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8 Facts About FHA Loans

A popular option for home buyers with flawed credit or little savings.

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May 14th, 2019 / by Lake Area Mortgage

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What’s all the hype about these FHA loans? For most home buyers (especially first-timers), it’s easier to qualify for an FHA loan than for a conventional loan. The FHA insures mortgages issued by private lenders, protecting them financially in case you default. The main pull: an FHA loan allows for lower credit scores and lower down payment options than a traditional conventional loan. 

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1. A “less-than perfect” credit score is okay!

Keep in mind:

• Minimum credit scores for FHA loans depend on the type of loan the borrower needs.
• Qualifying for an FHA loan depends on much more than just your credit score.
• Check your credit score for free once a year at annualcreditreport.com

2. Your minimum down payment could be as little as 3.5%!

As noted in our first fact, you may qualify for a lower down payment. Allowed sources of down payment money are:

• Cash (you can’t bring literal cash to the closing table, but, for example, “cash” would be money in your checking account)
• Gifted money (talk to your mortgage professional about gifted funds before any money is transferred to you for the down payment)
• Grants (from a state or local government down payment assistance program)

3. Closing costs may be covered!

The FHA allows home sellers, builders and lenders to pay some of the borrower’s closing costs, such as an appraisal, credit report or title expenses. For example, a builder might offer to pay your closing costs as an incentive for using them to build your home. 

4. Your lender must be FHA-Approved.

Good news! Lake Area Mortgage is an approved lender!

Because the FHA is not a lender, but rather an insurer, borrowers need to get their loan through an FHA-approved lender. Not all FHA approved lenders offer the same interest rate and costs -even on the same FHA loan!

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5. Mortgage insurance is required.

Mortgage insurance premiums are required on all FHA loans. There are two types of premiums, both of which need to be paid for by the borrower (just at different times within the life of the loan).

• Upfront Premium
  • 75% of the loan amount
  • Paid when the borrower signs off on the loan
  • Can be financed into/as part of the loan amount
• Annual Premium
  • Paid monthly
  • Varies based on the length of loan, loan amount, and the initial loan-to-value ratio

Keep in mind – Unlike conventional mortgage insurance, FHA mortgage insurance cannot be canceled if you made a down payment of less than 10%.

6. You can borrow cash for repairs via an FHA loan!

The 203K loan is the FHA’s special loan product for borrowers buying a home in need of repairs before deemed “livable”. If the location is great and the property has potential, this could be an option to make it happen! Because the Federal Housing Authority is involved, lenders are willing to move forward with a property they otherwise wouldn’t touch.

The loan amount is not based on the current appraised value of the home, but on the projected value after the repairs are completed.

*Talk to your mortgage professional about the requirements and availability for this loan product in your area

7. There is no “set” loan limit,.

The maximum FHA loan size depends on where the home is. The limit is lower in the least expensive housing markets and higher in the most expensive housing markets.

You can look up loan limits by county on the U.S. Department of Housing and Urban Development website – https://entp.hud.gov/idapp/html/hicostlook.cfm

8. There are property limitations.

While most of our facts have been positives towards an FHA loan, there are some drawbacks and situations where FHA loans aren’t right for buyers. Getting an FHA loan approved requires a property that meets certain standards. For example, basic health and safety requirements must be met. If you’re looking for a fixer-upper, a major bargain, or certain foreclosures, an FHA loan isn’t going to work. FHA loans require a more thorough inspection by an FHA approved appraiser.

*Ask your mortgage professional for a list of repairs that must be done before your appraisal.
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That completes our list! As stated before, make sure to ask your mortgage professional if an FHA loan is right for you and your future goals!

Happy house hunting!

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Getting Ready for Spring

Inside and Out.

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Ah, spring: when a homeowner’s fancy turns to thoughts of … cleaning, mulch, rain, and air conditioning. And that’s a good thing! Your home and property will need a bit of TLC before you can really put winter behind you and properly welcome spring. Luckily, we’ve got you covered with this list of the major jobs you need to tackle before spring arrives.

