Year: 2017

We Have Your Back – The Benchmark Way

With Benchmark, you’re never alone. We know that getting a mortgage can be scary, but it doesn’t have to be that way. Our family is here to walk you through the process of getting you home. In the last part of this series, we gave you an overview of what it takes to buy a home. In today’s post, we give a deeper view into the heart of our approach to long term advocacy for our clients.

From applying for a mortgage through closing on your new home, Benchmark has your back. Welcome to,

The Benchmark Way.

Loan Creation

Getting a mortgage shouldn’t cause you to worry or make you stress. We want you to be confident and at ease.

After first talking with your loan officer, your loan is created to match you with the perfect loan for your goals. Are you afraid of being left alone with the burden of managing your loan? No need to worry; our work isn’t over at closing.

Market Watch

We understand the importance of a low rate. Wouldn’t you like to be notified at the first sign of any potential benefit? With minute-by-minute access to market rates, we accurately monitor the market in relation to your specific loan.

This includes staying ahead of rate changes by tracking hourly and daily mortgage-backed securities(MBS) movement, with the ability to chart progress in 5-minute intervals. Significant movement triggers custom alerts on a each affected loan for potential benefits. There is no time like the present.

Beyond the Technical

Reaching out to our clients when there is an opportunity to save money is just one part of what we call our “Lifetime Loan” experience. While wee take pride in having the right tools to monitor the market as it relates to your loan, our main focus is not the transaction. We are dedicated to building real, lasting relationships. To us, business is not just business; business is personal.

Yearly Reviews

In addition to our real time market analysis, we also perform an in-depth yearly review of your mortgage. Our clients get a forecast of what we foresee the future markets and rates to look like, and provide a unique personal action plan for you.

You are kept in-the-know and up-to-date on any potential changes that may be beneficial for your loan. By keeping your options our priority, we strive to make sure you get the most out of your mortgage.

Benchmark Does It Better

If you only remember one thing, let it be this: Benchmark has your back.

If you ever have any questions or concerns regarding your loan, no matter if it’s been a few days, or several years since closing, please feel free to reach out to us for help. After all, our company is built on relationships.

When you choose Benchmark, you have an advocate for life.

Are You Ready?

If you are ready to begin the process, find your loan officergive me a call or contact mechoose your loan officer or contact us today.

Closed Memorial Day

by I Am Benchmark

In observance of Memorial Day, the Benchmark Corporate Office will be closed.

The Benchmark Way – Buying A Home

by I Am Benchmark

With Benchmark, you’re never alone. We know that getting a mortgage can be scary, but it doesn’t have to be that way. Our family is here to walk you through the process of getting you home. In next part, we will give a deeper view into the heart of our approach to long term care of our clients.

From applying for a mortgage through closing on your new home, Benchmark has your back. Welcome to,

The Benchmark Way.

The Process

Contact Your Lender

Before you get started with a mortgage, you’ll want to find your loan officergive me a call or contact mechoose your loan officer or contact us today. Your Benchmark lender is a licensed mortgage professional who understands exactly what it takes to match you with the best possible loan to match your goals. It’s important to note, no loan will ever be the same.

Get Pre-Approved

Getting pre-approved is the first major step towards purchasing your new home. To get pre-approved, we verify your information and documents to determine how much you are able to borrow towards your new home. This will strengthen any offer you decide to make on a home.

Get a Real Estate Agent

Having a good real estate agent can greatly enhance your home-buying experience. They can help match you to the home you may not have even known you wanted, and are your best advocate in negotiating your offer. Through our relationships, your Benchmark lender may be able to make a great referral for you.

For some tips on choosing one one your own, we have a great article for you: Find A Great Real Estate Agent The Easy Way.

Find Your New Home

Knowing your price range and desired location(s) will help your real estate agent with your search. Once you have your home in sight, move FAST. Contact your agent, and let your Benchmark lender know about your find!

Sign The Contract

Whether the Contract is completed by your realtor or by yourself, its completion will get you one step closer to your new home. As soon as the offer is accepted and the contract is signed by all parties, please communicate your new home’s address to your lender. Then we will be able to start assembling your Loan Estimate.

Your Loan Estimate

Your Benchmark lender will send you a loan estimate. The loan estimate will give you a general overview of your loan and estimated costs.

The Benchmark Magic

This is where The Benchmark Way of lending wins the race. Our team of underwriters and processors will be working hard to make sure we have what we need from you to close your loan on time. So, sit back and relax… We are ordering your appraisal, getting documents from Title, and everything in between to complete your loan.

Final Approval

This is our favorite part of theprocess! Our underwriters have looked over all of the documents and have given their seal of approval. At this point, you’re almost home!

Closing Time!

The closing date will be set^*, and the documents^** will be ready to be signed. Get your pen ready, because we will need for you to sign on lots of lines! After everything is signed, the keys are yours. Welcome Home!

*Clear to Close: This simply means that all conditions of your loan have been met, and the loan underwriter has given the blessing to release instructions to your title company for the closing. If you are buying a home this is your goal.
**Closing Disclosure: All lenders are required to provide your Closing Disclosure three business days before your scheduled closing. Use these days wisely! Double-check that all of the details are correct. If something looks different from what you expected, ask me why, and let’s get it sorted ASAP. NOW is the time to resolve problems. If the explanation you get isn’t enough, just keep asking questions.

Most Patriotic Day in Texas Raises Money to Support Veterans

by I Am Benchmark

One Million Dollars Raised at Private Fundraising Events to Support Veterans

DALLAS, TEXAS – APRIL 21, 2017 – The sixth annual “Boot’n and Shoot’n” and “Boot’n and Salute’n Benefit Dinner” raised a record $1,000,000 to support military veterans.

