Rates and Reality


Does buying a home make sense right now? With all the negative news, you may think it’s not. Interest rates have hit a high point, but nowhere near their highest in history. The reality is owning real estate is still one of the best ways to build wealth. Have a look at this short video.…

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AMI Limits UP and So Is Borrowing Power


  Some of our “low income” home loan programs are now available for borrowers with higher incomes. The Federal Housing Finance Agency (FHFA) recently updated its area median income (AMI) limits. Limits increased an average of 7.73% across 95% of US counties. This change is expected to open the door to homeownership for more borrowers.…

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Yes, You Should Always Get Prequalified First!


Yes, You Should Always Get Prequalified First! Why is this so important to do BEFORE you start looking for homes? Address any known or unknown credit issues Ensure all your income is usable Get an idea and understanding of the money you may or may not need Know what borrowing and buying power you have…

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Fed Raises Their Lending Rate – Mortgage Rates Improve


Fed Raises Their Lending Rate – Mortgage Rates Improve. Yes! You read that right. Why is that you ask? Simply put, what the Fed does with their lending rate (Prime Rate) does NOT directly affect mortgage rates. Mortgage rates move differently. As expected, the Fed raised policy rates by 0.25% at their February meeting. This…

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Buying a Home When Rates Have Risen

So interest rates went up in 2022. No denying it. They peaked around October/November, but have trickled down some. Either way, higher rates may be a concern or impacting whether you buy or not. In all actuality, they really shouldn’t. The real estate market has changed since last fall and that’s a good thing for…

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Seller Paid TEMPORARY Buydowns

This is a follow up to my prior post that touched on Seller Paid PERMANENT Buydowns. The permanent option is great for borrowers that need help in “bumping up” their borrowing power by having the interest rate permanently lowered for the life of the loan. In contrast, you can also leverage the same money from…

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Seller Paid PERMANENT Buydowns

You may have been hearing a lot about temporary buydown or 2/1 buydown solutions from some of my colleagues. Well, yeah, it’s a good solution for the right borrower. They do help get introductory payments and rates well below current market the first two years, but what they don’t do is help a borrower qualify…

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The Truth About Mortgage Rates

This is an obvious topic at the forefront of our industry. However, its our job to also put things in the proper perspective. I keep saying what we had in 2020 and 2021 were “fake” rates and that’s a fairly accurate statement. We are at more normal levels and below historical averages. It’s just a…

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Get Your Pink On!

We at Acela Mortgage Partners recognize the impact breast cancer can have on the women and men in our lives. Especially during Breast Cancer Awareness Month, we want to show our support for all who have been affected by the disease. Awareness is Power. Early Detection Saves Lives. #breastcancermonth #getyourpinkon #cancersucks

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Free Total Cost Analysis!

  If you’re shopping around and what to get some cost and payment comparisons, fill out the form below for a freebie!    

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Adam Backes
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DC, DE, FL, MD, NC, PA, SC and VA
Norcom Mortgage
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Adam Backes - Acela Mortgage Team

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Crofton, MD 21114

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