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The Great Outdoors:

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Head up top.

It’s a good idea to give your roof a once-over, especially if you’ve had a hard winter with lots of strong weather events. Check for loose or broken shingles, flashing that’s pulled away from around vents and other protrusions, and blocked gutters.

Clean up.

Your home’s siding and any concrete areas in your yard will look brighter and fresher after a good power wash. This will also give you a chance to see if any paint on your home is wearing away and needs touching up.

Scrub down.

Tools and outdoor equipment should be cleaned and oiled. Use steel wool to remove rust.

Mind the gaps.

Time to put up new weather-stripping if the old material is worn. Fill cracks in your concrete and examine your external wooden trim for holes and cracks as well (this could be a sign of insect damage).

Water, water, everywhere?

Check outdoor faucets and inspect hoses for rot or damage. If you have a sprinkler system, test it now.

Check the canopy.

Do you have any trees that sustained heavy damage over the winter? Are branches getting a little too close to power lines, or your roof? Prune them back, or for higher trees or greater issues, hire a tree service.

Prepare for outdoor living.

Inspect your outdoor furniture for rust, tears, sun fading, and other damage. Wash cushions or purchase new ones now before you really need them!
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 The Comfy Indoors:

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Use your sniffer.

If you have an attic, basement, crawl space, or unused rooms or closets, take a tour and pay attention to the smells you encounter. Insects and vermin can leave behind unique and unpleasant scents that will indicate you have a problem. Also check for signs of nesting and for droppings.

Move the furniture.

Bring your furniture away from the walls and out of its usual spot and give a thorough cleaning to those spaces you rarely see. This is also an opportunity to rearrange your rooms for a freshened-up look.

Clean the windows.

Let in that beautiful spring sunshine through super-clean glass.

Wash the curtains.

It’s an oft-overlooked job! While you’re at it, any throw blankets and washable decorative pillows should go in too. Pillows not washable? Toss them in the dryer on air dry with a fabric softener sheet or hang them outside in the sun and fresh air to get rid of mustiness.

Beat the rugs.

Yes, really. Hang your area rugs outside, on a line or over a line of chairs, and beat them with a hard instrument. You’ll shake loose dust, dirt, dander, and other detritus trapped in the fibers that vacuums can’t get to.

Scour appliances.

The washer and dryer, dishwasher, stove, fridge, and microwave generally don’t get the attention they deserve. Make this spring the time you get them sparkling.

Don’t forget fire safety.

Check the expiration dates on your fire extinguishers, replace the batteries in your smoke and CO2 alarms, and clean out the vent to your dryer.
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These aren’t all expensive tasks that require expert experience. Many are just routine chores that you need to schedule at least once a year. Start now, and you’ll be all ready for the return of warm spring weather in no time.                 

A house that’s had a thorough spring cleaning is a house that’s ready to show to prospective buyers! If a freshen-up doesn’t make you fall in love with your home all over again, talk to your mortgage professional about your options for making a move this spring.

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Kitchen Renovations

Statistics, Tips and Trends.

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March 12th, 2019 / by Lake Area Mortgage

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When someone asks, “What are you looking for in a home?” The most common response is usually, “I would like an updated kitchen…” Let’s talk about why kitchens are the top choice in home remodeling, this year’s top trends, how much it can cost and how to budget for it.

According to the 2018 Home Study done by Houzz, kitchens were named the top priority for interior renovations. Of the 72,000 surveyed homeowners (who completed a renovation project in 2018), 31% of them decided to renovate their kitchen. Improving a home’s resale value was an important consideration for many renovating homeowners last year! 83% of kitchen renovators reported that it would have a positive effect on their home’s resale value. Although, selling or not, who doesn’t want a beautifully updated kitchen?  

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How Much Do People Spend?:

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How much will it cost to cook your favorite meal in your brand-new kitchen? According to the Houzz study, the average DIY renovation was kept between $13,700 and $25,000. However, this can increase greatly depending on overall customization; cabinet and countertop quality; appliance and flooring selection; and finishing touches such as hardware, sink, lighting and faucets.  Not a do-it-yourselfer? Plan to double your budget for contractor work.

