Mortgage rates slip again as mortgage applications surge nearly 27% in one week...today they are varying between 3.2 to 4%--depending on the program that fits your needs.

So is now a good time for you to a buy a home?Our opinion is the best decisions are made based on your needs, and we are always available to help you review and develop a plan to reach your real estate goals. Based on your current phase of life consider how much space do I need for my day to day living, and do I need space for guests or to entertain? Consider, will I be growing my family? Look at what different areas have to offer and what location will best support your needs to commute while balancing what you like to do in your free time. We often help our clients determine what style of home and what location will help them best enjoy each and every day. 

So instead of waiting for the market to take a plunge, people who are serious about buying a home should financially prepare themselves now to reach their real estate goals. “Price dynamics will differ by market, but most markets are unlikely to see significant price erosion this year – they just won’t see significant price appreciation either,” McBride says.  I like what Greg McBride, CFA, Bankrate’s chief financial analyst has to say, “The right time to buy a house is when you are financially prepared to do so, your life circumstances are supportive of buying, and you find the right home at the right price. Waiting can help build a better financial foundation but offers no guarantees of future market conditions.”  

The benchmark 30-year fixed-rate mortgage fell last to week to 4.04 percent from 4.06 percent, according to Bankrate’s weekly survey of large lenders. With rates moving closer to 4 percent, or slightly under depending on the loan program, refinance and new application activity is reaching a three-year high. 

Over the past 52 weeks, the 30-year fixed has averaged 4.64 percent. This week’s rate is 0.60 percentage points lower than the 52-week average.

• The 15-year fixed-rate mortgage fell to 3.38 percent from 3.41 percent.

• The 5/1 adjustable-rate mortgage fell to 3.67 percent from 3.74 percent.

• The 30-year fixed-rate jumbo mortgage rose to 4.11 percent from 4.10 percent. 

At the current 30-year fixed rate, you’ll pay $479.72 each month for every $100,000 you borrow, down from $480.88 last week.
At the current 15-year fixed rate, you’ll pay $709.00 each month for every $100,000 you borrow, down from $710.47 last week.
At the current 5/1 ARM rate, you’ll pay $458.59 each month for every $100,000 you borrow, down from $462.55 last week.

What are the professional's opinion on where rates are heading....

25% of Experts say rates will be going up.

Greg McBride, CFA

Senior vice president and chief financial analyst, Bankrate.com

Whether induced by better-than-expected economic data or a more complacent-than-expected Fed, bond yields and mortgage rates will rebound a bit from current levels.

Joel Naroff

President and Chief Economist, Naroff Econoimcs, Holland, Pennsylvania

Rates will go up. The approaching summit provides false hope on an agreement.

Les Parker

Senior vice president of LoanLogics, Trevose, Pennsylvania

Here’s a parody based on the instrumental song “Frankenstein” by The Edgar Winter Group: “How did G-4 create a Frankenstein? The Fed and the major central banks scare the markets with hurts of dread. Trump tweets threats, and markets watch for action.”

Greg McBride, CFA

Senior vice president and chief financial analyst, Bankrate.com

Whether induced by better-than-expected economic data or a more complacent-than-expected Fed, bond yields and mortgage rates will rebound a bit from current levels.

Joel Naroff

President and Chief Economist, Naroff Economics, Holland, Pennsylvania

Rates will go up. The approaching summit provides false hope on an agreement.

Les Parker

Senior vice president of LoanLogics, Trevose, Pennsylvania

Here’s a parody based on the instrumental song “Frankenstein” by The Edgar Winter Group: “How did G-4 create a Frankenstein? The Fed and the major central banks scare the markets with hurts of dread. Trump tweets threats, and markets watch for action.”

42% say rates will go down

Robert A. Brusca

Chief economist, Fact and Opinion Economics, New York

Rates will fall.

Dick Lepre

Senior loan officer, RPM Mortgage, San Francisco

The short-term is technically mixed, but be prepared for lower rates in the next few months. The techs are very bullish (higher prices, lower yields), and we are headed for a 1.8 percent 10-year Treasury note.

