Lending With Lonny

10 Nov 2023

Weekly Success! Just Closed!

Just Closed

Wrapping up the week on a high note with yet another triumphant closing! Explore the reasons why our clients consistently choose Meadowbrook Financial Bankers for their mortgage solutions. Let's connect! Feel free to schedule a call with me below to discuss your mortgage projects! Schedule A Call With Me HERE.

08 Nov 2023

By Lonny Levine

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Mortgage Rate Locks: When and How to Secure a Favorable Rate

MortgageMortgage, Mortgage Rates, Rate Lock

Securing a mortgage to purchase your dream home is a significant financial decision. One of the essential aspects of this process is locking in a favorable mortgage rate. A mortgage rate lock ensures that the interest rate on your loan remains the same for a specified period, protecting you from potential rate fluctuations. We will explore when it's best to lock in a mortgage rate and provide a step-by-step guide on how to do it. When to Lock in Your Mortgage Rate The perfect time to lock in your mortgage rate depends on various factors, and it's not an exact…

07 Nov 2023

By Lonny Levine

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Housing Market Recession: Is the End in Sight?

Market Outlook

Hi, I’m Lonny Levine, and welcome to my blog. Today, I want to talk about the current state of the housing market and whether we’re seeing the beginning of the end of the recession. According to a recent article in HousingWire, there are some signs that the market may be starting to recover. Here are two takeaways from the article: Home prices are stabilizing. After years of rapid growth, home prices have started to level off in many parts of the country. This could be a sign that the market is starting to find its footing. Mortgage rates are still low. Despite some…

06 Nov 2023

By Lonny Levine

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What’s Ahead For Mortgage Rates This Week – November 6, 2023

Financial ReportsFinancial Reports, Jobless Claims, Mortgage Rates

The most important data of the quarter was released, signaling the direction for many markets and where economic policy may be headed. Jerome Powell as well as other members of the Federal Reserve spoke about the state of economic policy, informing many parties about their decisions to remain hawkish or dovish in their approach. Further rate hikes could tell a story that inflation is not yet under control and the Federal Reserve feels the need to continue these rate hikes, which will have a significant impact on the lending markets as a whole. FOMC Rate Decision While Fed Chair Jerome…

03 Nov 2023

By Lonny Levine

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Unlocking Your Dream Home: MFM Bankers’ HOME READY® Loan Program

Mortgage

Are you ready to turn your dream of homeownership into a reality? MFM Bankers is here to make it happen with our HOME READY® Loan Program. We understand that the journey to owning your dream home can sometimes be filled with hurdles, but our program is designed to simplify the process and provide you with the keys to your ideal home. Let's take a closer look at what makes this program so special. 🏡 Affordable Homeownership: Our primary goal is to make homeownership more accessible and affordable for everyone. Whether you're a first-time buyer or looking to upgrade your current…

02 Nov 2023

By Lonny Levine

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Rejected for a Home Loan? Your Roadmap to Approval

Home MortgageMortgage Acceptance, Mortgage Financing, Mortgage Tips

When your mortgage application faces rejection, it can feel like your dream of owning a new home is slipping through your fingers. However, don't lose hope just yet. There are strategic steps you can take to transform that denial into an approval and secure a more attainable loan. Here's a guide to help you explore your loan options and obtain the mortgage that suits your needs. Uncover the Reasons Behind the Mortgage Application Denial The initial and crucial step in seeking a second chance is to understand why your mortgage application was turned down. Banks typically decline mortgage applications…

01 Nov 2023

By Lonny Levine

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Mid Week Success – Just Closed!

Just Closed

Embracing the Midweek Momentum: Celebrating Another Remarkable Successful Closing! Let's connect! Feel free to schedule a call with me below to discuss your mortgage projects! Schedule A Call With Me HERE.

30 Oct 2023

By Lonny Levine

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What’s Ahead For Mortgage Rates This Week – October 30, 2023

Financial ReportsFinancial Report, Jobless Claims, Mortgage Rates

This week’s most significant data offered preliminary numbers for manufacturing and services PMI (Purchasing Managers Index). Both can serve as a forward indicator for the economy while providing insight into the current state of the cost of living for the service industry. While manufacturing met an expected rise for the end of October, services saw a contraction, falling to 46.6 from 49.3. Readings below 50.0 can be a sign of a downturn for the economy, particularly given the time of the year. Mortgage Applications & Rates Indices MBA Mortgage Applications Index saw a reduction of -1.0% in applications for the…

27 Oct 2023

By Lonny Levine

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The Significance of Insurance Binders: Why You Should Have One and How to Obtain It

MortgageInsurance Binder, Mortgage Insurance, Premiums

When a borrower applies for a mortgage loan, the lender typically requires proof of insurance coverage before they approve the loan. An insurance binder is a document issued by the insurance company that provides temporary proof of insurance coverage until the official insurance policy is issued. The insurance binder for mortgage loans will typically include information about the property being insured, the coverage limits, and the effective date of the policy. The lender will review the insurance binder to ensure that it meets their requirements for coverage and will usually require the borrower to maintain insurance coverage for the duration…

23 Oct 2023

By Lonny Levine

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What’s Ahead For Mortgage Rates This Week – October 23, 2023

Financial ReportsFinancial Report, Housing Market, Mortgage Rates

This week featured the usual retail sales report which shows consumer demand and as well as an indicator of the velocity of money, not only for consumers but business to business as well. An increase would show an increase in national and local increase in economic activity, which is important as we move into Q4 of the year; where the holiday season is expected to see an increase in consumer activity. Retail Sales Retail sales have exceeded expectations this month showing month-to-month increases across the board: Retail sales are up 0.7% from the previous month with an expected increase of…