Skip to main content

The Mysteries of a Mortgage

Julie Bowering, VP of Mortgage Lending, Answers Your Homebuying FAQs

Homebuying. It’s one of those practical, real-world topics that isn’t always taught in school. Yet buying a new home and applying for a mortgage are two areas where being well informed is essential. Buying a home can be a complex process, with many factors to consider when starting the process. That’s why we’ve asked Julie Bowering, Vice President of Mortgage Lending, our top three FAQs related to buying your dream home:

When should I buy a home?

There is never a right or wrong time to buy a house; however, most homes are put on the market between the months of March and October. This is a time typically referred to as the “spring purchase market.” The inventory of listings is at its highest during this period, meaning there are more homes for eager buyers to view and purchase. The ability to purchase is also dependent on whether the buyer is prepared with a down payment and/or closing costs, so it’s important to think ahead about these funds before you begin the search for a new house.

What impacts mortgage rates?

Interest rates on homes are complex with various factors that influence their calculation. From a global perspective, the rates are dependent on the economy, bond market, and housing market conditions. From a personal perspective, interest rates are dependent on your financial situation — often impacted by your credit score and the amount of your down payment. Not everyone will receive the same rate. They are always based on the type of mortgage product and your personal situation. But, according to Julie, there is no time better than now to consider homebuying! Over the last 12-18 months, interest rates have been at all-time lows, so explore elements.org/Rates to see real-time rates for loans that may be of interest to you.

Who should be involved in the mortgage process?

When preparing to dive into the crazy housing market, there are a couple of people who need to be involved. First, and often obvious, is a knowledgeable local realtor who can help you find the perfect home. The second, and just as important, would be a Mortgage Loan Originator, commonly referred to as an MLO. An MLO is a financial expert of the housing market and your advocate for finding the right loan for your situation. MLOs help by providing critical financial information during the homebuying process including interest rates, mortgage program options, and requirements for qualification. They’ll help you get pre-approved and determine your budget before you and your realtor start searching for your dream property. 

The first step in the process is to secure a pre-approval. Before going out to shop for a new home, it is important to have your financial picture assessed

- Julie Bowering | VP of Mortgage Lending at Elements

At Elements, we have a dedicated team of MLOs and they work around the clock to ensure our members are able to purchase the homes they love. In addition to loan expertise, they are knowledgeable of current market trends and can deliver you a quick pre-approval to start your search. To get started in the process, visit elements.org/Mortgage to find the right loan for the right home.

Find the Right Loan for Your Home

Elements offers a variety of mortgage terms and types to help you finance the perfect home. Plus, we know that the mortgage process can be full of unknowns and questions. That's why we have a dedicated mortgage team to help you navigate through.

Explore Mortgage Options

Banking the Way You Want It

Mobile Banking App

  • Online banking & bill pay
  • Mobile check deposit

Add our Card Control App

  • Added security for Elements credit and debit cards
  • Card lock technology
  • Card activity notifications