entities (GSE) following the financial crisis and despite returning to profitability years ago, the two remain under government control. Advocates in favor of releasing Fannie Mae and Freddie Mac from conservatorship believe private ownership will lead to a more competitive mortgage market. Those who oppose worry we will see a repeat of the financial crisis, especially if the proper precautions are not taken.

Market Forecast: Construction Spending, Mortgage Apps, ADP Employment Report

Blog posted On June 03, 2019

Mortgage rates are still low and have not moved much in recent weeks. This week in housing news, the US construction spending report comes out today and the Mortgage Bankers Association (MBA) weekly mortgage application survey comes out on Wednesday. The ADP employment report is also scheduled for release.

VA Thought of the Week: What’s new with Type II Cash Out Refinance Loans?

Blog posted On June 03, 2019

Type II Cash Out Refinance Loans are very close to the original VA Cash Out refinance loans, but there are a lot of new rules in place to ensure the loan is in the best interest of the Veteran.

Market Recap: Home Price Appreciation Gainful, but Slower. Pending Home Sales Decline

Blog posted On May 31, 2019

Average mortgage rates continued their downward trend this week. Both the S&P CoreLogic Case-Shiller home price index and the Federal Housing Finance Agency (FHFA) house price index indicated that home price appreciation is also slowing down. Pending home sales are down.

Is there such thing as “Good” and “Bad” debt?

Blog posted On May 30, 2019

You may have heard the terms “good debt” and “bad debt” used before. Certified Money Coach, TED Speaker, and author, Tammy Lally defines “’good’ debt is an investment of money that grows in value or generates long-term income” and “’bad’ debt works against you from the onset.” Americans take out loans and lines of credit to finance all kinds of purchases from weekly groceries to a new home. As a consumer, it’s important to understand the differences between these types of debt and how to use credit responsibly to maintain a good credit score and get approved for future loans and lines of credit.

How Multi-Generational Living Impacts Home Design

Blog posted On May 29, 2019

Today, it’s not uncommon to have multiple generations living in the same home. Between adult children returning after college and parents living longer, Baby Boomers are often called the “sandwich generation” as they simultaneously care for their children and parents. In fact, 41% of American home buyers consider the need to accommodate an elderly parent or adult child when they are shopping for a home. After decades of building detached single-family homes, some home builders are shifting gears toward accommodating multiple generations under one roof.

Are Parents Hurting Homeownership?

Blog posted On May 28, 2019

Millennials may have an even harder time shaking the “parents’ basement dwellers” moniker after recent data from an Urban Institute study. While a large share of recent college graduates move back into their parents’ homes with the intention of saving money in a no-or-low-rent environment, they may actually be hurting their chances at homeownership. From the study, young adults who live with their parents between the ages of 25 and 34 are significantly less likely to be homeowners ten years later.

Market Forecast: Case-Shiller Home Price Index, FHFA House Price Index, Pending Home Sales Index

Blog posted On May 27, 2019

Markets will be closed today, in observance of Memorial Day. Coming up this week, the S&P CoreLogic Case-Shiller home price index and the Federal Housing Finance Agency (FHFA) house price index are scheduled for release on Tuesday. The National Association of Realtors (NAR) will release its pending home sales index on Thursday.

VA Thought of the Week: What general terms did the VA change with the new Cash Out Refinance regulation?

Blog posted On May 27, 2019

Over the coming weeks, we will review a number of issues on VA Cash Out Refinance loans.

First, we will cover the general terms that the VA changed with the new Cash Out Refinance regulation.

Market Recap: Existing Home Sales Decline, Mortgage Apps Mixed, New Home Sales Also Fall

Blog posted On May 24, 2019

Mortgage rates trended slightly lower this week and continue to hover around year-long lows. Existing home sales dropped in April. New purchase mortgage application submissions decreased but refinance application submissions increased. New home sales are also down.

Retire in place or move somewhere new?

Blog posted On May 23, 2019

When we retire, we get the freedom to stay in our current home or move somewhere else. Both choices come with their own advantages and challenges. Staying in the same home means your mortgage may already be paid off, you’ll be close to your existing community, and you will not have to deal with the cost and stress of moving. Moving somewhere new may give you the opportunity to downsize or move into a home that better suits your changing needs, connect with a new community, and gain a new experience. MarketWatch contributor, Erin Rook, interviewed retirees around the country to find out what factors they considered when choosing to retire in place or move somewhere new.

Natural Disasters Highlight Millions of Underinsured Homes

Blog posted On May 22, 2019

In 2018, the United States suffered 14 natural disasters spanning coast to coast from wildfires in California to hurricanes in Florida. The National Oceanic and Atmospheric Administration (NOAA) reports natural disasters cost the United States $91 billion in damage, marking the eighth consecutive year that eight or more natural disasters resulted in billion-dollar level damage. As climate change continues to warm the atmosphere, natural disasters are only expected to increase in frequency and severity and home insurers are lagging behind. Rising construction costs lead to costlier repairs that many home insurers are not prepared to cover.

CMG Financial Initiates Atlanta Expansion with Allen Lee, Area Sales Manager

News posted On May 22, 2019

Atlanta, GA – CMG Financial, a well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, announced the hire of Allen Lee, Area Sales Manager, Atlanta, GA. Allen will be based out of the newly licensed Atlanta, GA branch and spearhead business development throughout the Greater Atlanta area.

CMG Financial's Proprietary All In One Loan Live in Texas, Now Available Nationwide

News posted On May 22, 2019

CMG Financial, a privately-held mortgage banking firm headquartered in San Ramon, CA, announced today its proprietary All In One Loan product is now available in Texas for non-homestead properties. With the addition of Texas, the All In One Loan is currently offered in all fifty states through CMG Financial's retail loan officers, select wholesale mortgage brokers, and correspondent lending partners. Additionally, CMG Financial recently added a 10% down payment option in most states.

5 Challenges Home Sellers Face in 2019

Blog posted On May 21, 2019

No matter what the market is doing, home sellers will face various challenges throughout the process. Forbes contributor and CEO of Las Vegas Homes by the Brooks Team, Jim Brooks, outlined five specific challenges home sellers will face in 2019.

Market Forecast: Existing Home Sales, Mortgage Apps, Jobless Claims

Blog posted On May 20, 2019

Mortgage rates continue to trend downward, amidst some uncertainty surrounding global trade tensions. There are very few economic reports scheduled for release this week. In housing news, existing home sales and the Mortgage Bankers Association weekly mortgage application survey are scheduled for release. The weekly jobless claims report comes out on Thursday.

VA Thought of the Week: Does the VA Funding Fee cost the Veteran too much?

Blog posted On May 20, 2019

Some Veterans may believe the VA Funding fee on a VA loan costs too much, making the FHA and Conventional loans better options. This is a mortgage myth!

Market Recap: Mortgage Apps Down, Housing Market Index Positive, Housing Starts and Building Permits Improve

Blog posted On May 17, 2019

Mortgage rates continued to follow a downward trend this week. However, both new purchase and refinance mortgage application submissions declined. Home builder sentiment improved. Housing starts and building permits each increased.

2 Ways to Make Money from Real Estate Investments

Blog posted On May 16, 2019

Real estate investment is a common choice for those who are looking to invest in something more stable than the stock market. While stocks go up and down, most homes tend to steadily appreciate over time, and when there is a change in a housing market it’s typically gradual. Before you choose to invest in real estate, it’s important to understand how to make money from your real estate investment.

Keep These Phrases OUT of Your Offer Letter

Blog posted On May 15, 2019

When you’re buying a home in a competitive market, some home buyers choose to write a personal letter to accompany their offer to make an emotional connection and stand out to the seller. Buying a home is a personal experience, especially if the seller has lived there for many years. A personal letter could be the extra push you need to get your offer accepted; it could also sour the deal.

Market Forecast: Mortgage Apps, NAHB Housing Market Index, Housing Starts and Building Permits

Blog posted On May 13, 2019

Mortgage rates have not moved much this week and will likely stay low for the rest of the year, following the Federal Reserve’s decision to pause rate hikes. This week, the National Association of Home Builders (NAHB) will release its housing market sentiment index. Housing starts and building permits and the weekly mortgage application survey are also scheduled for release.

VA Thought of the Week: What is the maximum VA loan amount in your area?

Blog posted On May 13, 2019

What is the maximum VA loan amount in your area? $484,350… $690,000… $726,525?

Market Recap: Job Openings Up, Consumer Credit Slows, Mortgage Apps Rebound

Blog posted On May 10, 2019

Mortgage rates have not moved significantly this week, following the Federal Reserve’s decision to leave rates unchanged. Job openings increased, as the labor market continues to show strength. Consumer borrowing slowed but was still positive. Both new purchase and refinance mortgage application submissions turned around after several weeks of declines.

How to Save Money on Your Mortgage

Blog posted On May 09, 2019

You know you’re going to finance your new home purchase with a mortgage, but where do you start? There are plenty of ways to save money on your mortgage and it all starts with working with the right mortgage lender.

4 Times to Invest When Buying a Home

Blog posted On May 08, 2019

Buying a home is a big financial commitment, and it’s no secret that it gets expensive, between the down payment, closing costs, and other fees. When you are making this big of a purchase, you will probably be looking for ways to save. Apartment Therapy contributor, Kate Streit, interviewed real estate experts nationwide to compile this list of the top four things you should never skimp on when buying a home.

Survey: Home Buyers of All Ages Looking for Lawns

Blog posted On May 07, 2019

What do you love most about your home? A recent survey conducted on behalf of the National Association of Landscape Professionals (NALP) suggests it may be your lawn. From the survey, 81% of Americans have a lawn or yard and 79% say that a lawn or yard is one of the most important features when buying or renting a home. A nice sized lawn ranked second behind a kitchen renovation, and the sentiment was shared by all generations.

Market Forecast: Job Openings, Consumer Credit, Mortgage Applications

Blog posted On May 06, 2019

Last week, the Federal Open Market Committee voted to leave the federal benchmark interest rate unchanged. Mortgage rates reacted accordingly but did not move significantly. This week, the only housing-related report will be the Mortgage Bankers Association (MBA) weekly mortgage application survey. Other market-moving reports include the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) and consumer credit.

VA Thought of the Week: Pest Inspections: Who can pay for them?

Blog posted On May 06, 2019

Most mortgage and real estate professionals may believe that a Veteran cannot pay for the pest inspection on a home purchase using a VA Guaranteed home loan. However, that’s one of the most misunderstood issues in the industry today!

Market Recap: No Rate Hike, Case-Shiller Home Price Index Appreciates, Pending Home Sales Jump

Blog posted On May 03, 2019

The Federal Open Market Committee met on Tuesday and Wednesday of this week and voted to leave the federal benchmark interest rate unchanged. In turn, mortgage rates did not move significantly. The S&P CoreLogic Case-Shiller home price index appreciated at the slowest clip since September 2012. The pending home sales index exceeded expectations.

Your Spring Cleaning Checklist

Blog posted On May 02, 2019

When you’re done purging your closets and clearing out the garage or basement, remember the rest of your home! Spring is the perfect time of the year to tackle some home maintenance tasks you may have put on hold during the busy holiday season or colder winter months. Your home deserves a facelift too!

5 Questions to Ask that Could Save You Money

Blog posted On May 01, 2019

Whether you are paying down student debt, saving for the down payment on a home, or trying to achieve another financial goal – sometimes asking a simple question could save you hundreds or thousands of dollars. CNBC contributor Alicia Adamczyk identified these five questions many Americans have not asked, or did not know they could ask, that can help them save money.

Home Equity Hits Record High – Why Aren’t Homeowners Using it?

Blog posted On April 30, 2019

Home equity increases over time as the homeowners makes payments toward their mortgage balance and their home appreciates. As home values continue to rise, tappable home equity has increased substantially. In the fourth quarter of 2018, Black Knight reported that American homeowners had a collective $5.7 trillion in tappable equity. In fact, CoreLogic data showed from 2017 to 2018, the average homeowner gained almost $10,000 in home equity.

Market Forecast: Case-Shiller Home Price Index, Pending Home Sales Index, and Federal Open Market Committee Meeting

Blog posted On April 29, 2019

Mortgage rates did not move significantly last week, continuing to hover near year-long lows. This week, the Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday. The S&P CoreLogic Case-Shiller home price index and pending home sales index are also scheduled for release.

VA Thought of the Week: What is a VA joint loan?

Blog posted On April 29, 2019

Did you know that a Veteran can buy a home with a person that is not a Veteran and not their spouse? It’s called a VA Joint Loan.

Market Recap: Existing Home Sales Down, FHFA House Price Index Increases, New Home Sales Up

Blog posted On April 26, 2019

Mortgage rates have not moved significantly up or down this week, ahead of next week’s Federal Open Market Committee (FOMC) meeting. The FOMC is not likely to raise interest rates during this meeting. Existing home sales are down but new home sales are up. Home price appreciation continues to slow.

Analysis of Today’s First-Time Home Buyer

Blog posted On April 25, 2019

Despite some obstacles that first-time home buyers face when starting their home search, a recent study from the Federal Reserve Bank of New York suggests the share of first-time home buyers has remained stable over the past 17 years. On average, first-time home buyers make up a little less than half of total home buyers on the market, 46% in 2016. To help lenders and other real estate professionals cater to first-time home buyers, the New York Fed released this analysis of today’s first-time home buyer and their specific needs.

CMG Financial Invests in Veterans and Military Lending Department with New Vice President, Jeff Wilson

News posted On April 25, 2019

San Ramon, CA – CMG Financial, a well-capitalized, privately held mortgage-banking firm headquartered in San Ramon, CA, announced the hire of Jeff Wilson, Vice President, Veteran and Military Lending. Jeff Wilson, a retired US Army Major with 21 years of military service, has nearly three decades of mortgage leadership experience at the Department of Veterans Affairs. Jeff will work to grow CMG Financial’s VA Loan market share and advocate for responsible VA lending practices.

Natural Disasters Have Lasting Impact on Credit Scores

Blog posted On April 24, 2019

As natural disasters like hurricanes and wildfires grow more prevalent each year, researchers have compiled the data to show their lasting financial impact. The Urban Institute identified zip codes where households received financial assistance from the Federal Emergency Management Agency’s Individuals and Households Program to determine the long-term effects natural disasters have on residents’ credit scores and finances.

CMG Financial Strengthens Texas Leadership with Ken Whisler, Regional Sales Manager

News posted On April 24, 2019

Frisco, TX – CMG Financial, a privately held mortgage-banking firm headquartered in San Ramon, CA, announced today the hire of Ken Whisler, Regional Sales Manager. Ken has over twenty-five years of financial services experience and has held positions at national and regional lenders throughout Texas and the Southwest. In his new role, Ken will facilitate growth throughout Texas, onboard new branches, and nurture existing top-producing branches.

60% of Home Shoppers are Willing to Renovate

Blog posted On April 23, 2019

A recently released study from Move.com showed 60% of home shoppers are willing to consider a home renovation project after they purchase their home. Whether it’s the HGTV effect, or limited homes for sale, more than half of survey respondents are willing to spend in excess of $20,000 on home renovation and 28% are willing to spend between $10,000 and $20,000. Additionally, 95% of respondents expect a return on their renovation investment.

Market Forecast: Existing Home Sales, FHFA House Price Index, New Home Sales

Blog posted On April 22, 2019

Mortgage rates trended slightly upward last week but continue to hover around year-long lows. This week, the existing home sales and new home sales reports are both scheduled for release. The Federal Housing Finance Agency will also release its home price index.

Market Recap: Builder Sentiment Improves, Mortgage Apps Mixed, Housing Starts and Building Permits Decline

Blog posted On April 19, 2019

Mortgage rates did not move significantly this week. Home builder sentiment hit a 6-month high. New purchase application submissions increased, but refinance application submissions declined. Housing starts and building permits are down.

6 Signs You’ve Found the Perfect Home

Blog posted On April 18, 2019

Are you looking for a home in today’s busy market? Buying a home can be an emotional experience, and it’s easy to get swept up making such a big decision. Whether you’re in the middle of your home search or just starting, look for these seven signs you’ve found the perfect home.

Built for Zero: How 9 Cities Ended Veteran Homelessness

Blog posted On April 17, 2019

Earlier this year, the city of Abilene, Texas joined a growing number of communities to end Veteran homelessness. With the help of a national program called Built for Zero, Abilene city officials were able to leverage community data to track homeless Veterans on a case-by-case basis, identify the causation of their chronic homelessness, and allocate resources effectively.

Zillow Invests to Improve Zestimate Technology

Blog posted On April 16, 2019

Zillow, a free real estate marketplace resource, has invested in improving the accuracy of its popular “Zestimate” tool. When it launched in 2006, the price estimate feature had a margin of error of about 14%, giving some homeowners and home buyers unrealistic expectations when it came time to buy or sell. Today, that margin of error has improved to about 4.5%. In 2017, Zillow launched a competition to improve the accuracy of the Zestimate. Approximately 4,000 teams of data scientists and engineers from 91 countries participated. Zillow hopes to reduce its margin of error to 4% by the end of this year.

Market Forecast: NAHB Housing Market Index, Mortgage Apps, and Housing Starts and Building Permits

Blog posted On April 15, 2019

Mortgage rates did not move significantly last week, trending slightly upward after this year’s initial decline. Looking ahead this week, the National Association of Home Builders will release its housing market sentiment index on Monday and housing starts and building permits are scheduled for release on Friday. Weekly reports include the Mortgage Bankers Association (MBA) mortgage application survey.

Market Recap: Fewer Job Openings, Mortgage Apps Mixed, Consumer Price Index Jumps

Blog posted On April 12, 2019

Mortgage rates have not moved significantly this week, trending slightly upward according to some sources. There were fewer job openings in February than in January, as expected. Mortgage application data was mixed, with refinance applications falling off and new purchase applications up slightly. The consumer price index increased, due to rising electricity and gasoline costs.

How Many Homeowners Would Benefit from a Rate Refinance?

Blog posted On April 11, 2019

Mortgage rates are trending downward, following the Federal Open Market Committee’s (FOMC) decision to pause raising rates this year. As rates fall, more and more homeowners could benefit from a mortgage refinance. According to a recent report from Black Knight, 4.9 million American homeowners could reduce their mortgage rate by at least 0.75% if they refinance now, a 1.6 million week-over-week increase.

One Mistake Could Cost You Your Down Payment

Blog posted On April 10, 2019

MarketWatch contributor Kari Paul recently profiled an unsuspecting Seattle home buyer, who lost his $123,000 to an unfortunate wire fraud scam. Aaron from Portland received email instructions to wire the down payment funds to someone impersonating a representative from his title insurance company. He completed the request, and the money was wired to a scammer’s bank account instead of the title company. Today, the defrauded home buyer is a spokesman for the title company, sharing his story with others as a warning.

Report: Healthy Housing Market this Spring Home Buying Season

Blog posted On April 09, 2019

Spring is in the air – and so are “For Sale” signs. Traditionally, Spring and Summer are the busiest seasons for home buyers and sellers, thawing out after the slower winter months. Housing professionals anticipate this Spring to be especially busy, with improved affordability for home buyers. While 2018 ended with higher mortgage rates and home prices, the early months of 2019 have brought lower mortgage rates plus a slowdown in home price appreciation. Recent data shows consumer house-buying power has increased 2.3% from December 2018 to January 2019, and the trend is expected to continue.

Market Forecast: Job Openings, Mortgage Apps, Consumer Price Index

Blog posted On April 08, 2019

Mortgage rates continued to trend lower last week, leading to a surge in refinance mortgage activity. This week, the only significant housing report will be the Mortgage Bankers Association (MBA) weekly mortgage application survey. Other market-moving reports include the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) and the consumer price index.

8 CMG Financial Loan Officers Ranked Among Nation’s Top Originators

News posted On April 08, 2019

Scotsman Guide, the leading national resource for mortgage originators published monthly with separate residential and commercial editions, released the annual Top Originators 2018 rankings.

Market Recap: Construction Spending Up, Mortgage Apps Surge, ADP Employment Adds Fewer Jobs

Blog posted On April 05, 2019

Mortgage rates trended downward again this week and will likely stay low throughout the Spring home buying and selling season. US construction spending picked up in February. Mortgage application submissions surged, driven by refinance activity. The ADP employment report added fewer jobs than expected.

Average Adjustable-Rate Mortgage Tops $700,000

Blog posted On April 04, 2019

Earlier this quarter, the Mortgage Bankers Association (MBA) reported the average size of a fixed-rate mortgage nationwide was $280,900 and the average size of an adjustable-rate mortgage nationwide was $688,400. A fixed-rate mortgage will retain the same interest rate throughout the term of the loan, whereas an adjustable-rate mortgage will fluctuate based on market conditions and other factors. Adjustable-rate mortgages typically have a lower introductory interest rate than fixed-rate mortgages of the same size and terms and may be a more affordable option for homeowners who plan to move or refinance the loan after a few years.

Tax Day 2019 Checklist: Did you get all your home-related deductions?

Blog posted On April 03, 2019

Tax Day, or the last day for tax payers to file their income taxes, is Monday, April 15^th. If you haven’t filed your taxes yet, it’s time to get started! Early last year, Congress passed the Tax Cuts and Jobs Act (TCJA), the most sweeping tax reform legislation in decades. The biggest change was the increase in the standard deduction: $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly. Since the standard deduction has increased so significantly, homeowners may need to more closely calculate their home expenses to determine whether or not their total sum exceeds the standard deduction.

Trump Calls to End Conservatorship of Fannie Mae and Freddie Mac

Blog posted On April 02, 2019

Last week, President Trump signed a memorandum calling for an “overdue reform of the housing finance system,” including an end to the conservatorship of the Government-Sponsored Enterprises, Fannie Mae and Freddie Mac. In Wednesday’s White House release, the president expressed a desire to work with Congress to initiate comprehensive housing finance reform and increase competition in the mortgage market.

Market Forecast: Construction Spending, Mortgage Applications, and ADP Employment Report

Blog posted On April 01, 2019

Mortgage rates continue to fall, following the Federal Open Market Committee’s March meeting. Coming up this week in housing news, the February construction spending report comes out on Monday, followed by the weekly mortgage application survey on Wednesday. Other market-moving reports include the ADP employment report.

Market Recap: Housing Starts and Building Permits Pull Back, Case-Shiller Home Price Index Slows, New Home Sales Climb

Blog posted On March 29, 2019

Mortgage rates continue to slide downward, following the Federal Open Market Committee’s decision to ease back on rate hikes this year. After an exceptionally strong January, February’s housing starts and building permits declined. The S&P CoreLogic Case-Shiller home price index posted the slowest annual rate of growth in seven years. New home sales exceeded expectations.

90% of Americans couldn’t answer this straightforward tax question

Blog posted On March 29, 2019

As tax season heats up, many Americans are still unclear as to how recent changes to the law could affect them. A 2019 survey found about 28 percent say they don’t understand the ins and outs of the Tax Cuts and Jobs Act, which passed in December 2017.

45.5% of Home Sellers Didn’t Know Who Paid the Buyer’s Agent

Blog posted On March 28, 2019

If you’re in the market for a home, or if you’ve bought or sold a home, you probably know that the Realtor or real estate agent does not get paid commission until the transaction is complete. A new report from Clever Real Estate, an online platform that connects home buyers and sellers with agents, had some startling results. Out of 1,000 homeowners selling their home around the country in 2019, an astounding 45.5% thought the home buyer paid the buyer’s agent’s commission.

Flooding in Midwest Could Have Lasting Impact

Blog posted On March 27, 2019

Heavy rains and rapid snowmelt following last week’s “bomb cyclone” have caused severe flooding throughout the Midwest including Nebraska, Iowa, Missouri, and others. The flooding has already impacted over 8 million people in 14 states and could damage farmland from Nebraska to Iowa to Illinois down to Louisiana. National Weather Service meteorologists predict the flooding could last into the Spring, causing substantial damage to homes throughout the region.

CMG Financial Initiates Southern California Expansion with Jerrold David, Regional Sales Manager

News posted On March 27, 2019

Los Angeles, CA – CMG Financial, a privately held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, announced today the hiring of Jerrold David, Regional Sales Manager. Jerrold will oversee CMG Financial’s expansion into Southern California, leveraging his abundant real estate relationships to grow market share and establish new partnerships.

Home Renovation Spending to Exceed $450 Billion

Blog posted On March 26, 2019

According to a new report from Harvard’s Joint Center for Housing Studies, Improving America’s Housing 2019, home renovation and remodeling increased 6.5% from 2016 to 2017, and more than 50% since the Recession ended. In fact, remodeling spending accounted for 2.2% of total national economic activity in 2017. Homeowners staying in their homes longer combined with aging housing stock and appreciating home values has led to a surge in renovation and remodeling spending, and it’s only expected to keep growing.

This is how your life changes when you become a homeowner

Blog posted On March 25, 2019

You signed the papers, got the keys and opened the front door. Now, that quaint little place is all yours.

But more freedom comes with more responsibility. A lot changes once you’re a homeowner. Here’s how to prepare for a few of the adjustments — emotionally and financially.

Market Forecast: Housing Starts and Building Permits, Case-Shiller Home Price Index, and New Home Sales

Blog posted On March 25, 2019

The Federal Open Market Committee voted to leave the benchmark interest rate unchanged last week and signaled a pause on raising rates for the rest of the year. Mortgage rates reacted by trending downward, following Federal Reserve Chair Jerome Powell’s statement. After government shutdown-related delays, February’s housing starts and building permits and new home sales reports are all scheduled for release. The S&P CoreLogic Case-Shiller home price index will come out on Tuesday.

Stop asking ‘how are you?’ Harvard researchers say this is what successful people do when making small talk

Blog posted On March 22, 2019

“How are you?” These are the three most useless words in the world of communication. The person asking doesn’t really want to know, and the person responding doesn’t tell the truth. What follows is a lost opportunity and meaningless exchange with zero connection.

Market Recap: No Rate Hike, Home Builder Sentiment Unchanged, Existing Home Sales Jump

Blog posted On March 22, 2019

The Federal Open Market Committee (FOMC) met Tuesday and Wednesday and voted to leave the federal benchmark interest rate unchanged. In turn, mortgage rates plunged following the news, hovering around year-long lows. The National Association of Home Builders’ (NAHB) housing market index was unchanged in March. Existing home sales surged to the highest level in almost a year.

How This Mortgage Can Help Grow Your Retirement Savings

Blog posted On March 21, 2019

When you are shopping for a mortgage loan, one of the factors that will influence the overall cost is the length of the mortgage term. Mortgages are available with a range of terms, most commonly 30-year and 15-year terms but can be as short as a 10-year or 7-year terms. The length of your mortgage term will impact how much your monthly payment is and how much interest you pay over time. A longer term mortgage will have lower monthly payments, but you will pay more in interest during the term.

CMG Financial Launches Lock N Shop Rate Protection Program for Savvy Home Shoppers

News posted On March 21, 2019

San Ramon, CA – CMG Financial, a well-capitalized, privately held mortgage-banking firm headquartered in San Ramon, CA, has launched a Lock N Shop rate protection program for home shoppers to lock rate offers for 60 or 90 days, while they shop for a property. The Lock N Shop rate protection program will give home shoppers the power to secure their mortgage rate even if rates fluctuate while they are still shopping for a home. CMG Financial is committed to creating a better mortgage experience by giving home buyers the freedom to shop around in today’s busy housing market.

Fire-Resistant Construction Could be Coming Soon

Blog posted On March 20, 2019

Approximately 14,000 homes were destroyed in two of California’s worst wildfires in 2018, equating to $19 billion in damage to residential and commercial real estate. After a year of dangerous wildfires, home builders are experimenting with more fire-resistant construction techniques. While a fully fireproof home might not be possible at this time, investing in more fire-resistant construction could prevent future damage.

Lock N Shop Rate Protection Program Now Available

Blog posted On March 20, 2019

Want to give your clients peace of mind when they’re shopping for a home? Mortgage rates fluctuate for a number of reasons, and the last thing you want to tell your client is that they can no longer afford the home they love. With the new Lock N Shop rate protection program, from CMG Financial, your clients can lock their rate for 60 to 90 days and shop with confidence.