Logan Mohtashami

Senior loan officer, AMC Lending Group, Irvine, California

Rates will remain unchanged. Next up to bat is the G20 summit, which puts America and China trade-war talks center stage. I would keep that date in mind to see if we break above 2.21 percent. For us to break under 2 percent now we would need weaker global and domestic PMI data or stocks to sell off. We had a lot of panic bond-buying from 2.33 percent to 2.04 percent, so we might be here in the bottom channel for some time until we get clarity.

Jim Sahnger

Mortgage planner, C2 Financial Corporation, Palm Beach Gardens, Florida

I expect rates to slightly improve following continued uncertainty surrounding trade talks. Inflation continues to remain tight, confirmed by tepid CPI and PPI readings this week. Odds makers now have a July rate cut by the Fed at better than 80 percent. The stock markets have been on quite a run this month, with gains of nearly 5 percent in the S&P to over 8 percent in the Nasdaq and are due to pull back a bit. When they do, bonds should get some of that trade and benefit. Remember, this is about rate cuts from the Fed, though they do not directly correlate to declines in mortgage rates. Between August 2007 and the end of 2008, the Fed cut fed funds by 5 percent. Mortgage rates declined, but only about 1.25 percent in the same period.

Shashank Shekhar

CEO, Arcus Lending, San Jose, California

After dipping to a 16-month low, mortgage rates remained mostly stable last week. However, with lower inflation numbers and even talk about Fed cutting rates later this year, mortgage bonds will continue to get a boost. Expect the rates to trend lower this week, albeit not significantly.

33% say rates will remain unchanged

Michael Becker

Branch manager, Sierra Pacific Mortgage, White Marsh, Maryland

Treasury yields and mortgage rates finally ended their winning streak on Monday as they bounced slightly higher on news from President Trump that he was not going to move forward with tariffs against Mexico. The bounce higher could have been much worse given how much rates dipped on news of the tariffs. I think markets are starting to realize that the economy is slowing and that inflation will not be an issue for quite a while. The weak employment report of last week and this week’s Producer Price and Consumer Price indices support that realization. Looking forward, I think markets will be in a wait-and-see mode as to what the Fed will do at next week’s meeting, and we won’t see much movement in rates until after that. Mortgage rates will be flat in the coming week.

Derek Egeberg

Certified mortgage planning specialist and branch manager, Academy Mortgage, Yuma, Arizona

Look for rates to remain relatively stable this week.

Nancy Vanden Houten, CFA

Senior economist, Stone and McCarthy Research Associates, New York

Rates will stay the same.

Elizabeth Rose

Certified mortgage planning specialist, AmCap Home Loans, Plano, Texas

Mortgage rates have dropped to the best levels since September 2017. Trade talks continue to influence the markets. In addition, inflation continues to remain tame, which is good for mortgage rates. However, this recent rally has slowed and could come to an end soon. Mortgage bonds are in a range that could keep mortgage rates relatively unchanged for the coming week.

So whether you are thinking of buying or selling a home in the near future, or making long-term plans for the years to come, we are available to help and support you in setting your goals and making a plan to get there. Just reach out to us anytime.

The Benadum & Bumpus Team

Amy Bumpus

Straight Talk—Always

614-657-2005 (Talk or Text)

*Data obtained from the Bankrate Mortgage Rate Trend Index: June 12, 2019, Natalie Campisi and Deborah Kearns.

What is holding home buyers back?

Are real or imaginary barriers keeping you from becoming a home owner?

Home ownership is a part of the American Dream, and we want to help you achieve 
your goals of home ownership and helping you move to the next adventure by moving 
to a home and community that meets your needs as your life changes throughout the 
years. Call us anytime, we want to help you plan for your goals.

So here are some industry facts about why non-homeowners are hesitant even when 
the National Association of Realtors (NAR) confirms that the American Dream includes 
home ownership from a report that shows over 90 percent of homeowners and roughly 
eight out of 10 non-homeowners each quarter say owning a home is important to them.

Despite these positive feelings of home ownership, optimism about it being a good time 
to buy diminished among non-owners over the 2016 year. The percentage who believed 
it was a good time to buy declined. We think it may be a lack of information holding 
people back from entering the home buying market.