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How Do I Budget?:

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Here are some basic budgeting tips:

1. Commit to spending the bulk of your money on things you don’t want to replace often—such as appliances and cabinetry.

2. Make sure you’re not over-improving your kitchen. You won’t be able to recover the costs of your updates—no matter how nice they are—if they make your home the most expensive on the block. If you’re not sure what’s typical for your neighborhood, talk to an expert real estate agent.

3. Set aside 10–15% of your budget for unexpected expenses. Renovations never cost less than expected.

4. If you want granite countertops on a budget, you can do it! You just need to save on items like flooring, backsplashes or lighting fixtures. Ceramic vinyl and laminate flooring is becoming extremely popular – it can be a DIY project and it looks quite nice!

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What’s Trendy in 2019?:

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Quartz Countertops:

The battle of engineered quartz versus natural stone (granite) rages on. For the first time, engineered quartz is now more used in kitchen remodels than stone (43% versus 34% in 2018) and projected to increase the gap further 2019.
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Flooring by Engineered Materials:

In recent years, there has been a significant decline in those opting for natural hardwood.

Engineered flooring has become collectively more popular than hardwood, with vinyl flooring keeping pace with laminate and engineered wood! Based on the table below, 17% + 11% + 12% = 40% of renovators prefer engineered materials over hardwood (24%).

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The Rise of Tech:

Among those upgrading faucets and appliances, the choice of high-tech devices is growing in popularity. Over half of upgraded faucets are high-tech (57%), boasting water efficiency, no-fingerprint coating or touch-free activation.  The adoption of appliances with wireless controls nearly doubled year over year (9% versus 16% in 2018 and 2019 studies, respectively).
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Ready For a Renovation?:

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There are so many options when it comes to a kitchen remodel. Just remember, a little upgrading here and there can go a long way! No matter the size of your remodel, make sure you ask your mortgage banker about the Lake Area Mortgage Renovation Loan or Lake Area Bank’s Home Equity Loan options.

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References:

“2018 U.S. Houzz Kitchen Trends Study.” 2018 U.S. Houzz Kitchen Trends Study, Houzz Inc., 5 Jan. 2018, st.hzcdn.com/static/econ/HouzzKitchenStudy2018.pdf.

“Cost vs. Value 2018 | National | Remodeling.” Remodeling.hw.net, www.remodeling.hw.net/cost-vs-value/2018/.

“2019 U.S. Houzz Kitchen Trends Study.” Www.Houzz.com, Houzz Inc., 16 Jan. 2019, st.hzcdn.com/static/econ/U.S.KITCHENTRENDS19.pdf.
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Do You Need a Home Warranty?

A Look At The Pros and Cons.

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February 10th, 2019 / by Lake Area Mortgage

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We all like having additional peace of mind when it comes to the systems and appliances in our homes. Things inevitably break down over time, but most of us don’t plan for the furnace to die mid-winter or for the dishwasher to suddenly implode. A home warranty can offer some financial protection for those unexpected occurrences.

February 10 was National Home Warranty Day, which means it’s the perfect time to explore whether a home warranty is right for you. The answer depends on the state of your appliances and system components, how much you’re willing or able to pay out of pocket for repairs or replacements, and how much reassurance you’ll get from having this coverage.

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What is a home warranty?

A home warranty is a policy that covers repair and replacement of certain features and systems in your home. A warranty will cover damage due to normal wear and tear on major appliances, HVAC systems, and more (or less), depending on the coverage you choose. According to Realtor.com®, a one-year warranty can run anywhere from $300 to $600 and up, based on the items you choose to cover.

Home Warranty vs. Homeowners Insurance

You may be asking yourself, why might I need a home warranty when I have homeowners insurance? It’s because the two cover very different things. Your homeowners insurance covers damage to the house itself, outbuildings, and structures on the property.

