Carey Ann Cyr
Senior Loan Officer
| NMLS #160055
Branch NMLS #1093019
(877) 456-4456
mymortgageteam@cmgfi.com
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Mortgage News Mortgage Insurance Refinance Market Updates First-Time Home Buyer Conventional Loan FHA Loan Purchase Home Design Selling Budget Financial Planning Loan Process Credit New Construction Home Maintenance Renovation Homeowners Insurance Investment Property VA Loan Down Payment Assistance Taxes All in One Loan Debt Management USDA Loan HELOC Loan Programs BuilderEffective August 17th: Preparing for NAR's Upcoming Industry Changes
Blog posted On August 15, 2024
The National Association of REALTORS® (NAR) are implementing practice changes, effective on Saturday, August 17th. Some of these changes include updates to compensation offers, written agreements, and communications with communities and consumers. These updates will affect anyone involved with real estate, including home buyers and real estate professionals. With this deadline fast approaching, let’s take a look at these practice changes one by one and what to expect going forward.
READ MOREGlimmers of Hope for Home Buyers Arise as Inventory Inches Up
Blog posted On June 21, 2024
Higher-trending mortgage rates getting you down? Here’s something you can get excited about: according to Realtor.com, there are 35.3% more homes on the market than this time last year. Even more exciting news: there is a rising number of affordable homes hitting the market.
READ MOREBreaking News! HUD Updated Gift Fund Guidelines to Add Increasing Flexibility on FHA Loans
Blog posted On June 05, 2024
The Department of Housing and Urban Development (HUD) recently updated its guidebook that spans over 1,800 pages. One of the updates brought welcome news for borrowers using an FHA Loan. With the new requirements, borrowers have additional flexibility surrounding any gift funds they might receive.
READ MOREVA Plans to Temporarily Allow Buyers to Compensate Agents
Blog posted On May 23, 2024
The Department of Veterans Affairs (VA) has finally broken its silence on the future of buyer’s agent commissions for borrowers using VA Loans. In an unofficial announcement on Tuesday, VA Deputy Director of Policy Michelle Corridon stated that the Department plans to temporarily lift its restriction on that prohibits buyers from directly paying for professional real estate representation. This circular is slated to be issued between now and June 12, and will help buyers while the agency engages in a formal rulemaking process for a longer-term solution.
READ MOREMarket 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?
READ MOREWhat 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.
READ MORELegislative Proposal to Ban Trigger Leads Offers Consumers Hope of Long-Needed Relief
Blog posted On April 27, 2023
Last week, Rep. Ritchie Torres of New York introduced bill H.R. 2656 in hopes of ending the sale of trigger leads, which could greatly reduce the number of unsolicited calls a consumer receives after applying for a mortgage. Oftentimes, trigger leads cause confusion for buyers because they can come from competing lenders who are asking for personal information. Although this bill is still in the early stages, it’s a good (and far overdue) step in the right direction.
READ MOREVA 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.
READ MOREHousing 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.
READ MOREWill 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.
READ MOREWorried 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.
READ MOREHome 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.
READ MOREWhat 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.
READ MORESneak 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.
READ MORESneak 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.
READ MOREHow 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.
READ MOREWill 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.
READ MORELooking 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.
READ MORECMG 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?”
READ MOREHere'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.
READ MOREHome 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.
READ MOREData 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.
READ MOREHome 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?
READ MOREThe 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.
READ MOREIt'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.
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