There are financial reasons holding people back, one reason sited for the tendency to 
not enter the housing market by Lawrence Yun, NAR chief economist, is the desire to 
own a home and the ability to do so are not on the same wavelengths for many 
households. "Nearly all non-homeowners said they want to own a home in the future 
(87 percent), but it's evident that higher rents and home prices — up 41 percent in the 
past five years — along with limited entry-level supply and repaying student debt have 
combined to make buying a challenging goal," he said. jAnother reason cited from NAR's 
analysis that carrying student debt is causing many non-owners to delay purchasing a 
home. "In addition to having to postpone important milestones such as getting married 
and starting a family, many young adults are financially falling behind previous generations 
in part because of having to prioritize repaying their sizeable student loans over buying a 
home and saving for retirement," said Yun.  

Affordability?

Being unable to afford to buy a home was the number one reason non-owners cited as to 
why they don't own. Over half of non-owners indicated they could not afford to buy, 
while roughly one-fifth said they needed the flexibility of renting. But is this true?  And, 
even so, you plan so many things, so why aren't you planning for your first home, or to 
make your move?  We are always happy to meet with you to determine what you 
need and connect you with lending professionals that can help create a plan for 
you to reach your real estate goals. Whether your plan takes a few months, or a 
few years, we truly are always happy to be working with you to stay on track, and 
help make your goals your reality.

Confusion about down payments and other costs with a mortgage?  

Apparent confusion about down payment requirements may also be behind non-owners'
 lagging confidence about buying. NAR's Profile of Home Buyers and Sellers has shown 
that the median down payment for first-time buyers has been 6% for three straight years 
and 14% for repeat buyers in three of the past four years. And, programs like FHA offer 
down payments as low as 3.5%, and affordable loan option programs available in our 
market, many offered by OHFA, can even help with your dream of home ownership. 
However, when asked about the amount of a down payment needed to purchase a home, 
a remarkable 87% of non-owners indicated that a down payment of 10% or more is 
necessary. So the ultimate goal of owning a home may not be as far-fetched as 
many believe. 

If you are interested in buying your first home in 2017, contact us! We love to sit down 
and review the buying process, and connect your with trusted partners we work (lenders, 
attorneys, home inspectors) so you can also review your finances, sit down with a lender 
to determine what your mortgage options are, or what plan you need to follow to qualify 
for a mortgage you need, then it won't be long before we can get started on your 
home search.

My promise to my clients: I try to always remember what it is like to walk into this incredibly complex world of buying and selling with little or no knowledge of how 

the process works. I know that behind the door of your home and in your life there 

is much more going on than just your real estate transaction. I work with each 

person, not the house, and with the whole person, not just the issues surrounding 

the transaction. When I attempt to put myself in your shoes and contemplate what 

you are dealing with  I am most effective.

The Benadum Team

Amy Bumpus

Straight Talk & Finding Solutions

614-657-2005

talk or text

Housing Market & Policy Update/Early February 2017

Housing Market Update/Early February 2017

Home sales have hit a 10 year high (5.45 million existing home units sold in 2016, a quarter-million more than in 2015), and we are looking forward to working to help keep our real estate market strong and thriving. NAR Chief Economist Lawrence Yun says to keep our housing market strong we need to see more inventory from existing and new construction home sales. Interest rates in 2017 are still great, so contact us if you are thinking of selling your home, and/or buying a home.

The National Association of Realtors (NAR) works hard to help shape policy to help provide the best home buying and selling market conditions a reality.  NAR is calling on FHA to take more steps to help home buyers, including eliminating FHA’s “life of loan” mortgage insurance requirement, which forces borrowers to maintain mortgage insurance regardless of their equity position. Borrowers with traditional mortgage insurance can typically extinguish their mortgage insurance once they reach 20 percent equity in the property. 

There is an area where you may want to participate by contacting the current administration at The White House and ask that they drop the suspension of the FHA MIP rollback that NAR had supported, and is now working aggressively to have this MIP decrease put back on the books. 
The last administration had approved reducing the FHA mortgage insurance premium by 25 basis points to allow more Americans to reach their dreams of home ownership, and HUD felt it was a conservative measure to help support home buyers on the path to the American Dream.  The new premium schedule was to take effect on January 27th, 2017 and was expected to save the average home buyer about $500 a year in insurance costs. NAR estimates that approximately 30,000-40,000 borrowers would have been able to access FHA financing under the reduced premium. But the current administration suspended this rollback on January 20th before it took effect. NAR supported the reduction when this was announced “After four straight years of growth and with sufficient reserves on hand to meet future claims, it’s time for FHA to pass along some modest savings to working families,” Julian Castro, secretary of the U.S. Department of Housing and Urban Development. NAR President Bill Brown praised the move. “Dropping mortgage insurance premiums will mean a lot more responsible borrowers are eligible to purchase a home through FHA,” he said. “That puts more money in the fund to protect taxpayers, and it puts more families in homes so they can live out the American dream.”  