Your home warranty, on the other hand, usually covers a package of appliances or systems. This generally includes HVAC, washer and dryer, kitchen appliances, and electrical and plumbing systems. In addition, you could purchase supplemental coverage for things like your swimming pool or septic pump.
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The Pros and Cons of a Home Warranty

It’s useful to look at both sides when deciding whether purchasing a home warranty is right for you.
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Pros-

• Protects you from surprise repair costs, especially when you first move in
• Covers breakdowns due to normal wear and tear
• Good for people who aren’t handy or don’t have a regular contractor they use
• Good for homeowners with expensive appliances
• You typically pay less overall for repairs and replacements

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Cons-

• Charges a service call fee for each visit
• Warranty doesn’t cover “improperly maintained” items, and warranty company has discretion to define what that means
• If coverage is denied, homeowner has to pay service call fee plus repairs
• May have many exclusions
• May have a dollar limit on a coverage or deductible

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Bottom Line: Will It Save Me Money?

Like any form of insurance, when you have it and you don’t need it, it’s frustrating, but when you need it and you don’t have it, it’s even worse. If you have appliances nearing the end of their lifespans, do a little research and determine how much it would cost you to repair each piece, and how much it would cost to replace with a new item. If replacing your 30-year-old HVAC system would cost you $6,000, and your home warranty is $350 per year with $40 service calls, it may be worth your while to purchase that warranty, especially if you’re coming to distrust the reliability of the HVAC you have. Alternatively, you could take the money you would have spent on a home warranty and put it in a rainy-day fund dedicated solely to the repair and replacement costs of your appliances and systems.

One of the best things a home warranty can provide for you is peace of mind. New homeowners and long-time homeowners alike can take comfort in the fact that surprise breakdowns could be taken care of with just a small cash outlay and a lot less hassle than hunting up a repair or replacement provider on your own.

Regardless, a refinance could free up some money in your monthly budget to afford the cost of your home warranty or repairs. Talk to a mortgage expert about your options!
[/av_textblock] [av_textblock size=’10’ font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] *Lake Area Mortgage is not an insurance company. Consult your insurance agent for information about your insurance policy

 

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Renovate or Relocate?

Deciding What’s Right For You.

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The time comes in every homeowner’s life when they must ask the question: “Is my home still meeting my needs?” Life events — such as a new job, growing family, or empty nesting — will make your once-perfect home less perfect as time goes on. Maybe you’re bursting at the seams and can’t fit any more relatives around the holiday table, or perhaps your once-full house now feels like an empty, open space. Whatever the reason, if you’ve realized it’s time for a change, the next question becomes: “Should I relocate — or renovate?”

The answer ultimately depends on what’s driving the change, and both choices have upsides and downsides that you should think through before taking the leap.

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Relocating: When it’s time to move on-

What makes moving the best choice? Here are some common reasons for wanting to relocate:

• Shorter commute
• Better school district or new neighborhood
• Need more square footage
• Need less square footage
• Unpleasant neighbors
• Prefer a more manageable yard
• Your financial situation has changed

Things to consider:

Can you reconfigure or add on to your space? If more room is what you need, consider whether you can get it by reconfiguring the layout. Sometimes it’s not more square footage that people need, but rather a more efficient setup. If you do need more square footage, is there room on your property to build an addition?

Would a refinance make your home more affordable? Are you paying for mortgage insurance that you no longer need? Do you have a jumbo or non-conforming loan? Do you have an adjustable-rate mortgage and would benefit from switching to a fixed rate? Refinancing may be able to help lower your payments. Contact us to discuss whether this would be right for you.