Lock N Shop Rate Protection Program Now Available

Blog posted On March 20, 2019

What’s your biggest concern when shopping for a new home? Your mortgage rate. Mortgage rates fluctuate for a number of reasons, including the greater economic climate. Once you are preapproved for mortgage financing, the last thing you want to worry about are changes to your approval amount. With CMG Financial’s new Lock N Shop Rate protection program, you can lock your rate from 60 to 90 days. Get the peace of mind to shop with ease. Know that if rates rise, you are protected, and if rates fall, we will automatically lower your rate!

VA Loan Originations More than Double for First-Time Home Buyers

Blog posted On March 19, 2019

The VA Loan, a mortgage loan issued by lenders but partially insured by the Department of Veterans Affairs, has become the loan of choice for first-time home buyers who have served or are actively serving in the US military. In 2007, VA Loans were used by approximately 30% of first-time home buyers who were service members. By 2016, that figure has increased to 78%, with roughly three-fourths of all service members using a VA Loan to purchase their first home.

Market Forecast: Mortgage Apps, Construction Spending, New Home Sales

Blog posted On March 18, 2019

Mortgage rates have not moved drastically this month, even trending downward according to some sources. This week in housing news, US construction spending and new home sales data are finally catching up, following report release delays due to the partial government shutdown. The Mortgage Bankers Association (MBA) weekly mortgage application survey is also scheduled for release.

NFL player who saves nearly 90% of his income teaches a money class at Penn called ‘Life 101

Blog posted On March 18, 2019

New York Jets linebacker Brandon Copeland, 27, knows that his football career has an expiration date. “It’s guaranteed football is going to be over one day,” the NFL star told ESPN in 2017.

I’m 65, my mortgage is paid off and I have $370,000 in savings, so why I am still worried about money?

Blog posted On March 15, 2019

Why do I worry so much about money? I’m not a wealthy guy, but I am pretty blessed. I have my military pension of $45,000 annually, savings of $370,000, I own my home valued by Zillow at $300,000 and it’s mortgage-free. I have little to no health-care costs because I am 65, I have Medicare and Tricare for Life, and I have a long-term care policy in place. Oh, I also have zero debt because I rarely use my one credit card and pay off the balance each month.

The Next Big Housing Trend May Be Small

Blog posted On March 14, 2019

Recent data shows the next most popular single-family home may be a townhouse. National Association of Home Builders (NAHB) chief economist Robert Dietz noted that over the past year, “the single-family attached market is up 24%. It’s growing eight times as fast as the overall single-family market.” Rising home prices, limited land ability, and an influx of first-time home buyers are some of the major reasons townhouses are becoming more popular.

The Next Big Housing Trend May Be Small

Blog posted On March 14, 2019

Market Recap: Mortgage Apps Up, Construction Spending Increases, New Home Sales Dip

Blog posted On March 14, 2019

Mortgage rates continued their downward trend this week. Mortgage applications reacted, with new purchase application submissions increasing and refinance application submissions down only slightly. US construction spending is up. New home sales are down.

Caution: Home Inspection Myths You Might Believe

Blog posted On March 13, 2019

The home inspection is one of the most important steps in the home buying process. You may think you have found the perfect home, but a home inspection could reveal costly and even dangerous problems that you could face down the road. When you are buying a home, it’s important to understand what a home inspection actually is, what a home inspector does, and what a home inspector does not do. Realtor.com identified some of the most common myths first time home buyers and even some repeat home buyers believe.

Market Forecast: Housing Market Index, Existing Home Sales, and FOMC Meeting

Blog posted On March 13, 2019

Mortgage rates have trended downward this month, amid notes from the minutes from the last Federal Open Market Committee (FOMC) meeting in January. This week, the FOMC will meet on Tuesday and Wednesday, but is not expected to raise the Federal benchmark interest rate. In housing news, the housing market index comes out on Monday and existing home sales will be released on Friday.

NAMB Asks FHA to Rework Mortgage Insurance Premium Structure

Blog posted On March 12, 2019

The National Association of Mortgage Brokers (NAMB) sent a letter to the Federal Housing Administration (FHA) Commissioner Brian Montgomery asking him to consider changing the FHA’s current Mortgage Insurance Premium (MIP) structure to make the product more competitive against low down payment conventional mortgage options like HomeReady by Fannie Mae and Home Possible by Freddie Mac. In the letter, 2019 NAMB President Richard M. Bettencourt Jr. explained with more low down payment mortgage options on the market, the “credit quality of borrowers using an FHA loan has deteriorated.”

6 Essential Productivity Hacks From the CEOs of the Fastest-Growing Companies in America

Blog posted On March 11, 2019

Whether it's getting up at 4 a.m. or going to bed at dawn, entrepreneurs have their own trusted productivity rituals. To get a sense for what the leaders of fast-growth companies do, we asked the CEOs of several 2018 Inc. 5000 companies. Here are their top productivity habits:

7 years ago, Google set out to find what makes the ‘perfect’ team — and what they found shocked other researchers

Blog posted On March 08, 2019

Put five, eight, 12 or more people together in a room, and it’s a crapshoot as to how well they’ll function as a team. The larger the group, the more difficult it becomes.

Market Recap: Construction Spending Down, New Home Sales Up, ADP Employment Report Up

Blog posted On March 08, 2019

Mortgage rates have not moved significantly this week, trending downward according to some sources. Construction spending declined in December, after posting strong numbers in December. New home sales surged to a seven-month high. The ADP employment report was positive.

Zillow vs. Redfin: Who has the Most Accurate Estimate?

Blog posted On March 07, 2019

Real estate websites like Zillow and Redfin are a great resource for home buyers or homeowners looking to get an idea of the value of a home they are interested in buying or refinancing. Like any free tools, Zillow and Redfin’s valuation estimate tools are not 100% reliable. Homeowners upgrade homes over time, some neighborhoods have homes with comparable attributes, while other homes are more spread out and very different from their nearest neighbors. Understanding that free real estate resources will not be perfect every time, who has the most accurate estimate tool: Zillow or Redfin?

Alert: Most Americans Unprepared to Cover Cost of Emergencies

Blog posted On March 06, 2019

Despite an increasing frequency in weather-related natural disasters ranging from wildfires in California to hurricanes in the Southeast, many Americans are financially unprepared to cover the cost of emergencies. Personal finance website GoBankingRates.com, compiled a list of the average cost of eight emergencies based on data from the Census Bureau, FEMA, HomeAdvisor, Insurance.com, and other reputable sources. The calculations reveal that emergencies are more expensive than Americans anticipate, and many Americans are woefully underprepared.

HUD Secretary Ben Carson Announces Decision to Leave Position After First Term

Blog posted On March 05, 2019

US Department of Housing and Urban Development (HUD) Secretary Ben Carson announced he plans to leave his position after President Trump’s first term. During a Monday evening interview on Newsmax TV, Secretary Carson stated, “I will certainly finish out the term. I would be interested in returning to the private sector because I think you have just as much influence, maybe more, there.”

How sweat equity and a little home DIY can help you avoid a down payment on mortgage loan

Blog posted On March 04, 2019

Saving a down payment is challenging for many first-time home buyers, and even if they manage it, more obstacles lie ahead.

Market Forecast: Construction Spending, New Home Sales, and the ADP Employment Report

Blog posted On March 04, 2019

Mortgage rates have not moved significantly this month and continue to hover around year-long lows. Economic indicators are finally catching up, after many reports including the new home sales report and US construction spending were delayed by the partial government shutdown. This week, December’s US construction spending report comes out on Monday, followed by December’s new home sales report on Tuesday. In labor market news, the ADP employment report is scheduled for release on Wednesday.

Market Forecast: Construction Spending, New Home Sales, and the ADP Employment Report

Blog posted On March 04, 2019

Market Recap: Housing Starts and Building Permits Mixed, Case-Shiller Home Price Index Appreciates, and Pending Home Sales Go Up

Blog posted On March 01, 2019

Some economic indicators continue to be delayed by the partial government shutdown earlier this year. In the housing sector, January’s new home sales report originally scheduled for Tuesday and January’s US construction spending originally scheduled for Friday, were both delayed. Of the reports released, housing starts declined and building permits inched up, home price appreciation continues to slow down, and pending home sales increased.

Your tax refund might be smaller than usual this year. Here's why

Blog posted On March 01, 2019

Each year, millions of tax filers eagerly await money back from the IRS. The majority of filers, in fact, walk away with refunds during tax season, and in recent years, the average refund has been rather substantial.

The Surprising Home Renovation That Usually Pays for Itself

Blog posted On February 28, 2019

Investing in a home renovation or remodel can improve the livability of your home and even increase the resale value when it comes time to sell. When you choose to renovate your home, you may want to consider what projects will garner the most return on investment, even if you’re not selling anytime soon. Remodeling magazine released its 2019 Cost vs. Value Report, comparing the cost and return on many common home renovation projects. Out of all of the repairs evaluated, replacing a standard garage door with an upscale model, tended to recoup 97.5% of the cost when it came time to sell.

CMG Financial Invests in Southern California Leadership with Walt Nally, Area Sales Manager

News posted On February 28, 2019

Los Angeles, CA – CMG Financial, a privately held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, announced today the hiring of Southern California sales leader Walt Nally to serve as Area Sales Manager. In anticipation of a busy spring home buying season, Walt Nally will be instrumental in business development and growing market share throughout Southern California.

How Net-Zero Energy Homes Work

Blog posted On February 27, 2019

Six years ago, home builder De Young Properties built a single-family home that was a net-zero energy building. Net-zero energy refers to a building that has the potential to produce as much energy as it would consume over the course of a year. Today, there are approximately 5,000 net-zero energy single-family homes throughout the country. With new building mandates in California, there could be as many as 100,000 by the end of 2020.

2019 Buyers Have the Most Options in 5 Years

Blog posted On February 26, 2019

After years of an increasingly competitive market, home buyers are starting to see more options this year. According to Zillow, US for-sale home inventory is up 1.2% year-over-year, meaning for the first time in over five years the housing market opened the year with more homes for sale than the previous year. 28 of the 35 largest markets saw inventory increases over the past year. The most significant inventory increases took place in the busy West Coast markets, that were experiencing some of the most severe inventory constraints.

When it makes financial sense for married couples to file their taxes separately

Blog posted On February 25, 2019

While most couples benefit from filing a joint tax return, there are some exceptions. Filing separate tax returns can complicate matters for married couples. But some will benefit from going through the process.

Market Forecast: Housing Starts and Building Permits, Case-Shiller Home Price Index, and Pending Home Sales

Blog posted On February 25, 2019

Average mortgage rates trended downward last week, reaching 12-month lows in some cases. After getting delayed due to the partial government shutdown, the December housing starts and building permits report will come out this week. Other important upcoming housing reports include the S&P CoreLogic Case-Shiller home price index and the National Association of Realtors (NAR) pending home sales index. The new home sales report, originally scheduled for release on Tuesday of this week, will be delayed.

El Niño has arrived. What does that mean for weather in 2019?

Blog posted On February 22, 2019

El Niño has arrived in 2019. So far, it's pretty weak. That doesn't mean it will stay that way.

Market Recap: Builder Optimism Improves, Housing Starts and Building Permits Delayed, Existing Home Sales Decline

Blog posted On February 22, 2019

Mortgage rates trended slightly downward this week. Home builders are feeling optimistic to start out the year, as rates start to level off and economic conditions remain favorable. The release of the housing starts and building permits report was delayed, due to the lasting effects of the partial government shutdown. Existing home sales fell.

Your tax refund might be smaller than usual this year. Here's why

Blog posted On February 22, 2019

25 stocks every retiree should own

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What credit score do you need to qualify for a mortgage?

Blog posted On February 21, 2019

Part of applying for a mortgage is building your credit or improving your score. Lenders use your FICO® credit score to determine your creditworthiness and whether or not you are a good candidate for mortgage financing. Before the Financial Crisis, you could get a mortgage or other line of credit, with very little credit history, a low score, or even no score. Today, lending standards have improved greatly, and you will need higher credit to finance your home purchase. What credit score do you need to qualify for a mortgage?

Red Flags the IRS will be Watching

Blog posted On February 20, 2019

Tax season is upon us and American taxpayers are in the process of filing for returns, receiving refunds, and paying taxes due. A harmless mistake or deliberate misinformation may lead to your tax return being audited. The Internal Revenue Service (IRS) chooses taxpayers to audit based on anomalies that are detected in comparison to similar returns. A taxpayer may also be audited if a relative or business partner is being audited. The IRS audits returns up to three years old. If inaccuracies come up, the taxpayer may have to pay a fee, up to $5,000 in some cases. In other cases, the taxpayer may face criminal charges like tax evasion or tax fraud.

CMG Financial Invests in Central Division Expansion with Chris Blevins, Divisional Sales Manager

News posted On February 20, 2019

Houston, TX — After strengthening coverage across the East Coast, CMG Financial, a privately held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, has set its sights on continuing to grow its Central Division with the hire of Chris Blevins, Divisional Sales Manager. Chris is a proven sales leader with over twenty-five years of mortgage management experience. In his new role, Chris will provide leadership to CMG’s existing branches, as well as source and onboard new branches to grow market share across the central part of the country.

How Millennials are Transforming Real Estate

Blog posted On February 19, 2019

After years of sitting on the sidelines, Millennials are getting into the housing market, in full force. The National Association of Realtors (NAR) reported in the 2018 Home Buyer and Seller Generational Trends Study, Millennials made up the largest share of home buyers compared to any other generation for the fifth consecutive year. Millennials are facing a far different housing market than previous generations and thus are changing the way the game is played in several different ways.

The All In One Loan: Now Available for Investment Properties

Blog posted On February 19, 2019

Investing in real estate is one of the most predictable investments you can make. Unlike riskier investments like the stock market, real estate almost always tends to appreciate. Most real estate investors will finance their investment, at least initially, with a mortgage. Using the right mortgage financing for your investment property can help you increase your return even more.

All the best Presidents Day sales for the home

Blog posted On February 18, 2019

Presidents Day, originally established to celebrate the birthday of the first U.S. president George Washington, is also the first big holiday of the year for shopping. If you’re in the market for something new for your home—especially mattresses, furniture, and appliances—this weekend is a good opportunity to score some major deals. We’ve rounded up the best sales announced so far, organized by category for your browsing convenience.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, Existing Home Sales

Blog posted On February 18, 2019

Markets are closed today in observance of the Presidents Day holiday. It’s a busy week ahead for housing news with the home builders sentiment index, housing starts and building permits, and existing home sales all scheduled for release.

Facebook just bought a furniture shopping startup

Blog posted On February 15, 2019

Facebook has acquired GrokStyle, a shopping startup that uses AI to help you buy furniture and other items for the home.

Market Recap: More Job Openings, Mortgage Apps Decline, Consumer Price Index Unchanged

Blog posted On February 15, 2019

The job market continues to fire on all cylinders, with the Labor Department reporting an increase in job openings, up to 7.53 million in December. New purchase mortgage application submissions fell and refinance application submissions were almost unchanged. The consumer price index increased year-over-year but was unchanged month-over-month as inflation cools.

3 Things First-Time Home Buyers May Not Know

Blog posted On February 14, 2019

Your first home – how exciting! Whether you are looking to buy your first home now, or sometime in the future, it’s never too early to do your research. With the abundance of educational materials available, you may not know where to start. Forbes contributor and Certified Financial Planner^TM, David Rae, pointed out these three things that first-time home buyers should know, before they start shopping.

Seniors Have Student Loan Debt Too

Blog posted On February 13, 2019

The faces of student debt in America are aging. While you may associate student debt with current students and recent graduates, almost every demographic is burdened with student debt. The Wall Street Journal reports Americans 60 years and older owe a collective $86 billion in student loan debt. From 2010 to 2017, the average student loan debt owed by a senior has surged 44% to a level of $33,800. According to TransUnion, total student debt for this demographic is up 161%, the largest increase of any age group.

American Incomes Hit Highest Levels Since 2010

Blog posted On February 12, 2019

After years of stagnant wage growth, many Americans are starting to see a bump in their paychecks. In December 2018, the Fannie Mae Home Purchase Sentiment Index found that 24% of Americans reported their incomes were higher than one year ago, the highest jump since June 2010.

CMG Financial Strengthens Southwest Leadership Team with Susan Walker, Regional Vice President Retail – Southwest

News posted On February 11, 2019

Scottsdale, AZ – CMG Financial, a well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, announced today the hire of Susan Walker, Regional Vice President, Retail – Southwest. Susan is a demonstrated mortgage industry leader and has held regional management positions throughout the country for over three decades, concentrating the last seven years on Southern California, Arizona, and the greater Southwestern United States. In her new role, Susan will oversee the onboarding of new branches and lead business development throughout this critical region.

CMG Financial Grows Pacific Leadership with Sherry Allen, Regional Vice President of Northern California and Hawaii

News posted On February 11, 2019

Roseville, CA – CMG Financial, a well-capitalized privately held mortgage banking firm headquartered in San Ramon, CA, announced today the hire of Sherry Allen, Regional Vice President of Northern California and Hawaii. Sherry has almost thirty years of mortgage banking experience and a diverse background of working at national and regional leading lenders around the country. In her new role, Sherry will uphold CMG’s legacy in Northern California and chart new paths for growth.

Here’s the most common mistake people make that compromises their online security

Blog posted On February 11, 2019

Amazon founder and Chief Executive Jeff Bezos accused the National Enquirer of politically motivated blackmail late Thursday, and published a threatening email from an executive at the supermarket tabloid’s parent company. One of the many lessons from that controversy is don’t take photos that might compromise your privacy and, if you do, don’t send them via text message or email to another party. Many people would refrain from doing so.

Market Forecast: Job Openings, Mortgage Apps, and the Consumer Price Index

Blog posted On February 11, 2019

Mortgage rates trended slightly downward last week, following the Federal Reserve’s decision to slow down on interest rate hikes at the end of January. The only significant housing report this week will be the weekly mortgage application survey. Other market moving reports include job openings and the consumer price index.

Market Recap: Refinance Applications Up, Jobless Claims Down, Consumer Credit Expands

Blog posted On February 08, 2019

Mortgage rates trended downward this week, following Federal Reserve Chair Jerome Powell’s comments after the Federal Open Market Committee meeting at the end of January. Refinance mortgage application submissions inched upward, but new purchase application submissions are down. Jobless claims dropped from the previous week. Total outstanding consumer credit exceeded $4 trillion for the first time.

A Maximalist's Response to Marie Kondo's Minimalist Mandate

Blog posted On February 08, 2019

“I have to go home and Marie Kondo my kitchen,” my friend Max told me last Monday, standing up from the dinner table and heading to his apartment, where all culinary nonessentials would be tossed into the garbage.

Don’t Forget the Closing Costs

Blog posted On February 07, 2019

Most first-time home buyers are prepared for the cost of the down payment, but not as familiar with closing costs. Self-made millionaire and experience real estate investor Barbara Corcoran said, “the biggest mistake that first-time homeowners make is they forget they need closing costs – not just the down payment of say 10 or 20 percent.”

3 Outdated Financial Tips You Might Still Believe

Blog posted On February 06, 2019

As the economy changes, the way we buy and sell homes changes as well. What made sense for your parents, or even yourself, twenty or thirty years ago may not be relevant to today’s economic conditions. We reviewed three common real estate misconceptions that might be preventing you from making real estate moves.

Builders Cutting Prices to Stay Competitive

Blog posted On February 05, 2019

With the Spring buying and selling season on the horizon, predictions are already rolling in. 2018 marked an overall slowdown for housing, after several years of rampant activity. However, Zillow Research found that some home builders are starting to lower prices on newly constructed homes, to stay competitive in their markets. The study found that 25.1% of newly constructed homes experienced a price drop in Q4 of 2018, up from 19.2% in Q1 of 2018. Home shoppers looking to buy a new home in 2019 may be able to get a deal, depending on where they are shopping.

Market Forecast: Mortgage Apps, Jobless Claims, and Consumer Credit

Blog posted On February 04, 2019

Last week, the Federal Open Market Committee announced it would be slowing down on gradual interest rate hikes over the course of the next year. Mortgage rates reacted by trending slightly downward. This week, the only significant housing report will be the weekly mortgage application survey, scheduled for release on Wednesday. Other market-moving reports coming up include the weekly jobless claims report and consumer credit.

80 percent of people missed a step related to taxes in 2018, and it could affect their refund

Blog posted On February 04, 2019

The new GOP tax bill, which was passed in December 2017, made some sweeping changes. Most of those went into effect in the 2018 tax year, for which filing season officially starts on January 28.

From vegan to keto, Whole30 and more: Super Bowl party foods for popular diets

Blog posted On February 01, 2019

Sticking to a diet is already hard enough, but now you're invited to a Super Bowl party and you have to stick to your diet? Blasphemous.

Market Recap: Home Price Index Mixed, Pending Home Sales Down, No Rate Hike

Blog posted On February 01, 2019

Mortgage rates trended slightly downward this week, following the Federal Open Market Committee’s (FOMC) announcement to slow down on interest rate hikes this year. Federal Reserve Chair Jerome Powell asserts the decision to stop hiking rates has nothing to do with the strong US economy, rather a global economic slowdown taking place in Europe and China. The S&P CoreLogic Case-Shiller home price index showed that home price appreciation has slowed, giving some buyers a much-needed break. The pending home sales index declined.

Reasons to Refinance, Even When Rates Rise

Blog posted On January 31, 2019

The Federal Open Market Committee (FOMC) voted to leave the federal benchmark interest rate this week, but further gradual rate hikes may be on the horizon. When the Fed raises rates, the cost of borrowing money will start to rise, including the cost of mortgage financing. Although rising rates may discourage some homeowners from refinancing, there are still many reasons to refinance, even when rates rise.

8 Changes Impacting Your 2018 Tax Return

Blog posted On January 30, 2019

Despite the recent government shutdown, the Internal Revenue Service (IRS) announced the official tax season opened Monday, January 28^th. This year will be the first year tax payers’ returns are impacted by the Tax Cuts and Jobs Act (TCJA). When you file your 2018 return, expect it to be influenced by some or all of these 8 changes.

Why Mortgage Points are Getting Popular Again

Blog posted On January 29, 2019

Mortgage points or discount points are fees paid to the lender at closing to buy down the interest rate. One point is equal to 1% of the total loan amount. As mortgage rates gradually rise, the practice of buying mortgage points may start to become popular. Whether or not points will benefit you financially depends on how long you plan on staying in your home, and your loan.

Trump says deal reached to temporarily reopen the federal government

Blog posted On January 28, 2019

On the 35th day of the U.S. government shutdown—after Coast Guard, TSA, air traffic control, national parks employees, and hundreds of other federal employees have gone without pay—it looks like some relief may be coming, as President Donald Trump said Friday that a deal has been reached to reopen the federal government, at least temporarily.

Market Forecast: Case-Shiller Home Price Index, Pending Home Sales, FOMC Meeting

Blog posted On January 28, 2019

The US partial government shutdown ended last Friday, as the White House and Congress reached a three week spending agreement while they continue to hash out a border security deal. The shutdown had delayed the release of some economic indicators over the past five weeks. This week, the S&P CoreLogic Case-Shiller home price index will come out on Tuesday and the pending home sales index comes out on Wednesday. The Federal Open Market Committee will also meet this week but is not expected to raise the benchmark interest rate.

The 15 Best DIY Bathroom Projects

Blog posted On January 25, 2019

You don't have to completely overhaul your bathroom to make a big impact. Check out these fresh ideas, from tiny swaps to easy projects, that will increase your home value.

Market Recap: Existing Home Sales Down, Home Prices Up, New Home Sales Delayed

Blog posted On January 25, 2019

The partial US government shutdown continues, delaying the release of some economic indicators, including this week’s new home sales report. Existing home sales declined, as expected, following a slow winter season. Home prices appreciated more than expected.

Why Rental Data Matters – Especially for Home Buyers

Blog posted On January 24, 2019

For many, buying their first home is the end of renting. When you are shopping for a new home, especially if you are a repeat buyer, keeping an eye on the rental market may not seem relevant to you. However, data suggests that rental prices tend to increase or decrease more rapidly than sales prices and can be a better indicator of the overall health of a housing market.

CFPB Reverses Course: Seeks Compliance Authority on Military Lending

Blog posted On January 23, 2019

During his tenure as Acting Director of the Consumer Financial Protection Bureau (CFPB), Director of the Office of Management and Budget, Mick Mulvaney, made the decision to stop supervising lending to active duty service members. Instead, Mulvaney ordered the CFPB to wait for complaints from service members and their families to instigate investigations. The recently confirmed CFPB Director, Kathy Kraninger, sent a letter to congress last week asking for “clear authority” to supervise for compliance with the Military Lending Act.

Single Female Homeowners Outnumber Single Male Homeowners

Blog posted On January 22, 2019

According to a new LendingTree study, single women are outpacing single men in becoming homeowners. Single women own 22% of homes nationwide, compared to just 13% owned by single men. Out of the 50 largest metropolitan areas across the country, single women own an average of 70,000 more homes than single men do. With most women earning an average of only 80% of their male counterparts, the new homeownership data may be surprising to some. Despite the fact that many young homeowners are delaying milestones like marriage and children, they are still taking advantage of the wealth-building opportunity of home purchase.

The Difference Between an Entrepreneur and a Businessperson Is This

Blog posted On January 21, 2019

People sometimes ask me what I think is the defining characteristic of an entrepreneur. What they really want to know, I believe, is the one quality that distinguishes a true entrepreneur from any other businessperson. I've thought about that quite a bit myself, and I've decided, if I had to narrow it down to one trait, it would be the ability to see things differently. A true entrepreneur is able to look at a situation and identify an opportunity, or a solution to a problem, or a path around an obstacle that, for some reason, everyone else has missed.

Market Forecast: Existing Home Sales, FHFA House Price Index, and New Home Sales

Blog posted On January 21, 2019

Markets are closed today in observance of Dr. Martin Luther King Jr. Day. The US government remains in a state of partial shutdown, delaying the release of some economic indicators, including the new home sales report. The existing home sales report is scheduled to come out on Tuesday and the Federal Housing Finance Agency (FHFA) house price index is scheduled for Wednesday.

5 Things to Give Up at the Office in 2019

Blog posted On January 18, 2019

Now that you've probably (like everyone else) given up on your New Year's resolutions, here are some common workplace habits that are easy to dump resulting in a huge positive effect on your life and career.

Market Recap: Mortgage Apps Up, Builder Sentiment Improves, Housing Starts and Building Permits Delayed

Blog posted On January 18, 2019

As of Friday, 1/18/19, the US government remains partially shutdown. Due to the government shutdown, the release of the housing starts and building permits reports have been delayed. Mortgage application submissions increased across the board and builder sentiment has improved.

Getting to Know a New Neighborhood

Blog posted On January 17, 2019

When you are buying a new home, you may get so excited about the experience you forget about the neighborhood. Although it may seem obvious to some, real estate professionals warn new home buyers, “you can change the house, but you can’t change the location.” If you are shopping for a new home in 2019, don’t forget to look around the neighborhood before getting emotionally invested in a property. Here are six red flags Realtor.com contributor Jaime Wiebe advises prospective home buyers to watch for.

Can you get a mortgage with a credit freeze?

Blog posted On January 16, 2019

With cybersecurity of the utmost concern, all major credit reporting bureaus – Equifax, Experian, and TransUnion – offer free credit freezes for consumers who believe they are at risk. A credit freeze prevents lenders from accessing your credit report, with the intention of stopping a thief from opening fraudulent lines of credit with your personal information. While a credit freeze can protect you in the case of a stolen identity or other stolen personal information, it will also prevent legitimate lenders, like your mortgage lender, from accessing your credit report to complete a mortgage application for a new home purchase or mortgage refinance.

Market Forecast: Mortgage Applications, Housing Market Index, Housing Starts and Building Permits

Blog posted On January 14, 2019

As the partial government shutdown enters its fourth week, Congress and President Trump have yet to reach an agreement over a budget dispute regarding border security and the possible construction of a border wall along the United States – Mexican border. Due to the government shutdown, the release of the housing starts and building permits report may be delayed. Other housing-related reports scheduled for this week include the Mortgage Bankers Association (MBA) weekly mortgage application survey and the National Association of Home Builders’ (NAHB) housing market sentiment index.

