CMG Financial
CMG Financial is a well-capitalized, privately held mortgage-banking firm founded in 1993. The company makes its products and services available to the market through three distinct origination channels including Correspondent Lending, Wholesale Lending and Retail Lending.
CMG Financial is currently licensed in all 50 states, including the District of Columbia, and holds federal agency lending approvals with HUD, VA, RHS, GNMA, FNMA and FHLMC. Throughout the mortgage banking and housing markets, CMG Financial is widely known for responsible lending practices, industry and consumer advocacy, product innovation, and operational efficiency.













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
... moreHow 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.
Buyers who are eligible for positive rent history consideration must:
How to get started
How to prepare
If you’re not sure if you’re ready to buy or you’re still saving for a down payment, there are a few ways you can prepare in the meantime.
If you’re interested in our positive rent payment history, let us know. We can explain the digital process in more depth when you’re ready!
Sources: Fannie Mae
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Home Equity and Financial Safety: Which Loan Programs Can Help You Prepare for Uncertainty?
Blog posted On July 14, 2022
Unlike traditional HELOCs, the All In One Loan™ can help borrowers pay off their balance in half the time without changing their budget, keep their home equity dollars available
... moreHome Equity and Financial Safety: Which Loan Programs Can Help You Prepare for Uncertainty?
Blog posted On July 14, 2022
Unlike traditional HELOCs, the All In One Loan™ can help borrowers pay off their balance in half the time without changing their budget, keep their home equity dollars available for longer time, and avoid tens of thousands of dollars in interest.
If you’re interested in learning more about our HELOC program or All In One Loan™, contact us today.
Sources: MarketWatch
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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 can
... moreReverse 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 can help homeowners eliminate monthly mortgage payments. But there are other options that can help you achieve a debt-free retirement.
Reverse Mortgage Amortization Schedule
One of the items reverse mortgage lenders provide applicants is an amortization schedule, which details how the loan’s balance will grow over time. The best way to conceptualize this is to create a hypothetical amortization schedule even before you begin the process of shopping for a reverse mortgage. Upon using a reverse mortgage calculator, you will clearly see how your loan balance will increase (as interest and principal compound) until the reverse mortgage is repaid. Because you aren’t required to make monthly payments, the loan balance will grow exponentially and the accruals on interest will continue to rise.
Let us know if you would like to explore options that can help you retire with MORE.
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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
... moreSigns 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.
Housing is Not Doomed for a Crash
First, just because market activity is cooling doesn’t mean we’re headed for a crash. The housing market is in an entirely different place than it was before 2007.
The Market is Normalizing, Not Collapsing
It’s easy to get caught up in headlines that talk about the drastic slowdown in housing. But there’s a lot more to the story than that. Yes, certain aspects of housing activity are trending lower. Construction is one. Housing starts were down 14.4% in May. Home builder confidence dropped two points in June. On a yearly basis, purchase activity and home sales are lower as well. When you see these statistics, they seem negative for housing, but in reality, they reflect a market that’s finally normalizing.
“In 2020 and 2021, housing boomed, and rates plummeted at a pace that many considered to be unsustainable,” writes Matthew Graham, Chief Operating Officer of Mortgage New Daily. “2022's role is to take things back in the other direction.”
The pace at which sales skyrocketed was never going to be sustainable long-term. Especially with the supply of homes at such a low level. “Regarding the monthly supply for housing, we want this to get above four months as soon as possible,” explains HousingWire Lead Analyst Logan Mohtashami. “This would be a more traditional level for the housing market; we are making some progress here but not where we want to be yet.” Right now, the unsold inventory of existing homes is at a 2.6-month supply at the current sales pace, up from 2.2 months in April and 2.5 months in May 2021. Good improvement, thanks to higher mortgage rates and cooled demand. But home inventory still has a way to go. Construction is likely slowing in anticipation of more existing homes for sale entering the market in coming months.
It’s a Great Time to Buy
One factor holding buyers back is rates. As we’ve said before, the record-low mortgage rates during the pandemic will more than likely never return. The rapid rise in mortgage rates during the beginning of 2022 is likely intimidating. When compared to historic mortgage rates, the current levels are not all that high. In fact, mortgage rates have actually been trending lower over the past two weeks.
Another factor that may seem daunting to buyers is home prices. According to the Case-Shiller home price index, home prices are up 21.2% compared to last year. Combined with higher mortgage rates, buyers might be seeing some ‘sticker shock.’ However, on a monthly basis, home price appreciation is cooling – down from 2.4% to 1.8% in April. Additionally, home buyer competition is lower, reducing the number of bidding wars, and lowering the price at which offers are made. "Offers also aren’t coming in as high above the list price as before,” said Jennifer Bowers, a Redfin real estate agent in Nashville. More homes are on the market as well, which will continue to help reduce the price of homes. It is also giving buyers more options and leverage than they had just months ago.
Don’t let the headlines scare you out of the market. If you’re interested in buying but concerned about prices or rates, let us know. We have several options that may help reduce the amount of interest you pay.
Source: CNBC, CNBC, CNBC, HousingWire, MarketWatch, Mortgage News Daily, Reuters, Yahoo!
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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 –
... moreHome 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).
Home Equity Hits Record Levels
After the first quarter of 2022, American mortgage holders were sitting on a combined $11 trillion in tappable home equity – a record high. “That’s a result of an astonishing $1.2 trillion gain in tappable equity in the first quarter of 2022 alone – the largest such quarterly growth ever recorded,” said Black Knight Data & Analytics President Ben Graboske. “With the average-priced home up 42% in value since the start of the pandemic, current homeowners with mortgages are sitting on an average $207,000 in [tappable] equity.”
Why a HELOC Might Be a Good Idea for Current Homeowners
A HELOC offers homeowners unlimited access to their equity through a revolving line of credit. Unlike cash-out refinances, where you make a one-time withdrawal of money, HELOCs allow you to withdraw equity whenever you need. Thus, HELOCs tend to offer more flexibility. If you decide later down the road that you want to make some home improvements or pay off unexpected medical bills, you have that option to tap into equity without refinancing.
Another way you can take advantage of a HELOC is by using some of the equity you’ve earned to pay off any existing debt right now. This way, you can consolidate any high-interest debt – credit card debt, student loans, or auto loans – before interest rates rise any higher.
At this point you might not want to do a full cash-out refinance if you took out your original mortgage within the past three years. You likely have a very good mortgage rate right now if your home loan is less than three years old. If you were to do a cash-out refinance, you’d likely wind up with a higher interest rate. Taking out a HELOC as an additional mortgage would make more sense because you could keep your original interest rate on your primary loan and get an adjustable rate for your HELOC. Adjustable-rate mortgages (ARMs) typically start out with lower interest rates than fixed-rate mortgages. Plus, the monthly payments on HELOCs are much more flexible, offering interest-only payments during some periods of the loan.
How to Decide if a HELOC is Right for You
Sources: Black Knight
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