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Image of the team at Yosemite Mortgage.
The team at Yosemite Mortgage.

Yosemite Mortgage: Homegrown and Committed to the Community

OAKHURST — Nick Schneider has ties to the Eastern Madera County area. He grew up here, graduated from Yosemite High School and, immediately after graduation, joined his father Roger Schneider’s business, Yosemite Mortgage. He’s been there ever since, with no plans of moving on.

Ericka & Nick Schneider

Ericka & Nick Schneider

He loves what he does, and he loves that members of his family have joined with him. Nick’s wife Ericka serves as retail branch manager, while sister Brooke is a loan processor. Nick himself is the retail sales manager of the organization, which is now partnered with Sierra Pacific Mortgage. He likes being part of a small-town community, where he knows so many of his customers.

As Nick decided what to do after high school, he saw the pleasure his dad took in helping people. Roger committed his career to getting his clients into the home or land of their dreams. Nick knew he too wanted to be a part of that. He spent from 2005 to 2017 at his dad’s side, until Roger’s passing in 2017. He still gets emotional when he thinks about it.

Roger’s legacy, in part, fostered in Nick and his family the drive to assist their community in finding affordable housing with the best possible terms.

The Real Estate Market Can Change Quickly

Real estate and mortgage terms change almost by the hour. What is true today may differ tomorrow. It pays to work with a mortgage lender who is up-to-date on the latest trends, the current rates as well as the rate trends, the various types of loans available, and who also has the ability to find the best fit for the individual borrower.

Asked about current trends in the mortgage industry, Nick said borrowers still favor the 30-year fixed rate mortgage. This gives them the longest payback period and the ability to pay it off faster if their circumstances permit. About 80 percent of loans processed recently fall into this conventional loan category, with 20 percent in government loans such as FHA and VA.

What loan terms a borrower can achieve may depend on factors such as:

  • FICO score which analyzes data in five areas to determine creditworthiness, including payment history, current level of indebtedness, types of credit used, length of credit history, and new credit accounts. The higher the better, of course, to achieve the most.
  • Income.
  • Down payment ability.
  • Reserves.

Those are the basics. Other factors may be evaluated, such as loan to property value, to determine loan worthiness for a particular property and loan type.

State of the Real Estate Market

As of now, Nick says that properties are still selling well, with properties averaging around $400,000, up about 13 percent from 2021 to 2022. The Mortgage Bankers Association predicts that the pace of home price increases will likely slow this year, but they still forecast an increase in sales for the year ahead.

Currently there are more buyers than sellers, and the mountain area still faces a shortage of homes to buy or rent. It is especially problematic for workers who wish to live close to their employment. There is still a trend toward homes purchased for investment, such as Airbnb or vacation rentals.

Some additional mortgage types include:

  • USDA: A zero down payment loan granted subject to income restrictions for properties in specified rural areas. The property must be owner-occupied.
  • Reverse Mortgage: A loan available to seniors aged 62 and older who have sufficient equity in the property being financed. Payments are not required on the loan until the property owner vacates the property. At that point, the entire loan balance becomes due and payable.

To know if these mortgage types or others suit a purchaser,  consult a knowledgeable mortgage lender, such as Yosemite Mortgage.

In fact, one of the great pleasures Nick receives from his profession is the ability to outline a program to get a non-qualifying buyer into a position where he can purchase a home. He says, “I’m not going anywhere. I’ll be here to work with you to see that happen.”

Committed to Community

Heavily involved in community events, Nick is serving as president of the Oakhurst Sierra Rotary Club, and is currently the treasurer of Oakhurst Area Chamber of Commerce, and he has been on the chamber board for four years. He looks forward to seeing the chamber grow in the services and benefits it offers to members. He says, “The chamber provides for a network of businesses to have a voice in the community, especially because of a lack of incorporation.”

Asked what he would do if he weren’t with Yosemite Mortgage, Nick had to think about that a while. In high school, he enjoyed welding and mechanics and might consider something along those lines. But he has no plans to retire anytime soon, if ever. He enjoys what he does too much to consider changing horses now.

You can contact Nick at 559-683-5500, or stop by and visit him at 40055 Highway 41, Oakhurst.

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