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Is it a good time to buy a home?

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If you’re staying out of the housing market because you’re afraid home prices will “crash”, take a moment to review the chart below.

It’s from the Federal Reserve Economic Data. They’ve been tracking average sale prices of home in the U.S. since 1965.

Are there dips in home prices? Of course. From the first part of 2007 to 2009, the average home value decreased $49,000. But just three months into 2009, home values were on the rise again. And again in 2017, home values decreased slightly for three years until they took a sharp increase the final months of 2020.

If you’re like the average homeowner, you’ll stay in your home a minimum of 10 years. Will a shift in monthly or even annual home values matter if, after a decade, your home’s value will very likely increase? Probably not.

Home prices increase over time
Can you time when you’ll purchase a home in order to get it at the best price possible? Of course. But generally, the longer you wait the more expensive the home will be. Historically, even over the course of a year, a home price will increase.

Let’s imagine you’re the average homebuyer purchasing a house, then selling it 10 years later. What would be the average price of the home and interest rate for a 30-year loan look like from the time you bought to sold?

In January of 1982 the average American home price was $66,400 and the interest rate was 17.48%

In January of 1992 the average American home price was $119,500 and the interest rate was 8.76%.

In January of 2002 the average American home price was $118,700 and the interest rate was 7%.

In January of 2012 the average American home price was $238,400 and the interest rate was 3.92%.

In January of 2022 the average American home price was $428,700 and the interest rate was 3.45%.

When is the best time to buy a home?
Knowing home values increase over time, the sooner you get a home the lower the price will likely be. There are certainly a lot more things to consider when purchasing a home, but you probably shouldn’t expect to wait it out for a few years and expect a lower sale price.

>> How to get ready to buy a house this year

If you wonder when it’s the best time for you to purchase a house based on your credit, income, savings, and other factors; then it’s time for you to talk to a local mortgage expert. A loan officer will go over your unique financial situation to select a loan that will work best for the type of home you’d like to buy. Talking with a loan officer is free, so we recommend reaching out to a local one now to be ready to buy a house in the future.

Don’t have a loan officer to work with? Find a local mortgage expert near you here.

Conforming loan limits for 2022

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When applying for a mortgage, one of the most popular options is a conforming loan. These loans are called “conforming” because they conform to the guidelines set by Fannie Mae and Freddie Mac, federally-backed home mortgage companies created by the U.S. Congress to boost homeownership.

What do Fannie Mae and Freddie Mac have to do with your home loan?
These entities exist only to support the U.S. mortgage system. They don’t originate loans. Instead, after a loan has been issued, one of the entities will buy the loan from the lender if it meets their criteria. This is an important part of the mortgage market because it allows lenders to sell loans to Fannie Mae and Freddie Mac and use the cash raised to engage in further lending.

For a loan to be purchased by Fannie Mae or Freddie Mac, the borrower generally needs:

A good credit score
A debt-to-income ratio of 50% or less
At least 3% down payment
A loan amount that’s equal to or less than the conforming loan limit

2022 conforming loan limits
Each year, the Federal Housing Agency decides what the conforming loan limit is. As houses become more expensive, the limits increase. In 2022, the amount increased substantially for all units.

https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Conforming-Loan-Limits-for-2022.aspx

Base limit: This is the maximum loan amount for homes in most areas of the United States.

High-cost limit: This is the maximum loan amount for homes in high-cost markets such as parts of Alaska, Hawaii, California, and Washington, D.C.

Units: The number of housing units per building.

More >> Check what the conforming loan limit is where you live.

Because conforming loans can be re-sold, they’re not as risky for lenders and often have favorable terms for borrowers. Savvy home buyers will keep their loan amount within the conforming loan limits so they have an easier time securing their loan, they’ll have more relaxed requirements, and their rates will probably be better.

If you’re looking for a conventional 15 or 30-year loan (as most people are), you may want to consider keeping the loan amount under the loan limit in order for it to be a conforming loan.

When you need a bigger loan – consider a jumbo loan
If the limits won’t get you a home you’re interested in buying, you could look into a jumbo loan. Jumbo loans won’t be purchased by Fannie Mae or Freddie Mac, so they don’t need to conform to their loan limits – meaning you can get more money. If you have a strong credit score and low debt-to-income ratio, you may find a lender willing to extend one to you.

However, jumbo loans come with some disadvantages. They have stricter qualification rules, require a sizable down payment (sometimes 20% or more), and normally have a higher interest rate. For those reasons, a lot of homebuyers try to avoid them by finding a home that will keep them within the conforming loan limits.

