SOUTHFIELD, Mich., Aug. 13, 2013 (GLOBE NEWSWIRE) -- Capital Mortgage Funding, a division of United Shore Financial Services, reports record purchase activity. Almost 70% of our loan activity is purchase transaction business, up from 35% in the first quarter of 2013, reports Harry Glanz president and Co-Founder of CMF. Home sales in southeastern Michigan have seen a strong surge this spring and summer due to a pent up demand of buyers, a strong economic outlook and a lack of quality inventory.
"We haven't seen a purchase market like since 2004-2005. 2012 was strong, 2013 will end up being better and that's great news for our region. Michigan property values were hit pretty hard but we are on the rebound," Glanz noted.
Both the real estate and mortgage markets have changed dramatically; we have all been through the cycles, but lending guidelines have changed dramatically and consumers need an experienced lender to help navigate all of the changes. Glanz says this is no time to be dealing with inexperienced individuals. Capital Mortgage Funding was Co-Founded by Glanz and partner Dan Burke in 1992 and became part of United Shore Financial Services in 2010 and together with their staff have closed over 15 billion dollars in mortgage transactions.
"We have seen the cyclical nature of mortgage banking and we are now in a strong purchase environment, and as the economy starts to recover mortgage rates will rise; however, historically, by example, we are equivalent to rates that we experienced in the mid 1960's," Glanz says, optimistically.
For more information about Capital Mortgage Funding please contact Harry Glanz president and Co-Founder or go to www.lowrateonline.com.