Michael Miller guides you towards achieving your home ownership goals

Michael Miller of First United Bank & Trust will share his mortgage lending insights at the BNI Innovation chapter's upcoming meeting on Monday, December 4, 2023. The session will take place via Zoom from 8:30 a.m. to approximately 9:45 a.m., offering a valuable "breakfast-and-learn" opportunity.

In an era where home ownership seems like a distant dream for many, especially the younger generation, Miller is dedicated to rewriting this narrative. "People my age find it difficult to see home ownership as a reality. I want to help change that opinion and help others achieve their goal," Miller expresses, highlighting his commitment to this cause.

Comprehensive Mortgage Solutions for Everyone

Miller's expertise at First United Bank & Trust encompasses a broad spectrum of mortgage services. "We have a full suite of in-house loans, as well as government and secondary programs such as USDA, VA, FHA, Fannie Mae, and more,” he explains, underscoring the diversity of options available to potential homeowners.

One of his most memorable experiences this year involves assisting a retiree in need of a new home. "My favorite client of the year was a lady who was about to retire but needed a new home. We were able to finance a brand new modular home to replace her current trailer. Her joy and excitement were palpable," Miller recounts.

The Changing Landscape of the Mortgage Market

The recent rise in interest rates has significantly altered the housing market landscape. This rise in mortgage rates led to increased monthly payments for homebuyers, impacting their buying power. For example, the average 30-year mortgage rate approached 8% recently, a level not seen in over two decades.

However, Michael Miller emphasizes that higher rates should not deter potential buyers. "A common misconception is that higher rates mean you shouldn't buy. That's not the case! We can help come up with a plan and a financial situation to best fit your needs," he states. While higher rates may increase monthly payments, they do not necessarily make home ownership unaffordable. With the right planning and financial strategy, buyers can still find opportunities even in a higher rate environment.

Affordability and Market Dynamics

The rise in mortgage rates coupled with increasing home prices has made affordability a major concern for those entering the housing market. The National Association of Realtors reported that the average monthly mortgage payment rose by 85% over a 20-month period, a significant increase that poses challenges for new homebuyers. It means that buyers need to either make larger down payments or allocate a greater portion of their monthly budget to housing costs​​.

Despite these challenges, the underlying demand for housing remains strong, and as Miller suggests, there are still viable paths to homeownership. He focuses on the importance of tailored financial solutions, indicating that his team at First United Bank & Trust is adept at navigating these complexities to assist clients. "We can help come up with a plan and a financial situation to best fit your needs," Miller reassures, highlighting the importance of personalized mortgage strategies in the current economic climate.

The Value of BNI Membership

Miller emphasizes the significance of his BNI membership in fostering professional growth. "Being a member of BNI allows me to have as many sales partners as the chapter will allow. We all grow together," he notes, underlining the collaborative and supportive nature of the BNI community.

In his upcoming presentation, Miller will provide essential insights into the mortgage market. His key takeaway for attendees is both empowering and hopeful: "It's never too early to start planning for a home, and it's never too late to think it's an impossible feat."

Join Michael Miller's session at the BNI Innovation chapter meeting on December 4. Register at https://innovationbni.com/visit for a morning of valuable learning and insights into making home ownership a reality.