Do today’s rates and market outweigh the cost of buying and selling? It’s no secret that the market is quite favorable these days. A lot of homeowners are making the right decision to sell their home. Although, moving only benefits you if you surpass the break-even point in selling vs. buying. Selling costs may include: staging your home, agent commissions (usually around 6% of the sales price), capital gains tax* (if applicable), and other miscellaneous costs. Conversely, if you’ll be buying a home at the same time, be prepared to pay the down payment, closing costs, survey and inspection fees, etc. Talk to a Lake Area Mortgage Banker to help you calculate your break-even point. You might be in a great financial position to sell!
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Renovating: When it’s better to stay put-

What makes renovating a smart option? Here are some situations where renovating makes sense:

• Emotional attachment: You’re not ready to start over
• Don’t want to change neighborhoods or schools
• A reconfigured layout could solve your space issues
• You have space to build an addition
• Your home has some outdated features but no major structural issues
• You want to custom design a space for your needs

Things to consider:

What will it cost? Before you can answer this question, you need to have a detailed plan outlined for the type of updates you want to make. Get bids from several reputable contractors to see what it will cost you, and keep in mind that renovations often involve surprise costs once the work begins, so be sure to build a cushion into your budget.

Are the upgrades reasonable for your home and neighborhood? Be careful that the cost to make changes won’t price your home much higher than the surrounding neighborhood. Talk to a real estate agent or look on Zillow® to find out what similar homes are going for on your block. Also, be sure the changes you’re making are in keeping with the character of the home and surrounding neighborhood. An ultra-contemporary kitchen could be a big mistake in a classic Victorian home. And don’t forget to consider how much you’ll recoup financially. While it’s not all about ROI (the point is to have a space you enjoy living in, after all), try to make smart use of your investment. Not sure where to start? Check out our previous blog post: Home Improvement Projects That Pay Back.

Can you handle the change? A major remodel could take months, and depending on the scope, could require you and your family to relocate temporarily. Even without such a big change, you’ll have to deal with people coming in and out, dust, dirt, noise, and possibly loss of access to parts of your home until work is done. Can you manage that on a temporary basis? Think of the impact it will have on your daily routine and whether your family is ready to take on that extra stress. Although this will likely be an inconvenience, if you can manage it on a temporary basis, your home can be transformed into your dream – and increase your home’s value.
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Choosing to renovate or relocate isn’t always a straightforward decision. There’s a lot to consider, but as long as you weigh out the options and understand your needs, you can confidently make the best choice for yourself and your household.

Whether you’re ready to move or update your current space, Lake Area Mortgage can help you find the home financing to turn your dream house into your home. Contact us today to get started!

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*Lake Area Mortgage is not a tax advisory firm. Consult your tax preparer or advisor for more details.
Any above referenced trademarks are property of their respective owners and are not affiliated with Lake Area Mortgage or this content.

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Know Before You Demo

Home Improvement Projects That Pay Back.

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One of the best parts of being a homeowner is the freedom to customize your space. From painting the walls to knocking them down, there are endless opportunities to put your own personal stamp on your home and make it yours. But before you dive into any renovations, you should know what they will cost you and how much of those costs you can expect to get back through appreciation when you sell.

To help make this easier for you, we looked to the latest Remodeling Impact Report from the National Association of Realtors (NAR) to compile a list of the top three home improvement projects with the highest cost recovery for both inside and outside your home. Whether you’re considering buying a fixer-upper or want to make updates to your current home, here are the projects that will get you the biggest bang for your buck.

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Interior:

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Hardwood flooring refinish – 100% Cost Recovery

If you have old wooden floors that are dinged up or hiding under carpet, a hardwood flooring refinish can completely revitalize your space at an affordable price. The project costs around $3,000, and not only are you likely to recoup all of your costs at resale, but it also can help cinch the deal with prospective buyers. If your old wooden floors are beyond repair or it’s just time for something new, brand new wood flooring is a good backup option with an estimated $5,500 price tag and a 91% cost recovery.

Insulation Upgrade – 75% Cost Recovery

Energy efficiency is all the rage these days, and for good reason. While a lot less glamorous than shiny new floors, an insulation upgrade is another worthwhile project. Not only will you recover about three-fourths of your costs when you sell (estimating a $2,100 investment), but think of the additional energy savings you’ll gain from having a better insulated home. According to the EPA, homeowners can save an average of 15% on heating and cooling costs simply by sealing their homes and adding insulation in attics, crawl spaces, and basement rim joists. It just makes sense.