To see whether you’ll be eligible for a conforming home loan, contact your local Mann Mortgage home lender. Together, they’ll help you crunch the numbers to see what type of loan would be best for you.

Outside Magazine says Mann Mortgage is one of the best places to work in the US

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Mann Mortgage earned a place on Outside magazine’s 50 Best Places to Work in 2021, making this the second year in a row we’ve made the list. We are the only mortgage company or home loan provider to be included. We were recognized for our benefits, work-life balance, job satisfaction, and trust in our leadership. This honor was announced on the heels of being named a Top Mortgage Workplace by MPA just weeks ago.

“Making Mann Mortgage a great place to work and do business is our priority no matter what. Since January 1 of 2020, we went from just 25 remote or hybrid employees to 185 today. That’s 40% of our workforce now working outside the office,” says Jason Mann, CEO. “Our employees made this big adjustment, stayed true to our core values, and kept Mann Mortgage a great place to work. I find that inspiring! For Outside to find it inspiring too and include us among their list of incredible organizations again this year is a great honor.”

Outside accepts submissions from companies around the U.S. to be included in their prestigious list of Best Places to Work. Each company’s workplace culture, demographics, work-life balance, and perks of the job are evaluated. In addition, they do an extensive anonymous survey with current employees to get their take on the work environment. Only those companies that excel in both areas – providing excellent company benefits and getting great reviews from employees – make it to the list of 50 Best Places to Work.

“We are spoiled in unique ways,” said one employee. “From getting our birthday off to $100 meal reimbursement on our work anniversary, we feel supported in and out of work.”

Mann Mortgage employs just under 500 people across the United States. In addition to traditional benefits, we offer our diverse team a variety of non-traditional benefits that add to our award-winning cultures. A few highlights include a bonus incentive, happy hours, lifestyle reimbursement program, onsite fitness center with classes, company gatherings, and a healthy wellness plan.

“This award is a great reminder that our employees are happy. They work hard, support each other, and have fun along the way,” said Tara Tucker, HR manager. “We want Mann to be a positive place where people are excited to come to work and have a voice in the company.”

We’re hiring

Mann Mortgage is always on the lookout for talented and fun-loving people to join our corporate and branch teams. We hire for positions such as loan originators, processors, quality control, underwriters, and construction loan specialists. You can view and apply for open positions at mannmortgage.com/careers or email your resume and cover letter to jobs@mannmortgage.com.

Mann Mortgage again named a Top Mortgage Workplace by MPA

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Mann Mortgage has again been recognized for its extraordinary work culture, earning a spot on the Mortgage Professionals America (MPA) 2021 Top Mortgage Workplace list. This is the third year in a row the hometown lender has joined the handful of distinguished mortgage companies from around the country.

“Our employees are what make this an incredible place to work. They’re the heart and soul of the Mann family,” says Mann Mortgage’s CEO, Jason Mann. “They are excelling at both helping people in their community find a great mortgage and making Mann Mortgage a healthy and fun workplace.”

To receive the award, Mann Mortgage had to provide MPA compelling data on their compensation, benefits, initiatives, diversity, and workplace culture. In addition, employees were asked to complete an anonymous survey to see how they felt about their opportunities and experience at Mann Mortgage. Only the mortgage workplaces where the company provides great benefits and initiatives and the employees give the culture high-marks will win the award.

“It all comes down to our workplace culture,” says chief strategy officer, Cassidy O’Sullivan, of the win. “Instead of a top-down approach of management talking down to employees, we have an open dialogue. Loan officers can talk directly to upper management. It’s a win-win. Loan officers feel heard and management gets a pulse on what’s going on in the local markets.”

MPA uncovers the absolute best workplaces in mortgage for the annual Top Mortgage Employer report. All companies, from large national mortgage brokerages to local regional agencies, are encouraged to submit their application for the award. Winners are recognized based on the evaluation of metrics including their culture, benefits, employee development, and more – solidifying their standing as a mortgage employer of choice.

Over the past two years, Mann Mortgage has been ranked a best place to work by multiple national and regional organizations including #12 Best Place to Work by Outside magazine, #1 Top Workplace in Montana, a Top Workplace in the USA, a Top Workplace in Oregon, as well as numerous other awards.

For more information about joining the Mann Mortgage team visit our careers page.

Mann Mortgage’s James Hedvall named a 2021 Housing Industry Icon by MPA

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MPA’s Housing Industry Icons report celebrates the professions who have moved the industry forward and improved the home-buying and lending processes on every level. For their inaugural year, 21 mortgage professionals and six mortgage technology professionals were given the award.

