Inflation Shouldn’t Stop Your Dream of Homeownership

webadmin@goluminate.com (Luminate Marketing Team) — Thu, 05 May 2022 21:39:16 GMT

Inflation Shouldn't Stop Your Dream of Homeownership

As mortgage rates continue to rise, the growing numbers are extremely frustrating to both potential homebuyers and lenders alike. After having unprecedented low rates over the previous years, we’ve all gotten used to much lower numbers, but due to inflation and other factors, that is no longer the case.

Luckily, inflation doesn’t mean it’s all doom and gloom—there are plenty of ways we can get creative with your finances to help you find your dream home in this unpredictable market. But what can we do, and how does inflation affect all we can do?

What is Inflation?

In the most generic of economic terms, inflation is what happens when the prices of goods and services go up in our economy. What this causes is a decline in purchasing power (or the value of currency), meaning your money won’t get you as much today as it would have “yesterday” before inflation hit.

As you can imagine, this affects everyone—borrowers and lenders alike! Lenders lose money to inflation from rising costs, and borrowers can only borrow less since their money won’t stretch as far. Lenders specifically make their money via mortgages, which means factors like inflation, geopolitics, and more can cause rates to rise. While lenders like Luminate try to limit the rise in rates as much as possible, most lenders' hands are tied and at the mercy of inflation, the federal government, and investors.

What Does Inflation Mean for Potential Homeowners?

If you are keeping track of rising rates and the news, you likely are hearing how much of a seller’s market we’re in or how expensive rates have gotten. While all of this is true, know that it won’t last forever.

Historically, we’re still in a good spot for 30-Year Fixed-Rate Mortgage Averages in the United States:

As inflation starts to stabilize, interest rates will also settle, allowing for current homeowners to refinance again or for first-time buyers to get into the market.

Ready to Buy Your Dream Home?

When you work with a local lender like us, you’ll find that we have many creative solutions to help get you into your dream home. Even though the market feels unstable, and you don’t think you can afford a home, you might be surprised when you chat with us!

We’ll work with you to fully understand your individual situation and finances so that we can find the best (and most affordable) homebuying solution for you. The housing market may always be changing, but people will always need homes—and that’s what we’re here for.

Get in touch with us to learn more and see what we can do for you!

Angie Gerhardson Named a Top Producing Loan Officer by Minnesota Housing

webadmin@goluminate.com (Luminate Marketing Team) — Thu, 24 Mar 2022 22:04:58 GMT

Angie Gerhardson Named a Top Producing Loan Officer by Minnesota Housing

MINNEAPOLIS, MINN. (MARCH 2022) — Angie Gerhardson, a Loan Officer with Luminate Home Loans, was recently named as a Top Producing Loan Officer by Minnesota Housing for her loan production volume during 2021.

The Minnesota Housing Top Producing Loan Officer Program has been recognizing individual loan officers with the highest volume of Minnesota Housing program loans for more than a decade. Loan officers from the participating lender network who meet regional production volume thresholds are recognized at one of three levels: Platinum, Gold and Silver. Gerhardson’s efforts have put her at the gold level for production volume, and we could not be more excited to share the news.

“We applaud these Top Producing Loan Officers for their successful efforts to helping a record number of Minnesota families realize the dream of homeownership,” said Minnesota Housing Commissioner Jennifer Leimaile Ho.

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Luminate Home Loans is a national mortgage lending company that has been in business since 1998. Luminate’s mission is to help unlock people’s full potential through finances. The goal is to make lending approachable by bringing transparency and consistency to every part of the client experience. Luminate’s headquarters are located in Minneapolis, Minn.

Minnesota Housing collaborates with individuals, communities, and partners to create, preserve and finance affordable housing. Find out more at www.mnhousing.gov . Follow them on social media on LinkedIn at Minnesota Housing , Facebook (@minnesotahousing), and Twitter and Instagram (@mnnhousing).

angie-gerhardson

Inflation Shouldn’t Stop Your Dream of Homeownership

Inflation Shouldn't Stop Your Dream of Homeownership

What is Inflation?

What Does Inflation Mean for Potential Homeowners?

Ready to Buy Your Dream Home?

Angie Gerhardson Named a Top Producing Loan Officer by Minnesota Housing

Angie Gerhardson Named a Top Producing Loan Officer by Minnesota Housing

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