Millennial couples are being smarter about money than their parents in this key way, experts say

Blog posted On January 14, 2019

Over half, or 53 percent, of millennials (classified here as those aged 18-34) discussed how they would handle their finances with their partners before getting married, according to a new SunTrust survey of over 2,000 U.S. adults conducted by The Harris Poll. That’s something 88 percent of Americans believe is important but, in practice, generally find hard to do.

CMG Financial Introduces Make It Possible Grant for a Limited Time

News posted On January 14, 2019

San Ramon, CA – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, announced today it will offer a $1,500 grant toward nonrecurring closing costs for all home buyers whose combined household income is less than 80% of the Area Median Income. The Make It Possible Grant is available with conventional conforming mortgage loans with down payment options as low as 3%. The Make it Possible Grant can be combined with other CMG Financial grants like the HomeFundIt grant, also valued up to $1,500. The Make It Possible Grant will be available on qualifying loans funded by April 30^th, 2019.

A college professor who taught a course on 'adulting' says millennials don't consider themselves adults until a milestone they're delaying longer than ever

Blog posted On January 11, 2019

The typical college kid may legally be an adult, but that doesn't mean they feel like one.

Market Recap: Job Openings Decline, Consumer Credit Up, Mortgage Apps Rebound

Blog posted On January 11, 2019

The US government is still in a state of partial shutdown, delaying the release of some economic indicators. Mortgage rates have recently trended downward, resulting in a spike in mortgage application submissions. The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed the number of job openings have declined. Consumer credit expanded to a total outstanding debt of $3.98 trillion.

7 Tips for Buying a Home This Year

Blog posted On January 10, 2019

Whether you are buying your first home, moving up, or downsizing, buying a home should be an exciting experience. The best way to reduce stress is to have the support of the right real estate team. Internet media company, Buzzfeed, surveyed its community of Realtors and real estate agents to compile this list of the top 7 tips your agent wants you to know before you start searching for a new home.

What’s the rush? Why paying off this debt might actually HURT your credit score.

Blog posted On January 09, 2019

If you are like 44 million Americans nationwide, you probably owe a share of the national $1.5 trillion student loan debt. In 2016, the average graduating student owed $37,172 in student loan debt. For most Americans, student loan debt is the first time they will take out a loan or line of credit, and the first step toward building credit. If you are eager to pay off your student loan debt early, you may want to wait. Closing a student loan account may actually hurt your credit score, because it will shorten the length of your credit history.

Report: Average Apartment Size Shrinking

Blog posted On January 08, 2019

Do you feel like apartments are getting smaller and smaller? Unfortunately, you may actually be right. A recent study by RentCafe confirms average apartment sizes are getting smaller, and more expensive, in many major metros around the country. According to the study, the top five cities with the smallest apartments nationwide (ranging from 737 square feet to just 711 square feet on average) are Seattle, WA, Manhattan, NY, Chicago, IL, Washington, DC, and San Francisco, CA.

CMG Financial Expands New England Coverage with High-Profile Leadership Hire

News posted On January 08, 2019

Portsmouth, NH — After aggressively growing its Midwestern and Southeastern coverage over the past two years, CMG Financial, a privately held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, has initiated an expansion into New England, that will include 12 new branches and 109 new employees across Massachusetts, New Hampshire, Maine, and elsewhere. Leading expansion efforts is Mark McCauley, Regional Sales Manager, New England. Mark has over thirty years of mortgage banking experience and has served the greater New England area in distinguished leadership positions for the past two decades.

Market Forecast: Job Openings, Consumer Credit, Mortgage Apps

Blog posted On January 07, 2019

The only significant housing report scheduled for release this week is the weekly mortgage application survey. Other market-moving reports include the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) and consumer credit.

How to accomplish your biggest career goals this year

Blog posted On January 07, 2019

Whether you’re looking for a promotion, raise, or new job, use these six steps to make 2019 the year it happens.

Market Recap: Mortgage Apps Down, ADP Employment Up, Construction Spending Delayed

Blog posted On January 04, 2019

The US government is still in a state of partial shutdown, delaying some of this week’s economic indicators like US construction spending. Of the reports released, the Mortgage Bankers Association (MBA) weekly mortgage application survey declined, and the ADP employment report exceeded expectations.

Will buying coffee every day keep you from getting rich? Here’s what Kevin O’Leary and other experts say

Blog posted On January 04, 2019

If you’re like many Americans, you enjoy a nice cup of coffee each morning before work. And if you’re like me and you buy that coffee instead of brewing drinks at home, the habit can get pretty costly.

A Better Market for Buyers in 2019

Blog posted On January 03, 2019

2018’s year-end data showed housing activity has started to slow. With both existing home and new home sales falling, there are finally less buyers competing on the crowded market. After six years of sustained price gains, home price appreciation started to slow this year, dipping below 6% for the first time in six years. Managing director and chairman of the index committee at S&P Dow Jones Indices, David Blitzer, predicted, “throughout next year, prices will continue to rise on a national basis in most cities around the country, but the pace of increase will continue to slow.” This trend could be welcome news for home buyers, especially first-time home buyers.

Don’t Make this Home Renovation Mistake

Blog posted On January 02, 2019

In the spirit of new beginnings, you may be considering a home remodel or renovation this year. A home renovation is a great option to add resale value to your home or adapt the layout or design to fit your current lifestyle. If you are planning a home renovation, don’t make this big mistake. In 2017, 1 in 3 homeowners paid for some or all of their renovation project with a credit card. With homeowners spending a median of $10,000 on renovation projects, this is a dangerous debt to take on.

Real Estate Predictions for 2019

Blog posted On January 01, 2019

As we ring in the new year, the predictions are in for 2019. After several years of a red-hot housing market, activity is expected to slow, and that’s good news for home buyers. Expect home price gains to slow and less competition. Here’s what the top economists and forecasters from across the industry expect to see next year.

Did You Know... 12/31/18

Blog posted On December 31, 2018

When you are required to order income or social security number verifications, you should always enter the borrower’s full loan number on the order screen. See the screen show below.

These Are the 25 Worst Passwords of 2018

Blog posted On December 31, 2018

Everyone knows that internet security is important and the first line of defense is a strong password, but when every single website, online store, and app requires a password sometimes people get a little lazy. After all, who is going to hack the account you set up that website to get your dog’s face printed on socks or, say, your Marriott account? Well, maybe you’ll get lucky and no one will hack your account, but if you make your password too easy it just might end up on SplashData’s annual list of Worst Passwords of the Year.

Market Forecast: ADP Employment, Mortgage Applications, Construction Spending

Blog posted On December 31, 2018

The US government is still partially shutdown, due to a spending dispute regarding a proposed $5 billion border wall. This week, markets will be closed on Tuesday in observance of New Year’s Day. The Mortgage Bankers Association (MBA) will release its mortgage application survey on Thursday, after last week’s hiatus. The ADP employment report and US construction spending are also scheduled to come out on Thursday.

The best comfort entertainment of 2018

Blog posted On December 28, 2018

If you're going to face the world every day and also somehow stave off the existential dread, you'll need a reliable library of comfort content to keep you going. Some series and films are as essential as a mug of cocoa or a soft blanket – something safe and reliable, which feels like coming home.

Market Recap: Government Shutdown Delays New Home Sales Report

Blog posted On December 28, 2018

Mortgage rates did not move significantly this week, trending slightly downward. Markets were closed on Tuesday in observance of the Christmas holiday. The US government has been partially shutdown since Thursday 12/20, following a budgetary dispute in Congress. The S&P CoreLogic Case-Shiller home price index was released on Tuesday, as planned. New home sales were delayed due to the partial government shutdown.

Should you make an extra mortgage payment?

Blog posted On December 27, 2018

If you are a homeowner wondering how to responsibly spend a holiday bonus or upcoming tax return, consider paying it into your home. When your budget allows, making an extra payment toward your mortgage can be beneficial. You can reduce interest costs and lower your overall debt. Making extra payments is not the right move for every financial situation, so consult a mortgage professional or financial advisor before making a decision.

Federal Government Shutdown: What you need to know

Blog posted On December 27, 2018

As the partial government shutdown continues, the overall effect on loan programs has been minimal. Each federal and government sponsored entity within the mortgage industry has been affected differently. Here is the breakdown of the effect on loan programs and processes in the coming days.

How the New Tax Law Impacts Your Vacation Home

Blog posted On December 26, 2018

As the year comes to an end, taxpayers are starting to review how the new tax law will impact their 2018 tax returns. The Tax Cuts and Jobs Act (TCJA) implemented early last year, was the most sweeping tax reform passed in decades and impacted everything from corporate taxes to the size of tax deduction. However, for those who own vacation homes or rental properties, the tax law will remain largely the same.

Airbnb Enters Home Building Business

Blog posted On December 25, 2018

Airbnb, the popular service for home sharing and short-term vacation rentals announced its plan to enter the home building business and start building homes designed for sharing. The new project, called Samara: Backyard, will be headed by Airbnb cofounder Joe Gebbia and begin building in 2019. The goal of Samara is to prototype a new way for homes to be “designed, built, and shared” that better caters to Airbnb’s service.

Did You Know... 12/24/18

Blog posted On December 24, 2018

Conventional loans for properties over 25 acres require 1 full appraisal and 1 desk review. Texas cash out limited to 10 acres.

Market Forecast: Case-Shiller Home Price Index, New Home Sales, and Pending Home Sales

Blog posted On December 24, 2018

Markets will be closed tomorrow in observance of the Christmas Holiday. Last week, the Federal Open Market Committee voted to raise the Federal benchmark interest rate, as expected. This week will bring some closing housing numbers heading into the end of the year. The S&P CoreLogic Case-Shiller home price index will come out on Wednesday, followed by new home sales on Thursday, and the pending home sales index on Friday.

21 pets who love cozy, gorgeous homes as much as you

Blog posted On December 24, 2018

Nothing says home-for-the-holidays like a furry pet snuggled up in its favorite spot around the house (okay, there are also festive decor, splendid gifts, and actual human family, but stay with us here.) To that end, we've rounded up a bunch of dogs and cats that have found amazing perches in all kinds of home, as seen on Instagram. Dreamy interiors just got a million times better!

How Instant Pot became a kitchen appliance with a cult following and a best-seller on Amazon

Blog posted On December 21, 2018

Robert Wang just wants to be the Steve Jobs of kitchen appliances.

Market Recap: Housing Market Index Down, Housing Starts and Building Permits Up, Existing Home Sales Rise

Blog posted On December 21, 2018

In a highly anticipated move, the Federal Open Market Committee (FOMC) voted to raise the Federal benchmark interest rate on Wednesday, to a range of 2.25% to 2.5%. Mortgage rates are expected to move upward to reflect the rate hike. The National Association of Home Builders’ (NAHB) housing market sentiment index declined in December. Both housing starts and building permits increased. Existing home sales also increased.

Will buying coffee every day keep you from getting rich?

Blog posted On December 21, 2018

Federal Open Market Committee Raises Hikes Rates, Lowers 2019 Projections

Blog posted On December 20, 2018

Yesterday, the Federal Open Market Committee (FOMC) voted to raise the benchmark interest rate 25 basis points to a level of 2.25 % to 2.5%. The final rate hike of the year brings 2018’s total up to four rate hikes, one more than projected in the Federal Reserve’s December 2017 statement. The highly anticipated move is reflective of strong job growth and solid consumer spending. Business investment, however, has started to moderate. At this time, the Fed predicts two additional rate hikes in 2019.

How Builders Can Plan Ahead for Deconstruction

Blog posted On December 19, 2018

In 2012, the United States had 7.4 million abandoned homes, a historical high. When homeowners vacate their homes, commercial abandonment follows, leading to blighted neighborhoods and eventually cities. To prevent the level of regional blight that followed the Financial Crisis, urban planners and construction researchers are thinking ahead. Through the study of “domicology,” the lifecycle of the built environment, builders are building structures that once deconstructed can be repurposed or recycled.

Trend: Millennials Buying First Homes in Cities Over Suburbs

Blog posted On December 18, 2018

As Millennials segue into homeownership, housing professionals are studying whether or not their preference for city living will continue. While Millennials have tended to rent near city centers early in their careers, some forecasters suspect once marriage and children come into the pictures, they will migrate to suburbs to purchase homes. However, recent data from the Journal of Planning Education and Research shows Millennials are 21% more likely to buy their first home in an urban area compared to Generation X counterparts.

FHA Commissioner Brian Montgomery to Serve as Interim HUD Deputy Secretary

Blog posted On December 18, 2018

This week, the Deputy Secretary of the Department of Housing and Urban Development (HUD), Pam Patenaude, announced her resignation. Her departure has been met with kind words from the housing community and HUD Secretary Ben Carson, who accepted the resignation. In her statement, she wrote, ““It has been my honor to serve President Trump and Secretary Carson and I am deeply grateful to both for this opportunity. Thank you to my HUD family and fellow “housers” for helping Americans access decent, safe and affordable housing.”

CMG Financial Welcomes Mortgage Industry Leader Joel Cambern, Regional Sales Manager

News posted On December 18, 2018

Seattle, WA – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, announced the addition of Joel Cambern, Regional Sales Manager, to its Pacific Northwest leadership team. Joel is an established sales partner and has spent the last three decades serving throughout the country in mortgage leadership roles with a focus on the Pacific Northwest. At CMG Financial, Joel will be instrumental in overseeing growth and development throughout this critical region.

Did You Know... 12/17/18

Blog posted On December 17, 2018

CMG has prepared a document that lists the required broker disclosures by product type. You can find this document in CLEAR, Resources, Forms & Resources, General section or by Clicking Here.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, Existing Home Sales

Blog posted On December 17, 2018

It will be a full week of housing news, heading into the end of the year. The Federal Open Market Committee (FOMC) will have its final semiannual monetary policy meeting of the year on Tuesday and Wednesday, with a press conference scheduled for Wednesday afternoon. Although the stock market has experienced some volatility in recent weeks, the Fed is still expected to raise interest rates following this meeting. The National Association of Home Builders’ (NAHB) housing market sentiment index is scheduled to come out on Monday, followed by housing starts and building permits on Tuesday, and existing home sales on Wednesday.

Secrets of people who don’t get stressed during the holidays

Blog posted On December 17, 2018

Their house is decorated the day after Thanksgiving, cards sent weeks in advance, presents bought and wrapped with plenty of time to spare. And the most astonishing part is that they don’t even seem frazzled! How do they do it?

67 Crafty Handmade Holiday Gift Ideas

Blog posted On December 14, 2018

Save money and creatively tackle your gift list this year with our ideas for one-of-a-kind gifts you can create for him, her, the kids and even the family pet.

Market Recap: More Job Openings, Mortgage Apps Up Again, Retail Sales Increase

Blog posted On December 14, 2018

Mortgage rates did not move significantly this week, ahead of next week’s Federal Open Market Committee (FOMC) meeting. This week’s only significant housing report, the Mortgage Bankers Association (MBA) weekly mortgage application survey, was positive with both new purchase and refinance mortgage application submissions increasing. Job openings are up and retail sales data signals the holiday spending season has started.

How Home Builders Building Smaller Could Help Home Buyers

Blog posted On December 13, 2018

The phrase “inventory crunch” has become common in today’s housing market, with more and more buyers competing over a limited number of homes for sale. Some of the causes of the inventory crunch are homeowners choosing to stay in their homes longer and home builders building larger. Baby Boomers opting to age in place are choosing to renovate or adapt their current homes rather than downsize or migrate, while home builders facing affordability issues with the rising cost of construction materials are choosing to build larger homes to increase their profit margin. However, with more first-time home buyers in the market for smaller homes, builders may need to build smaller to keep up with buyer demand.

VA Increases Loan Limits in 2019

Blog posted On December 13, 2018

The US Department of Veterans Affairs (VA) has announced an increase in VA Loan limits for all loans closed on or after January 1, 2019. The VA reviews loan limits every year and adjusts according to market conditions and housing affordability.

How to Protect Yourself and Your Home Following a Fire

Blog posted On December 12, 2018

Most California homeowners have insurance to protect themselves and their homes against fire damage. Following a massive blaze, like the recent destructive fires across Northern and Southern California, insurers may be looking to minimize payouts. Joshua Heffner, a Los Angeles lawyer specializing in fire-related claims, explained, “in a mass loss, they’re looking at their overall payments. They’ll do what they can to keep payments down. And they’re getting very smart about paying less.”

Kathy Kraninger Confirmed as Next CFPB Director

Blog posted On December 11, 2018

Last Thursday, the Senate voted along party lines to confirm Kathy Kraninger as the next director of the Consumer Financial Protection Bureau. Following Richard Cordray’s resignation last year, Mick Mulvaney, the director of the Office of Management and Budget, has served as interim director for the CFPB. Now, a little over a year later, Kathy Kraninger will take over the role.

Couple Trades Traditional Wedding Registry for Down Payment Fundraising Platform, HomeFundIt

News posted On December 11, 2018

Recently engaged Minneapolis couple Conner and Ashley were working full time, coaching after school, attending grad school, and wedding planning, simultaneously. With winter approaching, they were on a timeline to find the right home closer to work to reduce the length of their commute. After hearing about their home search, Conner’s father suggested that they use HomeFundIt in lieu of a traditional wedding registry.

Did You Know... 12/10/18

Blog posted On December 10, 2018

If a borrower has placed a credit freeze on their credit report and it is showing on our Undisclosed Debt Monitor - UDM, the credit freeze must be unfrozen in order for us to fund the loan. The borrower may have the option to temporarily unfreeze the bureau, but this does not satisfy CMG’s Undisclosed Debt Policy. Frozen credit must be un-frozen by the borrower through the origination process and until the loan funds to adhere to CMG’s Undisclosed Debt Monitoring Policy and Procedure.

Billionaire LinkedIn founder Reid Hoffman says this childhood obsession fueled his business success

Blog posted On December 10, 2018

LinkedIn co-founder and investor Reid Hoffman, sometimes called the "oracle of Silicon Valley," is a known business strategist. That passion for strategy, says Hoffman, stems from a childhood obsession with board games, one the billionaire says was the "most interesting predictor" of his later success as an investor and businessman.

Market Forecast: Job Openings, Mortgage Apps, Retail Sales

Blog posted On December 10, 2018

Mortgage rates have trended slightly downward this month, heading into the slower home buying and selling season. The only significant housing report of the week will be the Mortgage Bankers Association (MBA) weekly mortgage application survey. Other market-moving reports include the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) and retail sales.

This 75-year Harvard study found the 1 secret to leading a fulfilling life

Blog posted On December 07, 2018

Prioritizing what’s important is challenging in today’s world. The split focus required to maintain a career and a home, not to mention a Facebook feed, can feel overwhelming.

Market Recap: Construction Spending Down, Mortgage Apps Up, ADP Employment

Blog posted On December 07, 2018

Mortgage rates have trended slightly downward, and mortgage activity has reacted. Both new purchase and refinance mortgage application submissions increased. US construction spending is down month-over-month, but up year-over-year. The ADP employment report was strong.

Besides FHA, What Other Low Down Payment Options Do Home Buyers Have?

Blog posted On December 06, 2018

Last month, the Federal Housing Administration (FHA) Commissioner Brian Montgomery announced that despite economic momentum, the FHA would not be cutting mortgage insurance premiums this year. FHA Loans require an upfront mortgage insurance premium (MIP) payment, plus mortgage insurance throughout the life of the loan. Any reduction to Mortgage Insurance Premiums makes FHA Loans more affordable. FHA Loans are popular amongst first-time home buyers because of their low down payment requirements.

Can you afford to buy a home? How much to spend on housing.

Blog posted On December 05, 2018

For most Americans, both renters and homeowners, housing is their largest expense. But how much is too much to spend on housing costs? Whether you rent or own, financial commentator and co-founder of AE Wealth Management, David Bach recommends, not spending more than 35% of your annual after-tax income on housing costs.

Mortgage Debt Reaches 10-Year High, FHFA Raises Conforming Loan Limits

Blog posted On December 04, 2018

The Federal Reserve announced outstanding mortgage debt totaled $10.2 trillion in the second quarter of 2018, up 2.7% from the previous year, and near the all-time high of $10.7 trillion set over a decade ago. Although some may be wary of rising mortgage debt, when the economy strengthens and the population increases, total debt tends to rise. Rather than worrying about the debt, economists urge consumers to look at both sides of the ledger, debt and assets.

Did You Know... 12/3/18

Blog posted On December 03, 2018

To become All In One certified to sell one of the most innovative loan products ever developed, you must register on the AIO Certification Site at http://www.cmgfi.com/aiocertification.

Market Forecast: Construction Spending, Mortgage Applications, ADP Employment Report

Blog posted On December 03, 2018

Heading into the end of the year, mortgage rates have levelled out after rising following September’s interest rate hike. This week in housing news, US construction spending comes out on Monday and the Mortgage Bankers Association weekly mortgage application survey comes out on Wednesday. Other market-moving reports include the ADP employment report.

Endless Summer: Warm Winter Getaway Ideas

Blog posted On December 03, 2018

Winter might be coming, but if you're the kind of person who wants to chase an endless summer, now's the time. For travelers who yearn to burn their puffy coats, here are some warm weather destination inspirations.

$1.5 billion Mega Millions jackpot still unclaimed—here's what happens if no one comes forward by the deadline

Blog posted On November 30, 2018

In late October, Mega Millions announced that someone had won its $1.5 billion jackpot. But three weeks have passed and no one has come forward to claim the record-setting prize, reports ABC News.

Market Recap: Case-Shiller Home Price Index Slows, New Home Sales and Pending Home Sales Decline

Blog posted On November 30, 2018

Mortgage rates did not move significantly this week. Recent comments from Federal Reserve Chair Jerome Powell suggest that the Fed may be slowing down rate hikes, as interest rates reach a neutral range. Both new home sales and pending home sales declined in October, heading into the slower buying and selling season. The S&P CoreLogic Case-Shiller home price index has also started to slow, giving buyers a break from home price appreciation.

3 Common Renovation Mistakes to Avoid

Blog posted On November 29, 2018

Existing home sales make up the majority of real estate transaction, especially for Millennials and first-time home buyers. The National Association of Realtors (NAR) reported 9 out of 10 Millennials bought a property that was previously owned. The 2018 Chase housing sentiment survey showed almost 70% of those home buyers expected to spend at least $20,000 on renovation projects.

Community First Focus Helps Rehabilitate Homeless

Blog posted On November 28, 2018

The “housing first” model of addressing homelessness emphasizes the importance of stable housing before other issues like chronic unemployment and substance abuse are addressed. Real estate developer Alan Graham has taken the “housing first” approach a step further with the Community First! Village – a mix of RVs and micro-homes that shelters and employs formerly homeless people 10 miles northeast of downtown Austin, TX. Community First! Village has been so successful, that last month a 24-acre expansion began, which will include 110 RV sites, 200 more micro-homes, and a 20,000 square foot health facility.

When a "Bargain" Really is a Bargain

Blog posted On November 27, 2018

Finding a home listing described as a “bargain” could be good news for savvy shoppers. However, the description could also be misleading, depending on where you are located. Real estate website Trulia reviewed listings from around the country to determine when a “bargain” really is a bargain.

FHFA Increases Fannie Mae and Freddie Mac Conforming Loan Limits for Third Time

Blog posted On November 27, 2018

For the third time in three years, the Federal Housing Finance Agency (FHFA) has increased the conforming loan limits securitized by Fannie Mae and Freddie Mac. After ten years of not increasing the maximum conforming loan limits on Fannie Mae and Freddie Mac mortgages, the FHFA has increased loan limits for three years in a row.

Did You Know... 11/26/18

Blog posted On November 26, 2018

That there is a table that can be used for your refernece that outlines the requirements when a non-borrowing vested individual who has the right to rescind (typically the spouse) must receive the initial CD 3 specific business days prior to consummation:

Market Forecast: Case-Shiller Home Price Index, New Home Sales, Pending Home Sales

Blog posted On November 26, 2018

There was not much movement from mortgage rates last week, markets were closed on Thursday in observance of Thanksgiving and some markets were closed or closed early the following Friday. This week closes out November with several important housing reports including the S&P CoreLogic Case-Shiller home price index, new home sales, and the pending home sales index.

Disaster relief is dangerously broken. Can AI fix it?

Blog posted On November 26, 2018

In 2014, Stanford student structural engineer Ahmad Wani was visiting family in his native Kashmir when a catastrophic flood struck. The rising waters stranded him and his family for seven days without food or water, during which they watched their neighbor’s home collapse, killing everyone inside.

CMG Financial Promotes Jason Paluscsak to Area Sales Manager, Expands South Carolina Coverage

News posted On November 26, 2018

Mt. Pleasant, SC – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, announced the promotion of Jason Paluscsak from Branch Manager to Area Sales Manager. In the past two years at CMG Financial, South Carolina has achieved unprecedented growth under Jason’s guidance. He will continue to lend his leadership talents to further development initiatives.

Market Recap: Home Builder Confidence Slides, Housing Starts Improve, Existing Home Sales Increase

Blog posted On November 23, 2018

Mortgage rates did not move significantly up or down this week. Markets were closed yesterday in observance of the Thanksgiving holiday, and some banks are closed or closing early today. Home builder sentiment fell in November and builders lowered their expectations for the new year. Housing starts increased but building permits declined. Existing home sales exceeded expectations.

5 Fireplace Facts to Know this Fall

Blog posted On November 22, 2018

Getting cozy by the fire after Thanksgiving dinner? According to Zillow, fireplaces are one of the most sought-after home features. In addition to heating your home and enhancing your décor, a fireplace may actually add value to your home. Before you fire up this holiday season, here are the answers to the top five fireplace questions:

Transit Agencies Improve Impact on Homeless Population

Blog posted On November 21, 2018

As many of us give thanks this week for our loving families and happy homes, it’s important to remember those who are more vulnerable and experiencing hardships like homelessness. Partnerships like “Hub of Hope” between Philadelphia’s SEPTA transit system and Project HOME, a social service agency, strive to reach homeless transit passengers and intervene with assistance to help them overcome their crises.

The Predictions Are In: Home Sales to Rise in 2019

Blog posted On November 20, 2018

The National Association of Realtors (NAR) predicts home sales will increase in 2019, while home price appreciation starts to slow. Following 2017, the best year for home sales in over a decade, existing home sales are expected to close out 2018 down a slight 1.5% to a seasonally adjusted annual rate of 5.345 million transactions.

Did You Know... 11/19/18

Blog posted On November 19, 2018

For a non-rescindable transaction (i.e. a purchase), only one of the primary borrowers will need to receive a copy of the CD. For a rescindable transaction (i.e. a refinance of a primary residence), all borrowers with a right to rescind must receive a copy of the CD, which includes title-only borrowers in order to start the waiting period.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales

Blog posted On November 19, 2018

This week will be a short week, with markets closed on Thursday and closing early on Friday, in observance of the Thanksgiving holiday. However, there is a full week of housing news ahead with the National Association of Home Builders’ housing market sentiment index, housing starts and building permits, and existing home sales all scheduled for release.

What Amazon’s HQ2 will mean for house prices

Blog posted On November 16, 2018

Having Amazon as a neighbor could result in very different consequences for homeowners and renters.

Market Recap: Mortgage Apps Slide, Consumer Price Index and Retail Sales Surge

Blog posted On November 16, 2018

Mortgage rates continued to hold steady last week and did not move significantly up or down. Both new purchase and refinance mortgage application submissions declined. The consumer price index had the biggest increase in nine months and retail sales exceeded expectations. Federal Reserve Chair Jerome Powell gave a speech to the Dallas Fed on Wednesday and shared his optimistic economic outlook heading into 2019.

CMG Financial Welcomes Chuck Johnson, Area Sales Manager

News posted On November 16, 2018

Chicago, IL – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, has expanded its Midwestern presence with the addition of Chuck Johnson, Area Sales Manager. Chuck is an established mortgage leader with nearly three decades of experience serving the greater Chicago market.

