May 23, 2024
CMG Financial | Mortgage Blog
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1M ago
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 more
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June 03, 2024
CMG Financial | Mortgage Blog
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1M ago
Though last week was a short week thanks to the Memorial Day holiday, it sure felt long. Rates started off the week inching higher – partly due to the long weekend partly due to comments from some Fed members. Then, they started to trend lower toward the end of the week as a result from some rate-friendly economic data. This week holds the potential to continue the lower rate trend with the jobs reports ..read more
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June 05, 2024
CMG Financial | Mortgage Blog
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1M ago
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 more
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June 06, 2024
CMG Financial | Mortgage Blog
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1M ago
Buying a home has become more and more expensive over the years. Between mortgage rates, home prices, and upfront costs, affordability remains a top issue for most buyers. One of the biggest hurdles for buyers – especially first-time buyers – is the down payment. Even though some loans allow for down payments as low as 1% to 3%., that’s still thousands of dollars. To finance the upfront costs, younger buyers are planning to tap into retirement savings. Though this could help them purchase a home in the short-term, it could end up hurting them in the long run ..read more
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June 06, 2024
CMG Financial | Mortgage Blog
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1M ago
Fairfax, VA – CMG Home Loans, the retail lending arm of the well-capitalized and privately held mortgage banking firm, CMG Financial, has announced the addition of Senior Loan Officer Paula White to its expansive Mid-Atlantic team. A dedicated originator with over two decades of seasoned experience, Paula brings a wealth of local knowledge and industry connections that will further CMG’s growth throughout the Mid-Atlantic region ..read more
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May 09, 2024
CMG Financial | Mortgage Blog
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2M ago
Do you know how much money you’ve earned by paying your mortgage? Yes , not lost. When you own a home, you’re earning money with every mortgage payment. Over time, mortgage payments build up home equity – which is just a fancy term for how much of the home you own, in dollar amounts. Right now, homeowners are sitting on a record amount of equity: $16.9 trillion total and $11 trillion in tappable equity. Tappable equity is the amount of money you can take out of your home (without going below 20% equity). And according to Intercontinental Exchange (ICE), each homeowner has an average of $206,00 ..read more
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May 15, 2024
CMG Financial | Mortgage Blog
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2M ago
Earlier today, we received April’s consumer price index (CPI) and retail sales reports – both of which had slightly lower numbers than experts had predicted. The result has been overwhelmingly positive. Prices on mortgage-backed securities are showing strong upward movement so far, which should result in lower-trending rates for today ..read more
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May 16, 2024
CMG Financial | Mortgage Blog
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2M ago
Thinking about waiting out the higher-trending rates? You’re not alone. Many home buyers are sitting on the sidelines, eagerly waiting for rates to fall. Most assume that if they wait, they’ll save money. But this might not be the case. In fact, it could end up costing them more in the long run ..read more
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May 06, 2024
CMG Financial | Mortgage Blog
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2M ago
First, it’s important to clarify that the Federal Reserve doesn’t directly set mortgage rates. When people talk about the Fed ‘hiking’ or ‘cutting’ rates, they’re referring to the benchmark interest rate. The Fed’s rate decisions rarely have a consequential effect on mortgage rates because in most cases the markets already know what the decisions will be before the announcement, and they adjust pricing accordingly. The bigger event on Fed announcement day is the press conference from Fed Chair Jerome Powell. Here, the markets get a better idea of what the Fed is thinking about for the future ..read more
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April 18, 2024
CMG Financial | Mortgage Blog
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2M ago
April has been a month of great economic data. In most senses, this is good. But for mortgage rates, it’s not. A strong economy tends to have a negative impact on the bond market and consequently mortgage rates ..read more
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