Cheney Mortgage

04/17/2024

Mortgages can be intimidating, but the only thing you need to do is reach out. I will gladly help you on your journey. Say goodbye to monthly renting costs that only fill your landlord's pockets and become a homeowner! Call me today 860-281-9688

01/31/2024

After delving into reverse mortgages a few weeks ago, let’s now explore some alternative options, courtesy of The Mortgage Reports.

1. Sell and Downsize: The most straightforward alternative! Sell your current home, purchase a more affordable one, and pocket the difference. Ideally, you could pay off your mortgage and transition to your new home without the need for a loan.

2. Refinance: Despite current higher rates, the overall trend is downward. If you’re curious about how you can benefit from a refinance, our experts are ready to provide insights.

3. HELOC (Home Equity Line of Credit): A HELOC serves as a second mortgage with two phases: the draw period and, typically after 10-20 years, the repayment period.

4. Home Equity Loan: This is another type of second mortgage, simpler than a HELOC, often with a fixed interest rate. Enjoy consistent monthly payments from start to finish, making budgeting more manageable.

Before committing to a reverse mortgage, it’s essential to explore all available options. Cheney Mortgage experts are here to help you navigate alternatives and make financially wise decisions. Call us today at (860) 288-4884!

01/30/2024

In a bid to address the housing affordability challenge, senators from Massachusetts, Nevada, Colorado, and Rhode Island are urging the Federal Reserve to lower interest rates.

As reported by MPA Mag, the senators emphasize that the recent increase in interest rates has exacerbated the housing shortage and raised rental costs. In December, Federal Reserve officials tentatively forecasted three rate cuts this year. Cheney Mortgage will keep you updated on any developments!

Don’t hesitate to reach out to Cheney Mortgage at (860) 288-4884, or leave a comment with any questions or insights. Stay informed by following us on LinkedIn and Facebook for the latest updates on the real estate landscape!

01/29/2024

According to the Mortgage Bankers Association, mortgage applications have continued to increase, reporting a 3.7% rise for the week ending January 19.

MBA’s deputy chief economist attributed this increase to a rise in Conventional and FHA purchase applications, as buyers move to act early. Additionally, the National Association of Realtors reported pending home sales increase 8.3% in December, due to falling mortgage rates and stable home prices.

Call Cheney Mortgage today to find out if now is the time to make your move!

01/23/2024

Key findings from the latest Redfin report!

December marked the third consecutive month of slowing price growth in the US real estate market. US home prices saw a modest 0.4% month-over-month rise in December, the smallest increase since June. The market hasn’t experienced negative price growth quite yet, which Redfin experts attribute to the continued shortage of homes for sale.

Curious about the current real estate landscape and its potential impact on your plans? Call Cheney Mortgage today at (860) 288-4884 to gain valuable insights and make informed decisions for your homeownership journey!

01/22/2024

Exciting news from a new Redfin report!

December witnessed a remarkable 4% surge in pending home sales, marking the most significant jump in over two years. This surge follows a substantial drop in mortgage rates from November to December, creating favorable conditions for homebuyers. Active listings, representing the total number of homes for sale, experienced a notable 3.1% month-over-month increase, offering a broader array of options for potential buyers.

With more homes on the market, and lower mortgage rates, Cheney Mortgage is here to guide you to homeownership. Call us today at (860) 288-4884 and start your journey!

01/19/2024

Happy Friday! Here’s a positive update on the home supply according to Real Estate News. The housing market index, reflecting builder sentiment, surged by seven points in January, painting a positive picture for the real estate landscape.

Lower borrowing costs have significantly improved affordability, creating favorable conditions for potential homebuyers. However, fewer builders are resorting to price cuts this January, reflecting a stabilizing market.

Follow Cheney Mortgage to stay updated on current trends!

01/18/2024

Great news for homebuyers! The trend of decreasing rates continues, with expectations of significant cuts throughout the year. Rates have hit their lowest point since May, presenting a golden opportunity for those considering a move.

Wondering if it’s the right moment to make your move? Give Cheney Mortgage a call, and let’s navigate the possibilities together. Your dream home journey awaits! Our number is (860) 288-4884.

01/17/2024

Curious if you can secure a mortgage with less-than-perfect credit? Here’s a breakdown to guide you through the possibilities.

Conventional Mortgages:
• Strict credit score requirements
• Minimum credit score is usually 620
• Certain property types or loan parameters can require higher credit scores and a larger downpayment.

FHA Loans:
• More lenient with credit scores, will usually accept under 620 but may require higher downpayment depending on loan parameters.
• Allow lower downpayments on 1-4 unit properties.

VA Loans:
• Also lenient on credit scores and allow for downpayments as low as 0%
• Exclusive to eligible service members

Not sure which loan is right for you? Call Cheney Mortgage at (860) 288-4884! Our experts are here to help you navigate the mortgage landscape and determine the best fit for your unique situation.

01/11/2024

Exciting news for potential homebuyers! According to a Redfin report released today:

• Mortgage payments down 12% from October

• Mortgage applications increased 3% from last month

A Redfin Premier agent shared insights, saying buyers are feeling more optimistic with recent rate decreases, leading to an uptick in offers. With minimal competition, lower interest rates, and a surge in listings, Cheney Mortgage is optimistic that 2024 could be the turning point for the housing market.

Curious to know if now is the time to embark on your homebuying journey? Our experts are here to help you make the best decision for your family. Call us today at (860) 288-4884!

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01/10/2024

Are you gearing up for the homebuying journey and want to ensure your credit score is in top shape? Follow these savvy tips from Nerdwallet to secure favorable rates and terms:

Strategic Credit Card Balance Payoff:
Keep your credit utilization (the percent of your credit limits that you’re using at any given time) below 30%, aiming for even lower. Pay down balances before the billing cycle ends (when card issuers generally report to credit bureaus).

Unlock Higher Credit Limits:
Request an increase in your credit limit. If your balance remains the same, your credit utilization decreases, instantly improving your credit score.

Pay Bills on Time:
This is the most influential factor in your credit score. Late payments can linger on your credit reports for up to seven years. If you miss a payment, contact the creditor promptly to settle and discuss reporting options.

Wondering how to navigate credit scores for a successful homebuying experience? Our experts at Cheney Mortgage are here to guide you. Call us today at (860) 288-4884 for personalized advice.

01/09/2024

You may have heard the term, “reverse mortgage” before, but what does it mean?

Similarities to Traditional Mortgages:
• Homeowners borrow money using their home as loan security.
• The title remains in your name.

How it Differs:
• No monthly mortgage payments are required.
• Interest and fees are added to the loan balance monthly, causing the balance to grow.
• The loan is repaid when the borrower no longer resides in the home, typically by selling the home.

Requirements and Responsibilities:
• Homeowners must pay property taxes and insurance.
• The property must be the principal residence, and the home must be kept in good condition.

Our experts are here to guide you through the intricacies of reverse mortgages. Call Cheney Mortgage today at 860-288-4884 and discover if a reverse mortgage is the right financial solution for you or your loved one!