HomeFundIt: Not Your Parents’ Wedding Registry

Blog posted On November 15, 2018

Congratulations, you’re getting married! As soon as you’ve staged the perfect engagement photos and built your wedding website you’re probably inundated with the “Where are you registered?” question. What are you going to register for? When’s the last time you got up early enough to make waffles? Do you really need another blender? Do you think you’re going to use that pizza stone before just ordering online? Chances are you don’t really need all of the stuff people traditionally use their wedding registry for.

Child Identity Theft is On the Rise

Blog posted On November 14, 2018

You know you need to protect your social security number, but did you know your children may be at risk too? Credit-reporting bureau Experian announced more than $1 million children have their identities stolen each year and warned one in four children will be a victim of identity theft before adulthood. Child identity theft can be especially detrimental to your children’s credit scores, because often it is not noticed or reported until much later, when they go to open their first bank account or apply for student loans.

As Boomers Age in Place, What Happens to Housing?

Blog posted On November 13, 2018

Less than a decade ago, housing professionals were expecting the “great senior selloff” when Baby Boomers, born between 1946 and 1964, started downsizing and selling their larger family homes. However, a new report from Harvard’s Joint Center for Housing Studies forecasts a growth in remodeling projects as more Baby Boomers choose to age in place. According to the study, out of the 80% of Baby Boomers who own homes, two-thirds of them expect to stay in their homes and make modifications to accommodate them as they age. Rather than a glut of housing for sale, today’s buyers are instead facing a tight market.

Did You Know... 11/12/18

Blog posted On November 12, 2018

When you are required to order income or social security number verifications, you should always enter the borrower’s full loan number on the order screen. See the screen show below.

Market Forecast: Mortgage Apps, Consumer Price Index, and Retail Sales

Blog posted On November 12, 2018

Some markets are closed today in observance of Veterans Day, which was yesterday. This week, the only significant housing news to report will be the Mortgage Bankers Association weekly mortgage application survey. Other market moving reports include the consumer price index and retail sales.

Honoring veterans has a special connection to World War I

Blog posted On November 12, 2018

Sunday is Veterans Day. This annual event often gets overlooked on the calendar in the run-up to Thanksgiving and the December holidays. But this Veterans Day is special. It’s the 100th anniversary of the unofficial end of World War I.

Red Hat's co-founder was unemployed and working in a closet when he started the company IBM is buying for $34 billion

Blog posted On November 09, 2018

In 1993, Bob Young was unemployed and working out of his wife's sewing closet on a new company he co-founded. This week, that company sold to IBM for $34 billion in the tech giant's largest acquisition ever.

Market Recap: Federal Reserve Holds on Hiking Rates, Job Openings, Mortgage Apps

Blog posted On November 09, 2018

This year’s Midterm Elections boasted record turnouts, breaking the record set in 1966. No significant mortgage rate movement this week, as the Federal Open Market Committee voted to leave the benchmark interest rate unchanged. Job openings slipped slightly but continue to outnumber unemployment reports. Mortgage application submissions declined.

Saving for a Down Payment Might Take up to 7 Years or More

Blog posted On November 08, 2018

According to a new Zillow report, it will take an average American approximately seven years to save for a 20% down payment on an average-priced home. This report assumes the worker earns the median income and saves 10% of their total earnings each month. This seven-year saving period is the longest since early 2008.

You Can Contribute More to Your 401(k) and IRA in 2019

Blog posted On November 08, 2018

Workers will be able to contribute more to their retirement accounts in 2019.

Soccer in the Streets Converts Unused Public Space into a Place to Play

Blog posted On November 07, 2018

Public transit, like Atlanta’s MARTA stations, tend to take up a lot of land, leaving vacant expanses. In the late 70s, Atlanta’s public transit operator installed an amphitheater at the Five Points station with the hope of revitalizing the neighborhood and making the entertainment center accessible through public transit. However, the amphitheater failed to draw crowds and sat largely unused for decades. Today the space has been converted into a soccer field, the first of its kind to sit inside of a transit station, and the first of a network of fields sprouting up throughout Atlanta.

Unnecessary But Awesome Things Everyone Wants in Their Lottery Dream Home

Blog posted On November 07, 2018

It is a truth universally acknowledged, as Jane Austen might have said, that a lottery winner in possession of a good fortune must be in want of a gigantic master closet. And a waterbed. And probably a tiny personal railroad that runs around his property.

How the Rust Belt is Attracting Millennial Home Buyers

Blog posted On November 06, 2018

Midwestern states including Ohio, Michigan, and Wisconsin, sometimes known as the Rust Belt, are experiencing a revival. After the decline of manufacturing bases like Detroit, this region suffered economically. As coastal home prices increase, and more companies and businesses are choosing to migrate to the Midwest and Great Lakes regions for lower taxes and affordable housing more, causing more Millennials are to put down roots in the Rust Belt.

Veteran Homelessness Down Nearly 50% Since 2010

Blog posted On November 06, 2018

After increasing last year, veteran homelessness decreased in 2018 and has plummeted since 2010; in some states, veteran homelessness has even been completely eradicated.

Did You Know... 11/5/18

Blog posted On November 05, 2018

A 21 day lock option is available in CLEAR for agency purchase transactions for all loan statuses. The loan no longer has to be in an approved status to lock for 21 days.

Market Forecast: Job Openings, Mortgage Applications, and FOMC Meeting

Blog posted On November 05, 2018

Election Day is tomorrow, don’t forget to exercise your right to vote in the 2018 Midterm Elections! Election results sometimes influence economic markets, so rates may experience some volatility this week. The Federal Open Market Committee (FOMC) meets Wednesday and Thursday and will release a statement Thursday afternoon. It will be a slow week for housing news, the only directly-related housing report will be the Mortgage Bankers Association (MBA) weekly mortgage application survey on Wednesday. Other market-moving reports include the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) on Tuesday.

Perfect towns for a weekend trip in every state

Blog posted On November 02, 2018

Alabama: For a quiet escape, head to Mentone, a picturesque mountain town located in northeast Alabama. Outdoor enthusiasts can hike in DeSoto State Park, kayak in Little River Falls or ski at the Cloudmont Ski and Golf Resort, depending on the time of year. If strolling and shopping are more your scene, there are plenty of shops to explore in downtown Mentone. And no visit is complete without a stop at the quaint Wildflower Cafe, which is best known for their tomato pie. If you’re flying in from out of state, plan a trip for September, which is the cheapest time to visit the state of Alabama. Wildflower’s Famous Tomato Pie: $5

Market Recap: Case-Shiller Home Price Index Slows, ADP Employment Strong, Construction Spending Flat

Blog posted On November 02, 2018

The US economy looks like it’s heading toward a strong finish for 2018. The ADP employment report was stronger than expected and construction spending was unchanged overall, but residential spending improved. The S&P CoreLogic Case-Shiller home price index appreciated, but price appreciation has started to slow.

Should you get a 15-Year or a 30-Year Mortgage?

Blog posted On November 01, 2018

Mortgage loans are available with a variety of terms and interest rates to suit every financial situation. Mortgage terms can range anywhere from 5, 7, 10, 15, and 30 years and usually have either a fixed interest rate or an adjustable interest rate. The 30-year fixed-rate mortgage tends to be the most common type of mortgage loan, a stalwart for home buyers since the 1930s and 1940s. However, in some cases the 15-year fixed-rate mortgage might be the better option.

How To Be As Happy As A Billionaire? Hint: Be Happy Before Becoming One

Blog posted On November 01, 2018

There’s a Mega-Millions lottery winner. The winner’s taking is $1.537 billion. With that South Carolina just doubled its number of billionaires. Now there are two.

New FICO Scoring System Could Boost Millions of Credit Scores

Blog posted On October 31, 2018

The FICO credit score is the most widely accepted credit score used by banks and lenders to determine a borrower’s ability to repay a loan or line of credit. The FICO credit score is influenced by five factors: payment history (35%), total amount owed (30%), length of credit history (15%), credit mix (10%), and new credit (10%). Early next year, FICO plans to adjust their scoring system to include how consumers manage the cash in their checking, savings, and money market accounts, the most significant change to the scoring system since the early 1990s.

Buying a Haunted House

Blog posted On October 31, 2018

Realtor Dana Bull was doing a final inspection on a two-family property in Salem, Massachusetts, on behalf of a buyer who wanted to live in one unit and rent out other. The second unit already had tenants in it, and the buyer needed to decide whether to let them stay or try to find new ones.

CMG Financial Introduces 3-2-1 Buydown Loan to Increase Access to Affordable Mortgage Financing Solutions

News posted On October 31, 2018

San Ramon, CA – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, announced its new 3-2-1 Buydown Loan that allows consumers to secure a lower interest rate and lower the monthly mortgage payment during their first three years of homeownership. The home buyer earns these lower payments through a “buydown fee” that can be paid by an interested third party like a home builder, seller, or Realtor, or by the home buyer.

Could College Towns Be the Next Best Place to Retire?

Blog posted On October 30, 2018

Before flocking to Florida, Arizona, or another retirement hotbed, retiring Americans could consider relocating to college towns. College towns could be the next best place to retire because they are known for affordable housing, walkability, arts, cultural, and sporting activities, plus accessible healthcare services. The Balance evaluated college towns around the country to compile the top 10 for retirees.

Why it might be better to take Social Security at age 66 instead of 70

Blog posted On October 30, 2018

Conventional wisdom about Social Security bites the dust—again.

Did You Know... 10/29/18

Blog posted On October 29, 2018

Once approved, the underwriter will email the approval to the loan officer and processor. It may also be found inside of CLEAR.

Market Forecast: Case-Shiller Home Price Index, ADP Employment Report, and Construction Spending

Blog posted On October 29, 2018

Heading into the end of the month, there are a couple more housing reports scheduled for this week. The S&P CoreLogic Case-Shiller home price index will come out on Tuesday and the US construction spending report comes out on Thursday. In other market-moving news, the ADP employment report is scheduled for release on Wednesday.

Can you cancel 10 credit cards without damaging your credit score?

Blog posted On October 29, 2018

"I became ill suddenly and had to retire at 62. When I was divorced at 45 I had nothing. I re-grouped, saved, saved and saved, put two children through college and rose through the ranks at work.

How to Register to Vote in Each State as Deadlines Approach

Blog posted On October 26, 2018

Election Day is Nov. 6, but voter registration deadlines in many states are well before that.

Market Recap: FHFA House Price Index Up, New Home Sales Down, Pending Home Sales Index Improves

Blog posted On October 26, 2018

Mortgage rates did not move significantly this week. The Federal Housing Finance Agency (FHFA) released its house price index and indicated home price appreciation has started to slow. New home sales declined, but the pending home sales index recovered.

Local Climate Actions = Big Impact

Blog posted On October 25, 2018

A landmark report released by the U.N. last week has laid out the stakes of a warming planet more starkly than ever. Warming of just 1.5 degrees Celsius could bring on the most severe consequences of climate change, according to the Intergovernmental Panel on Climate Change (IPCC) report.

How many houses should buyers see in a day?

Blog posted On October 25, 2018

With words like “competitive” and “inventory crunch” in the news lately, home buyers may be feeling the pressure to look at as many listings as they can. The National Association of Realtors (NAR) reported it takes an average of 10 weeks for home buyers to find the right home, down from the average of 12 weeks five years ago. While it’s always a good idea to keep your options open, real estate agents caution against viewing too many homes in one day. Overdoing it with home tours may cause you to forget details about specific houses and mix properties up.

Denver Experiments with Accessory Dwelling Units

Blog posted On October 24, 2018

Denver is one of the most heated housing markets in the nation, consistently leading the Case-Shiller home price index with double digit rates of annual appreciation. In 2016, over 1,000 families were reportedly moving to Denver every month. Such a sustained influx of residents has put a crunch on available housing inventory. As a result, the West Denver Renaissance Collaborative has proposed a new plan that creates more places to live without building more homes. Through the initiative, homeowners become landlords by renting out detached units on their property known as accessory dwelling units (ADUs) or sometimes “granny flats.”

Save up to $100 on Holiday Flights - Just in Time!

Blog posted On October 24, 2018

Flying around the holidays isn't cheap, but if you fly on Thanksgiving Day or Christmas Day (November 22 and December 25, respectively), you can save hundreds of dollars.

Generation Z Home Buyers Entering the Market with Help from Family

Blog posted On October 23, 2018

With so much focus on Millennial home buyers, the next incoming generation of buyers has been slightly overlooked. According to Zillow, 3% of last year’s home buyers were born after 1995, meaning over 100,000 homeowners across the country are 23 and younger. “I’m a little surprised to see the numbers as large as they are,” commented Rob Dietz, chief economist and senior vice president for economics and housing policy for the National Association of Home Builders (NAHB).

Five Trends About American Pet Owners

Blog posted On October 23, 2018

Nearly half of US households have a pet, but we have few data on pet ownership and how it may interact with housing and demographic trends. While working with data from the 2017 American Housing Survey (AHS), we housing finance researchers were surprised to come across a question about pets; specifically whether respondents would need help with their pets in case of a disaster.

Did You Know... 10/22/18

Blog posted On October 22, 2018

One on one All In One Product training is available?

Market Forecast: FHFA House Price Index, New Home Sales, and Pending Home Sales Index

Blog posted On October 22, 2018

Average mortgage rates have started to plateau, after climbing earlier this month. Although rates have started to trend upward, they are still near the lowest levels in the past decade. This week, the Federal Housing Finance Agency (FHFA) will release its house price index and the National Association of Realtors (NAR) will release the new home sales report and the pending home sales index.

How Stripe Became the $20B Startup Driving Apple, Amazon, and Facebook

Blog posted On October 22, 2018

On a hot summer’s day in a lush, green Cairo garden just a stone’s throw from the Nile, 29-year-old Mostafa Amin is talking about bread. He’s speaking with the kind of reverence usually reserved for celebrities, football teams or minor miracles like manna - the small, doughy rolls dropped from on high to help the Israelites flee the Pharaoh, according to the Bible.

What if paying rent on time boosted your credit score?

Blog posted On October 19, 2018

For the growing number of Americans–around 43 million households–that rent their homes, nonpayment of monthly fees can lead to disastrous consequences, including eviction. Paying late can create bad blood with landlords over time. While those people who do pay rent on time are more likely to be able to remain in place, those renters see few other benefits. Unlike owning a home, which enables people to build wealth and benefit from tax deductions, renting often feels akin to dropping one’s paycheck through a sieve. And there’s another crucial difference between owning and renting a home: On-time mortgage payments are factored into individual credit scores, and rent payments are not.

Market Recap: Builder Confidence Improves, Housing Starts Fall, Existing Home Sales Decline

Blog posted On October 19, 2018

Mortgage rates held steady this week with no significant movement to report. The National Association of Home Builders’ (NAHB) housing market sentiment index improved, with builders optimistic about solid buyer demand. Housing starts fell and building permits slipped slightly. Existing home sales declined.

How to Be a Landlord When You Retire

Blog posted On October 18, 2018

Many Americans choose to downsize their home when they retire. Larger homes tend to require more maintenance. Aging Americans may have difficulty with the ongoing upkeep of a large home, especially when they face health changes. Some retirees also choose to relocate, either to a warmer climate or to be closer to family. A new trend is emerging among retirees who choose to downsize in retirement, converting their former home into rental properties. According to a MarketWatch survey of 6,000 landlords, nearly 10% were of retirement age.

The 10 top emerging trends that will shape real estate in 2019

Blog posted On October 18, 2018

It’s complicated. In the course of compiling its annual Emerging Trends report, the Urban Land Institute found that the only certainty in its outlook for 2019 was uncertainty. Expert analysis points to a more complex, multi-layered series of overlapping trends, with unpredictable results, as opposed to a few strong narratives.

Advantages of an All In One Loan

Blog posted On October 18, 2018

Do you want to own your own home, but don't want to drain your entire savings to accomplish this? You may want to consider an all-in-one mortgage. This product allows you to combine your mortgage and savings. Let's take a look a look at how it works.

Mortgage Fraud Risk Up 12% Since Last Year

Blog posted On October 17, 2018

In a recent report, CoreLogic found mortgage fraud risk increased 12% since last year. Based on the data, one out of every 109 mortgage applications had indications of fraud ranging from undisclosed real estate liabilities to questionable down payment sources to income falsification.

30 Sofas Made for Hours of Lounging

Blog posted On October 17, 2018

Ready to curl up for some TV binging or a page-turning book? Check out these 30 stylish, comfortable sofas that are ready for hours of lounging time.

What Judge Kavanaugh Confirmation Means for the Future of the CFPB

Blog posted On October 16, 2018

Earlier this month, the Senate voted to confirm Judge Kavanaugh to the Supreme Court, solidifying a conservative tilt. The latest balance shift has many in Washington revisiting the question of what will happen to the Consumer Financial Protection Bureau’s (CFPB) leadership structure. Previously, Kavanaugh has written that he believes the way the CFPB is currently structured is unconstitutional. He also authored the Court of Appeals decision in the PHH Corp. vs CFPB case that declared the CFPB leadership structure unconstitutional in 2016.

The 5 people you must have in your network

Blog posted On October 16, 2018

The role and impact of mentors may vary, but the generally accepted business practice is that people need a mentor. It’s time to challenge that wisdom.

Did You Know... 10/15/18

Blog posted On October 15, 2018

You can have the All In One Interactive Simulator on your website!

Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales

Blog posted On October 15, 2018

There is a busy week of housing news ahead, with important data scheduled for release including the National Association of Home Builders’ (NAHB) housing market sentiment index, housing starts and building permits and existing home sales. Builder sentiment was positive last month, unchanged from the previous month. Housing starts jumped, but building permits tapered off. Existing home sales were also unchanged.

Self-made millionaire Ramit Sethi: Don't buy a house without asking yourself this question

Blog posted On October 15, 2018

Millennials are buying homes at lower rates than previous generations, but that might not be the worst thing for their investment portfolios.

This is how competition affects your brain, motivation, and productivity

Blog posted On October 12, 2018

You want to boost sales this quarter, so you launch a competition among your sales team. The person who can get the most sales this quarter will win a free weekend getaway! All the salespeople scramble to get their strategy in place, they call on their clients, sales go through the roof, and the competition heats up.

Market Recap: Mortgage Applications Down, Unemployment Hits All-Time Low, Consumer Price Index Increases

Blog posted On October 12, 2018

Some markets were closed on Monday in observance of Columbus Day, thus it was a slow week for housing news. The only housing-related report was the weekly mortgage application survey. Other market-moving reports included the weekly jobless claims report and the consumer price index.

3 hot cities where jobs are plentiful yet housing is still affordable (for now)

Blog posted On October 11, 2018

The more people that live, and clamor to live, in a given city, the higher housing prices tend to go. In San Francisco, for example, one of the most populous cities in the country, the median home value is $1.3 million and median monthly rent is $4,500.That's more than six times the national median home value of $216,700 and two-and-a-half times the $1,655 national median rent.

Lowering Your Debt-to-Income Ratio

Blog posted On October 11, 2018

Debt-to-income ratio or DTI is one of the key components of your financial profile lenders review when evaluating whether or not you are a good candidate for mortgage financing. DTI thresholds vary depending on the lender and the type of mortgage loan. Generally, the lower your DTI the better, so lowering your DTI by paying down long-term debts and limiting credit card use is a good idea before you apply for mortgage financing.

Simple Street Change Saves Pedestrian Lives

Blog posted On October 10, 2018

Pedestrian traffic deaths reached a 25-year high last year. According to the Governors Highway Safety Association almost 6,000 pedestrians were killed in 2017. The US Department of Transportation (DOT) is working to reverse this figure with a simple street redesign currently popping up at intersections in New York City, San Francisco, and Los Angeles. By adding rubber bumpers to intersections, drivers who are turning left are forced to slow down, and even lessen the sharpness of their turn, reducing the risk of vehicle-pedestrian Collison.

Do 21 Million Under 40 Renters Know Their Homeownership Potential?

Blog posted On October 10, 2018

Saving for a down payment is a considerable barrier to homeownership. With rising home prices and interest rates and tight lending standards, the path to homeownership has become more challenging, especially for low-to-median-income borrowers and potential first-time homebuyers.

Average FICO Credit Scores Climb Again

Blog posted On October 09, 2018

Nearly ten years into economic recovery, the average American FICO score climbed again, hitting a record high of 704. 2018 marks the eighth year of credit score increases, since the average FICO score hit an all time low of 686 in the wake of the Great Recession. All age brackets saw their average FICO score increase, led by Baby Boomers and Generation Xers.

16 Cases Where a Credit Card Beats Cash

Blog posted On October 09, 2018

Amassing credit card debt under exorbitant interest rates can spell financial doom. But there are times it makes sense to use that little piece of plastic. For some consumers, maximizing rewards is reason enough; others like paying a single bill at the end of the month. For those who are not convinced, here are a baker's dozen situations when paying with a credit card pays off.

CMG Financial Invests in Joint Venture Expansion with Strategic Leadership Hire

News posted On October 09, 2018

DALLAS--(BUSINESS WIRE)--CMG Financial, a privately held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, today announced the hire of Chris Harris, Vice President, National Joint Venture Manager. Chris is an accomplished executive sales leader with over 16 years of experience developing corporate partnerships, managing joint ventures and leveraging relationships to gain valuable market share.

Did You Know... 10/8/18

Blog posted On October 08, 2018

Copies of sample disclosure packages and welcome letters for our AIO programs are now available in CLEAR.

Market Forecast: Mortgage Apps, Jobless Claims, and Consumer Price Index

Blog posted On October 08, 2018

Some markets are closed today in observance of the Columbus Day holiday. Mortgage rates have started to trend upward in reaction to last month’s Federal Reserve rate hike. Mortgage applications reacted to the news, with new purchase application submissions increasing and refinance application submissions declining last week. Other market-moving reports scheduled for release this week include the weekly jobless claims report and the consumer price index.

20 Pieces of Chic Fall Decor All Under $50 (ghosts and goblins not included!)

Blog posted On October 08, 2018

Given how obsessed we are with fall, it's unusual that there's not more fall decor readily available.

Right? You head to some of your favorite stores in search of cute, seasonal items, only to be bombarded with witches and goblins and jack-o-lantern-inspired tablescapes.

Harvard and Cornell Researchers Find that People like You More than You Think

Blog posted On October 05, 2018

If you're hard on yourself about how you come off in social situations, especially when it comes to making first impressions, you're not alone. But there's good news. A recent study published in the Association for Psychological Science suggests that the people you meet probably like you more than you think.

Market Recap: Construction Spending Up, Mortgage Apps Mixed, ADP Employment Gains

Blog posted On October 05, 2018

Mortgage rates were little changed this week, following last week’s Federal Open Market Committee (FOMC) rate hike. US construction spending improved slightly. Residential construction spending was down month-over-month but up year-over-year. Mortgage application submissions showed little week-over-week change. The ADP employment report exceeded expectations.

What does your home insurance cover?

Blog posted On October 04, 2018

Earlier this month, Hurricane Florence caused an estimated $20 to $30 billion of damage to commercial and residential properties throughout North and South Carolina. Unfortunately, an estimated 85% of residential property losses were uninsured, and less than 10% of properties in North Carolina had flood insurance.

Celebrate Autumn with Fall's Best Porches and Patios

Blog posted On October 04, 2018

Have Fall at Your Doorstep

Update: Credit Freeze Now Free in All States

Blog posted On October 03, 2018

In the wake of last year’s Equifax data breach, a new federal law will allow consumers to freeze and unfreeze their credit for free with all major credit bureaus. Previously, credit freezes and unfreezes cost consumers anywhere between $3 and $12 each. A credit freeze prevents lenders from pulling a credit report, thus preventing criminals from taking out new lines of credit with a stolen identity.

The Comeback of the Mid-Sized American City

Blog posted On October 03, 2018

A major urban migration is underway. Since 2000, more than 5.5 million Americans have left just our three largest cities for smaller cities like my own Oklahoma City. Many metros like mine have grown significantly faster than our nation’s top 10 metros. Even smaller cities between 250,000 and 1,000,000 like Boise, Fort Collins, Madison, and Fayetteville have grown over 10 percent in a half-decade. Think of it: One in ten citizens of many cities like these have moved there in just the last few years.

Why Millennials Are Making This Huge Money Mistake

Blog posted On October 02, 2018

An alarming trend is emerging among young Millennial workers around the country. According to a recent survey from ETrade, over a third of Millennials are making withdrawals from their 401(k) plans or retirement accounts. They are using the money for everything from paying down debts, making large purchases, and going on vacations. 401(k) and other retirement plans compound interest overtime, thus increasing in value. When young workers withdraw from retirement accounts prematurely they are losing the interest they could have gained.

Four Ways Jeff Bezos’s $2 Billion Could Make the Biggest Impact on Homelessness Among Children and Families

Blog posted On October 02, 2018

Amazon CEO Jeff Bezos announced a $2 billion investment last week that will fund organizations fighting childhood homelessness and develop high-quality preschools in low-income communities. As this news thrusts the issue into the national spotlight, it’s important to underscore that homelessness is a solvable problem. A lack of funding and political will, not a lack of solutions, are the biggest obstacles to ending homelessness. And this kind of funding infusion could move the needle closer to reaching that goal.

Did You Know... 10/1/18

Blog posted On October 01, 2018

CMG does not accept transferred Loan Estimates on TBD properties.

Market Forecast: Construction Spending, Mortgage Apps, and the ADP Employment Report

Blog posted On October 01, 2018

Last week, the Federal Open Market Committee voted to raise the benchmark interest rates, and mortgage rates reacted accordingly. This week in housing news, US construction spending report comes out on Monday and the weekly mortgage application survey comes out on Wednesday. The ADP employment report comes out on Wednesday.

These Tiny Prefab Cabins Let You Live Anywhere in the World

Blog posted On October 01, 2018

When Cabin Spacey first came onto the tiny home scene in 2016, it had the noble goal of solving the very real urban problem of under-utilized space. At the time, the Berlin-based startup imagined its 370 square foot tiny homes sitting on rooftops or in parking lots, effectively extending a city’s usable housing stock by building on top of what already existed.

The World's Largest Ocean Cleanup Starts Now

Blog posted On September 28, 2018

Ambitious dreams have now become a reality as the Ocean Cleanup deploys its $20 million system designed to clean up the 1.8 trillion pieces of trash floating in the Great Pacific Garbage Patch. Check out another Forbes piece on how Ocean Cleanup aims to reuse and recycle the ocean plastic.

Market Recap: Fed Raises Rates, New Home Sales Spike, Home Prices Appreciation Slows

Blog posted On September 28, 2018

This week, the Federal Open Market Committee (FOMC) voted to raise the federal benchmark interest rate for the third time this year. Federal Reserve Chair Jerome Powell cited a strong labor market and continued economic expansion as reasons for the rate hike. In housing news, new home sales jumped, and home price appreciation slowed.

Manufactured Homes - Conventional

Blog posted On September 27, 2018

CMG Financial offers your borrowers the choice to finance cost effective living, making the American Dream possible for both traditional and manufactured homeowners!

What Happens to Your Mortgage if Your Home is Hit with a Natural Disaster

Blog posted On September 27, 2018

In the wake of last week’s hurricane and with an especially active hurricane season expected, disaster preparedness is more important than ever. When hurricanes, forest fires, earthquakes, and other natural disasters damage your home or impact your ability to pay your mortgage you have several options. Before disaster strikes, review these ways to stay safe, physically and financially.

New Paint Startup Poised to Revamp Interior Design

Blog posted On September 27, 2018

Nicole Gibbons knows good design. The former global director of PR and events for Victoria’s Secret turned interior designer has penned a popular design blog, operated her own high-end interior design firm, and been featured in print, online and on-screen for Elle Decor, Better Homes & Gardens, TLC, HGTV and Oprah Winfrey’s OWN. But for her, knowing good design wasn’t enough if it didn’t scale beyond the work she could do as a creative practitioner. She had ideas to build something bigger, build something that could become a household name. So, in December 2017, she raised $2 million to launch Clare, a direct-to-consumer paint brand targeted at digital savvy millennials who are keen on aesthetics, sensitive to the environment and pragmatic with how they spend their time.

