The Mortgage Bankers Association forecast for 2018 reflects continued growth in new home sales (housing starts), and a slight increase in existing home sales. The report also reflects a continued, albeit slight, increase in 30 year fixed interest rates.
There are a TON of benefits homeownership brings for you and your pets. 68% of American households have a pet, according to the most recent APPA Pet Ownership Survey. The most popular pet being dogs in 48% of households, followed by cats in 38% of households. With our furry friends being such a big part of our lives, there are some real perks to buying a home with your current or future pets in mind!
Picture this: (If you currently rent with a pet, it doesn’t take much imagination) It’s freezing outside, you live in a second story apartment, and your dog wakes you up at 4am crying to go to the bathroom. You have to get out of bed, bundle up, begrudgingly grab the leash, and walk your pup downstairs, outside to do his/her business.
For renters with dogs, especially in apartments, this scenario is a daily reality. How great would it be to just be able to open the door and let your pup out? Or better yet, what if you could install a doggy door, and they were able to go out on their own? When you’re ready to buy, choosing a home with a fenced in yard can be life-changing for you and your beloved pet.
The reality is most renters settle for way less square footage than they would find in a house. This makes a huge difference when the temperatures outside are not suitable for taking a stroll. Not to mention, having the bonus of a yard can add a ton of additional space for your dog to run and play without being cooped up inside, and a fenced backyard means access to nature is a whole lot easier when nature calls. Perhaps your puppy has outgrown your current living space, or maybe you want to adopt another dog, but you just don’t have enough space. Buying a home with more square footage can have a positive impact on your pet’s, and your own quality of life!
Many landlords restrict by weight or breed, or simply do not allow for pets of any kind. For families with pets, this can limit your options when looking for housing. For those who are locked into a lease with pet restrictions, it can be heartbreaking not being able to add a new companion to your family when you are ready. When you own a home, you are in complete control.
Pet deposits can be a major financial burden for renters with pets. With nonrefundable pet deposits averaging between $200-$500, often per each pet, renting is a big expense for pet lovers on top of the normal expenses for caring for your beloved four-legged family member. At with the recent trend of many landlords charging pet rent, a monthly fee for having a pet, on top of your rent and pet deposit, the costs of renting with pets can really add up.
Ready to get into the perfect home for you and your pet? Call me or contact me to get started today!When to get into the perfect home for you and your pet? Find your Benchmark Branch to get started today!Ready to get into the perfect home for you and your pet? Contact us today to get started!
The Mortgage Bankers Association reported a 4.1% increase in mortgage applications from the prior week.
Steve Remington, Benchmark’s Chief Operations Officer, noted that the increase in applications could be a consumer response to the recent trend in the market, indicating a shift from the prolonged period of low interest rates.
“Mortgage Bankers Association Data indicates a slight uptick in refinances for people who might be trying to take advantage of these lower interest rates. We don’t foresee doom and gloom with rates skyrocketing, but we do see an upward pressure of interest rates in the short term,” says Mr. Remington.
He also suggests that people in the process of building a home, or looking to build a home, may wish to consider looking at options to lock in their interest rates early. “If you are building a house and it takes 6-12 months to build, you might consider seeking a long-term lock option that Benchmark may be able to offer.”
You can read the full report from the Mortgage Bankers Association here.
We will be closed December 25th to celebrate with our families.
Exterior door and window leaks are the biggest source of energy loss when (baby) it’s cold outside. You can help prevent the heat sneaking its way out, and the cold creeping its way into your cozy home by sealing the gaps. For gaps at the edge of windows, you can simply caulk the gaps. (Be sure to cut out old caulk for best results.) For gaps between panes on newer windows, a little bit of weather stripping can go along way in keeping winter out. On older windows, short of reglazing, you can use weatherstripping or caulk to seal gaps.
For doors, check the weather stripping where the door seals. At dusk, you can check from outside for light getting through cracks. For all window and door leaks, you can light a candle, and hold it near potential gaps in windows and doors to check for a flicker caused by escaping warm air, or entering cold air.
If you have any spare rooms, or rooms that are rarely used, keep the doors to them closed, and close the vents in them. This will prevent your central heat from working to heat unused space. Unless someone decided to start using the vacant room, no one would notice the sweet savings on your energy bill.
