Insider Tips on Home Finance

When you know what mortgage bankers have to say about the market, you find yourself ahead of the game.


Heading into the summer season, Richard Kozlowski, Vice President Residential Mortgage Lending Manager, says that one trend he’s seeing in the mortgage business is an uptick in refinances. “With interest rates in the mid-3 percent range, many customers are finding that they can save money by refinancing,” he says. If you’re thinking of taking advantage of some of your equity to fund home improvement projects or simply want the lower rate, now might be the perfect time.

Sometimes, the house you want just can’t be found on the market and you have to build it yourself. Kozlowski has noticed a steady rise in construction lending. “In 2014 and 2015, we saw improvement in the construction market from the lows of the recession, and that trend continues this year.” This is a great way to get the home of your dreams, though Kozlowski warns to be wary of the numbers. “Keep in mind that the price of an existing home might actually be lower than the cost of a new home. Some customers are surprised to learn that the home they’re building doesn’t appraise for the cost of building it.”

Preapproval continues to be a popular way to begin the process of buying a home. With preapproval, you know just how much you can spend, which helps in knowing where to look. If you are thinking about shopping for a home, be sure to check out “10 Tips To Get You Ready for Pre-Approval,” now on

With all the home buying and construction action going on this summer, keep in mind that home appraisers are working overtime and it can take as long as three weeks to get an appraisal done. Consider this when putting together the purchase and sales contracts and time accordingly.

“There are many buyers looking to start the home-buying process!” says Kozlowski. “If you are looking, get a jump on it today.”