I've sent my request to the White House, asking them to please help keep America Moving on the path to home ownership, and will keep you updated on the market conditions and policy that will be shaping our 2017 housing market.

Please don't hesitate to contact us anytime for help with your real estate needs. The Benadum & Bumpus Team is committed to helping you reach your real estate goals. We love helping you buy and sell homes to help improve the quality of your life.  This requires a variety of solutions to take your dreams from goals to plans to complete. We stay on top of trends and programs to help ensure you have the most information available to make the best decisions. Please consider referring us to your family and friends.

The Welcome Home Program is Back!

Please share this to your friends & family that are interested in purchasing a home.

The Benadum & Bumpus Team is committed to helping you reach your real estate goals. We love helping you buy and sell homes to help improve the quality of your life.  This requires a variety of solutions to take your dreams from goals to plans to complete. We stay on top of trends and programs to help ensure you have the most information available to make the best decisions.  The Welcome Home Program has been a benefit to many of our clients over the years, and we are happy to announce it is available again for 2017, but funds are limited so contact us asap so we can help connect you to a lender.

What is this program?
The Welcome Home Program offers grants to help fund down payments and closing costs incurred with the purchasing of existing homes or construction of owner-occupied housing by low- and moderate-income homebuyers. Welcome Home funds will be available for reservation on a first-come, first-served basis beginning at 8:00 AM ET on March 1, 2017, and will remain available until all funds have been reserved. 
Here are a few of the details: 

-      Up to $5,000 per household available within household income limits of  $56,800 / 1-2 person family & $65,320 for a family of 3 + (Franklin & surrounding counties)

-      Homebuyers much contribute at least $500 of their own funds toward down payment and closing costs.

-      Program is not limited to 1^st time homebuyers

-      Funds are offered on a “first come, first served” basis.

-      Can be used in conjunction with other grant programs

-      Not intended for purchase requiring significant repair or rehabilitation.

-      Funds may not be used to pay off consumer debt, judgments, buy down the mortgage rate.

-      Grants subject to retention agreements – 5 years.

Contact me and I'll help connect you to one of the select lenders that is participating in this program. If you are interested in this program, we need to be working on your approval and home search now, to make sure we have a home in-contract so you can reserve your funds.

If this program isn't a fit for you, there are other affordable loan option programs that The Ohio Housing Finance Agency (OHFA) offers to help you achieve your dream of home ownership. Here is a list of some of the options a qualified lender can help you review: Your Choice! Down Payment Assistance, Ohio Heroes, Grands for Grads, Mortgage Ta Credit, Target Area Loan, FHA Home Rehabilitation Streamlined 203(k) Loan, FHA Weatherization, and Next Home.

Again...contact me and I'll help connect you to a lender that can help you review your options so that we can work together to make your dream of home ownership a reality.

Fall Family Fun!

Looking for fun in October in Central Ohio? As a real estate agent I get to see the best of many communities.  So, I've put together a handy list of farms to check out for a variety of activities, click the links for details on pricing and directions.

Delaware Area

Lehner's is one of the larger farms with over 30 activities!
740-595-3207
Sept. 24th-Oct. 30th 2016: Mon-Fr: 5:00pm-7:30pm/Sat and Sun: 10:00am-7:30pm
Fri. October 14 (COTA Day)- 10:00am-7:30pm
Lehner's Pumpkin Farm

Miller's Country Gardens has a variety of activities, but check their website for what is happening.
740-363-5021
Open Wednesday-Saturday 9am-to-7pm; Sunday noon to 5pm
CLOSED Monday & Tuesday
Fall at Miller's Country Gardens

Galena/Westerville/Sunbury Areas

Freeman's Farm is open weekends through October 30th with a variety of activities on different weekends from hayrides to animals to pet to scarecrow making to apple butter demonstrations.
740-548-7866
Saturdays 10am - 5pm and Sundays 11am - 5pm —Weather Permitting
Freeman's Farm

Hidden Creek Farms has fall activities like a hayrides, a straw maze, visiting farm animals, and a pumpkin patch.
740-815-9371
Open weekends 10am-6pm through October 30th
Hidden Creek Farms Fall Activities

Grove City

Circle S Farms has hayrides, fall foods, a fun barn, petting zoo, corn & sunflower mazes, and a bale cave. See their website for group options on weekdays.
614-878-7980
Open through October 31st 9am-7pm daily (but call for weekdays about the group option).
Circle S Fams Fall Fundays!