James Hedvall, chief capital markets officer at Mann Mortgage was one of the distinguished winners. With more than 18 years in the industry, James is a pro. His expertise is in secondary and capital markets and he’s worked across retail, wholesale, as well as correspondent lending – giving him an incredible amount of experience.

With great experience comes great advice. The mortgage industry can potentially be a lucrative career where hard work pays off, and James has some incredible insights on getting started, the future of the industry, and what makes a great place to work.

Getting into the mortgage industry

“The great thing about mortgage banking, in my opinion, is that the barrier to entry is relatively low; hard work and showing up every day gets noticed almost immediately,” he says.

James oversees the secondary marketing, servicing, and product development departments for Mann Mortgage. In this role, he establishes the analytics, strategies, and internal controls which allow the company to compete in an ever-changing mortgage environment

The key to success in the ever-changing industry? “Strive to become an expert in your area, and your career path is limitless,” he says.

Making a successful career

Looking back, James credits two bosses early in his career who took the time to teach him 90% of what he knows of secondary marketing. “I owe them a huge debt of gratitude,” he says.

And now, as a boss himself, James tries to pay-it-forward in his own department. He takes time to teach the “how” as well as the “why” of things they are doing as a department and as a company.

Looking ahead

Over the past 10 years, leveraging technology has allowed the industry to change for the better. From the way borrowers fill out an application, the way mortgage banks process loans, and how they are sold on the secondary market, innovative technology is a main driver. And all indications point toward this being a continuing trend for the next 10 years.

But James cautions not to forget the industry is still a relationship-based transaction on so many levels.
“Borrowers still desire the guidance of loan officers, loan officers still rely on knowing processors, underwriters, and who is funding their files. I doubt we’ll ever move away from that in any meaningful way,”

What makes for a good place to work?
To James, it all boils down to a few simple philosophies: treat everyone well and work with great people.

James saw something special at Mann Mortgage when he chose to join the team, and, years later, he’s still glad to be part of it. “Our president and CEO treats everyone who works here with compassion, respect, and integrity,” he says. “This isn’t a management style or technique, but it’s rather who they are as people. This permeates through our organization.”

He stresses that it’s the people that make coming to work fun most of the time, “I have a great department. It enjoy being a passenger on the pirate ship I helped create, and I look forward to what the future brings for this great company.”

Careers at Mann Mortgage
Mann Mortgage helps qualified borrowers fulfill the dream of home ownership. The company provides a highly personalized service to their customers – from finding the best financing option to answering questions during the loan approval process. Their goal is to make the loan experience as uncomplicated as possible. The company was voted the #12 Best Place to Work in 2020 by Outside magazine, 2021’s #1 Top Workplace in Montana the category of large employers by Lee Enterprises, a 2020 Top Mortgage Workplace by MPA, and many other awards.

Learn more about career opportunities and how to join the Mann Mortgage team.

Housing market update: August 2021

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Home prices went down this month nationwide with the median price of $361,800 ($12,600 less than in May). Overall 676,000 houses were sold and 353,000 new homes are available (source). See below for more home and mortgage stats from June 2021.

How much does it cost to buy a house?
It’s incredibly hard to find any homes listed under $150,000. In fact, there are three times more $750,000+ houses available than homes priced $150,000 – $199,000. Home prices vary greatly by region, but nationally, home prices since last June have increased (8.62%).

Source: https://www.census.gov/construction/nrs/pdf/newressales.pdf

How long are houses staying on the market?
June 2021 had an average of 14 days on the market – the lowest it’s been all year. If we figure each house spends 10-ish days in inspection, appraisal, and completing contingencies, that means a house was on the market an average of four days before it moved to pending.

The number of days between when a home was listed on the market until the seller signed a contract for the sale of the property.
Source: https://www.redfin.com/us-housing-market#overview

How long it takes to close a home loan
If we just look at purchase loans, it took Mann Mortgage an average of 43 days to close a loan. That’s 6 days faster than the national average of 49. Overall, loans are taking a little longer to close than they did in June 2020.

This is the time it takes from the loan application to its funding.
Source: https://www.icemortgagetechnology.com/mortgage-data/origination-insight-reports

Interest rate on a mortgage
It’s not as low as it was a few months ago, but interest rates continue to be historically low. August 1 saw an average of 2.77% on a 30-year fixed loan, which is still incredibly low.

