In a mortgage forbearance agreement, the lender agrees not to foreclose on a mortgage, and the borrower agrees to a plan that will result in a temporary adjustment to provide relief, and to pay the balance to be current with the original payment plan.
The Department of Veterans Affairs has made adjustments to the way VA Loan appraisals can be conducted in these uncertain times. In an attempt to both take care of the appraiser and limit the amount of face to face interaction, appraisers are now allowed a “broader use of exterior appraisals.”
Founding Partner Stewart Hunter delivers a quick market update, including the $2 Trillion bailout package, shelter in place, and Benchmark's own market and operation status.
Your knowledge, leadership, and ability to adapt quickly are all being tested. Master these tips to surge to the top of your client's minds when they go to recommend an expert. Here is Part 1 of our Client First video series: Understanding Market Issues.
Special measures have been taken to help account for challenges facing the real estate market due to COVID-19. Here are the temporary flexibilities in place to facility the continuation of transactions for buyers.
As social distancing sweeps the nation, Benchmark offers our clients Hybrid E-Closes where you can sign up to 70% of your documents remotely! Watch the video to learn more.
How to be the professional that clients need during times of uncertainty. This is the introductory video to a series aimed at helping empower you to be a force for good in your market. When uncertainty abounds, be the voice of calm confidence.
COVID-19, the Federal Reserve cuts rates, and Rate locks now good for 60 days. A lot is going on in the housing market and the country as a whole. Let's dive in, and see how this could affect you and your mortgage.
Dear Benchmark Clients, Partners, Vendors and Staff:
As our nation and the world continues to deal with the issue of the coronavirus, it is important that we provide you information regarding steps Benchmark is and will take to protect our collective health and mortgage operations. The measures described below are in place or being enacted; however, everything is subject to change as the Benchmark Pandemic Planning Committee meets daily and will modify plans to respond to changing conditions. We will continue to post updates as necessary.
Over many years of development and testing, Benchmark has created a robust Business Continuity/Disaster Recovery Plan from which a number of elements can be applied to this coronavirus situation. Those features have either been adopted or are ready for implementation when needed. We are also developing new responses to this novel crisis that incorporate directions from our national and state leaders.
To protect the health of Benchmark personnel and continue our mortgage operations, our teammates have already been equipped with either laptops or VPN computer access so that staff can work remotely from home. We are actively testing the security and speed of our remote connections to insure data privacy/integrity. Benchmark has planned and is implementing short- and long-term remote work contingencies that will insure our ability to continue working on loans and maintain operations.
As additional health safety measures we are strongly recommending:
Benchmark is now in its 21st year of operations. We are financially strong and solvent. We have met all previous obstacles and come away stronger than before. While this current situation makes us concerned for the well-being of people’s health, we are not worried about our ability to provide our clients and partners with the service people expect of us.
We will update this message as our strategies and processes adapt to changing conditions. We urge all persons to minimize travel and physical contact, wash hands frequently, stay home if you are not feeling well and get medical attention. Our country has survived many trials and tribulations in our history, we will overcome this one as well.
May God bless America and keep us safe
Buying a home is one of the biggest financial decisions and commitments many will make. Unfortunately, there are several outdated and false ideas surrounding the home buying process and what exactly is needed to qualify for, and purchase a home in 2020. In this list, we are breaking down five of the most common home buying myths.
If you have ever considered buying a home in the past, one of the first things you may have heard is the need for a 20% down payment. Times have changed! Some loans, such as an FHA loan, now require as little as 3.5% down. Customers applying for through the VA loan may require little to no down payment at all. There are even conventional loans that require only 3% down! There are disadvantages of putting a smaller down-payment on your home, such as potentially higher monthly mortgage payments and more interest paid on the loan over the term of the loan. On the other hand, this means that the savings period before buying a home may be shorter than many people think. Talk with your Benchmark Mortgage loan officer to see what your down payment options are, and see what works best for your situation.
Many people just assume that you need a stellar credit score to qualify for a home loan, but this is also false. If you have a low credit score, some lenders will look at bill payment and rent history. While a higher credit score could mean a lower interest rate, a less stellar score does not necessarily exclude you from getting a mortgage. This will vary from lender to lender, but going to a lender like Benchmark who will consider your unique situation and work with you on credit repair or seek alternative payment history sources is always a good idea.
When starting the search for a home, the first thing most potential homebuyers look at first is the interest rate a lender can provide them. While the interest rate is an important factor when choosing a lender, it shouldn’t be the only thing that goes into choosing who you get your mortgage from. At Benchmark, we take “total payment” and your long-term financial outlook to heart, far beyond the scope of the interest rate alone. If a lender is offering an Adjustable Rate Mortgage(A.R.M.) at a very low initial interest rate, be warned that interest rate could potentially rise as the market fluctuates throughout the term of the loan. Be aware also, that if a lender is giving you an extremely low rate, it could mean higher up-front fees, or fees that will be factored into your closing costs. This brings us to our next home buying myth.
Most people buying a home for the first time forget to factor in the closing costs of your home. This is an additional cost on top of your down-payment. These costs usually cover your home inspection, appraisal, application and origination fees. There are some exceptions to when you’ll have to pay the closing costs such as the seller agrees to pay, this is rare but can be negotiated depending on the situation. Talk to your loan officer during your loan process and assess the how much will be due at closing to avoid any surprises!
This is another big-time home buying myth. Simply having student loan debt will not prevent you from qualifying. Most often, lenders want to see a consistent payment history on the loans in question. If you have been consistent, and/or are on a payment plan, that could increase your chances of qualifying for a loan. Understanding your debt-to-income standing is also key to knowing if you’re ready for home ownership or not. So before completely writing off the possibility of homeownership because you have student loans, consult a Benchmark mortgage specialist, and assess your eligibility. If you’ve been consistent on payments and have a decent debt-to-income ratio, you may be surprised at what you could qualify for.
If you want to explore whether you’re ready to buy a home, get in touch with a Benchmark Loan Officer to learn more about your financing options.we would be happy to answer any questions. If you are ready to get started, you can start your application now, or contact us today!you can call me, contact me, or if you are ready, you can apply now! It would be my honor to help you plan your financial goals.
Benchmark brings you home.
