February 28, 2011
By skogman
We are pleased to announce that Skogman Realty and the University of Iowa Community Credit Union have come together to create a joint venture – UICCU Mortgage. We are very excited about this partnership and are confident that we will be able to offer our clients the best products, pricing and service in town.
UICCU may be relatively new to the Cedar Rapids market but have enjoyed much success in the Iowa City/Coralville area with more than 40% of the mortgage market. A big reason for their success is that they have their own staff doing processing, underwriting and closing – resulting in faster, more efficient service for their clients.
UICCU Mortgage offers many great products without the 1% origination fee! With a number of in house products, and other flexible programs with low closing costs, they are sure to find something that fits your financial needs.
UICCU Mortgage currently has 3 loan officers that are located in Skogman Realty’s Downtown, Marion and Hiawatha offices.
 |
Patrick St. John
Downtown Office
411 1st Avenue SE, Suite 100
Cedar Rapids, IA 52401
Phone: (319) 551-1180
Email: pstjohn@uiccumortgage.com |
 |
Nathan Seyfer
Hiawatha Office
1110 Dina Court
Hiawatha, IA 52233
Phone: (319) 331-6770
Email:nseyfer@uiccumortgage.com |
 |
Brad Maras
Marion Office
341 8th Ave. Suite A
Marion, IA 52302
Phone: (319) 533-2138
Email: bmaras@uiccumortgage.com |
Visit the UICCU Mortgage website today to learn more about financing your new home.
April 5, 2010
By Patrick St. John
Uncertainty with rates and the homebuyer tax credit make now a great time to buy:
For months now we have been talking about end of the Fed’s Mortgage Backed Securities (MBS) Purchasing Program, well that time is here. With the program ending March 31st, we started to see rates jump upward in the final days of the program.
To reiterate, for more than a year, The Fed has been purchasing MBS on a regular and sustained basis. By doing this, supply has been boosted thus prompting a decrease in long term mortgage rates. Rates have stayed at historically low levels (below 5.0% for the most part) but with this program ending, we can all but guarantee that rates will indeed begin increasing. How high they will go is still a bit of a mystery but most analysts are projecting anywhere from 5.5% – 6.5% by the end of 2010. How this will impact shorter term programs such as ARM’s (Adjustable Rate Mortgages) is yet to be determined.
For example on a $200,000 loan an increase in interest rates from 5 to 7.5% is obviously 3%. But the effect it has on your buying power is a whopping 30.3%!
| Interest
Rate |
$200,000
30 year loan |
Loss of buying power |
Accumulated loss
% |
| 5 |
$1073/month |
5.8% |
n/a |
| 5.5 |
$1135 |
5.6% |
5.8 |
| 6 |
$1199 |
5.3% |
11.7 |
| 6.5 |
$1264 |
5.1% |
17.8 |
| 7.0 |
$1330 |
5.0% |
24.0 |
| 7.5 |
$1398 |
4.9% |
30.3 |
Low interest rates combined with the homebuyer tax credits make now a great time to buy, but time is running out as contracts must be signed and accepted by April 30th. There must be a lot of buyer thinking this way because Skogman Realty’s first quarter home sales in the Cedar Rapids metro area are up 22% from 2009 and are expected to stay strong through the end of April.
Please consult with your Skogman Mortgage Professional today as there are still some incredible options available with our Conventional, FHA, and VA Products.
