Mortgage Services

We deliver the absolute best lending experience through knowledge.

Apply NOW
What is a Mortgage?

A mortgage represents a loan or lien on a property/house that has to be paid over a specified period of time. Think of it as your personal guarantee that you'll repay the money you've borrowed to buy your home.

Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. Make sure you select the mortgage that is right for you, your future plans, and your financial picture.

Mortgage News
Existing Home Inventories Inching Higher
May 22 2024
The inventory of existing homes for sale increased from March to April, but the increased availability didn’t bolster sales. The National Association of Realtors® (NAR) said pre-owned single-family homes, townhomes, condominiums, and cooperative apartments sold at a seasonally adjusted annual rate of 4.14 million. This was a decline of 1.9 percent from sales in both March of this year and April 2024. At the end of April, there were 121 million units of housing available for sale, an increase of 9 percent from March and 16.3 percent year-over-year. This equates to a 3.5-month supply at the current rate of sales compared to 3.2 percent and 3.0 percent at the two earlier points in time. NAR says a six-month supply is typically necessary for a balanced real estate market. There was a big increase in higher-priced homes. The inventory of available homes listed at $1 million or more was 34 percent larger than a year earlier and sales in that tier increased 40 percent. Properties typically remained on the market for 26 days in April, down from 33 days in March but up from 22 days in April 2023. NAR’s chief economist Lawrence Yan said overall home sales changed little, but the upper end of the market is benefiting from the increase supply of homes. Single-family home sales fell 2.1 percent to a seasonally adjusted annual rate of 3.74 million, down from 3.82 million in March. Sales were 1.3 percent lower year-over-year.  Condo and co-op sales remained at their March level of 400,000 units, 30,000 fewer than the previous April.
Mini-boom in Refi Apps Continues
May 22 2024
Interest rates hit a seven-week low last week, boosting the level of refinancing applications for the third straight week, but those for home purchases continued to recede. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage application volume, increased 1.9 percent on a seasonally adjusted basis during the week ended May 17. On an unadjusted basis, the Index increased 1.1 percent. The Refinance Index jumped by 7.0 percent compared to the previous week and was 21.0 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 34.0 percent of total applications from 32.0 percent week-over-week.  The Refinance Index has gained an aggregate of 17 points since April 25. [refiappschart] Purchasing activity declined for the second week, this time by 1.0 percent on a seasonally adjusted basis and 2.0 percent before adjustment. The index was 11.0 percent lower than the same week in 2024. [purchaseappschart] “The 30-year fixed mortgage rate declined for the third straight week, dropping to 7.01 percent – the lowest level in seven weeks,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “ Rates coming down from recent highs spurred some borrowers to act, with increases across both conventional and government refinance applications . VA refinances had a double-digit increase for the third consecutive week, although the current level of refinancing is still well below its historical average. Purchase activity continues to lag despite this recent decline in rates, down 11 percent from a year ago, as potential buyers still face limited for-sale inventory and high list prices. ”