Call us at 952-942-0110 At Home

There's No Place Like Home

At the end of The Wizard of Oz, when Dorothy clicks her heels three times, chanting, “There’s no place like home,” she’s not thinking of a rental apartment. While we appreciate rentals, especially in the form of beachfront summer cottages, Tuscan villas, and Tribeca lofts, we have a special affinity for the word home. No matter where we grew up, home has a feeling of permanence, and a sense of comfort and peace in our busy world.

Home is a place to raise a family, become part of a community, and entertain everybody and their brother on Thanksgiving, Super Bowl Sunday, and other national holidays. Even seasonal tasks like lawn mowing, weed whacking, and snow shoveling can be great ways to get to know your neighbors and enjoy a quick workout in the process. In addition, owning a home can also provide a host of financial benefits, including the ability to deduct mortgage interest from your tax obligations, take tax deductions on home equity loans, and build equity every month.

And right now, home ownership is a smart business decision. According to the National Association of Realtors, both 15-year fixed rate and 30-year fixed rate mortgages are lower than they were a year ago. Currently 30-year fixed-rate mortgages are hovering under four percent, and 15-year fixed-rate mortgages are under three percent. At the same time, less expensive mortgage insurance, and new, low down-payment programs are making it possible for first-time buyers to become homeowners. As a result of this influx of buyers, new home purchases and refinances are both up, driving housing demand in key markets across the country.

Last December, Jonathan Smoke, chief economist,, identified 10 housing markets to watch in 2015. Smoke expects strong housing growth, affordable prices, and fast-paced sales in Atlanta, Minneapolis, Dallas, Denver, Des Moines, Houston, L.A., Phoenix, San Jose, and Washington D.C.

While Cambria Mortgage works with clients all over the Upper Midwest, we’re especially gratified to see Minneapolis on Smoke’s list. As it’s our home, we can vouch for Minneapolis and the greater Twin Cities metro area as an exceptional place to live, work, and play. It’s the second-largest market in the nation among home-owning millennials, due in part to the booming job market and affordable housing. (We think it could have something to do with the preponderance of craft breweries and abundance of bikeways, but that’s another story.)  

As seasoned industry professionals, we know that home ownership will never go out of style. If you love where you live, there’s no time like the present to buy a house.

Want to buy a home, but not sure what loan option best suits your needs? Get started today by filling out this free rate quote form.