Improving Shared Spaces Starts with Keeping Sidewalks Clean

Blog posted On September 26, 2018

Many metros across the country from the Bay Area to our nation’s capital have experienced a recent influx of new sidewalk clutter in the form of dockless electric scooters. Bird, Lime, and other startups have “dropped” e-scooters in urban areas to relieve busy public transportation and give pedestrians a new, more efficient way to commute. Curbed correspondent, Sarah Goodyear, describes the dropping of these scooters to the way an unruly teenager drops laundry around the house. The new trend of “docklessness” revives the question as old as cities themselves, “who owns the sidewalk and who is responsible for keeping it clean?”

One Year Later: How Designers are Rebuilding Puerto Rico

Blog posted On September 26, 2018

Maria Gabriela Flores, an architect based in San Juan, was home when Hurricane Maria pummeled Puerto Rico with 155-mile-per-hour winds and, in some areas, 20 inches of torrential rain. She was fortunate. Her home, an older structure in the Miramar area, was built from reinforced concrete and survived with no major damage. But just three miles away in Caño Martin Pena—a dense, low-lying area adjacent to the Caño Martin Pena canal and filled with informal construction—the effects were far worse. Winds ripped roofing—often nothing more than galvanized metal sheets—off 1,200 houses.

Rushing to Pay Off Your Mortgage? Why New Tax Laws Might Make You Want to Wait.

Blog posted On September 25, 2018

The Tax Cuts and Jobs Act (TCJA) enacted earlier this year provided the most sweeping changes to the tax code in decades. One of the most relevant changes for homeowners was the new cap for mortgage interest deductions. With tax cuts increasing wages, the savings rate improving, and the economy booming, some homeowners may consider paying off their mortgage sooner, especially with the changes to the mortgage interest tax deduction. MarketWatch columnist, Peter Morici, suggests, “The new tax law should cause many folks to consider paying off their mortgages but that is hardly best for everyone.”

Improve Your Employer Benefits: Add HomeFundIt to Your Employee Package

Blog posted On September 25, 2018

Today, most companies offer their employees medical and dental, paid vacation, and 401K options. In one of the tightest labor markets in decades, relying on industry standard offerings to remain competitive is not a sustainable solution. With wage growth stagnating, you need more than the same type of benefits to attract and retain top employees.

CMG Financial Welcomes New Regional Sales Manager Alex Nordby

News posted On September 25, 2018

Sacramento, CA – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, has strengthened its central California leadership team with the addition of Regional Sales Manager, Alex Nordby. Alex has over a decade of financial services experience and established professional relationships throughout the central California region.

Market Forecast: FOMC Meeting, Case-Shiller Home Price Index, and New Home Sales

Blog posted On September 24, 2018

The Federal Open Market Committee will meet this Tuesday and Wednesday and markets are pricing in a rate hike. Sustained economic growth, a healthy labor market, and strong consumer spending have all pushed the inflation rate toward the Federal Reserve’s benchmark and support the case for raising the benchmark interest rate. In other housing news, the S&P CoreLogic Case-Shiller home price index will come out on Tuesday and the National Association of Realtors’ new home sales report comes out on Wednesday.

Did You Know... 9/24/18

Blog posted On September 24, 2018

The All In One Certification/Resource Center can be found by visiting, https://www.cmgfi.com/aiocertification.

Loan Officer Ranked as Top Job in Annual Report

Blog posted On September 24, 2018

US News & World Report just released its rankings of the 100 Best Jobs in 2018, and thanks to employment growth and flexibility, loan officer made the cut.

More Bike Lanes and Trees Make Greener Cities

Blog posted On September 21, 2018

City streets and sidewalks in the United States have been engineered for decades to keep vehicle occupants and pedestrians safe. If streets include trees at all, they might be planted in small sidewalk pits, where, if constrained and with little water, they live only three to 10 years on average. Until recently, U.S. streets have also lacked cycle tracks—paths exclusively for bicycles between the road and the sidewalk, protected from cars by some type of barrier.

Market Recap: Housing Starts Surge, Existing Home Sales and Housing Market Index Unchanged

Blog posted On September 21, 2018

Construction activity boomed in August, housing starts posted a significant increase. Building permits, however, declined. The National Association of Home Builders’ housing market index was unchanged but remains positive. Existing home sales were unchanged month-over-month but down year-over-year.

Full Product Menu

Blog posted On September 20, 2018

Take advantage of our FULL product menu.

Low Down Payment Mortgage Options

Blog posted On September 20, 2018

As home prices rise, so do mortgage down payments. Many potential home buyers are dissuaded from starting their home search because of the myth of the 20% down payment. According to Down Payment Resources, home buyers younger than 37-years-old put down an average of 7%. Looking to buy a home but lacking the 20% down payment? Consider one of these popular low down payment mortgage options.

Amazon Founder Jeff Bezos's Fortune Compounding Faster than He Can Donate It

Blog posted On September 20, 2018

Amazon.com Inc.’s founder and CEO Jeff Bezos, the richest man in modern history, on Thursday stepped up his plans for major philanthropic giving by pledging $2 billion to set up the charitable “Bezos Day One Fund.”

Buyer Beware: How to Spot Down Payment Wire Transfer Fraud

Blog posted On September 19, 2018

Buying a home is the biggest purchase most Americans will make in a lifetime and saving for a down payment is the biggest obstacle to making that purchase. Often, the down payment will include a significant portion of the home buyer’s life savings, especially for first-time buyers. Earlier this month, CNBC reported on a new variant of wire transfer fraud schemes targeting home buyers at the time of closing, in some cases wiping out their entire down payment savings with no chance of recouping the funds.

How This San Francisco Homeowner Sold for Twice the Purchase Price

Blog posted On September 19, 2018

After years of renting in San Francisco and Oakland, we bought a home in Walnut Creek (a small city in the Bay Area) for $545,000 in 2010—when the market was relatively slow. The house was the smallest model in a 1960s neighborhood at 1,445 square feet with three bedrooms and two bathrooms. But it sat on a spacious 9,375-square-foot lot. It was a dream cosmetic fixer. Over seven years, we made it our own. We installed new interior doors and baseboards, gave away the wall-to-wall carpeting on Craigslist, and refinished the original hardwood floor. We painted the interior and exteriors, removed popcorn ceilings, and remodeled both bathrooms and the kitchen.

CMG Financial Adds Chet Mann as New Area Sales Manager

News posted On September 19, 2018

Sanford, NC – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, has expanded its Southeastern United States leadership team with the addition of Chet Mann NMLS 171268, Area Sales Manager. Based out of Sanford, North Carolina, Chet will oversee growth initiatives throughout the Southeast by spearheading recruiting efforts and expanding CMG’s market share.

Millennials Delay Marriage, Not Homeownership

Blog posted On September 18, 2018

Millennials may be delaying marriage but not homeownership, according to a recent study. In 1985, 75% of first-time home buyers were married couples. Today, married couples make up 57% of first-time home buyers. The National Association of Realtors’ managing director of survey research commented, “it’s absolutely a trend. People feel fine purchasing a home without a ring.”

Compare and Contrast: How Much Money Each Age Group Has in Their 401(k)s

Blog posted On September 18, 2018

Contributing to an employer-sponsored 401(k) plan is an effective way to save for retirement: You get significant tax advantages, the money is automatically taken from your paycheck before you have the chance to spend it and, often, companies offer a match, which is essentially free money.

South Carolina Couple Celebrates Wedding and a New Home with HomeFundIt

News posted On September 18, 2018

Charleston, SC – – HomeFundIt^TM the first and only approved down payment crowdfunding platform, recently celebrated the first successful funded loan in Charleston, SC. Kelly and Robbie were planning their wedding when they found the home of their dreams. In their competitive housing market, they knew they had to make an offer right away. Using HomeFundIt to crowdfund their down payment, Kelly and Robbie were able to celebrate two milestones, their new life together in their new home.

Did You Know... 9/17/18

Blog posted On September 17, 2018

Whether rates are emailed to you daily or you view them in CLEAR, you can find a lot of useful information on the daily rate sheet cover page.

Market Forecast: Housing Market Index, Existing Home Sales, and Housing Starts and Building Permits

Blog posted On September 17, 2018

There is a full week of housing news ahead, with the National Association of Home Builders’ (NAHB) housing market sentiment index on Monday followed by housing starts and building permits on Wednesday and existing home sales on Thursday.

New Apple iPhones Designed to Reduce E-waste

Blog posted On September 17, 2018

After completing a switch to 100% green energy earlier this year, Apple is trying to pack more renewable materials into its latest iPhones.

Market Recap: Consumer Credit Expands, Job Openings Up, Mortgage Apps Mixed

Blog posted On September 14, 2018

Average mortgage rates did not move significantly this week, trending downward according to Mortgage News Daily. Both revolving and nonrevolving consumer borrowing increased. Job openings surged to a record high. New purchase applications were up but refinance applications were down.

Work with More Referral Sources

Blog posted On September 13, 2018

Is part of your 2018 focus to work with more referral sources?

What to Look for in Your New Neighborhood

Blog posted On September 13, 2018

The famous line Location, Location, Location is not a joke when it comes to choosing the right neighborhood for your new home. Whether you are a first-time home buyer or moving up into your forever home, where you buy matters. Before you start your home search, determine where you want to buy. Narrow down the right neighborhood by reviewing these major influencers.

Affordable Housing Becomes Part of Florida Hurricane Recovery

Blog posted On September 13, 2018

Jaimie Ross, president of the Florida Housing Coalition, remembers the exact moment in September 2017 that she connected with Maggie Whitcomb, who was soon to become the founder of the Florida Keys Community Land Trust.

Girl Scouts Swap Cookies for Tiny Houses

Blog posted On September 12, 2018

A new five-day Girl Scout Camp in Marine on St. Croix, Minnesota resulted in two habitable tiny houses built entirely by Girl Scouts in grades 6 to 12. The first Power Girls camp was hosted by the Girl Scouts River Valleys and Dunwoody and took place in Camp Lakamaga. The goal of the camp was to teach girls the skills they needed to build a home from start to finish. The products of the camp will be donated to an organization chosen by the proud Girl Scouts.

Welcome Home! What to Do in the First 24 Hours in a New Place

Blog posted On September 12, 2018

The first 24 hours in a new place are vital — they can make a difference on how the first few months go and set the tone for the rest of the time you live there. So how should you spend the first 24 hours in a new place? Consider this list as your guide for those precious first hours.

1 in 4 American Homes Now Equity Rich

Blog posted On September 11, 2018

Last month, ATTOM Data Solutions released a report showing 24.5% of all mortgaged properties were equity rich in Q2 2018. “Equity rich” is defined as a home with a loan-to-value ratio of 50% or lower. Collectively, American homeowners have accrued over $15 trillion in home equity, over a trillion and a half dollars more than the highest levels before the recession. What are they doing with it?

6 Ways to Lower Your Debt-to-Income Ratio

Blog posted On September 11, 2018

If you’re struggling to qualify for a personal loan, your debt-to-income (DTI) ratio could be to blame.

Man's Best Roommate: How Furry Friends Influence Housing Decisions

Blog posted On September 10, 2018

While homebuyers look for homes of all different shapes and sizes, data reveals that most of them have one major thing in common.

Market Forecast: Consumer Credit, Job Openings, and Mortgage Apps

Blog posted On September 10, 2018

Market-moving reports this week include consumer credit, scheduled for Monday, and the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), scheduled for Tuesday. Both consumer borrowing and job creation drive economic and housing market momentum. In housing news, the weekly mortgage application survey comes out on Wednesday.

Did You Know... 9/10/18

Blog posted On September 10, 2018

Loan Servicing FAQs have been added to the CLEAR Resources tab.
After signing into CLEAR, click on Resouces. The Servicing FAQ link can be found on the left side of the page. Here you will find the answer to many of your borrowers servicing questions.

Used Plastic Becomes New Furniture

Blog posted On September 07, 2018

Plastic Whale is a professional plastic fishing company that offers boat trips during which tourists — while sightseeing — will pick up plastic from Amsterdam's canals. The plastic bottles that are being collected get turned into office furniture, in collaboration with Vepa.

Market Recap: Construction Spending Up, New Purchase Mortgage Apps Up, ADP Employment Grows

Blog posted On September 07, 2018

Construction spending improved in July, led by a surge in residential spending. New purchase mortgage applications increased while refinance applications decreased. The ADP employment report showed the addition of 163,000 jobs in August. Mortgage rates trended slightly upward.

Grow Your Production During Rising-Rate Cycles

Blog posted On September 06, 2018

Do you know of a single mortgage product designed to help you grow your production during rising-rate cycles?

The Simple Productivity-Boosting Method You're Probably Overlooking

Blog posted On September 06, 2018

By now it's no secret that there's a direct link between sleep and work performance. The numbers are staggering: The National Safety Council has estimated that fatigued employees cost employers about $136 billion a year in lost productivity.

CMG Financial Opens Ontario, CA Branch with All-Star Leadership Team

News posted On September 06, 2018

Ontario, CA – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, is growing its Southern California coverage with the addition of a new Ontario, CA branch. Led by Area Sales Manager, Chadwick T. Coffman NMLS
213570, Branch Manager Rob Muster NMLS 213423, and Sales Manager Cory Dressel NMLS 213430, the new branch will continue to expand access to CMG’s innovative lending solutions and world class customer service.

How to Dispute a Low Home Appraisal

Blog posted On September 06, 2018

You will need a home appraisal when you’re buying a new home, selling your current home, or refinancing your mortgage. Home appraisals are conducted by an independent appraiser to determine the value of the home. When you are selling your home and the appraisal comes in lower than expected, you could run into some difficulty including the buyer backing out of the sale or the lender denying the buyer the loan they need to purchase the home. If you’re selling your home and you get a lower appraisal than expected, here are the steps you can take to dispute it.

Renovation Rundown: When to DIY or Hire the Pros

Blog posted On September 06, 2018

It’s the question every handy homeowner getting ready to embark on a renovation asks themselves: How much can I actually do myself? If you’re willing to get your hands dirty, it may be more than you think. Curbed spoke with experts including DIY home renovators, contractors, and architects to determine the realistic DIY projects in your house, and what is better left to the professionals.

Trees Do More Than Lower Heat in Dallas Neighborhood

Blog posted On September 05, 2018

After an exceptionally hot summer, urban planners are investigating more ways to reduce temperatures in cities around the country. Because of the “heat island” effect, urban areas tend to be 10 to 20 degrees hotter than surrounding rural areas. AccuWeather Expert Senior Meteorologist, Tom Kines, explains, “it’s kind of like a brick fireplace; even when the fire goes out, the heat is still in the bricks. This is the same thing in a city.”

IRS Ruling Allows 401(k) Student Loan Benefits

Blog posted On September 05, 2018

On Aug. 17, the Internal Revenue Service released a private letter ruling that could make it easier for employers to use their 401(k) plans to assist their employees who are repaying student loan debt.

First-Time Home Buyers Outnumber Repeat Buyers

Blog posted On September 04, 2018

Despite the down payment obstacle, first-time home buyers continue to dominate the housing market. For the past decade, first-time home buyers have comprised the largest share of home buyers, even though affordability concerns, specifically related to the down payment, have caused many would-be first-time home buyers to delay home purchase.

US Banking Regulator to Rewrite Community Lending Rules

Blog posted On September 04, 2018

A federal banking regulator said on Tuesday it will begin soliciting input on decades-old rules on bank lending in low-income communities, kicking off a long awaited and potentially contentious rulewriting process.

Market Forecast: Construction Spending, Mortgage Apps, and the ADP Employment Report

Blog posted On September 03, 2018

Markets are closed today in observance of the Labor Day holiday. In housing news, the US construction report comes out on Tuesday and the Mortgage Bankers Association (MBA) weekly mortgage application survey comes out on Wednesday. Other market moving data includes the ADP employment report.

The Best Places to Retire State by State

Blog posted On September 03, 2018

Most of those who move in retirement chose to stay within the same state. In recognition of that fact, Forbes has developed its first-ever list of the best two places to retire in each of the 50 states—even those with high costs and taxes that we generally avoid in our annual Best Places To Retire list.

Market Recap: Home Prices Up, Mortgage Apps Down, Pending Home Sales Decline

Blog posted On August 31, 2018

Mortgage rates have not moved significantly this week, trending slightly upward following Federal Reserve Chair Jerome Powell’s Jackson Hole Symposium speech. The Fed is expected to continue raising rates to keep up with strong economic growth. The S&P CoreLogic Case-Shiller home price index appreciated in June, but at a slower pace. Both new purchase and refinance mortgage application submissions declined. Pending home sales fell for the seventh straight month.

Why Former President Jimmy Carter Still Lives in a $167,000 House

Blog posted On August 31, 2018

Former President Jimmy Carter might have once called the white mansion at 1600 Pennsylvania Avenue his home, but now, he lives in a much, much more modest abode.

Getting the Best Return on Investment for Your Remodel

Blog posted On August 30, 2018

With home prices rising in most regions, homeowners are staying put longer. Whether you have recently moved in or lived in your home for many years, it could be the right time to adapt your home to fit your changing needs. A home renovation project not only improves the livability of the home, it can also increase the resale value. If you are considering a home renovation in the near future, keep these tips in mind for getting the most return on your investment.

Millennial Super Saver's Tips to Banking $250,000

Blog posted On August 30, 2018

Collectively, Americans are struggling to set aside money for retirement: 21 percent have nothing saved at all for their golden years.

Is paying off your home saving for retirement?

Blog posted On August 29, 2018

For most Americans, a home is the first appreciating asset they will own. Unlike stock market investments, the housing market is relatively stable, and most homes tend to appreciate over time. This fact has some Americans asking the question, “is paying off your home saving for retirement?” To some extent, the answer is yes.

Mortgage Market Rebounds: 3 Charts

Blog posted On August 29, 2018

Every year, researchers look forward to the release of the most extensive publicly available mortgage market data: the Home Mortgage Disclosure Act (HMDA) data. This rich dataset has been instrumental in revealing critical developments in mortgage lending across the nation.

Why do Americans think buying a home is so stressful?

Blog posted On August 28, 2018

Applying for college, going on a job interview, and hosting Thanksgiving dinner can all be stressful life events, but according to a recent survey, none of those compare to buying a home. Out of 2,000 Americans surveyed by Homes.com, 40% of respondents cited buying a home as the most stressful event in modern life and 33% admitted to shedding tears at some point in the home-buying process.

Senate Banking Committee narrowly passes Kraninger as next CFPB director

Blog posted On August 28, 2018

The Senate Committee on Housing, Banking and Urban Affairs narrowly passed a vote nominating Kathy Kraninger as the next director of the Consumer Financial Protection Bureau.

Did You Know... 8/27/18

Blog posted On August 27, 2018

Your borrowers can finance their closing costs and prepaid items on a USDA Home Loan up to the appraised value.

Market Forecast: Case-Shiller Home Price Index, Mortgage Applications, Pending Home Sales

Blog posted On August 27, 2018

Mortgage rates have not moved significantly for the past two weeks, even trending downward according to some sources. This week, the S&P CoreLogic Case-Shiller home price index will come out on Tuesday and the Mortgage Bankers Association (MBA) weekly mortgage application survey and the National Association of Realtors (NAR) pending home sales index will come out on Wednesday.

New Home, New Landscaping

Blog posted On August 27, 2018

New homeowners take notice, your landscape needs to be an early priority. Whether your home is brand new or new to you, landscaping is a key part of making it your own. Your landscape shows off your style and is your “welcome home” at the end of the day. Well done landscaping can quickly boost the perceived value of your home, and may inspire your neighbors to take on their own landscaping challenges. Enjoying a great yard is one of the best parts of owning a home.

Market Recap: Existing Home Sales and New Home Sales Decline, FHFA Price Index Up

Blog posted On August 24, 2018

Mortgage rates have not moved much this week, trending downward according to some sources. Steady mortgage rates triggered some mortgage activity, with both new purchase and refinance applications increasing. The Mortgage Bankers Association (MBA) weekly mortgage application survey increased 4.2% week-over-week. Existing home sales and new home sales each declined and the FHFA house price index appreciated.

How to Manage a Bidding War

Blog posted On August 23, 2018

If you’ve found the home you love, chances are someone else loves it too. In today’s busy housing market, most home sellers are getting multiple offers on their homes in a few short weeks, sometimes leading to a bidding war. For home buyers starting their home search, the best way to handle a bidding war is to be prepared, plan ahead, and set realistic expectations.

How would you like to become an expert at selling the All In One Loan

Blog posted On August 23, 2018

A non-QM loan product designed to save your clients tens of thousands of dollars in interest payments?

If You Live in a Flood Zone, Read This

Blog posted On August 22, 2018

Even if your home is not located on a shore or beach, you may be living in a flood zone. According to the Environmental Research Letter, over 41 million Americans are currently living in flood zones, and this includes seemingly landlocked locations. In the wake of last year’s particularly devastating hurricane season, Flood Insurance is at the forefront of many homeowners’ minds. The National Flood Insurance Program (NFIP) paid over $8 billion to homeowners with flood insurance policies in 2017.

More First-Time Home Buyers Using Retirement Money for Down Payment

Blog posted On August 21, 2018

As more Millennials start to enter the housing market as first-time home buyers, an alarming trend has emerged. According to a recent Bank of the West survey of 600 homeowners ages 21-34 from, one in three took out loans against their retirement account to pay for their down payment. Saving for a down payment is one of the most commonly reported obstacles to homeownership. In fact, almost 70% of renters consider it the greatest barrier to homeownership. However, borrowing against or withdrawing savings from a retirement account could set the home buyer up for long-term financial consequences.

Did You Know... 8/20/18

Blog posted On August 20, 2018

CMG no longer requires W2 or full transcripts for salaried only borrowers.

Market Forecast: Existing Home Sales, New Home Sales, FHFA House Price Index

Blog posted On August 20, 2018

Mortgage rates trended slightly downward last week. There are several important housing reports scheduled for this week, including existing home sales and new home sales. The Federal Housing Finance Agency (FHFA) house price index is also slated for release.

Market Recap: Builder Confidence Wanes, Mortgage Apps Mixed, Housing Starts and Building Permits Increase

Blog posted On August 17, 2018

Mortgage rates trended downward this week. The National Association of Home Builders’ (NAHB) housing market sentiment index dropped by one point, but builders remain largely optimistic. New purchase mortgage applications declined, and refinance mortgage applications were unchanged.

Should you buy first or sell first?

Blog posted On August 16, 2018

Most home sellers are concurrently looking for a new place to live. Before you put your home on the market, the big question to answer is “should you buy first or sell first?” Each route has its own advantages, depending on your situation. If you have plans to sell your home soon, consult a mortgage loan officer to see if you should buy your new home first or sell your current home first.

HomeFundIt Helps More First-Time Home Buyers Enter the Market

News posted On August 16, 2018

Austin, TX – After living in seven states in less than a decade, Brooke was ready to settle down. Even with a burgeoning career in marketing, she was struggling to save for the down payment on a home. She turned to HomeFundIt^TM to see if family and close friends would be willing to contribute to her down payment funds. She was shocked to find out how many people took interest in her campaign, not only family but coworkers, friends, and others.

Mortgage interest rates are on the rise

Blog posted On August 16, 2018

...and the purchase market hasn’t quite taken flight. What is your plan?

Millennial Home Buyers’ Biggest Regret

Blog posted On August 15, 2018

Compared to previous generations, millennials have been slower to become homeowners. Factors like high student debt, sluggish wage growth, and other residuals from the Great Recession have impacted their ability to buy homes. Of the millennials who are homeowners (approximately 4 in 10), 68% have expressed buyer’s remorse, with the top concern being spending too much money on the down payment.

Amazon Unlikely to Disrupt Mortgage Lending

Blog posted On August 14, 2018

Ecommerce giant Amazon is known for disrupting a broad spectrum of industries from book publishing to grocery shopping. Its most recent acquisition of PillPack, the online pharmacy, marks its first significant reach into the healthcare industry and resulted in a collective loss of $14.5 billion in market valuation of six major healthcare-related stocks. With Amazon tapping into so many industries, it’s not surprising that a rumor has started about a possible mortgage lending division. Forbes contributor, Mike Eshelman, explained why the formation of an Amazon mortgage bank is unlikely.

Did You Know... 8/13/18

Blog posted On August 13, 2018

Whether rates are emailed to you daily or you view them in CLEAR, you can find a lot of useful information on the daily rate sheet cover page.

Market Forecast: Mortgage Apps, Housing Market Index, and Housing Starts and Building Permits

Blog posted On August 13, 2018

Mortgage rates continued to hold steady last week. This week, the home builders’ sentiment index will come out on Tuesday, along with the weekly mortgage application survey. Housing starts and building permits are also scheduled for release.

Market Recap: Job Openings Up, Consumer Credit Mixed, Mortgage Apps Decline

Blog posted On August 10, 2018

Mortgage rates have not shifted significantly this week. The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed job openings have increased to the third-highest level in the report’s 18-year history. Revolving consumer credit fell slightly after last month’s surge, and nonrevolving credit increased. Both new purchase and refinance applications declined.

What determines your mortgage interest rate?

Blog posted On August 09, 2018

If you’re shopping for a home, you’re probably paying attention to what interest rates are doing. There are numerous resources available to check average mortgage rates in your area. Researching rates can give you an idea of what to expect, but the mortgage rate for your specific mortgage loan depends on several key factors.

Proposed Bill Could Mean Higher VA Loan Fees

Blog posted On August 08, 2018

The Blue Water Navy Vietnam Veterans Act of 2018 recently moved to the Senate after getting approved with a vote of 382-0 in the House of Representatives. The bill would extend medical benefits to over 90,000 Navy veterans who served off of the coast of Vietnam during the Vietnam War. The veterans believe they were exposed to Agent Orange, a dangerous chemical weapon that has led to birth defects, learning disabilities, and ongoing health issues for those who were exposed. To pay for the funding, which is estimated to cost $3.4 billion over the course of five years, the Veterans Administration would increase fees associated with the VA home loan program.

Adjustable-Rate Mortgages Popular Again

Blog posted On August 07, 2018

All mortgage loans have either fixed-rate or adjustable-rate terms. With a fixed-rate mortgage, the interest rate will stay the same throughout the life of a loan. With an adjustable-rate mortgage, the interest rate will move up or down after a fixed period of an introductory rate that lasts three to seven years, depending on the length of loan. Typically, adjustable-rate mortgages will have an interest rate cap that they will not be able to exceed.

Did You Know... 8/6/18

Blog posted On August 06, 2018

Surveys are required in Florida, New Jersey, New Mexico and Texas.

Market Forecast: Job Openings, Consumer Credit, Mortgage Applications

Blog posted On August 06, 2018

The Federal Open Market Committee (FOMC) voted to leave the benchmark interest rate unchanged and mortgage rates did not move much following the news. This week, the Labor Department will release its Job Openings and Labor Turnover Survey (JOLTS). Consumer credit is also on the schedule. The only significant housing report will be the Mortgage Bankers Association (MBA) weekly mortgage application survey.

CMG Financial Expands Arizona Coverage with New Scottsdale Team

News posted On August 06, 2018

Scottsdale, AZ – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, is growing its Arizona presence with the addition of two new branch managers and a full sales staff in Scottsdale, AZ. The new group includes Jason Johnson NMLS 403755, Branch Manager and Marty Farnsworth NMLS 414002, Branch Manager, nine loan officers, and a production assistant.

Market Recap: No Rate Hike, Pending Home Sales Jump, Case-Shiller Home Price Index is Up

Blog posted On August 03, 2018

The Federal Open Market Committee (FOMC) met Tuesday and Wednesday of this week, and as expected, did not make any interest rate moves. Most economists are predicting two additional rate hikes this year, one in September, then another in December. The National Association of Realtors’ (NAR) pending home sales index surged after several months of tepid data. The S&P CoreLogic Case-Shiller home price index continues to appreciate.

