Condo lending rules are changing. We recently covered the details, but here's the short version: to qualify for a conventional loan, most condo associations will need to set aside at least 15 percent of their monthly budget for reserves — up from the current 10 percent. 

 (Listing photo courtesy of Step Inside Media.)

This number has real consequences for both buyers and sellers. So whatever side of the transaction you're on, this should be the first question you ask when you sit down with a set of condo financials:

What percent of the monthly budget goes toward reserves?

If the answer is below 15 percent, it could mean the association isn't yet positioned to qualify for conventional financing — which matters differently depending on where

National data from Keeping Current Matters (KCM) recently reported that 63% of buyers consider a “good” interest rate to be less than 5%. So, what is a good interest rate from a realtor’s perspective?

One way to approach that question is to look at average rates over time. Mortgage interest rates have been between 5% and 10% nearly sixty percent of the time over the last 50 years (KCM). Current rates reflect a return to “normal” in a balanced real estate market. There’s definitely some “good” in that.

The other way to look at the question is what works for you and your family. Do current interest rates help you meet your goals, financial and otherwise? Do they work within your budget? “Good” may be a personal opinion, and in

Changes are underway in the condominium lending world, and if you're planning to sell your Madison area condo in the next year or two, they are worth understanding now — before they affect your sale.

Beginning this month, mortgage lenders will be required to dig deeper into a condo association's finances and insurance before approving a buyer's loan. In plain terms: if your association's financials and insurance don't meet new lending guidelines, it could become harder for your buyers to get a conventional loan  — which can slow down a sale. The good news is that with some proactive planning, you and your association can get ahead of it.

Here's what's changing, and what we recommend you do about it. 

(photo courtesy of Step Inside Media) 

We admit it: getting preapproved isn’t the most exhilarating process. No one is excited to dig up their 2024 tax return. But this step is vitally important to having a smooth, informed, and more enjoyable home-buying experience. Even if you anticipate the preapproval process to be hiccup-free, here are a few reasons why it pays to get preapproved early, before you start looking at homes:

• You can compare rates, services, and personality fits across different lenders. It’s important to trust the lender you are working with, since they will be guiding you through (possibly) your biggest financial investment.

• Many lenders offer educational sessions as a “first step,” which you may miss if the process is rushed or

Did you know your interest rate can vary based on a variety of factors, including:

• Your down payment amount
• Your credit score
• Who is on the loan
• If you're buying an investment property or second home
• Your ideal cash-to-close amount

If you're looking to understand what your interest rate would be for your next purchase, reach out. We're happy to get you connected with a transparent & trusted lender that fits your needs.

We have good news to share with Madison area home and condo buyers: Mortgage rates have decreased a full percentage point over the last year, and are at their lowest levels in over 3 years -- this according to the latest primary mortgage market survey by Freddie Mac.

Locally, rates for 30-year fixed rate mortgages are around 6 percent, with 15-year mortgage rates about a half of a percentage point lower. 

Do you need a referral to a reputable lender? 

You have many lenders to choose from, but we highly recommend working with a local mortgage professional with a track record for stellar communication and excellent customer service.

When you choose the right lender, you'll have peace of mind, knowing that you're choosing the right mortgage

Wire fraud is still prevalent in our industry, and there can never be too many reminders to stay vigilant to this type of cybercrime. Wire fraud occurs when a scammer impersonates a reputable company or a person that a client is working with via email, and requests that money be sent to keep the transaction moving forward.

Scammers are getting more creative and convincing; Isabella recently had clients who received a fraudulent email impersonating the builder they were working with, requesting payment mid-build for recent upgrades. Thankfully, Isabella had educated them about wire fraud, and they did not pay.

The solution? Before sending any money, reach out to the person requesting it with contact information you have independently verified. Or

We're happy to report we have many first-time buyers whose dreams of homeownership are coming true this fall, and with some very favorable financing. For example, we have one young couple who just bought their first home with a low down payment USDA loan, and three other clients who just became homeowners with some very generous down payment assistance. 

The key for each buyer?

Working with a dedicated realtor/lender team who loves helping first time buyers.  

Have you been thinking of buying your first home in Madison, Dane County, or South Central Wisconsin? With lower mortgage rates, improving supply, and a variety of financing options to choose from, right now is an excellent time to explore the possibilities.

Contact a Mad City Dream

Mortgage rates have dropped to their lowest levels of the year, according to the most recent weekly survey published by Freddie Mac. Here in the Madison area, rates for a 30 year fixed rate mortgage are now approaching 6 percent. 

With improving inventory and lower rates, market conditions are the best they've been for buyers all year. Call us when you're ready to talk about your real estate goals. We'd love to be a resource for you and help you answer all of your questions. 

You may have heard that mortgage rates have been falling and are approaching 6 percent for a 30-year fixed rate loan. Suddenly, lower rates have opened up two big areas of opportunity: 

#1) For current homeowners: If your current rate is 7 percent or higher, it may make sense for you to refinance. With today's rates you may be able to save a few hundred dollars on your monthly payment. 

#2) And for aspiring homeowners: Right now is an excellent time to be focused on your search. Inventory and affordability are improving as we approach the fall season, creating a window of opportunity for you.  

Please let us know if you'd like us to introduce you to one of our recommended lenders. We'd love to help you make the right connection.