Archive for December, 2016

Think about listing your home to sell this winter – get a jump on the spring market!

December 30th, 2016


We often receive calls from clients who are tossing around the idea of buying a different home, and they ask why now might be the best time to sell. That is a great question, and starts our discussion on why they should be actively marketing their home right now. We talk about the number of buyers out there ready, willing, and able to act NOW. The supply of existing homes is not keeping up with the demand, and inventory normally falls off during the holidays. Making your home available during this time will give you maximum exposure to buyers who will be in competition to buy it. Home prices are appreciating, and this time of year the market gives you the advantage. Maximize your profits for a larger down payment on your next home!

Julie VanDerostyne of Keller Williams Integrity Lakes agrees.  “There are fewer homes out there than there are buyers. Existing inventory is low, and buyers that are out are serious buyers. If they are out braving the weather with 40 below wind chills, they are serious!”

Cindy Sanders of Keller Williams Integrity Lakes had this to say, “Inventory is still historically low, which is the definition of a sellers’ market. Strictly speaking, it is all about supply and demand. Supply is low and demand is up, equating into better prices for sellers!”

Enjoy the upcoming Holiday and get a jump on everyone else, before the spring market!

From all of us in the Bloomington, Waterville, and Plymouth Fairway offices, we look forward to everyone’s continued success and wish you joy & prosperity in the New Year!

Our offices will be closed Monday, January 2nd,
and will resume normal business hours on Tuesday, January 3rd.

Unwrap your dream this holiday season. Give your family the gift of a New Home!

December 23rd, 2016

Clients call in f182709798or pre-approval, but are still on the fence about buying now or waiting. The big question revolves around if now is the best time to buy. That’s a great question, and my answer to them begins with home values that will continue to appreciate and interest rates that are on the rise. Acting now will maximize purchasing power and avoid any further price hikes in home values or interest rates. Looking back to 1981, interest rates peaked at over 17%; and twenty years later, in 2001, rates had fallen to the mid 7% range. Today we are in the mid 4% range, still near historic lows. Acting now will preserve their purchasing power to buy the home they want with a payment that is budget friendly. New construction is also a great option, and can provide the latest technology in an energy efficient, beautifully done package.

According to Pat Flynn, President of Eternity Homes, LLC:  “The uncertainty in the markets will trickle into home pricing. As rates rise, so will the cost for home materials. Buying now will provide the buyer with substantial savings that will allow for a faster equity gain in the future.”

Julie VanDerostyne of Keller Williams Integrity Lakes says this: “There is a great selection of newly constructed homes that are move-in ready. The year-end specials make them even more appealing; and for the buyer who is looking to build, now is the time to look at the new phases that are opening up to secure the first choice of lots.”

Unwrap your dream this holiday season. Give your family the gift of a New Home!

The Bloomington, Waterville, and Plymouth offices of Fairway Independent Mortgage wish everyone a safe and Happy Holiday!!

Our offices will be closed Monday, December 26th,
and will resume normal business hours on Tuesday, December 27th.


Looking forward to continued success in 2017!

December 19th, 2016


2016 has been good to all of us in the Fairway Family. Our branches located in Bloomington, Waterville, and Plymouth will end the year with the number 336 – that represents the number of families we have helped throughout 2016. Our group, which is 13 members strong, is thrilled to have helped so many with their residential mortgage needs this year.

We take our hats off to the realtors, builders, title companies and other affiliated partners that have trusted us to take care of their clients. We also want to thank our loyal clients who come back to us time and time again for help with their home financing needs.

We are so proud to be part of Fairway Independent Mortgage Corporation (FIMC). Fairway is an employee owned company, ranked number 10 out of the top 100 mortgage companies in America – and we won’t stop until we reach Number One! Part of our strength is in our numbers, with over 3,400 members and 250 branches nationwide. We are a Fannie, Freddie, and Ginnie direct lender who is dedicated to finding the best possible home mortgage solution for each client we serve.

Locally, we are construction lending experts. New construction and construction renovation loans are made as easy as 1-2-3 with us in charge of the process. Our turn times are some of the fastest around, and our builder partners trust us to deliver on time.

From all of us in the Bloomington, Waterville, and Plymouth Fairway offices, thank you for your trust. We look forward to everyone’s continued success in 2017, and wish you joy in the upcoming holiday season spent with family and friends. – Randy Cullen, NMLS #326128

Buying or listing sooner, rather than later, could lead to substantial savings.

December 12th, 2016

images-1From our good friends at Keeping Current Matters, I would like to share some talking points about why clients should be listing and buying now, not waiting for the spring market. It’s no surprise that listing a home for sale during the spring sees the largest return, as the spring is traditionally the busiest month for real estate. What is surprising, though, is that listing during the winter came in second!

A recent study of more than 7 million home sales over the past four years revealed that the season in which a hoe is listed may be able to shed some light on the likelihood that the home will sell for more than asking price, as well as how quickly the sale will close. From the study, 18.7 percent of spring listings fetched above asking price, with winter listings not far behind at 17.5 percent. Forty-eight percent of homes listed in spring sold within 30 days, compared to 46.2 percent of homes listed in winter. Winter buyers often need to move, which makes negotiating a lower offer price less likely – they want to close faster.

Other reasons to motivate clients to contract now rather than wait for the spring market: Read the rest of this entry »

Conforming Loan Limit Increase coming 2017

December 2nd, 2016

loan-limit-increaseThe Federal Housing Finance Agency (FHFA) made the announcement that the 2017 conforming loan limit for mortgages acquired by Fannie Mae and Freddie Mac will be increased nationwide from $417,000 to $424,100.

The new loan limits will be effective on January 1, 2017. This is the first time that the maximum loan limits have been increased since 2006. Loans through the end of the year will need to comply with the 2016 limits, but loans closing in 2017 will be eligible for the new loan limits.

This new loan limit will help clients when structuring their higher cost homes or housing projects. Once your loan balance exceeds this conforming cap you are in non-conforming, or Jumbo, loan territory where the rates can be higher and the underwriting process more strict.

The VA loan program will also benefit from this increase. VA follows the same max mortgage limit set forward by the FHFA. This means that you can now go zero-down to this limit and possibly stay out of the high balance VA loan, which is their jumbo version.

The Federal Housing administration (FHA) will also increase the max mortgage limits in 2017.  Currently, the FHA product in our metro area is $326,600. This will increase to $332,350. For non-metro areas the amount is $271,050, and will increase to $275,650. These are all for single family detached structures.

The FHFA determines their mortgage limit based upon the results of the housing price index (HPI); and FHA determines loan limits for mortgages based upon the median home prices in metropolitan statistical areas all over the country. Regardless of what index or report is used, the great news here is that housing prices are recovering and mortgage limits are increasing – which should translate into a big WIN for all of us.