CMG Financial Welcomes New Las Vegas, NV Team

News posted On August 03, 2018

Las Vegas, NV – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, has expanded its Western coverage with the addition of a new Las Vegas team. CMG Financial would like to officially welcome Sheila Ledesma NMLS 317386, Sales Manager, Linda Ayres NMLS 318390, Sales Manager, and Iriany Eustace, Loan Processor.

How to Really Retire Early

Blog posted On August 02, 2018

You probably see dozens of articles a day about how to save more money or manage your expenses better. While bringing your lunch to work and ordering water instead of soda or beer when you go out can save you hundreds of dollars each year, simply saving money is not enough to build wealth. If you’d like to convert your mattress stash to the extra cushion you really need to retire early, it’s not about how much money you save, but what you do with that savings.

Rental Fraud Rising

Blog posted On August 01, 2018

Unlike buying a home, most renters are sourcing listings and touring properties without the guidance of a real estate agent. Without the help of a trusted professional, some renters lack the awareness it takes to spot red flags. Vacation and timeshare rental fraud typically target older renters, but younger renters like Millennials, are the prime audience for apartment and rental home schemes. Based on data analyzed by Apartment List, renters aged 19 to 29 are 42% more likely to lose money due to rental fraud. With many renters saving to eventually buy a home, these losses are even more financially detrimental.

CMG Financial Adds Rob Nelson to Western Leadership Team

News posted On August 01, 2018

Coronado, CA – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, announced the addition of Rob Nelson NMLS 331060 as its Regional Vice President, Business Development and Production. Rob will be based out of Coronado, CA and serve the states of California and Utah.

EVP Kim Callas Recognized in 2018 HousingWire Women of Influence

Blog posted On August 01, 2018

San Ramon, CA – National mortgage media group HousingWire announced its 8^th Annual Women of Influence list. CMG Financial’s Executive Vice President, Kim Callas, was recognized among 85 distinguished women for her contributions to the housing industry and propelling it forward.

US Homeowners Staying Put Then Selling for Record Gains

Blog posted On July 31, 2018

As home values continue to rise, homeowners are reaping the profits. Attom Data Solutions and Bloomberg report homeowners are occupying their home for an average of 8.09 years, the longest stretch of time since 2000. Those who sold in the second quarter of 2018, recorded an average gain of $58,000, the largest profit margin in over a decade. But while homeowners are cashing in, would-be first-time home buyers have been hit hardest by this trend.

Did You Know... 7/30/18

Blog posted On July 30, 2018

All non-permanent resident aliens must have a minimum two-year history of credit and employment in the U.S. or another country. (AKA 2 year rule)

Market Forecast: FOMC Meeting, Pending Home Sales, and Case-Shiller Home Price Index

Blog posted On July 30, 2018

The Federal Open Market Committee (FOMC) will meet Tuesday and Wednesday of this week and release an announcement following the meeting on Wednesday afternoon. The Fed is not likely to raise interest rates following this meeting, the market expects the next rate hike to take place later this year. The National Association of Realtors (NAR) will release its pending home sales index on Monday. The S&P CoreLogic Case-Shiller home price index comes out on Tuesday.

Market Recap: Existing Home Sales and New Home Sales Decline, Mortgage Apps Mixed

Blog posted On July 27, 2018

Mortgage rates trended slightly upward this week. Low available for-sale inventory continues to impact housing activity. Existing home sales and new home sales each declined. Refinance mortgage application submissions increased, but new purchase mortgage application submissions dropped.

Is it time to see a Financial Advisor?

Blog posted On July 26, 2018

When it comes to money matters, expertise counts. You wouldn’t buy a home without working with a mortgage loan officer and you probably see a tax professional at least once a year to do your taxes. But when does the average consumer need to consult a financial advisor? When it comes to protecting your assets and planning for you and your family’s future, a financial advisor can help you chart your path. Some major milestones where you should consider consulting a financial advisor include marriage or divorce, family expansion, wealth changes, and retirement.

Don’t Believe This Big Credit Card Myth

Blog posted On July 25, 2018

Lenders use the credit score to evaluate a potential borrower’s ability to repay the loan. Your credit score is integral to your ability to qualify for a mortgage. It can take years to build up your credit score and just a few mistakes to damage it. One pervasive credit card myth many consumers believe could actually be hurting your credit score. According to a report by CreditCards.com, over 43 million Americans, 22% of all consumers, have carried a balance on their credit card under the impression it will improve their credit score. Unfortunately, that is not the case.

Homeowner Equity Hits Record High

Blog posted On July 24, 2018

This month, tappable homeowner equity, reached the highest level ever recorded. Tappable equity refers to the value of the home minus the standard 20% lenders recommend homeowners keep as a security cushion. As of July 2018, US homeowners have a total of $5.8 trillion in tappable equity. In the past year, the average homeowner gained $14,700 and currently has an average of $113,900 available to withdraw.

Market Forecast: Existing Home Sales, Mortgage Apps, New Home Sales

Blog posted On July 23, 2018

Mortgage rates did not move significantly last week, continuing to hold steady. The existing home sales report comes out on Monday, followed by the new home sales report on Wednesday. The weekly mortgage application survey is also scheduled for release on Wednesday.

CMG Financial Opens Farmington Hills, MI Branch with Branch Managers Suzie Boutorwick and Scott Elia

News posted On July 23, 2018

Farmington Hills, MI – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, continues to grow its Midwestern presence with the addition of the Farmington Hills, MI branch. The new branch, headed by Branch Managers Suzie Boutorwick NMLS 455731 and Scott Elia NMLS 162661, will serve the greater Michigan area. Joining the new location are Anthony Yousif NMLS 1523991, Loan Officer, Rana Abouna, Loan Processor, and Lilian Pellerito, Production Assistant.

Market Recap: Housing Market Index Steady, Mortgage Apps Mixed, Housing Start and Building Permits Fall

Blog posted On July 20, 2018

Mortgage rates were largely unchanged again this week, not trending significantly up or down. The National Association of Home Builders’ (NAHB) housing market sentiment index did not move up or down, with builders staying positive about buyer demand. Mortgage application submissions flipped, with new purchase applications down and refinance applications up. Housing starts and building permits each declined.

For Sale by Owner: Proceed with Caution

Blog posted On July 19, 2018

Home sellers choose the “For Sale by Owner” (FSBO) route because they believe they will earn a larger profit by not having to pay their real estate agent a commission fee. FSBO transactions tend to become even more popular in a seller’s market. In 2016, the National Association of Realtors (NAR) reported the average FSBO sales price was $185,000, compared to the average $245,000 for a home represented by a real estate agent. A staggering $60,000 difference, even despite the commission cost for the real estate agent.

Teen Engineer Team Invents Solar-Powered Tent

Blog posted On July 18, 2018

An all-girl team of high school engineers has created a collapsible, solar-powered tent to help the homeless population in their hometown of San Fernando, CA. Just in the past year, the homeless population increased 36% to approximately 7,094 people in the San Fernando Valley. Unable to give monetary donations, Daniela Orozco and her classmates found a new way to improve the lives of homeless people in their community.

Two More States Now Offer Tax incentives for Down Payment Savings Accounts

Blog posted On July 17, 2018

As home prices and down payment requirements rise proportionately, the housing market has seen a significant decline in first-time home buyers entering the market. In 2017, first-time home buyers accounted for only 32% of all buyers, according to the National Association of Realtors (NAR), much less than the long-term average ratio of 40%. With renters struggling to save for the down payment on a home, even with low down payment options, some states are offering tax incentives for “first-time home buyer savings accounts.”

Market Forecast: Housing Market Index, Mortgage Apps, Housing Starts and Building Permits

Blog posted On July 16, 2018

With no significant mortgage rate movement to report, rates are holding steady this month. The National Association of Home Builders (NAHB) will release its housing market sentiment index on Tuesday. Housing starts and building permits are scheduled for release on Wednesday, along with the Mortgage Bankers Association (MBA) weekly mortgage application survey.

Did You Know... 7/16/18

Blog posted On July 13, 2018

Be sure your borrower(s) acknowledge all LE’s provided. If an LE has not been acknowledged, it could delay the CD going out to the borrower. Why?

Did You Know... 7/23/18

Blog posted On July 13, 2018

Fannie Mae announced a student loan cash out option.

Market Recap: Consumer Credit Expands, More Job Openings, and Mortgage Apps Rebound

Blog posted On July 13, 2018

Mortgage rates did not move significantly up or down this week. It was a light week for housing news, but the Mortgage Bankers Association (MBA) weekly mortgage application survey showed a surge in new purchase mortgage applications. Consumer credit also increased substantially. The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) cooled down after reaching a record level in April.

How to Buy a Home When You’re Self-Employed

Blog posted On July 12, 2018

Buying a home when you are self-employed or own your own business will require more documentation than if you are a salaried employee with a yearly W2. In today’s increasingly mobile job market, more and more US workers are choosing self-employment over traditional payroll jobs. Freelancing is growing in popularity as workplaces become more remote. Buying a home when you’re self-employed or own your own business is possible, when you do your homework. Freelancers and small business owners can follow these tips for a smooth home buying process.

HomeFundIt Success featured in The Wall Street Journal

News posted On July 11, 2018

Reese and Kyle Rademacher weren’t sure how they would afford a down payment to buy a home until their real-estate agent mentioned an offbeat idea: crowdfund the money from friends and family.

Feds Cracking Down on Uptick in Wire Fraud

Blog posted On July 11, 2018

Financial institutions around the country have seen an increase in wire fraud activity this year, especially through email phishing and ransomware. According to the Verizon Business 2018 Data Breach Investigations report, ransomware was the fifth most prevalent cybersecurity threat, impacting more businesses than traditional malware, spyware, and the use of stolen credentials. Email phishing and ransomware can have a devastating impact on the finances of consumers and businesses alike.

Young Home Buyers Facing Affordability Crisis

Blog posted On July 10, 2018

Home price appreciation is impacting summer selling season, especially for first-time home buyers. New research from Freddie Mac shows young adults aged 24-35 are hit hardest by affordability constraints. The homeownership rate for this age group has fallen 8% since peaking in 2004. Based on the survey, 700,000 young adults who did not purchase a home between 2000 and 2016 cited affordability as the main reason.

Did You Know... 7/9/18

Blog posted On July 09, 2018

CMG offers odd term amortizations on Conventional, FHA and VA fixed rate loans. There is a pricing hit of 0.15 for odd term amortization which is listed in the miscellaneous section found on page 2 and 3 of the daily rate sheet.

Market Forecast: Consumer Credit, Job Openings, and Mortgage Applications

Blog posted On July 09, 2018

With the short week last week, mortgage rates did not move much up or down. There are no significant housing reports scheduled for this week, other than the weekly mortgage application survey set for release on Wednesday. The consumer credit report comes out on Monday and the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) will be released on Tuesday.

Market Recap: Construction Spending Up, Mortgage Apps Mixed, ADP Employment Gains

Blog posted On July 06, 2018

Markets were closed on Wednesday of this week, in observance of the Independence Day holiday. Mortgage rates did not move significantly up or down. Construction spending increased, driven by spending on public projects. The Mortgage Bankers Association (MBA) weekly mortgage application survey showed an increase in new purchase applications, but a decrease in refinance applications. The ADP employment report was gainful, but less than expected.

Should you work with a Real Estate Agent?

Blog posted On July 05, 2018

In the digital age, many home buyers feel they can skip partnering with a professional Realtor or real estate agent because of their access to listing websites and other online tools. While listing sites like Zillow and Trulia can help a home buyer find out what’s for sale in their area and start shopping, there are still many advantages to continuing your search with an established Realtor or real estate agent.

How to Spot What’s Hiding in a Staged Home

Blog posted On July 04, 2018

Staging a home is a way for home sellers to show potential buyers what the home will look like when they live there. A staged home can give the buyer an idea of where to put their furniture and how to decorate. While home staging can accentuate a home’s nice features, it can also cover up some unwanted damage.

Fannie Mae Revises 2018 Income Limits for HomeReady Mortgage

Blog posted On July 03, 2018

Fannie Mae HomeReady® Mortgage is a low down payment loan with 95% and 97% financing options and cancellable mortgage insurance coverage. The HomeReady® Mortgage is not limited to first-time home buyers and available for repeat home buyers seeking an affordable financing option. The HomeReady® Mortgage also employs flexible underwriting and credit guidelines allowing rental unit and boarder income to be included in the debt-to-income ratio and allowing non-occupant borrowers, like a parent borrowing on behalf of a child.

Did You Know... 7/2/18

Blog posted On July 02, 2018

The required contact information for a non-borrowing spouse or sometimes also referred to as additional people on title must be entered onto the CD request page in CLEAR.

Market Forecast: Construction Spending, Mortgage Applications, ADP Employment Report

Blog posted On July 02, 2018

Mortgage rates held steady last week, not moving much in either direction. This week, markets are closed on Wednesday in observance of Independence Day. In housing news, US construction spending comes out on Monday and the weekly mortgage application survey comes out on Wednesday. The ADP employment report is also scheduled for release.

Market Recap: New Home Sales Surge, Case-Shiller Home Price Index Increases, Pending Home Sales Decline

Blog posted On June 29, 2018

Mortgage rates did not move significantly this week, settling after a post-rate hike climb. New home sales increased substantially, signaling strong construction activity. The S&P CoreLogic Case-Shiller home price index continues to appreciate. The pending home sales index dropped off again.

First-Time Home Buyers: How to Compete in Today’s Market

Blog posted On June 28, 2018

Low inventory and an influx of home buyers has created a competitive housing market, especially for first-time buyers. Starter homes are feeling the inventory crunch, with Baby Boomers living in their larger homes longer, reducing available move-up options for Generation X, and thus starter homes for Millennials.

Money-Saving Tips Everyone Can Try

Blog posted On June 27, 2018

Saving for a down payment is one of the biggest challenges first-time home buyers around the country face. Whether you are getting ready to buy a home, or saving for something else, everyone could use some fresh ideas to save more effectively. Lifestyle blog Refinery 29 partnered with Intuit, the maker of QuickBooks, Mint, and TurboTax, to compile this list of money-saving tips everyone can try.

Fannie and Freddie Privatization Back on the Priority List

Blog posted On June 26, 2018

Last Thursday, the Trump Administration released a proposal asking Congress to revisit the privatization of Fannie Mae and Freddie Mac, the Government-Sponsored Enterprises (GSEs) that have been under conservatorship since 2008. The proposal recommends converting the GSEs into fully private entities but placing them under the regulatory oversight of another federal organization with experience in the secondary mortgage market.

California MBA Welcomes New Board Member AJ George

Blog posted On June 26, 2018

San Francisco, CA – The California Mortgage Bankers Association (CMBA) announced three new board members this month, including AJ George, Chief Administrative Officer, CMG Financial. Mr. George will join an established group of leading mortgage executives promoting advocacy, education, and connection within the mortgage industry and throughout the greater community. Mr. George will be sworn in with the rest of the board’s returning directors and officers at the July 16^th meeting in San Francisco.

Did You Know... 6/25/18

Blog posted On June 25, 2018

Asset depletion (must be eligible assets) may be used on conforming loans regardless of the borrower’s age. Complete details may be found on page 42 of the Conventional Conforming Guidelines. CLICK HERE to access the guidelines.

Market Forecast: New Home Sales, Case-Shiller Home Price Index, Pending Home Sales

Blog posted On June 25, 2018

Mortgage rates did not move much last week, holding steady after the rate hike earlier this month. This week, the new home sales report will come out on Monday, followed by the S&P CoreLogic Case-Shiller home price index, and pending home sales later in the week.

Market Recap: Housing Market Index Drops, Housing Starts and Building Permits Mixed, and Existing Home Sales Slip

Blog posted On June 22, 2018

Mortgage rates have not moved significantly this week, trending slightly upward in some cases. Home builder sentiment is down, amidst rising construction costs. Housing starts increased, but building permits declined. Existing home sales dropped slightly.

Coming Up: What to Watch in Housing

Blog posted On June 21, 2018

With last week’s rate hike in the books and more expected in the coming year, the lending landscape will undergo some gradual changes. Buying and selling a home is a big financial commitment and one that should include the guidance of trusted real estate professionals. Last week, HousingWire compiled a list of the top issues impacting real estate and mortgage lending over the next three to seven years based on the Counselors of Real Estate Chair Joseph Nahas’s predictions.

Mortgage Application Denied? What to do Next.

Blog posted On June 20, 2018

A mortgage application can be denied for a number of reasons. There is nothing more heartbreaking than going through the home shopping process only to have financing fall through. LendingTree reports approximately 8% of mortgage loan applications are denied nationwide. While it’s a setback, mortgage application denial does not have to mean the end of your home search. Taking these proactive steps after having a mortgage application denied can help you with your future home search.

Home Flipping Rate Hits 6-Year High

Blog posted On June 19, 2018

Home flipping, or the act of buying a home with the intention of selling for a quick profit, is on the rise. ATTOM Data Solutions, a real estate data company, reports the home flipping rate hit a 6-year-high in the first quarter of 2018. Some of the particularly hot flipping metros leading this increase include Baton Rouge, LA, up 70% quarter-over-quarter, Lincoln, NE, up 55% q-o-q, Madison, WI, up 55% q-o-q, Columbia, SC, up 48% q-o-q, and Atlantic City, NJ, up 43% q-o-q.

HomeFundIt Family Finds New Hope After Fire Destroys Home

News posted On June 19, 2018

Tampa, FL – Last December, the Diaz family was in crisis after suffering an unspeakable loss when their home was destroyed in a fire. They were left with no home, no presents for the holidays, and no next move. After their story gained local media attention, a childhood friend and CMG Financial loan officer, Alain Juvert NMLS 1173442, reached out to introduce them to HomeFundIt^TM, the down payment crowdfunding platform.

Did You Know... 6/18/18

Blog posted On June 18, 2018

The loan submission checklists are built inside of the loan in CLEAR. The checklist in the loan is specific to the transaction and may be found under the Images File Tab, Submissions and Conditions, Submission Checklist.

Market Forecast: Housing Market Index, Housing Starts and Building Permits, and Existing Home Sales

Blog posted On June 18, 2018

Last week, the Federal Open Market Committee (FOMC) voted to raise the benchmark interest rate, and mortgage rates reacted accordingly. This week will be a big week for housing news, with the National Association of Home Builders’ (NAHB) housing market sentiment index scheduled for release on Monday, housing starts and building permits on Tuesday, and existing home sales on Wednesday.

Market Recap: Mortgage Apps Down, Retail Sales Surge, and Fed Raises Rates

Blog posted On June 15, 2018

In a highly-anticipated move the Federal Open Market Committee (FOMC) voted to raise the benchmark interest rate on Wednesday to a range of 1.75-2.0%. Mortgage rates reacted by trending upward. Both new purchase and refinance mortgage applications took a downturn this week, after rising the previous week. Retail sales were especially strong, suggesting sustained Gross Domestic Product (GDP) growth into second quarter.

Don’t Let Debt Defer Homeownership

Blog posted On June 14, 2018

During the mortgage loan application process, lenders review debt-to-income ratio to ensure that the applicant will be in a good position to repay the loan. Unfortunately, many Americans, especially Millennial-aged first-time home buyers, believe they are too debt burdened to buy a home. With record-high student debt, the national median age of first-time home buyers in 2017 was 32-years-old.

How Planning Ahead Can Save You Money on these Housing Expenses

Blog posted On June 13, 2018

Homeownership advocates will often tell you that owning a home is less expensive than long-term renting. This argument, one of the oldest debates in real estate, holds true in most metros around the country where the average monthly mortgage payment is cheaper than the average monthly rental rate. However, owning a home will come with other expenses that the home buyer should know account for before purchasing. Planning ahead with the right mortgage and homeowner’s insurance and setting aside savings for maintenance and repairs can save you from unexpected costs down the line.

HomeFundIt Surpasses $1 Million Milestone

News posted On June 13, 2018

HomeFundIt^TM, the first and only approved down payment crowdfunding platform, celebrated $1 Million raised last week. To date, HomeFundIt has helped 337 families purchase a home with a crowdfunded down payment. The proprietary service is changing lives around the country, one closed loan at a time.

CMG Financial Initiates Central Valley Expansion

News posted On June 13, 2018

Manteca, CA – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, is growing its Central Valley coverage with the addition of a new team based out of Manteca, CA. Led by Area Sales Manager, Joe Villegas NMLS 353587, the team will serve the greater San Joaquin and Stanislaus Counties to provide more access to CMG’s superior client service and specialized loan programs.

3 Debts to Watch When Interest Rates Rise

Blog posted On June 12, 2018

The Federal Open Market Committee (FOMC) will meet today and tomorrow and Federal Reserve Chair Jerome Powell will host a press conference on Wednesday following the meeting. Market analysts expect the Fed to raise the benchmark interest rate for the second time this year, and the seventh time since December 2015 when the Fed began more aggressively raising interest rates after several years of near-zero interest rates during economic recovery. The Fed is expected to raise rates at least one more time this year and more economic growth is sustainable.

Did You Know... 6/11/18

Blog posted On June 11, 2018

In a competitive real estate market CMG wants you to know we are partnering with you to offer TBD approvals for your borrowers.

Market Forecast: Mortgage Applications, Retail Sales, and FOMC Meeting

Blog posted On June 11, 2018

The Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday of this week for their fourth semiannual monetary policy meeting of the year. So far this year, the Federal Reserve has raised the benchmark interest rate once. Earlier projections had slated three interest rate hikes this year. Mortgage application submissions jumped last week, as interest rates started to subside. Other market moving reports scheduled for release include retail sales, coming out on Thursday.

Market Recap: More Job Openings, Mortgage Apps Jump, Consumer Borrowing Slows

Blog posted On June 08, 2018

Mortgage rates did not move significantly this week, leveling off this month after climbing in May. The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed recorded growth in job openings. Both new purchase and refinance applications turned around after several weeks of declines. Consumer credit growth was modest.

Rising Mortgage Rates Likely to Slow Home Price Increases

Blog posted On June 07, 2018

After several years of near-zero interest rates, the Federal Reserve has started to gradually raise rates. As mortgage rates continue to rise, home buyers will likely see relief in terms of home price appreciation. In busy metros like Seattle, Las Vegas, and San Francisco posting double-digit annual gains this reprieve will be especially welcome. In fact, some housing experts attribute the past few years’ rapid home price appreciation to exceptionally low mortgage rates.

Top 3 Reasons Mortgage Applications are Denied

Blog posted On June 06, 2018

Buying a home is an exciting experience, but there is nothing more crushing to a prospective home buyer than having a mortgage application denied. To avoid unexpected bad news at the closing table, it is best to be prepared by meeting with a mortgage professional before starting your home search. Online resource, LendingTree, analyzed over ten million mortgage applications to compile this list for Forbes of the top three reasons home buyers get denied.

CMO Paul Akinmade Recognized as 2018 HousingWire Rising Star

Blog posted On June 06, 2018

Baltimore, MD – National mortgage media group HousingWire announced its 2018 Rising Stars of young leaders to watch in the housing industry. CMG Financial’s Chief Marketing Officer, Paul Akinmade, was recognized among 46 other industry-leading innovators as a 2018 Rising Star.

Demand for Down Payment Assistance on the Rise

Blog posted On June 05, 2018

Saving for a down payment is the most commonly reported obstacle to homeownership. With rents rising and student debt accumulating, the problem is even more exacerbated with first-time home buyers trying to enter the market. As the down payment obstacle persists, the demand for down payment assistance has also continued to increase. According to a Scotsman Guide interview with Down Payment Resource CEO Rob Chrane, as of the first quarter of 2018 there are approximately 2,503 down payment assistance programs nationwide, and the demand for down payment help is likely to continue.

Market Forecast: Job Openings, Mortgage Applications, and Consumer Credit

Blog posted On June 04, 2018

Mortgage rates have started to level off after climbing most of the first half of the year. This week will be a slow week for economic news, the only housing report scheduled is the weekly mortgage application survey on Wednesday. In employment news, the Labor Department will release its Job Openings and Labor Turnover Survey (JOLTS) on Tuesday. The consumer credit report comes out on Thursday.

Did You Know... 6/4/18

Blog posted On June 04, 2018

As part of the transition to CLEAR, when utilizing Fannie Mae’s Desktop Originator (DO) system to run your automated underwriting responses and then assign the casefile to CMG Financial, you will need to make a transition to a new CMG investor name, “CMG Financial – CLEAR New”. This new CMG Financial investor name inside of DO will be utilized for loans that are created in CLEAR after you start creating loans in the new system. The new name should NOT be used on transactions created in CMG’s current third-party portal.

Market Recap: Home Prices Ease, Private Payrolls Slow, Pending Home Sales Drop

Blog posted On June 01, 2018

Mortgage rates continued their downward trend this week, though there was no significant movement to report. The S&P Core-Logic Case-Shiller home price index showed home price appreciation has started to ease up as mortgage rates climb. The ADP employment report continued to show a strong labor market. Pending home sales declined, as limited for-sale inventory continues to create a competitive market.

Your Mortgage Shouldn’t be One Size Fits All

Blog posted On May 31, 2018

At this year’s Mortgage Bankers Association (MBA) Secondary Marketing conference, one of the most prevalent topics of discussion was the growing market for different types of mortgage loans besides common options like the 30-year fixed rate mortgage. The 30-year fixed-rate mortgage is the cornerstone of American homeownership and has helped families nationwide become homeowners for almost a century. As the housing market changes, interest rates fluctuate, and regulations evolve, newer, more innovative mortgage products are starting to emerge. In today’s mortgage market, your mortgage should not be “one size fits all.”

CMG Financial’s Katherine Osborn Named Top 1% Mortgage Originators in America by Mortgage Executive Magazine

News posted On May 31, 2018

San Ramon, CA – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, congratulates Katherine Osborn on her achievement of ranking in the Top 1% of Mortgage Originators in America by Mortgage Executive Magazine.

Babcock Ranch, Florida Makes Solar Power Push

Blog posted On May 30, 2018

Babcock Ranch, Florida located just 15 miles northeast of Fort Myers, is calling itself the first- solar-powered city in the nation. Syd Kitson, the former NFL player turned Babcock Ranch property manager, plans to eventually power 19,500 homes plus a downtown, schools, restaurants, shopping, and other facilities with solar power.

Will Economic Growth, Regulatory Relief and Consumer Protection Act Reform Dodd-Frank?

Blog posted On May 29, 2018

Congressional Republicans may finally make good on Dodd-Frank reform with the passage of the Economic Growth, Regulatory Relief and Consumer Protection Act last week. On Thursday, President Trump signed the bill into law.

Market Forecast: Case-Shiller Home Price Index, ADP Employment, Pending Home Sales

Blog posted On May 28, 2018

Markets are closed today in observance of Memorial Day. Coming up this week, the S&P CoreLogic Case-Shiller home price index will reveal whether or not home price appreciation has started to slow down. The ADP employment report is scheduled for release on Wednesday. Thursday’s pending home sales index will help predict housing’s direction heading into the summer.

Market Recap: New Home Sales and Existing Home Sales Decline, FHFA House Price Index Up

Blog posted On May 25, 2018

Mortgage rates trended downward this week. New home sales are down month-over-month, but up year-over-year as buyer demand continues to outpace supply. The Federal Housing Finance Agency (FHFA) house price index ticked slightly upward. Existing home sales declined.

Your Moving Day Checklist

Blog posted On May 24, 2018

Congratulations on your new home! It’s been a busy buying and selling season and after a hectic home search, there is nothing more satisfying then finally getting the keys to your new home. While you’ve certainly completed a final home inspection and walk-through with your real estate team, there are a few things you might not have thought of yet.

5 Biggest Student Loan Myths to STOP Believing

Blog posted On May 23, 2018

Student loan debt is one of the biggest barriers to homeownership for millennials. Despite the ability to afford a monthly mortgage payment, many first-time home buyers are unable to buy a home because of their inability to save for a down payment due to student debt repayment.