Ostrander

Leeds Farm has a varitey of activies including a Hayride, Big Zip and lots of animals to visit. Amazing selection of blue pumpkins, fairytale pumpkins, exotic shapes of gourds and more.
740-666-2020
Weekends only through October 30th 10am- - 5pm
Leed's Farm Family Fall Fun

Pataskala

Lynd's Fruit Farm has a market open daily and U-Pick apples and pumkins, a corn maze (740-404-9967 for info), and a new Market.
740-927-8559
Lynd Fruit Farm

Plain City

The Orchard and Company has family fun with U-Pick apples, wagon rides, a corn pit, hay barn, tire climb & more. There is a market and Pigadeli Cafe too.
614-873-0510 call before visiting for more info.
Open Saturdays & Sundays through October 30th 11 am - 6 pm
The Orchard and Company

Jacquemin Farms has Pick Your Own Pumpkins, a play area, straw maze, grain boxes, and hayrides.
614-873-5725
October Hours: Monday - Saturday 10 am - 6  pm and Sunday 1 pm - 6 pm
Jacquemin Farms Fall Field Days

Just a short drive...

Ashland

Honey Haven Farm has horse drawn wagon rides, pick your own pumpkins, straw maze/corn maze, barnyard zoo, a market and a craft show.  See their calendar of events on the website.
419-289-3384
Open through October 30th weekends:
Friday, 3 pm – 7 pm/Saturday, 10 am – 7 pm/Sunday, Noon – 6 pm
Honey Have Farm Fall Festival

Clarksville

Bonny Brook Farms has a variety of activities with a Farm Kitchen Cafe, Horseshoe Hill Tunnel, Farm Friendly Animals, Play Area, Adventure Wagon Ride, CrAzEd CoRn MAzE, Giant Slingshot, Clodhopper Golf & Archery, Pumpkin Chuckin' the weekend of 10/29 & 30, The Great Pumpkin Run on the 29th, & more..check their website.
937-289-2500
Open through October 30th Saturdays & Sundays noon - 6 pm
Bonny Brook Farms Fall Farm Days

Hebron

Pigeon Roost Farms with tractor pulled wagon rides, face painting, farm animals, and food concessions.
(740) 928-4925
Open daily fir picking pumpkins through October 31st 10 am - 7 pm (some activities weekends only)
Pigeon Roost Farms Pumpkinfest

Wooster

Ramsey Farms has mazes and activities through October...all kinds of pumpkins and gourds...and potatoes....obstacle courses, mazes and more. Known as The Maze Place, there are variety of options....see the website.
330-264-0264
Open Weekdays Tuesday - Friday 3pm to 7pm
Saturday 11am to 7pm and Sunday 1pm to 6pm
Ramseyer Farms, The Maze Place

Environmentally focussed activities around Ohio.....

Ohio Ecological Food and Farm Association
http://www.oeffa.org

Strong for Fall 2016

As we head into fall the Central Ohio Housing Market is remaining strong.

During the month of August, central Ohio homes and condos spent an average of 34 days on the market, which is 29.2 percent (14 days) shorter than last year and just 1 day longer than July.


Central Ohio homes and condos show a 4.8% increase over the previous August, this was the highest number of closed sales for the month of August ever recorded and the second highest month for 2016.  The average sales price of a home in Central Ohio was $204,629, which is a 3.3% increase over August 2015. Stats obtained from the Columbus REALTORS® Multiple Listing Service.

And the experts comments below are optimistic, not predicting any signs of a housing meltdown.... but that we should see the momentum continue....

Lawrence Yun, Chief Economist at NAR:

“In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing-sales since 2007.”