HVAC Replacement – 67% Cost Recovery

Waiting until your furnace or AC unit completely conks out is never a good idea. If your HVAC system is struggling to keep up with Mother Nature (or if it’s more than 10 years old), it’s probably time to upgrade. The project can run you about $7,475, which is a hefty sum, so be sure to have a professional do an energy assessment on your home to determine what your needs are. As you’re weighing out which system to purchase, look for high-efficiency ENERGY STAR units, as they’ll reduce your energy consumption and can cut your annual energy bill by more than $115.
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Exterior:

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New Roof – 109% Cost Recovery

And the holy grail of home upgrades is … a new roof. With an estimated price tag of $7,500, you’re likely to make back all of your costs when you sell — and then some. A new roofing system has so many benefits. It helps with energy efficiency, reduces costs, improves comfort levels (preventing your heat or AC from escaping), and lessens the chance of water damage (no one wants a leaky roof!). Plus, it instantly boosts your curb appeal and adds value to your home. This project is a smart one for both homeowners who are planning to stay put for a while and those who are looking to sell soon.

New Garage Door – 87% Cost Recovery

While probably not at the top of your to-do list, a new garage door makes for a simple — yet smart — home improvement. Think improved functionality and enhanced curb appeal and aesthetics. It will set you back about $2,300 up front, but you’ll get most of that back with an 87% cost recovery. Plus, if you’re still dealing with a manual garage door, it’s time to stop living in the past and upgrade to automatic. While you’re at it, bring your garage into the future by opting for a smart door, which allows you to open and close your door right from your phone.

New Fiber-Cement Siding – 83% Cost Recovery

Durable and long-lasting, fiber-cement siding can completely transform the exterior of your house. While more expensive than its cheaper counterpart, vinyl, it is fire resistant, moisture resistant, and insect- and rodent-resistant, and because it’s a thicker material, it can be texturized to resemble wood. Even with a relatively high cost recovery of 83%, installing new siding is no small undertaking; it will cost you around $18,000, according to the report. Still, if you’re flipping a house or your home is in desperate need of a new exterior, this could be a good option.
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Projects With The Smallest Cost Recovery:

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Now that we’ve covered the most cost-effective projects, you’ve probably noticed that some of the more popular ones — like kitchen and bathroom renos — are missing. That’s because they’re the least economical. That doesn’t mean you should avoid them, but as they say, knowledge is power. With that, here are the projects homeowners tend to tackle first and the amount you can expect to recoup from each when you sell:

• Bathroom Renovation/New Bathroom — 50%

• New Master Suite — 52%

• Kitchen Upgrade — 57%

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Upgrading your home can be tremendously rewarding and fun. Knowing what these projects will cost you in the long run can help you prioritize the projects that matter while making smart financial decisions. If you need financing to help make your renovation dreams a reality, Lake Area Mortgage can help!

Please contact us or reach out to your Mortgage Banker to ask about out the Lake Area Mortgage Renovation Loan! Let’s talk solutions!

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References:

National Association of Realtors. (2017). 2017 Remodeling Impact Report. Retrieved from https://www.nar.realtor/sites/default/files/documents/2017-remodeling-impact-09-28-2017.pdf

 

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Pets: The New Influencer In The Housing Market.

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There’s a new dog in the housing market, literally. According to a survey done by The National Association of Realtors, 99% of pet owners consider their animals part of the family. Within that, 89% of households say that animal-related considerations will play a role in deciding their next living situation. Let’s investigate this from a buying, selling, and renovation perspective.

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Owning and Buying:

[/av_textblock] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] First of all, it’s fair to say that owning a home with pets is much easier (and less expensive) than renting a home with pets. This past year, 33% of millennial homebuyers bought their first home to accommodate to their pets’ needs. To put that into perspective, marriage was at 25%. So, what are these pet owners looking for in their house hunting process? Over half (54%) are looking for proximity to walking paths while 49% need to be near an animal store. There might be a blizzard outside, but the dog must explore and eat!