CMG Financial Opens Council Bluffs, IA Branch with Branch Manager Joe Stephens

News posted On May 23, 2018

Council Bluffs, IA – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, deepens its Midwestern presence with the addition of the Council Bluffs, IA branch. The new branch, headed by Branch Manager Joe Stephens NMLS 521197, will serve the Council Bluffs and surrounding area. Joining the new location are Lori Brokman NMLS 457156, Loan Officer, Kari Kingery, Loan Processor, and Deborah Hunter, Production Assistant.

HomeFundIt Celebrates First Funding in Cheyenne, Wyoming

News posted On May 23, 2018

Cheyenne, WY – HomeFundIt^TM, the first and only approved down payment crowdfunding platform, recently celebrated the first successful funded loan in Cheyenne, WY. Recently engaged Kyle and Kaitlyn were faced with the enormous costs of paying for a wedding, paying down student debt, and buying their first home. With HomeFundIt, they were able to alleviate the financial burden, become homeowners, and even save some money for their dream wedding.

Most Profitable States for Flipping Houses

Blog posted On May 22, 2018

House flipping, or the practice of buying a fixer-upper to renovate and sell at a higher price, reached an 11-year high this year. With buyer demand outpacing supply, and housing inventory near all-time lows, house flippers have an opportunity to replenish for-sale inventory by purchasing homes that are less desirable.

Did you know... 5/21/18

Blog posted On May 21, 2018

CMG no longer requires W2 or full transcripts for salaried only borrowers.

Market Forecast: New Home Sales, FHFA House Price Index, and Existing Home Sales

Blog posted On May 21, 2018

This week will be packed with housing reports including new home sales, existing home sales, and the Federal Housing Finance Agency (FHFA) house price index. New home sales surged last month and are expected to continue to strengthen with sustained buyer demand. Existing home sales increased less significantly last month, as home buyers are vying over many of the same house prices. The FHFA house price index is expected to continue to appreciate, at a more moderate pace.

Market Recap: Housing Starts and Building Permits Down, but Home Builders are Optimistic

Blog posted On May 18, 2018

Mortgage rates continued to trend upward this week. The National Association of Home Builders’ (NAHB) housing market sentiment index increased by two points with builders maintaining a positive outlook. The Mortgage Bankers Association (MBA) weekly mortgage application survey declined, pushed down by a drop in refinance applications. Housing starts and building permits each fell, but single-family home construction was positive.

How to Access Valuable Home Equity

Blog posted On May 17, 2018

A home’s tappable equity is equal to the current value of the home minus the mortgage balance. In 2017, tappable home equity, or the amount of equity borrowers could withdraw from their homes, rose by a record $735 billion, the largest annual increase ever, to a national level of $5.4 trillion. As home values continue to rise, many homeowners are considering tapping into their homes’ equity to pay for expenses like college tuition, healthcare, and home renovations or to pay down other debts or invest elsewhere. A home’s equity can be a great financial tool, but it can also be a great way to save for the future.

California is the First State to Require Solar Panels on New Homes

Blog posted On May 16, 2018

Last week, California became the first state in the country to require solar systems on almost all new homes. Most new homes built after January 1^st, 2020, will be required to include a solar energy system. The policy will apply to single-family houses and multifamily housing three stories or less, but will have some exclusions, including homes that are too shady to benefit from solar power.

Why Some Millennials are Skipping Starter Homes

Blog posted On May 15, 2018

One of the most prevalent discussions in today’s housing market is the shortage of available homes for sale. Construction activity has yet to surpass its pre-Recession peak and in many metros, home buyers are vying over the same few available properties for sale. Starter homes especially are feeling the inventory crunch. With builders seeing more profit from larger luxury homes, they prefer to build big rather than replenish starter home inventory. As Millennials, roughly those born between 1980 and 2000, start to enter the housing market as first-time home buyers, many are skipping starter homes altogether and buying these bigger homes.

Wire Transfer Fraud Prevention Tips

Blog posted On May 15, 2018

In the midst of the busy home buying and selling season, fraudulent activity becomes more prevalent. Due to the recent increase in Wire Transfer Fraud activity, it is important to remain vigilant by staying aware throughout the transaction and reporting any suspicious activity immediately.

Warning! Wire Transfer Fraud Prevention Tips

Blog posted On May 15, 2018

Did you know... 5/14/18

Blog posted On May 14, 2018

All non-permanent resident aliens must have a minimum two-year history of credit and employment in the U.S. or another country. (AKA 2 year rule)

Market Forecast: Housing Market Index, Mortgage Applications, and Housing Starts and Building Permits

Blog posted On May 14, 2018

Mortgage rates started to level off last week, amidst influence from global economic changes. The National Association of Home Builders (NAHB) will release its housing market sentiment index on Tuesday and it’s likely to remain positive. Housing starts and building permits come out on Wednesday. The Mortgage Bankers Association (MBA) will also release its weekly mortgage application survey on Wednesday.

Market Recap: Consumer Borrowing Slows, Job Openings Up, and Mortgage Applications Decline

Blog posted On May 11, 2018

Mortgage rates trended slightly upward this week and then leveled off. Consumer credit expanded more slowly than in recent months, suggesting consumers have enough assets and saving to offset borrowing. Job openings exceeded expectations, and hirings dropped. The weekly mortgage application survey decreased, driven mostly by a drop in refinance application submissions.

Why is renting perceived as the more affordable option?

Blog posted On May 10, 2018

A home is the first appreciating asset most Americans will own and the first step many will take toward building wealth. With rents skyrocketing around the country, the average monthly mortgage payment is typically less than the average monthly rental payment in most regions. According to a new Freddie Mac report, 67% of renters continue renting because they believe it is more affordable than buying a home.

NEVER Put These Expenses on Credit Cards

Blog posted On May 09, 2018

Credit cards are no longer the “emergency use only” tools they once were. Outstanding consumer credit card debt surpassed $1 trillion in 2017, the highest it has ever been. Unfortunately, not all consumers are borrowing responsibly. According to NerdWallet, 86% of Americans who had or currently have credit card debt regret it. Using a credit card responsibly is one way to positively influence your credit score. However, not every expense should be put on credit cards. Here are some of the big-ticket expenses Experian warns, should never be put on credit cards.

Why Cash-Out Refinances are on the Rise

Blog posted On May 08, 2018

A cash-out refinance is a type of mortgage refinance where the homeowner refinances the mortgage into a larger loan in order to withdraw the difference between the loans in cash. For example, if the homeowner still owes $200,000 on a $300,000 home and would like to withdraw $30,000, they could refinance the mortgage to a value of $230,000. Some of the ways homeowners use cash-out refinances is to pay off credit card debt, send their kids to college, or fund renovations on the home.

Did you know... 5/7/18

Blog posted On May 07, 2018

Fannie Mae announced a student loan cash out option?

Market Forecast: Consumer Credit, Job Openings, and Mortgage Application Survey

Blog posted On May 07, 2018

Mortgage rates did not move significantly last week, holding steady after the Federal Open Market Committee’s (FOMC) decision to leave interest rates unchanged. The consumer credit report comes out on Monday, and though the report excludes mortgage financing, it analyzes other consumer borrowing habits and consumer spending. In employment news, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) will come out on Tuesday. There are no significant housing reports scheduled for release this week, besides the Mortgage Bankers Association (MBA) weekly mortgage application survey on Wednesday.

Market Recap: Construction Spending Down, Private Payrolls Grow, and Fed Holds on Hiking Rates

Blog posted On May 04, 2018

Mortgage rates did not move significantly this week, trending slightly upward from last week’s averages. Total US construction spending dropped amidst higher home-building expenditures. The ADP employment report showed the addition of 204,000 jobs, exceeding the market estimate. The Federal Open Market Committee (FOMC) met on Tuesday and Wednesday and voted to hold the benchmark interest rate at the 1.5 – 1.75% range.

What Unmarried Couples Should Know When Buying a Home Together

Blog posted On May 03, 2018

The National Association of Realtors reported 16% of first-time home buyers in 2017 were unmarried couples, the largest share since the organization started tracking in 1981. Committed couples buying a home together before marriage is a popular choice especially with mortgage rates, rental costs, and home prices on the rise. Some couples are willing to own and start building equity, rather than waiting and risking higher rates or home prices.

Selling Your Home? Prepare for these Hidden Costs.

Blog posted On May 02, 2018

Need to sell your home this year? With limited for-sale inventory, some housing professionals are calling it a seller’s market. While many sellers stand to profit from the sale of their home, there are still costs associated with selling. The majority of sellers who sold a home in 2017 had never sold a home before.

HomeFundIt Celebrates Success in Hampstead, North Carolina

News posted On May 02, 2018

Hampstead, NC – HomeFundIt^TM, the first and only approved down payment crowdfunding platform, announces another successful campaign completion in Hampstead, North Carolina. Ryan and Aimee, a young couple who recently relocated from Wisconsin to Hampstead, North Carolina, were able to increase their down payment through crowdfunding and become homeowners for the first time.

Credit Scores May Improve with Removal of Tax Lien Information

Blog posted On May 01, 2018

Earlier this month, all three major credit bureaus, Experian, Equifax, and TransUnion, announced they would exclude tax liens from consumer credit reports. The move follows a report by the Consumer Financial Protection Bureau (CFPB) decreeing the removal of public records for judgments or liens from credit reports could boost credit scores for 17% of American consumers. In July of 2017, credit bureaus removed almost all civil judgment data and about half of tax lien data from credit reports. As of April 16^th, 2018, the rest of this tax data has been removed.

Did you know... 4/30/18

Blog posted On April 30, 2018

A Permanent Resident Alien is an official U.S. Government classification for Individuals who are granted permanent residence status in the U.S. Documentation is commonly referred to as a ‘Green Card’. Permanent Resident Aliens must provide any of the following documents to validate acceptable status:

Market Forecast: Construction Spending, ADP Employment Report, and FOMC Meeting

Blog posted On April 30, 2018

Average mortgage rates reached year-long highs last week, ahead of this week’s Federal Open Market Committee (FOMC) meeting. The Federal Reserve is expected to continue raising rates this year, but not at the upcoming meeting on May 1^st and 2^nd. The US construction report comes out on Tuesday, followed by the ADP employment report on Wednesday. Strong jobs reports are supportive of continued rate hikes, but core inflation has yet to break the targeted 3.0% threshold.

Market Recap: Existing Home Sales Up, Home Prices Appreciate, New Home Sales Surge

Blog posted On April 27, 2018

Mortgage rates trended slightly upward this week. Existing home sales increased month-over-month but declined year-over-year. Home prices continue to appreciate, as limited inventory strains for-sale availability. New home sales surged, and revisions to the previous two months’ reports indicate that buyer demand in the first quarter of 2018 was stronger than originally thought.

Subprime Mortgages Reinvented as Near-Prime and Non-Prime Options

Blog posted On April 26, 2018

Subprime mortgages sometimes carry a negative connotation because they are largely associated with the Financial Crisis in 2007 and 2008. However, subprime lending, now rebranded as near-prime and non-prime, can benefit many borrowers who experienced a credit event and are looking to finance a home. In the past decade, subprime mortgages had mostly dropped off, but Financial Times reports that subprime mortgage bond issuance has doubled from the first quarter of 2017, $666 million, to the first quarter of 2018, $1.3 billion. Why is the demand for near-prime and non-prime mortgages on the rise again?

HUD and VA Commit $43 Million Toward Housing Homeless Veterans

Blog posted On April 25, 2018

The Department of Housing and Urban Development (HUD) and the Department of Veterans Affairs (VA) announced a budget of $43 million toward funding permanent housing solutions for homeless veterans. The funding will be distributed amongst 325 local public housing agencies with the hopes of housing over 5,200 homeless veterans.

3 Ways Home Buyers Can Stand Out in a Seller’s Market

Blog posted On April 24, 2018

Home buyers are hearing a lot about the “seller’s market” this spring – but what exactly does that mean? A “seller’s market” occurs when the housing supply dips below a six-month supply. Based on February’s existing home sales data, it would take just 3.4 months to exhaust all existing home inventory. Many metros around the country today do not have enough homes for sale to meet buyer demand, creating an increasingly competitive market. Some home buyers may be wary to enter today’s competitive market. However, there are ways to stand out in a seller’s market and get an offer accepted.

Did you know... 4/23/18

Blog posted On April 23, 2018

CMG offers 97% financing for your purchase transactions with the HomeReady and Home Possible programs.

Market Forecast Existing Home Sales, Case-Shiller Home Price Index, New Home Sales

Blog posted On April 23, 2018

Mortgage rates trended slightly upward last week, and mortgage application submissions surged with many buyers looking to lock rates ahead of future increases. This week, there are numerous important housing reports scheduled for release including existing home sales, new home sales, and the S&P CoreLogic Case-Shiller home price index.

Market Recap: Retail Sales Surge, Housing Market Index Dips, and Housing Starts and Building Permits Rise

Blog posted On April 20, 2018

Mortgage rates did not move significantly this week, trending slightly upward according to some sources. Retail sales rebounded with strength after several months of ticking downward. The National Association of Home Builders’ (NAHB) housing market index dropped by one point, but the reading was still positive. Housing starts and building permits each increased.

Types of Refinance: Which One is Right for You?

Blog posted On April 19, 2018

Homeowners choose to refinance their mortgage for a number of reasons. Homeowners may refinance if they have the opportunity to secure a better interest rate or need to change the repayment terms of the loan. Cash out refinances allow homeowners to pull cash out of their loan, by raising the total loan value. Cash in refinances enable homeowners to pay down the loan principal and lower their monthly payments. Renovation refinances can be used to finance a home’s needed repairs or remodels through the monthly mortgage payment.

Community Reinvestment Through Crowdfunding

Blog posted On April 18, 2018

Detroit-based startup Cooperative Capital is making it possible for neighbors to reinvest in their communities by pooling smaller investments together to fund larger projects. Like many former industrial strongholds, Detroit is plagued with blighted properties in need of repair or remodel. Cooperative Capital’s mission statement is “to build up communities with the direct participation of the community.” Through this funding program, community members are able to facilitate redevelopment, build stronger neighborhoods, and even profit from their investment.

Tax Day Warning: What happens if you don’t pay your taxes?

Blog posted On April 17, 2018

Today, April 17^th, 2018, is the deadline for filing 2017 taxes. When the default filing day, April 15^th, falls on the weekend, the official filing deadline gets moved to the following non-holiday (April 16^th is Emancipation Day, a legal holiday in the District of Columbia). Not filing taxes, or not paying taxes in the case of taxes owed, carry different penalties depending on the circumstances. In some cases, tax payers have the option to file for an extension to avoid these fees.

Did you know... 4/16/18

Blog posted On April 16, 2018

CMG follows standard FHLMC guidelines for borrowers with up to 6 financed properties.

Market Forecast: Retail Sales, Housing Market Index, Housing Starts and Building Permits

Blog posted On April 16, 2018

Last week, there was no significant mortgage rate movement to report. This week’s important housing reports include the National Association of Home Builders’ (NAHB) housing market index on Monday and housing starts and building permits on Tuesday. Other market moving reports include the retail sales report, scheduled for release on Monday.

CMG Financial’s Carey Ann Cyr Ranked as One of the Nation’s Top Originators

News posted On April 13, 2018

CMG Financial’s Carey Ann Cyr Ranked as One of the Nation’s Top Originators
Scotsman Guide Releases Top Originators 2017 Rankings

Nashville, TN – Apr 13, 2018 – CMG Financial congratulates Carey Ann Cyr and her mortgage team from Franklin, TN, for ranking as Scotsman Guide’s 2017 top originators. Carey Ann Cyr was ranked 17^th Most Closed Loans 2017, 31^st Top Purchase Volume 2017, 22^nd Top FHA Volume 2017, and 52^nd Top Dollar Volume 2017.

CMG Financial’s Chris Minjarez Ranked as One of the Nation’s Top Originators

News posted On April 13, 2018

CMG Financial’s Chris Minjarez Ranked as One of the Nation’s Top Originators
Scotsman Guide Releases Top Originators 2017 Rankings

San Ramon, CA – Apr 13, 2018 – CMG Financial congratulates Chris Minjarez, Senior Market Manager, Austin, TX, for ranking as a Scotsman Guide 2017 Top Originator. Chris was ranked 435^th Top Dollar Volume 2017.

CMG Financial’s Jill Lyons Ranked as One of the Nation’s Top Originators

News posted On April 13, 2018

CMG Financial’s Jill Lyons Ranked as One of the Nation’s Top Originators
Scotsman Guide Releases Top Originators 2017 Rankings

San Ramon, CA — Apr 13, 2018 — CMG Financial congratulates Jill Lyons, senior loan officer, San Ramon, California, for ranking as a Scotsman Guide 2017 Top Originator. Jill was ranked 15^th for Top HELOC Volume 2017.

Kory Kavanewsky Ranked as One of the Nation’s Top Originators

News posted On April 13, 2018

Kory Kavanewsky Ranked as One of the Nation’s Top Originators
Scotsman Guide, the leading national resource for mortgage originators published monthly with separate residential and commercial editions, released the annual Top Originators 2017 rankings.

Coronado, CA – Apr 13, 2018 – CMG Financial congratulates Kory Kavanewsky, VP of Production for Western Division and Branch Manager of the Coronado and Scripps Ranch, California locations, for ranking as a Scotsman Guide 2017 Top Originator. Kory ranked #90 for overall dollar volume production and #38 for VA dollar volume production.

CMG Financial’s Ryan Holford Ranked as One of the Nation’s Top Originators

News posted On April 13, 2018

CMG Financial’s Ryan Holford Ranked as One of the Nation’s Top Originators
Scotsman Guide Releases Top Originators 2017 Rankings

San Ramon, CA – May 1, 2018 – CMG Financial congratulates Ryan Holford, senior loan officer, San Ramon, CA, for ranking as a Scotsman Guide 2017 Top Originator. Ryan was ranked 6^th Top HELOC Volume 2017.

Market Recap: Mortgage Applications Down, FOMC Positive, and Job Openings Fall

Blog posted On April 13, 2018

Mortgage rates did not move significantly this week. Both new purchase and refinance mortgage application submissions declined. The Federal Open Market Committee (FOMC) released the minutes from its March meeting and the overall tone was optimistic. The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed job openings dipped.

Benefits of Downsizing in Retirement

Blog posted On April 12, 2018

As a large share of the population approaches retirement, one of the recurring debates is whether or not to downsize. Americans are living longer than previous generations, and with that comes more expenses for medical, travel, and cost of living. These expenses combined with the upkeep and maintenance of a large home could easily exceed retirement savings. To ensure a more financially comfortable retirement, many Americans are choosing to downsize from larger homes to smaller homes. TD Ameritrade reports 42% of Americans plan on downsizing when they retire.

MGIC Cuts Mortgage Insurance Like Many Other MI Providers

Blog posted On April 11, 2018

Like many other mortgage insurance providers recently, Mortgage Guaranty Insurance Corp. (MGIC) announced it has also chosen to cut its mortgage insurance premiums. MGIC explained the move was made to reflect the changes to the corporate tax rate earlier this year. The reduction, set to go into effect June 4^th, 2018, will likely make conventional loans more competitive than FHA loans, in many circumstances.

How Student Loan Debt Prevents Homeownership

Blog posted On April 10, 2018

One of the most pervasive issues hurting first-time home buyers today is student debt. The substantial cost of higher-education pushes many young Americans to take out high-balance loans and graduate with debt in the range of tens of thousands of dollars, or higher, depending on the degree. Over 45 million Americans carry student debt, the average borrower owes more than $30,000 and one-fifth of borrowers owe more than $100,000. Student loan debt is hurting homeownership in a number of ways, because it lessens the borrower’s ability to save for a down payment and closing costs, it increases the borrower’s debt-to-income ratio, and in some cases negatively impacts the borrower’s credit score.

Did you know... 4/9/18

Blog posted On April 09, 2018

CMG offers 100% cash-out refinances on VA loans.

Market Forecast: Mortgage Apps, FOMC Minutes, and Job Openings

Blog posted On April 09, 2018

This week will be a light week for housing news. The Mortgage Bankers Association (MBA) will release its weekly mortgage application survey on Wednesday. The Federal Reserve will also release the minutes from its March Federal Open Market Committee (FOMC) meeting on Wednesday. In employment news, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) will come out on Friday.

Market Recap: Construction Spending Up, Mortgage Apps Down, ADP Employment Strong

Blog posted On April 06, 2018

Mortgage rates trended slightly downward this week, amidst some stock market-related uncertainty. Construction spending improved after last month’s flat numbers. Both new purchase and refinance mortgage application submissions declined. The ADP employment report showed strength.

Renovation Refinance: Setting Your Budget and Building Your Team

Blog posted On April 05, 2018

With low housing inventory creating a competitive housing market, some homeowners are opting the renovation route to turn the house they like into the home they love. Refinancing with a renovation loan can help homeowners finance home improvements without taking on additional high-cost lines of credit. Purchasing a home with a renovation loan can help potential home buyers expand their search and, in some cases, pay less for a fixer-upper to customize, compared to a move-in ready home. Before considering a renovation loan, it is best to weigh your options, set a budget, and build the right renovation team.

5 CMG Financial Originators Ranked as Scotsman Guide 2017 Top Originators

News posted On April 05, 2018

Scotsman Guide, the leading resource for mortgage originators, released its ninth annual Top Originators rankings on April 1^st. CMG Financial is pleased to announce four of our originators ranked as 2017 Top Originators. Please join us in congratulating Carey Ann Cyr, Kory Kavanewsky, Chris Minjarez, Ryan Holford, and Jill Lyons.

Advantages of Energy Efficient Upgrades

Blog posted On April 04, 2018

Adding energy efficient appliances, fixtures, and other systems to your home can not only cut utility costs, but also increase the value of the home. With a continuously emerging energy efficient marketplace, plus the advent of smart home technology, some homeowners may be wondering where to start and which energy efficient upgrades will yield the best results.

Most Millennials Will Spend Almost $100,000 on Rent Before Turning 30

Blog posted On April 03, 2018

The next largest generation to enter the housing market, the Millennials or individuals born between 1982 and 1996, are on track to become the most rent-burdened generation ever. As rents continue to skyrocket, a RentCafé study shows that Millennials will likely continue to pay 45% of their total income toward rent, a figure closing in on $100,000, before turning 30.

Freddie Mac Eases Down Payment Requirements for 2-Unit Primary Residences and Second Homes

Blog posted On April 03, 2018

This week, Freddie Mac announced updates to its loan-to-value (LTV) ratio guidelines for purchases and “no-cash-out” refinance mortgages used for second homes, any 1-unit residential property owned by the borrower but only occupied for a portion of the year, and 2-unit primary residences, such as duplexes.

Did you know... 4/2/18

Blog posted On April 02, 2018

CMG offers FHA non-owner occupied streamline refinances.

Market Forecast: Construction Spending, Mortgage Applications, and the ADP Employment Report

Blog posted On April 02, 2018

Mortgage rates have trended slightly downward in recent weeks, reacting to uncertainty surrounding global trade and plunging technology sector stocks. This week, the US construction spending report comes out on Monday and the weekly mortgage application survey comes out on Wednesday. The ADP employment report is also scheduled for release on Wednesday.

Market Recap: Case-Shiller Home Price Index Up, Mortgage Apps Strong, Pending Home Sales Rebound

Blog posted On March 30, 2018

Mortgage rates trended slightly downward this week, following strong economic gains. Home prices continue to appreciate, due to low housing inventory. Both new purchase and refinance mortgage application submissions increased. The pending home sales index turned around after last month’s decline.

Pre-Purchase Planning for the Perfect Home

Blog posted On March 29, 2018

This spring home buying and selling season is expected to be one of the most competitive in over a decade. The National Association of Home Builders (NAHB) reports that 61% of home buyers looking to buy in the next 12 months, have been searching for three months or longer, and their sample includes buyers looking for newly constructed and previously-owned homes.

SXSW Housing Highlight: 3D-Printed Homes in Under One Day

Blog posted On March 28, 2018

Among the multitude of innovative tech debuted at this year’s South by Southwest, was, what is believed to be, the first fully up to code 3D-printed house. The Vulcan printer was designed by Icon, a robotics construction company based in Austin, TX in collaboration with New Story, a Y Combinator-backed charity that works to provide shelter for people in emergency situations in developing nations. The Vulcan printer is able to produce 800-square-foot 3D-printed houses that are easy-to-replicate and inhabitable in less than 24 hours.

4 Things We Learned from the Federal Reserve’s March Meeting

Blog posted On March 27, 2018

With a unanimous 8-0 vote, the Federal Open Market Committee hiked the federal funds rate target range to 1.5% to 1.75% at last week’s March meeting. The much-anticipated rate hike is a reaction to current economic strength and an improved outlook for Gross Domestic Product (GDP) growth.

Did you know... 3/26/18

Blog posted On March 26, 2018

CMG offers 85% financing on a NOO Purchase with a 620 fico score.

Market Forecast: Case-Shiller Home Price Index, Mortgage Apps, and Pending Home Sales

Blog posted On March 26, 2018

Mortgage rates continued to trend upward last week, but buyer demand remains strong. Homes are selling increasingly faster, according to the National Association of Realtors (NAR) in last week’s existing home sales report. This week, the S&P CoreLogic Case-Shiller home price index will review home price appreciation trends, and the pending home sales index will show what to expect in terms of sales in the coming months. Additionally, the Mortgage Bankers Association (MBA) weekly mortgage application survey comes out on Wednesday.

Market Recap: Existing Home Sales Improve, New Home Sales Slip, and FOMC Hikes Rates

Blog posted On March 23, 2018

Average mortgage rates did not move much in either direction this week. In a highly anticipated move, the Federal Open Market Committee (FOMC) voted to raise the benchmark interest rate .25 bps. Existing home sales rebounded, but new home sales fell slightly.

Trulia’s Top Homeowner Regrets

Blog posted On March 22, 2018

Buying a home is the first step many consumers take toward building wealth, becoming a part of a community, and seizing a piece of the American dream. But, some home purchases can lead to regret when buyers don’t do the appropriate research or make a hasty decision. Real estate blog Trulia surveyed homeowners across the country to find out what went wrong with a past purchase, and how they would have handled the experience differently.

How to Raise Your Credit Score Before Home Purchase

Blog posted On March 21, 2018

Lenders use a home buyer’s credit score to determine credit risk and evaluate their ability to repay a loan. A good FICO credit score is instrumental to securing a mortgage loan and, in some cases, getting a better interest rate. Most mortgage professionals suggest potential home buyers start credit repair at least six months to a year before shopping for a home. Remember, each hard credit pull, like the kind needed for a new line of credit like a mortgage, will impact the credit score! A little credit repair now goes a long way when it comes to a high-dollar purchase later.

Dodd-Frank Rewrite Could Improve Local Mortgage Lending

Blog posted On March 20, 2018

Last week, the Senate passed the most significant Dodd-Frank reform bill since the original legislation was enacted in 2010. The Dodd-Frank Wall Street Reform and Consumer Protection Act was passed to curb predatory banking activity and restore economic normalcy following the Financial Crisis. However, since economic recovery, Dodd-Frank has not been changed despite the expensive regulatory burden it imposes on many financial institutions, especially smaller banks and lenders. The bill passed with some bipartisan support and will now move on to the House of Representatives.

Did you know... 3/19/18

Blog posted On March 19, 2018

CMG will accept 1 valid FICO score on conventional conforming loans with an AUS approval.

Market Forecast: Existing Home Sales, New Home Sales, and FOMC Meeting

Blog posted On March 19, 2018

Mortgage rates trended slightly downward last week, following a few weeks of steady increases. New tariffs on construction materials have caused political discord and could stall home building activity. The Federal Open Market Committee (FOMC) will meet Tuesday and Wednesday for their semi-annual monetary policy meeting. A press conference with Federal Reserve Chair Jerome Powell is scheduled for Wednesday. February’s existing home sales and new home sales reports are also scheduled for release.

Market Recap: Retail Sales Drop, Housing Market Index Down, Construction Stalls

Blog posted On March 16, 2018

Mortgage rates trended slightly downward this week after a multi-week climb. Some market analysts attribute the rate drop to this week’s tariff proposals and other political news. Retail sales scaled slightly back in February, as is expected following the holiday season. The housing market index dropped from last month’s 19-year high. Housing starts and building permits slipped.

