Single-Family Home Starts Grow 6 Percent in February

The warm March weather caused an increase in housing starts last month, as single-family home starts grew 6 percent in comparison to February’s estimate. New home starts for privately-owned buildings were up about 2.8 percent from the revised February estimate, reaching 946,000 in March (seasonally adjusted annual rate). Although these increases also come with losses, as fewer permits were issued and fewer homes were finished in comparison to February, CF Funding is optimistic that housing starts will bounce back as the weather continues to improve.

Other stats in the U.S. Department of Housing and Urban Development’s Building Permits Survey include a 0.5 percent increase in single-family building permit authorizations as compared to February, and a 3.8 percent decrease in single-family housing completions as compared to the revised February rate. In March, there were 79,100 housing starts (on an unadjusted basis) as compared to 63,100 in February. 54,000 of those were single family units, as compared to 41,000 in February. On a non-seasonally adjusted basis, approximately 83,000 permits were issued in March, as compared to 70,500 in February.

CF Funding is happy to share that the Midwest saw large increases in permits, with a 26.0 percent increase month-over-month and an 18.7 percent increase year-over-year. According towww.mortgagenewsdaily.com, “Housing starts [in the Midwest] rose 65.5 percent from February and were 2.9 percent above the same period in 2013. There were 14.1 percent fewer completions than in the previous month but 15.5 percent more than a year earlier.” The West saw an unchanged rate of permits issued, and the Northeast saw a 33.3 percent increase. The South unfortunately saw a decrease in permits issued, with 17.1 percent less than February and 1.1 percent less than one year previous.

The Building Permits Survey is based on a voluntary mail survey by building permit officials. For more information visit www.census.gov.

Those who are looking to build a new home or remodel in 2014 should contact CF Funding Corporation for the best construction mortgage options, including our new Express Home Loanand One-Time Close Construction Mortgage. Those who are looking to buy a home should start shopping sooner than later to avoid rising prices. Lock in a low interest rate by contacting a CF Funding loan specialist at (888)344-3080 or http://www.cffunding.com.

CF Funding Opens New Location, Ribbon Cutting Ceremony in Plainfield

CF Funding is happy to announce the grand opening of a new location in Plainfield, IL. This family-owned mortgage lending company has been in business since March of 2000, and is proud of their A+ rating with the BBB for the past 5 years.

The firm offers both purchase and refinance mortgages, including
 conventional, FHA, VA and Home Affordable Refinance Programs (HARP). CF Funding works closely with each client to find the best solution for their needs. Clients of CF Funding have described the company’s loan officers as “extremely professional, helpful in overcoming barriers, creative in developing solutions to secure affordable financing, and very responsive to my questions and concerns.” The lender now has two locations in Illinois, but also provides services to clients in Colorado, Tennessee, and California.

Amanda Meath, branch manager at the new Plainfield location, is excited about the new opportunities that area residents will have to refinance, purchase a home, or consolidate debt. “We are extremely happy to be located in the heart of beautiful downtown Plainfield and I’m excited to put my 16 years of experience towards helping clients obtain the ultimate American dream of purchasing their own home!  I’m also excited to work with existing homeowners to refinance their current mortgage.  As a mortgage banker with the ability to also broker mortgages, CF Funding offers a vast majority of loan programs and I’m looking forward to sharing my knowledge of the lending world to help homeowners manage their mortgage.”

According to John Kocher, President of CF Funding Corporation, “We have always looked out for the customer’s best interest and strive to get them the best mortgage rate possible. Expanding our business will allow more homeowners to save money and to achieve the goal of purchasing or refinancing a home.” The lender looks forward to the growth of the housing industry in 2014 and will continue to provide quality service in the years to come.

To contact CF Funding at their new location, visit 24113 Lockport St. Suite B East, Plainfield IL 60544, call (815)317-0589 to set up a consultation, or visit the lender online at www.cffunding.com.

Follow CF Funding on facebook at www.facebook.com/cffundingcorp or on twitter at www.twitter.com/CF_Funding ! 

UPDATE: Our PACC Ribbon cutting ceremony will be held at the new location on Thursday April 10 at 4pm. Please join us to see what your new CF Funding location has to offer the Plainfield Community!

Warm Weather Brings Out Homebuyers

According to the Mortgage Bankers Association, purchase applications have risen 3 percent last week in comparison to the previous week on a seasonally adjusted basis. CF Funding is happy to see applications rise as the weather has improved, allowing for more homebuyers to shop around and meet with lending specialists.  The increase was mainly seen in conventional loans, which saw a 4.0 percent increase in purchase applications.

Unfortunately, home purchase applications are still down 17 percent on an unadjusted basis from one year ago. Overall mortgage application activity saw a 3.5 percent decrease from one week earlier. According to CNBC, “some [are] still blaming the weak home sales market on rough weather in much of the nation” and “All-cash buyers continue to represent an outsized share of the housing market at over one- third of all sales.”

Refinances have seen a drop as interest rates rise, with an 8 percent decrease last week in comparison to the previous week. Refinances currently cover about 54 percent of mortgage activity, which is down about 68% from last year (when interest rates were lower).  This is the lowest amount seen since April 2010. Experts predict that refinances will continue to decrease in 2014 as rates continue to rise. According to the MBA, an increase in purchases will make up for some of this loss, but will not completely level out the decrease. There are many homeowners who could still benefit from a refinance this year before rates rise, and CF Funding loan specialists can offer a free consultation for those considering a refinance.

Average contract interest rates for a 30-year fixed mortgage with loan balances $417,000 or less were at 4.56 percent (highest since January), an increase from the previous week’s 4.5 percent.  Average contract interest rates for a 30-year with jumbo loan balances were at 4.45, an increase from the previous week’s 4.39 percent. Adjustable-rate mortgages saw no change last week, covering 8 percent of total applications.

Although interest rate increases may be discouraging to some homebuyers, CF Funding urges readers to stay optimistic, as a rise in rates is a sign of economic improvement, and allows homeowners to gain positive equity in their homes. CF Funding hopes to see a continued increase in purchase applications as the weather continues to improve. Those who are considering buying a home and would like to compare loan options from multiple lenders should contact a CF Funding loan specialist today by visiting www.cffunding.com or calling (630)328-8900.