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Tuesday, August 25, 2015

A “Perfect Storm” of Factors Leads to a Busy Mortgage Year in 2015

Plymouth, Mich. – Pent-up demand for new home purchases, consumer fear of rising interest rates and increased consumer equity have created a “perfect storm” for an active mortgage and refinance year thus far, said Eric Esser, Chief Mortgage Lending Officer with Community Financial Credit Union.

“An unexpected dip in interest rates early on this year set up the busy season as already historic low mortgage rates became even more affordable,” Esser said. While rates have climbed up slightly, they have remained very affordable, causing Community Financial to have one of its busiest mortgage and refinancing years in the credit union’s 64 year history.

“Consumers realize that now might be the time to take advantage of these rates because there are just so many signs that indicate they won’t get any cheaper,” Esser said. “The popular sentiment is that rates and home prices are both going to go up although we have been saying that for awhile.”

One of the reasons for the expectation of rising rates is that the Federal Reserve has given many signs in recent months that it will raise the prime rate. However numerous factors, such as economic instability in Europe, a tumbling stock market in China and general political uncertainty around the world, have likely caused the Federal Reserve to wait on rate hikes.

Meanwhile rising home prices and slowly expanding credit opportunities are causing more homeowners to consider a move. “Credit is still pretty tight, but over the last few months and years it has slowly been loosening up,” Esser said.

Community Financial Credit Union’s mortgage department practices “common sense underwriting” and has credit opportunities available for members including bridge loans, which allow homeowners to take equity out of their current home and put it toward a new home, making it possible to buy a new home without first selling an existing one. This loan essentially “bridges the gap” between the time the old property is sold and the new property is purchased.

“Conventional loans for those with good credit can be had for just 3 percent down,” Esser said.

Contact the Mortgage Services Department at Community Financial Credit Union for more information by calling (734) 582-8500 or visit to learn more.

About Community Financial Credit Union 
Headquartered in Plymouth, Michigan, membership in Community Financial Credit Union is open to anyone who lives, works, worships, or attends school in 23 Michigan counties. With more than 50,000 members, Community Financial provides financial services to members at 11 branch locations and through a variety of automated and online services. For more complete membership information, visit or call (877) 937-2328.

1 comment:

Al Khabeer said...

السلامة ضرورية. عليك أن تحافظ على نفسك ومنزلك ومكاتبك في مأمن من أي نوع من التهديدات والأذى. لتكون آمنًا في مكان عملك ، فأنت بحاجة إلى أفضل أقفال الأبواب التي تتمتع بأفضل ميزات الأمان وأفضلها جودة.
عندما يكون لديك الأمان في ذهنك ، يجب أن تكون مستعدًا للطوارئ والأحداث غير المسبوقة. أنت غير مدرك لما قد يحدث في اللحظة التالية ، لذا فإن إعداد نفسك للأسوأ هو أقل ما يمكنك فعله للحفاظ على نفسك وعائلتك وممتلكاتك في أمان. لذلك أنت بحاجة إلى قفل باب رئيسي عالي الجودة.

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