Jonathan Smoke, Chief Economist at realtor.com:

“We had a triple crown of April home sales reports, so 2016 is in the pole position to earn best year of home sales in a decade.”

Andrea Riquier, MarketWatch housing reporter:

“I'm calling the end of the housing “recovery.” On to ‘expansion.’”

Freddie Mac:

“Despite the disappointing economic reports, we still forecast housing to maintain its momentum in 2016.”

Steven Russolillo, Wall Street Journal housing reporter:

“A recent gauge of home builder sentiment held firmly in positive territory, according to the National Association of Home Builders. Perhaps more important, expectations for sales in the next six months jumped to the highest level of the year.”

Fannie Mae:

“Our latest housing tracker shows that the first quarter of 2016 was the second fastest first quarter pace of home sales in the past decade... Home sales typically rise in the spring and summer months, and we anticipate an acceleration in home sales that will surpass 2007's pace by late summer.”

---

HECM for Purchase...do you know about this loan?

I really enjoy continuing education.  I just love to learn, and I get especially excited to learn information that will allow me to better help my clients.  Thank you to Ann Marie Harrison of Security 1 Lending and Julie Falvo & Terri Greiner of Epcon Communities for sponsoring the class on the HECM for Purchase loan, an FHA insured loan program for those 62+.

I have always had concerns for senior loan products, because it seems there is a lot of room for those not so honest to take advantage of people.  I was very impressed yesterday with the HECM program that is insured by FHA, so I wanted to share some of the info from my notes.  For more detailed information contact Ann Marie at Ann Marie's presentation for the HECM program.

Using a HECM loan, you can move into your dream home with as little as 44% down, while never having to make a monthly mortgage payment.  As of April 16th, 2014, here are some details of the program. Please contact me anytime with questions, to discuss the benefits of this program and how they pertain to you, or to explore his option for you or a family member.  There is a HECM refinance option available too.

10 Things to know about the HECM for Purchase Program
1. Minimal Credit Requirements
2. Minimal Income Requirements (for property taxes and insurance)
3. No Employment Requirments
4. No Debt-to-Income Ratios
5. No Monthly Mortgage Payments Ever
6. You can live in the home until the last borrower vactes
7. You are not personally liable for the debt nor your heirs
8. Loan-to-Value Ratios up to 56% based on age
9. Lending limits up to $344,000 based on age.
10. Closing costs are included in mortgage

3 Steps to Qualify for a HECM
1. You must be aged 62 or older
2. HECM morgage must be for your primary residence (but you can own other homes: rentals or vacation)
3. Money brought to closing must come from asset accounts or a gift and cannot be money acquired through any debt.

What type of property can be purchased?
1. New or existing family residence
2. New or existing FHA approved condo
3. Maximum claim amount $625,000

What would Disqualify a borrower?
1. Unresolved Feder liens (tax or other)
2. Chapter 7 Bankruptcy dishcarged less than 24 months prior to application
3. Foreclosure, Short Sale, or Deed-in-Lieu within the past 3 years
4 Exising FHA mortgage
5. Property tax arrearages in the past 24 months

What is the borrower responsible for?
1. Property taxes
2. Homeowners insurance and/or homeowners association dues
3. General upkeep and maintenance of the home

Contact me anytime for more information on how the sliding scale based on age and purchase price work, as well as information on how the program works if you decide to sell the home or what happens when your heirs inherit the property.

To get started contact me to schedule our appointment with Ann Marie, S1L HECM Specialist. She'll review the program in more detail and prepare a pre-approval letter for us. We can then find your new home, negotiate a purchase contract and Ann Marie will get to work on processing your loan, which takes 30 days or less.

IF YOU HAVE QUESTIONS ABOUT SELLING YOUR HOME, BUYING OR BUILDING A NEW ONE, DON'T HESITATE TO CALL, TEXT OR EMAIL ME. 614-657-2005

My promise to my clients: I try to always remember what it is like to walk into this incredibly complex world of buying and selling with little or no knowledge of how the process works. I know that behind the door of your home and in your life there is much more going on than just your real estate transaction. I work with each person, not the house, and with the whole person, not just the issues surrounding the transaction. When I attempt to put myself in your shoes and contemplate what you are dealing with I am most effective.

The Benadum & Bumpus Team

Amy Bumpus

Straight Talk—Always

614-657-2005