It’s no secret that home prices are increasing nationwide. There is good news, however, the amount you can borrow is increasing, too!

Every year Fannie Mae and Freddie Mac evaluate the conforming loan limit, which can differ from county to county. In 2021, for example, the maximum conforming loan amount in most counties increased from $548,250 to $647,200 – an increase of roughly 18%. This annual evaluation, which often results in an increase, typically takes place in late November.

With

It’s no secret that home prices are increasing nationwide. There is good news, however, the amount you can borrow is increasing, too!

Every year Fannie Mae and Freddie Mac evaluate the conforming loan limit, which can differ from county to county. In 2021, for example, the maximum conforming loan amount in most counties increased from $548,250 to $647,200 – an increase of roughly 18%. This annual evaluation, which often results in an increase, typically takes place in late November.

With home prices continuing to increase First Home Mortgage is getting ahead of the curve and is delivering a significant increase to the conforming loan limit now. Effective today, First Home Mortgage is now allowing for Fannie Mae and Freddie Mac loans up to $715,000, an increase of more than 10%.

Contact us or one of our qualified Loan Officers to learn more!

Author: James Baublitz, VP Capital Markets

If you have an adjustable-rate mortgage—commonly referred to as an ARM—you may be wondering when and if you should refinance to a fixed rate home loan. There are numerous factors you should consider when you think about refinancing, and even more to think about when it comes to making the switch from an ARM to a fixed rate mortgage.

What’s the Difference Between ARMs and Fixed Rate Mortgages?

Both of these loan options are quite self-explanatory when you consider their

If you have an adjustable-rate mortgage—commonly referred to as an ARM—you may be wondering when and if you should refinance to a fixed rate home loan. There are numerous factors you should consider when you think about refinancing, and even more to think about when it comes to making the switch from an ARM to a fixed rate mortgage.

What’s the Difference Between ARMs and Fixed Rate Mortgages?

Both of these loan options are quite self-explanatory when you consider their names. An adjustable-rate mortgage is just that, a mortgage with a rate that adjusts over time based on market conditions, while fixed rate mortgages have a stable, secured rate for the life of the loan.

Timing is Everything

When deciding whether to refinance any loan, you want to consider timing. The timing is largely dependent on your unique financial situation but also the state of market at large. A major factor to consider is your credit score; is it high enough to secure a desirable interest rate? If your credit score is lacking, you are likely better off waiting until it improves before refinancing. Luckily, your credit score is not set in stone and there are things you can do to improve it. Another aspect to think about is whether you will be able to afford the closing costs associated with a refinance. Will the benefits of a lower monthly payment will outweigh the price of having to pay closing costs? Depending on the decrease in your monthly payment, a refinance might not be the best option. You will of course also need to look at the market and what rates are. If you are going to end up with a higher rate, especially if it would be considerably so, you’ll likely want to hold off on pursuing a refinance. But if rates have been climbing, it may be better to refinance to the current rate in a fixed rate loan rather than risk having your rate continue to adjust higher and higher. Your best bet for determining whether now is a good time to refinance is to talk to a mortgage professional.

Think About Your Goals

At the end of the day, whether a refinance is in your best interest comes down to your specific situation and your goals. How long do you plan to stay in this home? If you are thinking about moving soon or before your rate changes, it is probably not worth refinancing.   Will you secure a substantially lower rate that will result in a lower payment?  That could still save you money during the time you are in this home despite paying closing costs. If you plan to stay in your home long-term, refinancing to a fixed rate loan can be a smart decision.  If current rates are low and you can secure that lower rate for the remaining life of your loan, that will eliminate the risk of fluctuating rates associated with an ARM.

If you are thinking about refinancing your mortgage, contact one of our knowledgeable Loan Officers today to discuss your options.

Buying a home can be a daunting task but buying in a different state can bring a higher level of stress and more of the unknown. We have compiled a list of tips and tricks to help make your buying and moving processes as seamless as possible.