A bonus tip, if your home has more than a single story, you can partially close the vents on the top floor, and keep the doors to frequently used rooms open. Be careful, though. If your air handler is oversized for your house, this could put unnecessary stress on it, causing it to die prematurely.
Ceiling fans are fantastic for cutting cooling costs in the summer. The breeze effectively reduces the perceived temperature, meaning you can turn the thermostat up a couple of degrees to lighten the load on your air conditioner unit. What about in winter?
Most ceiling fans have a switch to reverse the rotation direction that the blades spin. While you don’t want to feel the breeze when you’re trying to stay warm, you do want to generate circulation of the air in the room to even out the temperature between the top of the room and the bottom. Switching your ceiling fans on in reverse direction accomplishes this. No longer will the risen warm air stagnate against the ceiling, leaving the heat from your furnace under-appreciated. You can set your thermostat a couple of degrees lower, to lighten the load on your furnace, while staying comfortably warm when it’s cold outside.
Test your fire and smoke alarms, your carbon monoxide sensors, and your security system components to make sure the batteries are good, connections are secure, and CO sensors have not yet expired. Fires and carbon monoxide are both more common during cooler months, and holidays are also a time when thieves may be after the presents under your tree, unfortunately. Don’t forget to check mounting brackets and wiring for external security cameras and motion sensing lights. Being safe is essential to feeling cozy at home.
Start with keeping a backup stock of food in case you are stuck inside due to snow or ice. It also makes sense to check your first aid kit to see if anything needs to be replenished, or buy one if you do not already have one. Keep extra stock of prescription medications, just in case you are unable to get a refill when running low. Make sure you have a means of opening cans in the event that power is lost. Keep firewood on hand, or another means of keeping warm. Keep emergency numbers handy, and keep your cell phones and any supplemental power banks for them charged. Stock up on batteries, test your flashlights, check your fire extinguisher(s), and keep several gallons of potable water on hand. In the event that you need these resources, your future self will thank you later. So do something nice for yourself and your family: be prepared.
Yesterday, December 7, 2017, the Federal Housing Administration announced that for 2018, 3,011 out of 3,141 counties in the U.S. (~96% of all counties in the nation) will see an increase in FHA loan limits.
Ceilings and Floors
In high-cost areas, the FHA’s loan limit ceiling will increase this year to $679,650, up from $636,150, providing a $43,500 increase. In addition, the floor will rise from $275,665 to $294,515, an $18,850 increase.
Reverse Mortgages
The National Mortgage Limit for FHA-insured Home Equity Conversion Mortgages, or reverse mortgages, will also rise with the loan limit ceiling from $636,150 to $679,650, for an $18,850 increase.
Next Year
FHA case numbers assigned on Jan. 1, 2018 or later will be subject to the new loan limits.
HUD’s Press Release: https://www.hud.gov/press/press_releases_media_advisories/2017/HUDNo_17-110
Welcoming your friends and family into your home can be one of the most anticipated events of the holidays. Whether you have family visiting from out of town, or if you’re hosting Christmas dinner this year, the fact that your home is the gathering place for your loved ones is a special privilege.
However, all the stress from cooking, cleaning, and social duties of hosting may get in the way of enjoying the moments and memories with your guests. Following these tips may help you achieve balance and celebrate the joy of your holiday gathering.
Get ahead so you don’t feel like you are falling behind. Do you wait until the last minute to do your shopping, or prepare your home for guests? Of course, doing anything last-minute is a tried and true recipe for anxiety or stress. By making a list of what you need from the store early, you may be able to beat the holiday crowd — if you wait until the day before Christmas, you are giving yourself the gift of a stress filled shopping trip. The best cure for situational stress is preparation. You can do it!
Promising more than you are able to deliver will run you ragged. While it is sometimes easier to say ‘Yes’ than to risk confrontation, Remember, it is okay to say ‘No.’ If you lack space or patience to host guests from out of town, or if you are uncomfortable cooking a complicated meal, it’s okay to say ‘No.’ Your family most likely loves you as much as you love them, and will understand. Ultimately, you will be more relaxed, leading to happier holidays.