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[/av_textblock] [av_image src=’https://lam.corephp.org/wp-content/uploads/2018/10/home-features.png’ attachment=’743′ attachment_size=’full’ align=’left’ styling=” hover=” link=” target=” caption=” font_size=” appearance=” overlay_opacity=’0.4′ overlay_color=’#000000′ overlay_text_color=’#ffffff’ animation=’no-animation’ admin_preview_bg=”][/av_image] [/av_one_half] [av_one_half min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]

Selling and Renovating:

[/av_textblock] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Your pets can play a role in selling your home as well. Animals inflict some wear and tear on a home. For example, your potential buyers may not be as forgiving as you are about Fido’s scratch marks on all the doors. The National Association of Realtors asked agents for their best advice for those selling/staging their home. Their top suggestion is to replace anything that has been damaged. Next on that list: cleaning the home to remove pet odors/scent & taking the animal out during a showing. Cats love to be cozied up at home, but you might want to take them on a field trip with you during the showing.
[/av_textblock] [av_image src=’https://lam.corephp.org/wp-content/uploads/2018/10/selling-advice.png’ attachment=’745′ attachment_size=’full’ align=’left’ styling=” hover=” link=” target=” caption=” font_size=” appearance=” overlay_opacity=’0.4′ overlay_color=’#000000′ overlay_text_color=’#ffffff’ animation=’no-animation’ admin_preview_bg=”][/av_image] [av_hr class=’invisible’ height=’20’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ font=’entypo-fontello’ admin_preview_bg=”] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Not interested in moving? Animal-accommodating renovations are a thing…a big thing! Nearly half (52%) of pet owner/home owners have done some sort of renovation for their pets. The most popular specific renovations? A fenced-in yard (23%), Dog doors (12%) and laminate flooring (10%).
[/av_textblock] [av_image src=’https://lam.corephp.org/wp-content/uploads/2018/10/pet-reno.png’ attachment=’744′ attachment_size=’full’ align=’left’ styling=” hover=” link=” target=” caption=” font_size=” appearance=” overlay_opacity=’0.4′ overlay_color=’#000000′ overlay_text_color=’#ffffff’ animation=’no-animation’ admin_preview_bg=”][/av_image] [av_hr class=’invisible’ height=’20’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ font=’entypo-fontello’ admin_preview_bg=”] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Did you know that Lake Area Mortgage has a new Renovation Loan? We do! You can build a pet sanctuary with a Lake Area Mortgage Renovation Loan! Nothing but the best for the pets – we get it!
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It’s a pet’s world, we’re just living in it!

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References:

National Association of Realtors. (2017). 2017 NAR Animal House: Remodeling Impact. Retrieved from https://www.nar.realtor/sites/default/files/reports/2017/2017-remodeling-impact-animals-in-homes-02-13-2017.pdf
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Our Award Winning Mortgage Bankers Have Done It Again!

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We are pleased to announce that four of our Mortgage Bankers have been named Minnesota Housing Top Producing Loan Officers for the 1^st half of 2018 by Minnesota Housing Finance Agency (MHFA). Please join us in congratulating the following Mortgage Bankers:

Brandon Peterson was awarded Platinum level in the Metro Region and Silver Level for the Central Region.

Michelle Robinson was awarded Platinum level in the Metro Region and Silver Level for the Central Region.

Doug Kampsen was award Silver level in the Metro Region.

Eric Otterness was awarded Gold level in the Metro Region.

The MHFA Top Producing Loan Officer Program highlights their top lenders’ expertise in utilizing MHFA loans to best assist homebuyers in achieving their homeownership dream. MHFA works to provide access to safe and affordable housing across the state, often to first time home buyers.

All recipients of these awards acknowledged that their success would not be possible without their amazing support staff at Lake Area Mortgage. The teamwork and dedication from everyone at LAM are what makes MHFA programs so successful for our customers!

Within the next couple weeks, representatives from MHFA will be visiting Lake Area Mortgage to present the awards.
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