Make Sure You Do Your Research on Real Estate Agents

When you’re buying out of state, you might not be able to go see every property in person. This means you will need to rely more heavily on your agent to be your eyes and ears. If you’re moving

Buying a home can be a daunting task but buying in a different state can bring a higher level of stress and more of the unknown. We have compiled a list of tips and tricks to help make your buying and moving processes as seamless as possible.

Make Sure You Do Your Research on Real Estate Agents

When you’re buying out of state, you might not be able to go see every property in person. This means you will need to rely more heavily on your agent to be your eyes and ears. If you’re moving to an area where you may already have friends or family, reach out to them for recommendations. If you don’t have anyone to recommend an agent to you, take a look at the top agent lists from the area. This will give you a good idea of who the people in the area already trust with their business. Check out how long they’ve been in business, the areas they specialize in, and, of course, client reviews!

Be Aware of Scammers

Buying out of state will unfortunately open you to being more likely taken advantage of or scammed. A common scam involves the scammer creating a fake listing using real or stolen photos of a property. The goal is for the listing to be too good to be true, encouraging you to reach out and send them money or begin bidding on the home. It is vital to pay close attention to listings and make sure they are listed by reputable agencies or by the actual homeowner.

Don’t Be Afraid to Ask Stupid Questions

Real estate law and best practices vary from state to state. Doing your own research is a good place to start but never be afraid to ask your agent further questions. Buying a home is a big investment and while it can be a very exciting time in your life, you want to make sure you cover all your bases and are fully aware of the requirements each state may have.

Try to Be Present for the Inspection

The inspection is an important part of the home buying process. If it’s possible for you to travel during the process, this would be the time. The inspection will lay out any present or potential issues your home has. Inspectors will take photos for reference but being there in person can give you a better idea of what you’re moving into and as an added plus, inspectors will usually take the time to show you basic home maintenance while doing their inspection.

If you’re looking to buy, check out our website to find a complete list of states we are licensed in and reach out to a Loan Officer today!

Selling your home may be something you’ve been considering for a while or maybe an event has occurred that has prompted you to sell. Either way, listing your home is a big decision and if you’re wondering if now is a good time, take a look at these signs and decide for yourself.

It’s a Seller’s Market

This may be an obvious reason in today’s market but being in a seller’s market means you could stand to make a nice profit on your home. Pay attention to what other

Selling your home may be something you’ve been considering for a while or maybe an event has occurred that has prompted you to sell. Either way, listing your home is a big decision and if you’re wondering if now is a good time, take a look at these signs and decide for yourself.

It’s a Seller’s Market

This may be an obvious reason in today’s market but being in a seller’s market means you could stand to make a nice profit on your home. Pay attention to what other homes in your neighborhood are going for and see if the price of square footage is increasing. This could be a good indicator of what your home could go for. Getting in contact with a good real estate agent that can help guide you and assist you in getting a good deal is also an important step!

You’ve Outgrown Your Home

A common reason for moving is simply that your home no longer provides the space you need. Whether your family is growing, or you need more storage, selling may be the only solution. These situations can cause you unwanted stress so listing sooner rather than later might be best for you!

You Have Equity in Your Home

A good reminder here is that selling your home is not free, however the equity that has accrued since purchasing your home will be useful when selling.  There are closing costs, agent fees, and of course, the down payment on the purchase of your next home. If you’ve only been in your home for a few years, chances are good you haven’t built up equity beyond the down payment. Unless there is an immediate need to move, staying in your home for at least 5 years could allow for more equity to accrue before selling.

Your Life Circumstances Have Shifted

Inheriting a property, divorce, death, and needing to relocate are all potential life events that can place you in a position to sell as soon as possible. These sudden life changes can put pressure on you but it’s important to still take the time to research your local market and the area you plan to move to before jumping in.

For more information or resources, reach out to one of our qualified Loan Officers today!