Both events, sponsored by Benchmark Mortgage, a mortgage banker located in Plano, Texas, support the work of The Brain Treatment Foundation, Third Option Foundation, 22Kill, and the Dallas Fort Worth Fallen Officer Foundation. Kara Williams of the Brain Treatment Foundation stated, “The money raised will offer life-altering treatment programs to veterans that are otherwise unavailable through the VA. This will not only change the life of a veteran, but will also affect their families, their loved ones and the community they served. We are so honored to be a part of the most patriotic day in Texas.”

New this year was the addition of the Boot’n and Salute’n Benefit Dinner held on April 5, 2017. The dinner honored veteran heroes and their families with moving tributes and stories. The dinner also featured a stirring keynote address from retired US Army Lt. Col. Allen West and a live auction. To top off the evening, guests were treated to a private concert from Stoney LaRue. The Boot’n and Shoot’n event held on April 6, 2017, at the Dallas Gun Club featured a clay shooting competition that paired veterans and civilians for a few hours of fun followed by silent and live auctions and live music from Jon Wolf.

What started in as means to establish support for veterans and their families in the Dallas area has quickly grown into an event to honor and serve those from around the country who have given so much to so many. These events allow veterans and civilians to spend time with each other to build a community of support. Andrew Paul, Benchmark branch manager and former Navy SEAL, put it best when he said, “Honor your veterans and the fallen in how you live your life.” There is no better way to live than in serving others and offering gratitude to our service men and women.

Headquartered in Plano, Texas, Ark-La-Tex Financial Services, LLC d/b/a Benchmark Mortgage (Benchmark) is a full-service mortgage banker. The company, founded in 1999, operates retail origination branch offices nationwide. In living out Benchmark’s core values, our branch offices are committed to the communities they serve, promising thoughtful, responsive, and efficient service.

Happy Easter From All of Us at Benchmark!

by I Am Benchmark

HUD Mortgage Insurance Premiums Reduction Indefinitely Suspended

by I Am Benchmark

[This is an update to our previous blog post here]

Merely moments after being sworn in as our nation’s 45th President, President Trump’s HUD indefinitely suspended the MIP reduction of 25basis points, that was scheduled to begin on January 27th.

HUD Lowers Mortgage Insurance Premiums for Most FHA Loans

by I Am Benchmark

[UPDATE – According to Housing Wire, This reduction has been indefinitely suspended mere minutes after Donald J. Trump was sworn in as the 45th President of the United States of America.]

The Department of Housing and Urban Development announced on Monday that they plan to reduce the Mortgage Insurance Premium for FHA mortgage loans. Since 2012, the Federal Housing Administration’s(FHA) Mutual Mortgage Insurance(MMI) Fund has gained $44 billion, and is now 32 basis points above the 2 percent threshold level required by Congress. This is ~$13 billion more than projected for Fiscal Year 2017 in an Actuarial Review of the MMI Fund for Fiscal Year 2012.

The FHA Pays It Forward

“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,” … “This is a fiscally responsible measure to price our mortgage insurance in a way that protects our insurance fund while preserving the dream of homeownership for credit-qualified borrowers.” – Julián Castro, HUD Secretary

According to the FHA, the reduction will return the Mortgage Insurance Premium nearly to levels seen before the housing bubble crisis. The FHA also predicts that ~1 million borrowers will buy or refinance with an FHA loan over the next year, most of whom will see reduced costs.

“We’ve carefully weighed the risks associated with lower premiums with our historic mission to provide safe and sustainable mortgage financing to responsible homebuyers,” … “Homeownership is the way most middle class Americans build wealth and achieve financial security for themselves and their families. This conservative reduction in our premium rates is an appropriate measure to support them on their path to the American dream.”

– Ed Golding, Principal Deputy Assistant Secretary for HUD’s Office of Housing.

The Takeaway

According to the FHA, annual mortgage insurance premiums will be lowered 25 basis points*, or one quarter of one percent, will come into effect on January 27th of this year. The FHA estimates that new rates could save, on average, $500 in 2017 alone for most FHA borrowers.

*For loans less than or equal to $625,500 with a maturity greater than 15 years. Please see the full report from HUD for more details of different loan scenarios and their actual MIP’s.

Call or contact me today! Get started today. Find Your Branch here: Get Started Now!

Millionaire Tells Millennials To Buy A Home

by I Am Benchmark

CNN recently ran an article explaining why self-made millionaire David Bach has said,

“The fact is, you aren’t really in the game of building wealth until you own some real estate.”

In his book, “The Automatic Millionaire” Bach writes,

“As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing. Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home free and clear!“

We have touched on this in the past. (see Buying Still Cheaper Than Renting, Renting vs Buying a Home and Accumulating Wealth, and Homeowner Average Net Worth 3,600% Higher Than Renter)

Bach has told CNBC that buying a home is “an escalator to wealth“.

“If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter.”

In regards to the idea of a starter home, Bach says,

“Oftentimes, buying your first home means you’re not buying your dream home. You’re just getting into the market.”

The Logic

Following David Bach’s logic is simple. We all have to live somewhere. We have to pay either rent or a mortgage. Over time, a mortgage can increase your net wealth over renting.

While buying your dream home would be nice, Bach says that the key is to just get into the market, and admits that your first home may not be your last.

The Takeaway

On average, family wealth of homeowners is dramatically higher than that of renters, and this divide has seen growth over time. David Bach, best-selling author and self-made millionaire, advises homeownership as the surest path to building wealth.

Call or contact me today! Contact your Benchmark mortgage lender today. Find Your Branch here: Get Started Now!