Once you have prepared and decided that you can handle hosting your loved ones, it’s time to distribute the work to those willing to help out. Relying only on yourself to get everything done will make it difficult to enjoy the experience. Ahead of time, take down a list of everything you need to accomplish, and try to delegate at least 50% of the tasks to family members or outside sources. If you have limited help, or limited space, this is where prioritization and balance really come to the rescue.
If you normally find yourself trapped in the kitchen during your holiday hosting, consider catering a meal for your guests to enjoy. Sure, your grandmother’s family pie recipe is better, but is a ready-to-bake pie from the store good enough? Is the catered green bean casserole better than your old standard? Even outsourcing a portion of the kitchen tasks can give you room to breathe, and even enjoy the tasks you’ve reserved for yourself to brag about. Everyone will likely appreciate mixing up your typical holiday cuisine, and you will gain quality time spent with your friends and family instead of stressing in the kitchen. Joy to the host!
If you have tried these, or if you have your own tips that we should know about, please leave it in a comment below! We would love to hear from you.
Last year, the conforming loan limit was set to increased to $424,100 for this year (2017). Now, most of the United States will see an increase for single unit properties to $453,100 for 2018.
The HERA (Housing and Economic Recovery Act) indicates that the baseline conforming loan limit should be adjusted with the change in the average home price in the United States every year.
According to the FHFA (Federal Housing Finance Agency):
According to FHFA’s seasonally adjusted, expanded-data HPI, house prices increased 6.8 percent, on average, between the third quarters of 2016 and 2017. Therefore, the baseline maximum conforming loan limit in 2018 will increase by the same percentage.
A loan is considered “conforming” when it conforms to Government-Sponsored Enterprise (Fannie Mae and Freddie Mac) guidelines.
In light of the recent announcement of the S&P CoreLogic Case-Shiller Home Price NSA Index increase from last year, and FHFA’s seasonally adjusted, expanded-data HPI increase, this conforming loan limit adjustment is a welcome change for home buyers in high valuation markets.
To learn more about this increase, you can read the press release from the FHFA by going to https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Maximum-Conforming-Loan-Limits-for-2018.aspx.
Source: September S&P CoreLogic Case-Shiller National Home Price NSA Index Up 6.2% In Last 12 Months
Recent Analysis of the September HPI figure show as a 6.2% annual gain in home prices, up 5.9% from the previous month. Several large markets that were hit hardest in the financial crisis are reporting the highest gains, including San Diego (up 8.2%). 15 of the 20 major cities posted increases before seasonal adjustments, but all 20 reported increases after seasonal adjustments.
On the bright side, these price increases continue to be fueled by a strong economy, low mortgage interest rates, and a low inventory of homes; however, continued price increases and low inventories can put pressure on affordability for some people.
Steve Remington
Chief Operations Officer at Benchmark
We are proud to announce that Benchmark Mortgage was named in the Top 100 Places To Work For 2017 by The Dallas Morning News!
We are honored by this award, especially when considering what it takes to be among the rare air of the other 34 winning Mid Size Businesses who were also named to this list. To quote Doug Claffey, CEO of WorkplaceDynamics*,
“This is far more than a popularity contest. What distinguishes a Top 100 workplace is a fundamental difference in philosophy about what drives success. Winners put employees at the center of things. They create an environment that unleashes potential, inspires performance and, in the process, boosts the bottom line.”
Cheryll Hall of The Dallas Morning News writes*,
“No company has ever made our Top 100 list based solely on pay, perks and benefits. Not one.”
We have always operated according to our Core Values of Positive Attitude, Relationships, Dynamic, Excellence, and Success. We have always provided unparalleled support for our branch partners (80+ branches nationwide). Over the years, we have cultivated these values with our approach to the mortgage business as The Benchmark Way.
We never needed an award for giving back to those who have vowed to give it all (http://bootshoot.com), to support our team members in time of need, or to simply do the right thing as members of our community. Even so, the Top 100 is a good reminder to take a look in the mirror, and evaluate whether our priorities are as aligned as they once were. This year, we were given confirmation that we are still on target.
Thank you, Dallas Morning News!
For more information about Benchmark, please visit https://whois.benchmark.us