Whether you’re buying, selling, or refinancing a property for the first time or fifth, you’re going to be balancing lots of information, paperwork, communications, and transactions. It can be easy to get overwhelmed, and unfortunately, there are individuals out there who may try to take advantage of you during real estate transactions. Below are five […]

The post 5 Real Estate Scams to Watch

Whether you’re buying, selling, or refinancing a property for the first time or fifth, you’re going to be balancing lots of information, paperwork, communications, and transactions. It can be easy to get overwhelmed, and unfortunately, there are individuals out there who may try to take advantage of you during real estate transactions. Below are five […]

The post 5 Real Estate Scams to Watch Out For appeared first on First Home Mortgage.

Celebrating and preserving the Earth starts right in your own home! In honor of Earth Day, First Home Mortgage is sharing some of our favorite habitat-healthy habits.   Install a Rain Barrel  Rain barrels are an easy and inexpensive way to store natural rainwater, which can be used to water your garden, lawn, and even indoor […]

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Celebrating and preserving the Earth starts right in your own home! In honor of Earth Day, First Home Mortgage is sharing some of our favorite habitat-healthy habits.   Install a Rain Barrel  Rain barrels are an easy and inexpensive way to store natural rainwater, which can be used to water your garden, lawn, and even indoor […]

The post 5 Tips for a Greener Home Life appeared first on First Home Mortgage.

Spring is here, and the temperature isn’t the only thing that’s heating up. With demand for homes during continued housing inventory shortages, the market remains hot. Here are some predictions from industry experts on what to expect in the coming months: It will be busy – and like the 2021 spring housing market. Remember last […]

The post 2022 Spring Housing Market Predictions appeared

Spring is here, and the temperature isn’t the only thing that’s heating up. With demand for homes during continued housing inventory shortages, the market remains hot. Here are some predictions from industry experts on what to expect in the coming months: It will be busy – and like the 2021 spring housing market. Remember last […]

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Homeowners’ associations, or HOAs, are organizations consisting of a governing board of resident volunteers who create and enforce rules for a subdivision or planned unit development. If you buy a property within a community with an HOA, you are required to be a member which will happen automatically upon your purchasing the home. There are […]

The post Pros and Cons of Moving

Homeowners’ associations, or HOAs, are organizations consisting of a governing board of resident volunteers who create and enforce rules for a subdivision or planned unit development. If you buy a property within a community with an HOA, you are required to be a member which will happen automatically upon your purchasing the home. There are […]

The post Pros and Cons of Moving to a Neighborhood with an HOA appeared first on First Home Mortgage.

Making your home more energy efficient is not only good for the environment but also for your wallet. Small changes can make a big difference in your energy bill. Thankfully we live in a time where technology and innovation make changes much easier than in the past. We have the resources to live greener now […]

The post 5 Easy Ways to Make Your Home More Energy Efficient appeared

Making your home more energy efficient is not only good for the environment but also for your wallet. Small changes can make a big difference in your energy bill. Thankfully we live in a time where technology and innovation make changes much easier than in the past. We have the resources to live greener now […]

The post 5 Easy Ways to Make Your Home More Energy Efficient appeared first on First Home Mortgage.

Buying a new home is always a big undertaking, and the current seller’s market can make the process even more challenging. With limited inventory and frequent bidding wars, buyers can feel a natural uncertainty in landing the house you want. Selling your current home before finding your next one can be even more stressful, since […]

The post Bridge Loan Program appeared first on

Buying a new home is always a big undertaking, and the current seller’s market can make the process even more challenging. With limited inventory and frequent bidding wars, buyers can feel a natural uncertainty in landing the house you want. Selling your current home before finding your next one can be even more stressful, since […]

The post Bridge Loan Program appeared first on First Home Mortgage.