Homes under construction
In June, 111,100 privately-owned housing unit permits were issued. That’s the highest it’s been in the past 12 months. One-unit houses are still the most popular with 5+ unit houses still representing a large portion of new builds.

Source: https://www.census.gov/construction/nrc/pdf/newresconst.pdf

If you have any questions about the market or wonder what your interest rate might be, reach out to your local Mann Mortgage lender. They can give you the scoop on your local market and what you can do to pay off your mortgage faster, reduce your interest rate, or find a new home for your next step in life.

Mann Mortgage Named one of America’s Best Place to Work by Outside Magazine

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Each year, Outside magazine accepts submissions from companies around the U.S. to be included in their prestigious list of Best Places to Work. Outside vets each company’s workplace culture, demographics, work-life balance, and perks of the job. In addition, they do an extensive anonymous survey with current employees to get their take on the work environment. Only those companies that excel in both areas – providing excellent company benefits and getting great reviews from employees – make it to the list of 50 Best Places to Work.

To be eligible for the award, everyone at Mann Mortgage completed an anonymous survey. They were asked to rate areas such as their relationship with their supervisor, their work environment, their confidence in the leadership team, their role satisfaction, and their pay and benefits. The survey results were 75% of Mann’s total score, and they were high enough to rank us as the #12 Best Place to Work in the US.

This year, a theme among companies that made the Best Place to Work list was embracing the new working environments where social distancing and creative team building are the norm. At Mann, we quickly adapted to working, meeting, and partying remote – 40% of us now work from our home offices. Like many of the companies on the list, we’ve found working remote to be an effective and efficient way to work and we’ll continue to allow it, even once the pandemic is over.

“We’re thrilled that we, a mortgage company, are included in this list of exceptionally innovative companies. These organizations are defining what great corporate culture looks like in this country, and we are honored to be included with them,” said Cassidy O’Sullivan, business executive for Mann Mortgage. “We want Mann to be a positive place where people are excited to come to work and have a voice in the company.”

Mann Mortgage’s positive corporate culture was also recognized by Mortgage Professionals America who gave the company a Top Mortgage Workplace 2020. Of the hundreds of mortgage companies that were nominated, Mann Mortgage was one of only 29 who received the award.

“These awards show our employees do a great job making each other feel welcome, needed, and heard” said company CEO, Jason Mann, “and I’m just so grateful to be part of such an exceptional team.”

Mann Mortgage is based out of a beautiful Kalispell, Montana. We’re always on the lookout for talented and fun-loving people to join our team. Our corporate office hires for positions such as quality control, underwriters, and product specialists. We also have branch offices across the United States that hire loan officers, production assistants, processing agents, mortgage sales managers, and more. You can view and apply for open positions at mannmortgage.com/careers or email your resume and cover letter to jobs@mannmortgage.com.

Housing market update: July 2021

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Home prices are up nationwide with the median price of $374,400. Overall 769,000 houses were sold and 330,000 new homes are available (source). See below for more home and mortgage stats from May 2021.

How much does it cost to buy a house?
It’s getting very difficult to find any homes listed under $150,000, and in May, it was very difficult (but not impossible) to even find a home under $199,000. Home prices vary greatly by region, but nationally, home prices since last May have increased (17.95%).

How long are houses staying on the market?
May 2021 had an average of 16 days on the market (down 58% in since May of 2020). If we figure each house spends 10-ish days in inspection, appraisal, and completing contingencies – that means a house was on the market an average of six days before it moved to pending.

How long it takes to close a home loan
If we just look at purchase loans, it took Mann Mortgage an average of 43 days to close a loan. That’s 10 days faster than the national average of 53. Overall, in the past year, loans are taking longer to close this past May than they did in May 2020.

Interest rate on a mortgage
It’s not as low as it was a few months ago, but interest rates continue to be historically low. Jun 1, 2021 saw an average of 2.88% on a 30-year fixed loan, which is still incredibly low.

Homes under construction
In May, 100,600 privately-owned housing unit permits were issued. That’s up from 67,500 in May 2020. One-unit houses are still the most popular with 5+ unit houses still representing a large portion of new builds.

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Is it a good time to buy a home?

Conforming loan limits for 2022

Outside Magazine says Mann Mortgage is one of the best places to work in the US

We’re hiring

Mann Mortgage again named a Top Mortgage Workplace by MPA

Mann Mortgage’s James Hedvall named a 2021 Housing Industry Icon by MPA

Housing market update: August 2021

Mann Mortgage Named one of America’s Best Place to Work by Outside Magazine

Housing market update: July 2021

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