Buyer Beware: Spot These Small Problems Before They Cost You Big Time

Blog posted On March 15, 2018

Shopping for a home is an exciting experience. When a home buyer finds a home they love, it can be easy to get attached or even emotional about the home. However, what seems like a dream house can turn into a money pit without a thorough inspection. The US Department of Housing and Urban Development (HUD) estimates a typical home inspection can cost anywhere between $300 to $500, depending on the region and condition of the home. Before spending money on one or more home inspections, watch out for these simple clues that can be signs of costly damage beneath the surface.

Home Depot Invests $50 Million in Construction Worker Training

Blog posted On March 14, 2018

Last week, Home Depot announced a funding initiative to train 20,000 construction workers. One of the major problems the construction industry faces today is a lack of skilled laborers. Home Depot’s $50 million investment to the Home Builders Institute (HBI) is expected to go towards the training of veterans and soldiers soon returning to civilian life, high school students, and disadvantaged youths.

IRS: Interest Still Deductible on Some Home Equity Loans and HELOCs

Blog posted On March 13, 2018

As home prices continue to appreciate, homeowners continue to build equity. In 2017, American homeowners’ home equity hit a record $14.1 trillion. With growing home equity, some homeowners may be considering home equity loans or home equity lines of credit (HELOC). Following the release of the Tax Cuts and Jobs Act of 2017, some homeowners are unclear about whether or not their interest is tax deductible. The Internal Revenue Service (IRS) recently weighed in on the issue to clarify what is and is not still deductible.

Market Forecast: Mortgage Apps, Housing Market Index, Housing Starts and Building Permits

Blog posted On March 12, 2018

Mortgage rates did not fluctuate greatly last week, leveling off after an upward trend. Refinance mortgage applications picked up, but new purchase applications pulled back slightly. This week, the National Association of Home Builders (NAHB) will release its housing market sentiment index and housing starts and building permits will come out on Friday.

Did you know... 3/12/18

Blog posted On March 09, 2018

When can you disclose the last revised LE and initial CD?

Market Recap: Mortgage Apps Mixed, ADP Employment Growth Strong, Consumer Borrowing Slows

Blog posted On March 09, 2018

Mortgage rates are not moving much this week, leveling out after inching slightly upward. New purchase mortgage application submissions declined, but refinance application submissions improved. The ADP employment report strengthened again, as the job market nears full employment. Consumer credit expanded in January, but at a slower pace than in December, as expected.

Staying Competitive Against a Cash Offer

Blog posted On March 08, 2018

With home buying and selling season on the horizon, some buyers are wary of the competitive nature of today’s market, due to limited homes for sale. For buyers worried about competing against an all-cash buyer, know that your offer can still get accepted. Review these strategies for competing against an all cash buyer and winning!

Passive Houses Gaining Popularity Again

Blog posted On March 07, 2018

A passive house is defined as a house that is able to use approximately 86% less energy for heating and 46% less energy for cooling than neighboring homes. Passive house design eliminates the need for extra heating and cooling by building airtight homes that do not let in outdoor air. Using extra exterior insulation and multi-pane windows, the initial cost of building a passive house is greater, but the energy savings over time are expected to return the investment.

Bipartisan Dodd-Frank Rewrite Advances in Congress

Blog posted On March 06, 2018

The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) is heading to the Senate for a vote this week. The bill, with bipartisan support from 20 co-sponsors, would bring some of the most significant changes to Dodd-Frank legislation, since its passage almost ten years ago. While Dodd-Frank reform has been a topic of discussion in the housing industry for years, neither a repeal nor a rewrite has survived both houses of Congress. Last year, a previous bill, the Financial CHOICE Act (H.R. 10) died on the Senate floor after receiving only partisan support.

Market Forecast: Mortgage Applications, ADP Employment Report, and Consumer Credit

Blog posted On March 05, 2018

Last week, mortgage rates trended slightly upward. This week, there are no significant housing reports, aside from the weekly mortgage application survey. Other notable economic reports include the ADP employment report and consumer credit. Job creation and consumer spending strengthen the overall economy, including housing activity.

CMG Financial Opens Lafayette, IN Branch led by Branch Manager Crystal Cover

News posted On March 05, 2018

Lafayette, IN – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, continues to expand its Midwestern coverage with the opening of a new branch in Lafayette, IN led by Branch Manager Crystal Cover NMLS 205118. Joining the new branch is production assistant, Lacey Cobbs.

Did you know... 3/5/18

Blog posted On March 05, 2018

A few of our MI partners announced recently some changes to their guidelines for borrowers with DTIs exceeding 45%.

Market Recap: New Home Sales Drop, Home Prices Go Up, Pending Home Sales Decline

Blog posted On March 02, 2018

As expected, mortgage rates continued to trend slightly upward this week. Unseasonably cold winter weather stalled new home sales again this month. The S&P CoreLogic Case-Shiller home price index appreciated month-over-month and year-over-year. The pending home sales index declined.

Developers Communicate with Community through CoUrbanize

Blog posted On February 28, 2018

Some development projects fall through because of a vocal minority’s opposition. Likewise, other development projects move forward against popular opinion, because only a small segment of the community is represented in community meetings and town halls. CoUrbanize brings developers and members of the community together through an online tool that makes decision making more accessible and discourse as easy as a comment thread.

CMG Financial's Carey Ann Cyr Ranked #38 of Top 100 Originators in America by Mortgage Executive Magazine

News posted On February 28, 2018

Nashville, TN – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, congratulates Carey Ann Cyr, Area Sales Manager, Franklin, TN, for ranking #38 of Top 100 Originators in America by Mortgage Executive Magazine.

CMG Financial's Kory Kavanewsky Ranked #70 of Top 100 Originators in America by Mortgage Executive Magazine

News posted On February 28, 2018

Coronado, CA – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, congratulates Kory Kavanewsky, Branch Manager, Coronado, CA, for ranking #70 of Top 100 Originators in America by Mortgage Executive Magazine.

Why Rising Rates Aren't a Cause for Concern

Blog posted On February 27, 2018

Anyone who is in the market for a new home or considering a mortgage refinance is acutely aware of upcoming rate hikes in 2018. After sustained economic recovery through quantitative easing, the Federal Reserve is on track to continue to gradually raise the benchmark interest rate. After years of historically low interest rates, the expected rate hikes should not be cause for concern. Just over a decade ago, the average mortgage rate was well over 6%, and twenty years ago, the average mortgage rate was nearly twice what it is today. The coverage surrounding the impending rate hikes should not be misconstrued as negative. Prospective home buyers looking to make a purchase or homeowners considering a mortgage refinance should know mortgage rates are still historically low, the Fed has had a long-term plan to restore interest rates since the Financial Crisis, and typically consumer confidence, low unemployment, and wage growth offset rising interest rates.

Market Forecast: New Home Sales, Case-Shiller Home Price Index, and Pending Home Sales

Blog posted On February 26, 2018

Mortgage rates continued to trend upward last week. Heading into the end of February, this week brings some end-of-month reports including, new home sales, pending home sales, and the Case-Shiller Home Price Index.

CMG Financial Loan Officers Recognized as Top 1% Originators in America by Mortgage Executive Magazine

News posted On February 26, 2018

San Ramon, CA – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, congratulates its thirteen loan officers recognized as Top 1% Originators in America by Mortgage Executive Magazine, including the two originators who earned Top 100 distinctions.

Market Recap: Mortgage Applications Dip, Existing Home Sales Slump, More Rate Hikes Expected

Blog posted On February 23, 2018

Mortgage rates continue to trend upward but are averaging less than half of a percentage point higher than they were this time last year. The weekly mortgage application survey showed a week-over-week decline, but a year-over-year increase. Existing home sales scaled back, though not as drastically as they did in December. The Federal Open Market Committee (FOMC) released the minutes from its January meeting, and the market expects the first rate hike of the year to take place in March.

FYI: What's PITI?

Blog posted On February 22, 2018

New to the mortgage process? You are probably seeing a lot of new acronyms you may not be familiar with. The monthly mortgage payment, for example, is comprised of “PITI” or Principal, Interest, Taxes, and Insurance. When budgeting for the cost of a monthly mortgage payment, home buyers should consider the cost of each of these components.

Ecologist Converts Vacant City Lots to Wildflower Fields

Blog posted On February 21, 2018

Abandoned buildings and vacant lots are signature signs of urban decay and blighted neighborhoods. They can also become environmentally hazardous from chemicals and construction waste piling up. University of Maryland, Baltimore County, ecologist Chris Swan is experimenting with repurposing the over 14,000 vacant lots throughout the city of Baltimore by planting native wildflowers and redeveloping the unused land.

CMG Financial Opens Slidell, LA Branch led by Branch Manager Andrea West

News posted On February 20, 2018

Slidell, LA – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, has opened a new branch in Slidell, LA led by Branch Manager Andrea West NMLS 543208. Joining the new branch is loan officer, Gina Orgeron NMLS 850890.

Fannie Mae's Home Purchase Sentiment Index Positive in January

Blog posted On February 20, 2018

Despite what the groundhog said, some real estate professionals are seeing an early spring in the housing sector. Gradual rate hikes and steady home price appreciation are pushing some home buyers to start shopping early. In heated housing markets, like Denver, Colorado, a moderately priced home can see as many as 100 tours in a single weekend.

Low Down Payment Option: 100% Yours with as Little as 3% Down

Blog posted On February 19, 2018

Saving for a down payment is one of the most commonly reported obstacles to homeownership and continues to slow down the home buying process for creditworthy borrowers. As rents and home prices continue to rise, almost every demographic, especially first-time home buyers, are experiencing difficulties in saving for a down payment.

Market Forecast: Mortgage Applications, Existing Home Sales, and FOMC Minutes

Blog posted On February 19, 2018

Most banks and markets are closed today in observance of Presidents' Day. This will be a short week for economic data, though two important housing reports will be released. The weekly mortgage application survey and existing home sales are scheduled to come out on Wednesday. Additionally, the Federal Open Market Committee (FOMC) will release the minutes from its January meeting.

Market Recap: Retail Sales Pull Back, Housing Market Index Unchanged, Housing Starts and Building Permits Up

Blog posted On February 16, 2018

Mortgage rates continued to rise this week. Next week, the Federal Open Market Committee (FOMC) will release the minutes from its January meeting, the last meeting with Janet Yellen as Federal Reserve Chair. Retail sales slumped slightly in January, after a gainful holiday season. The National Association of Home Builders’ (NAHB) housing market index was unchanged and housing starts and building permits surged.

Why Millennials Aren't Moving

Blog posted On February 15, 2018

Americans aged 18 to 34 years old are moving at record-low rates. Total household mobility across all age brackets stood at 10.9% in 2017, the lowest mobility rate in over 50 years. While fewer Millennials are moving annually, their reasons for moving have become significantly more positive than during the Recession. Following the Financial Crisis, most young Americans moved for negative reasons, like cheaper housing. Since 2009, the reasons for moving have shifted toward more positive goals like moving to own not rent, to obtain new or better housing, or to relocate to a better neighborhood.

New Buildings Made from Old Materials

Blog posted On February 14, 2018

Heading into 2018, housing continues to struggle with a lack of inventory. In addition to difficulty hiring skilled laborers, rising construction costs are impacting the ability for builders to replenish the buyer demand for supply. A Cleveland-based architecture firm, Redhouse Studio, is experimenting with a way to reuse construction materials and convert demolition waste, like timber, concrete, and asphalt, into new building materials.

How the Dow Jones Impacts Mortgage Lending

Blog posted On February 13, 2018

The Dow Jones Industrial Average tracks stock price fluctuation of thirty major American companies and is used to gauge general market conditions. Last Monday, the Dow Jones saw some steep declines, setting a record for the most points lost in a day, though in the past it has seen larger losses by percentage. The stock market is known for its volatility, and just one day after the plunge, the Dow Jones closed over 500 points higher. How do falling stocks affect mortgage lending?

Market Forecast: Retail Sales, Housing Market Index, Housing Starts, and Building Permits

Blog posted On February 12, 2018

Mortgage rates did not move much last week, and the likelihood of a March rate hike has dropped following some stock market volatility. This week’s important housing reports scheduled for release are the home builders’ sentiment index and housing starts and building permits. Though home builder confidence declined last month, home builders were setting record confidence levels most of the past year. Housing starts and building permits were hurt last December by frigid winter weather. Other market-moving reports include retail sales and retail sales excluding auto; consumer spending is a big driver of economic momentum.

Market Recap: More Job Openings, Mortgage Applications Mixed, Consumer Credit

Blog posted On February 09, 2018

Mortgage rates did not move significantly either way this week. Most market volatility took place in the Stock Market sphere, when after months of record-setting highs the Dow Jones Industrial Average dropped the most points ever in a single day, and then proceeded to rebound the next day. Job openings declined slightly, and the unemployment level remains historically low. Refinance mortgage application submissions increased but new purchase applications were unchanged week-over-week. Consumer credit expanded less significantly than it did the previous month.

Homeownership Rate Rises in 2017

Blog posted On February 08, 2018

Last week, the US Census Bureau reported the total homeownership rate in Q4 2017 improved to 64.2% from 63.9% in Q3. Even after a year of gradual rate hikes and sustained home price appreciation, more American households are transitioning from renting to homeownership.

Teenager Uses Crowdfunding to Provide Solar Lamps for Hurricane Maria Victims

Blog posted On February 07, 2018

Since Hurricane Maria hit last fall, life without power has become standard for many Puerto Ricans. Residents of small towns and rural areas outside major metros are some of the most afflicted. Salvador Gomez Colón , a fifteen-year-old from San Juan, launched a crowdfunding initiative that has already raised more than $125,000. Salvador and his organization C+Feel=Hope have donated 1,400 portable solar lamps to 840 households throughout Puerto Rico.

How Amazon HQ2 will Impact Housing

Blog posted On February 06, 2018

Amazon HQ2 is coming soon. For the city chosen as the site for the expansion, that means strained infrastructure, increased home prices, and an estimate of 50,000 new jobs. Amazon HQ2 will bring sweeping growth to its new home, but will it be a repeat of its original headquarters in Seattle? Since its humble garage beginnings, Amazon has grown into the largest property taxpayer and private employer in Seattle. With that, however, comes rapid home price appreciation, traffic congestion, and ongoing construction.

Market Forecast: Job Openings, Mortgage Applications, and Consumer Credit

Blog posted On February 05, 2018

Mortgage rates did not move much last week, after the Federal Open Market Committee voted to leave interest rates unchanged. This week, there will be no significant housing reports other than the Mortgage Bankers Association (MBA) weekly mortgage application survey. The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) comes out on Tuesday and consumer credit comes out on Wednesday. Though they are not housing specific reports, labor market and consumer spending activity spur economic momentum and impact housing.

Market Recap: Case-Shiller Index Appreciates, Pending Home Sales and Construction Spending Up

Blog posted On February 02, 2018

Mortgage rates did not move much in either direction this week, after the previous week’s upward trend. The Federal Open Market Committee (FOMC) met Tuesday and Wednesday, and as expected voted unanimously against a rate hike. In housing news, home values continue to appreciate, the pending home sales index increased for the third month in a row, and US construction spending was strong.

How Remodeling Impacts Home Values

Blog posted On February 01, 2018

With the current pace of home price appreciation and limited housing inventory, some homeowners are choosing to remodel and renovate their current homes instead of moving. Many homeowners choose to remodel under the pretense that that their improvements will increase the resale value of their home. While this is true to an extent, certain types of renovations have greater impact on home values than others.

Hospitals Helping Homeless with Subsidized Apartments

Blog posted On January 31, 2018

A new program pioneered by the University of Illinois Hospital and the nonprofit Center for Housing and Health aims to reduce the amount of emergency room visits by homeless patients with a new supportive housing program, Better Health Through Housing. The pilot program has provided housing for 26 repeat ER visitors since 2015. Since its inception, the per patient healthcare cost has decreased 18% each month and the hospital has plans to expand the housing.

Three Expectations for the Fed's First Meeting

Blog posted On January 30, 2018

The Federal Open Market Committee (FOMC) will meet today and tomorrow for its first policy meeting of 2018. This will be the last official meeting with Janet Yellen as Federal Reserve Chair; Jerome Powell will take over the position in February. The FOMC is expected to leave rates unchanged following this meeting and there is no press conference scheduled for Wednesday’s announcement. Based on December’s dot plot, the Fed will likely raise the benchmark interest rate multiple times in the coming year, though Fed officials are not in agreement as to how many rate hikes will take place. Here’s what to expect from the upcoming meeting.

Market Forecast: Case-Shiller Home Price Index, Pending Home Sales, and US Construction Spending

Blog posted On January 29, 2018

Mortgage rates are continuing their upward trend. The Federal Open Market Committee will meet Tuesday and Wednesday but will not hold a press conference following the meeting. This will be the last meeting with Janet Yellen as Federal Reserve Chair. Jerome Powell was confirmed as the new Federal Reserve Chair last week. The S&P CoreLogic Case-Shiller home price index comes out on Tuesday, pending home sales comes out on Wednesday, and US construction spending will come out on Thursday.

Market Recap: FHFA Index Appreciates, Existing Home Sales and New Home Sales Drop

Blog posted On January 26, 2018

Mortgage rates continued their upward trend this week. Based on this week’s housing reports, activity slowed down in December. Cold winter weather across the country limited construction and stalled sales. The Federal Housing Finance Agency (FHFA) house price index appreciated, and existing home sales and new home sales each declined.

Understanding the Appraisal Process

Blog posted On January 25, 2018

Purchasing or refinancing a home will typically require a home appraisal to determine its current value. The appraisal should be conducted by a qualified appraiser who is licensed or certified in the state and familiar with homes in the area. Fannie Mae requires an appraisal from an appraiser who has worked with similar properties in the area. The appraiser operates independently from the buyer and seller to make an unbiased decision.

CMG Financial Expands Leadership Team with Jon Wallace, Area Sales Manager

News posted On January 25, 2018

St. Joseph, MI – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, continues to deepen its Midwestern presence with the addition of Jon Wallace NMLS 1047351, Area Sales Manager. Jon has held leadership positions in the mortgage industry for over twenty years and will oversee growth initiatives throughout the greater Michigan and Indiana area.

Green Spaces Can Save Cities Millions Annually

Blog posted On January 24, 2018

City planners incorporate tree canopies and other green spaces in urban design because of their proven ability to lower wind speed and energy consumption, reduce pollution and heat, and improve neighborhoods’ livability. A new study from Ecological Modelling estimates planting trees can save cities as much as $505 million annually on costs related to air pollution, storm water drainage, energy, and carbon emissions.

CMG Financial Expands Leadership Team with Dan Yribar, Area Sales Manager

News posted On January 24, 2018

Tucson, AZ – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, continues to grow its Southwestern coverage with the addition of Dan Yribar NMLS 192027, Area Sales Manager. Dan will support the state of Arizona, based out of Tucson.

How Government Shutdowns Impact Housing

Blog posted On January 23, 2018

On Saturday, the US government shut down over a budget dispute, for the first time since 2013. Although the House of Representatives had approved a federal spending bill, many Senate Democrats opposed the bill because it did include funding for the Deferred Action for Childhood Arrivals (DACA) a program that prevents the deportation of approximately 800,000 undocumented immigrants brought to the US illegally as children. As of Monday afternoon, the Senate voted to reopen the government by advancing a stopgap spending bill that will keep the government open until February 8, 2018.

Market Forecast: FHFA House Price Index, Existing Home Sales, and New Home Sales

Blog posted On January 22, 2018

Mortgage rates trended upward last week, reacting to the end-of-year rate hike. This week, the Federal Housing Finance Agency (FHFA) releases its house price index. The existing home sales report comes out on Wednesday and the new home sales report comes out Thursday.

Market Recap: Mortgage Apps Up, Housing Market Index Down, Housing Starts and Building Permits Mixed

Blog posted On January 19, 2018

Mortgage rates trended upward this week, reaching the highest average level in the past 10 months. New purchase and refinance mortgage application submissions each increased, home builder confidence scaled back, and housing starts and building permits felt the winter freeze.

New IRS Federal Tax-Withholding Guidelines May Give Millions Higher Paychecks

Blog posted On January 19, 2018

According to the new income-tax withholding tables released by the US Treasury Department, approximately 90% of American workers should see a decrease in their income-tax withholding. Once the new guidelines are implemented, this should result in more take-home pay.

Rental Recap: National Average Apartment Rent up 2.5% Year-over-Year

Blog posted On January 18, 2018

Traditionally, rapid rental rate appreciation is associated with large outlier markets like New York City, Washington DC, and San Francisco. However, an annual survey by RENTCafe, suggests small and midsize cities may be experiencing greater year-over-year fluctuations in rental rates than larger markets. According to the survey, the national average apartment rent increased 2.5% annually, and 24% in the past 10 years, to a rate of $1,359 per month at the end of 2017.

A Look Back: Sustainable Design Progress in 2017

Blog posted On January 17, 2018

Builders and city planners made big strides in sustainable design in 2017. Real estate blog Curbed ranked some of the most resourceful design trends: from shifts to solar and wind energy, to making cities more walkable, to paving better roads, sustainable development is having a positive impact across the country and the world.

How Your City Will Look in 5-10 Years

Blog posted On January 16, 2018

The modern cityscape is changing. With the growing popularity of moving to urban areas over the traditional suburban migration, American cities will look very different in as little as 5 to 10 years. Among the changes, MarketWatch contributor and commercial real estate CEO, Brian Watson, predicts a shift from retail to residential building, more recycled and repurposed spaces, and less of a need for parking.

Market Forecast: Mortgage Apps, Housing Market Index, Housing Starts and Building Permits

Blog posted On January 15, 2018

Markets are closed today in observance of Martin Luther King Jr. Day. Mortgage rates are trending upward, heading into 2018. This week’s important housing reports include the Mortgage Bankers Association’s (MBA) weekly mortgage application survey, the National Association of Home Builders’ (NAHB) housing market index, and housing starts and building permits.

Market Recap: Consumer Credit Expands, Job Openings Drop, and Retail Sales Increase

Blog posted On January 12, 2018

Mortgage rates trended upward this week and both new purchase and refinance mortgage application submissions rebounded after a few slowed weeks. Consumer credit expanded for the third straight month. Job openings dropped off, as the market nears full employment. Retail sales improved.

What the New Tax Law Means for Homeowners

Blog posted On January 11, 2018

The end of year passage of the Tax Cuts and Jobs Act is the most comprehensive tax code revision to take place since 1986. While the tax reform changes will not impact your 2017 return, some workers might see the changes to their paychecks as early as next month.

HomeShare Startup Aims to Alleviate Rental Burden

Blog posted On January 10, 2018

In cities across the country, renters are feeling the burden of rising rental rates. High-cost areas like large cities are hit especially hard by high rents. A new startup, HomeShare, has partnered with 10 properties in San Francisco, Silicon Valley, and New York City to match renters with roommates to share the space and cost of high-priced rentals. HomeShare functions by converting living rooms into an extra bedroom, so roommates each get their own bedroom and closet, and in some cases a private bathroom, for a fraction of the market rental rate.

Gary Cohn: Dodd-Frank Reform on First-Quarter Agenda

Blog posted On January 09, 2018

With tax reform successfully passed, one of the next economic priorities on the Trump Administration agenda is Dodd-Frank reform. The Dodd-Frank Wall Street Reform and Consumer Protection Act was put in place following the Financial Crisis to reduce predatory lending practices and irresponsible banking activity. Despite economic recovery, the legislation remains unchanged since its establishment in July 2010. Opponents of Dodd-Frank contend that its policies are too restrictive and are hindering economic growth. Supporters of Dodd-Frank assert the legislation is necessary to ensure the Financial Crisis does not repeat itself. In an interview with Bloomberg News, White House chief economic advisor Gary Cohn suggested that Dodd-Frank reform could pass as soon as the first quarter of 2018.

CMG Financial Expands with Jason Haley, Area Sales Manager

News posted On January 09, 2018

Raleigh, NC – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, welcomes Jason Haley NMLS 116361, Area Sales Manager, Raleigh, NC. CMG has undergone an aggressive Eastern Division expansion this year, and additions like the Haley team will help the growing region continue to provide exceptional service.

CMG Financial Attends NAHB International Builders' Show January 9-11

News posted On January 09, 2018

CMG Financial is attending the NAHB International Builders' Show in Orlando, FL from January 9th - 11th. Visit us in the South Hall Booth S2640 and check out our new service HomeFundIt^TM, the first and only approved down payment crowdfunding platform.

Market Forecast: Consumer Credit, Job Openings, Retail Sales

Blog posted On January 08, 2018

Last week, mortgage rates started to trend slightly upward. This week, there are no significant housing reports scheduled, other than the weekly mortgage application survey. Market-moving reports include consumer credit, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS), and retail sales.

Market Recap: Construction Spending Strong, ADP Adds Jobs, Mortgage Apps Mixed

Blog posted On January 05, 2018

This week was another short week with markets closed on Monday in observance of New Year’s Day. Mortgage rates did not move much this week, starting their upward trend following the end of the year rate hike. The Mortgage Bankers Association (MBA) resumed the release of the mortgage application survey. US construction spending improved and the ADP employment report strengthened.

Why Aren’t There Enough Homes for Sale?

Blog posted On January 04, 2018

Heading into 2018, the housing market is facing much of the same inventory problems, there are not enough homes for sale. Limited inventory leads to home price appreciation and a competitive market. First-time home buyers are hit especially hard as they struggle to save for a growing down payment amidst rising rents and sluggish wage growth. So, why aren’t there enough homes for sale?

Fixing Traffic with Transit in Los Angeles

Blog posted On January 03, 2018

As the host of the 2028 Olympics, Los Angeles has a traffic problem to solve. As the third most populous city in the United States, Los Angeles residents experience extreme traffic congestion every day. In an effort to alleviate traffic, Los Angeles residents approved a sales-tax increase to give the Los Angeles County Metropolitan Transit Authority (LA Metro) approximately $120 billion over the next 40 years. In addition to adding bus and train lines, here are four other ways Los Angeles is improving its infrastructure.

Outlook 2018: What to Expect with Availability, Affordability, and More

Blog posted On January 02, 2018

Heading into 2018, the housing outlook is positive. Home price appreciation is expected to slow down, construction is picking up, and homeowners will have more equity to access for home improvement and debt repayment. The Federal Open Market Committee expects two to three more rate hikes, but mortgage rates are still historically low.

Market Forecast: Construction Spending, Mortgage Apps, and ADP Employment

Blog posted On January 01, 2018

Happy New Year! Markets will be closed today in observance of New Year’s Day. This week’s important reports include US construction spending, the ADP employment report, and the weekly mortgage application survey.

HomeFundIt: Crowdfunding Platform for Mortgage Down Payment Has Launched

Blog posted On October 05, 2017

First approved platform for savvy homebuyers to increase down payment & home buying opportunities

CMG Financial, a privately held mortgage-banking firm, today announces the launch of HomeFundIt^TM; the first industry approved crowdfunding service providing homebuyers the support, education and platform they need to crowdfund a mortgage down payment.

HomeFundIt Celebrates First Home Funded

Blog posted On September 01, 2017

Monterey, CA – HomeFundIt^TM the first and only approved down payment crowdfunding platform, is proud to confirm its first funded home. Under the guidance of their mortgage loan officer, Wendy Bluhm, Jeff and Hannah Smith gave the new financing solution a try when a grant opportunity fell through.

HomeFundIt: How it Works

Blog posted On August 17, 2017

HomeFundIt^TM is a crowdfunding platform designed specifically for the down payment on a home. Home buyers get prequalified, share their story, and raise funds all through one platform. Here’s how it works…

HomeFundIt: Fund Your Way Home

Blog posted On August 14, 2017

Did you know saving for a down payment is one of the biggest challenges renters face? According to Zillow, nearly 70% of renters report saving for a down payment as the biggest obstacle to homeownership. If you are interested in owning a home, but unable to save a down payment, this new program can change your life. It’s called HomeFundIt^TM, formerly known as HomeFundIt^TM.

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