If you were like many Americans who purchased a home for the first-time last year, it’s important to understand how your taxes may be affected. Here is a quick checklist of things to think about as you prepare your return: Mortgage interest. You could deduct the interest you paid on your monthly payment, if your […]

The post Tax Season is Here! Read Our Checklist

If you were like many Americans who purchased a home for the first-time last year, it’s important to understand how your taxes may be affected. Here is a quick checklist of things to think about as you prepare your return: Mortgage interest. You could deduct the interest you paid on your monthly payment, if your […]

The post Tax Season is Here! Read Our Checklist to Prepare for Your Return appeared first on First Home Mortgage.

Your pets are important members of your family, and when you choose to move—be it across town or across the country—their needs should be factored in. There are a lot of considerations to make before, during, and after your move. Read on for some helpful tips regarding moving with pets. Contact Your Vet You’ll want […]

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Your pets are important members of your family, and when you choose to move—be it across town or across the country—their needs should be factored in. There are a lot of considerations to make before, during, and after your move. Read on for some helpful tips regarding moving with pets. Contact Your Vet You’ll want […]

The post Tips for Moving with Pets appeared first on First Home Mortgage.

Spring is right around the corner which usually means it’s time to start thinking about the landscaping and gardening that needs to be done to maximize your curb appeal. You don’t need a big budget or a lot of time but making small changes can make a big difference. Here are 5 ways to add […]

The post 5 Tips to Maximize the Aesthetic of Your Home This Spring appeared

Spring is right around the corner which usually means it’s time to start thinking about the landscaping and gardening that needs to be done to maximize your curb appeal. You don’t need a big budget or a lot of time but making small changes can make a big difference. Here are 5 ways to add […]

The post 5 Tips to Maximize the Aesthetic of Your Home This Spring appeared first on First Home Mortgage.

What’s better than being a homeowner? Being a smart homeowner! And thanks to CES 2022, we now know about the incredible technology that will soon be available to make your life at home even easier. Here’s a look at our top five favorite items that were featured at the show.* LG is taking cooking appliances […]

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What’s better than being a homeowner? Being a smart homeowner! And thanks to CES 2022, we now know about the incredible technology that will soon be available to make your life at home even easier. Here’s a look at our top five favorite items that were featured at the show.* LG is taking cooking appliances […]

The post The Best Home Technology Featured at CES 2022 appeared first on First Home Mortgage.

Gone are the days of enjoying a light breeze and 60 degree temperatures. It’s officially winter, and you know what that means – it’s going to get even colder.   But just because you can’t be outside as much doesn’t mean that it isn’t a good time to complete home improvement projects. Checking things off […]

The post Winter Projects appeared first on First

Gone are the days of enjoying a light breeze and 60 degree temperatures. It’s officially winter, and you know what that means – it’s going to get even colder.   But just because you can’t be outside as much doesn’t mean that it isn’t a good time to complete home improvement projects. Checking things off […]

The post Winter Projects appeared first on First Home Mortgage.

To say 2021 was a crazy year in real estate is an understatement. House prices increased, loan rates decreased, and as a result, a lot of inventory moved quickly.   But what does 2022 have in store for us? Here are some of the predictions that industry leaders have released.   Mortgage Rates. In January […]

The post 2022 Trends appeared first on First

To say 2021 was a crazy year in real estate is an understatement. House prices increased, loan rates decreased, and as a result, a lot of inventory moved quickly.   But what does 2022 have in store for us? Here are some of the predictions that industry leaders have released.   Mortgage Rates. In January […]

The post 2022 Trends appeared first on First Home Mortgage.

With the world slowly getting back to a new normal after Covid-19, this year’s holiday season might reflect the past holiday seasons, which for many is hectic. If you’re hosting dinner at your house this year, your mind is probably going through every detail before guests arrive. Here are a few pointers to help you […]

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With the world slowly getting back to a new normal after Covid-19, this year’s holiday season might reflect the past holiday seasons, which for many is hectic. If you’re hosting dinner at your house this year, your mind is probably going through every detail before guests arrive. Here are a few pointers to help you […]

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