Author: Benchmark

What Every First Time Home Buyer Should Know

If you’re planning on buying your very first home, chances are you are not taking the decision lightly, and for good reason. You should conduct as much research as possible about the process before you commit to your first home. Here are some things that every first time home buyer should know before purchasing a home.

Location Vs. Space

When it comes to purchasing a home, you’re likely going to have to choose between location and space. Should you go for a small house in your favorite city, or should you get the large house located in a less desirable area? Therefore, before you start shopping for a home, you should definitely know where your priorities lie. You need to decide beforehand whether space or location is more important to you. Doing this will make the home-buying process much easier for you, and it also reduce the chance of you experiencing buyer’s remorse later down the road.

Don’t Commit Too Early

One of the worst things you can do as a first time home buyer is commit too early to a home. Since owning a home is such a big and expensive commitment, you should only purchase a home when you’re sure that you’re ready for the responsibility. Know that your monthly housing expenses will likely increase by hundreds, even thousands, of dollars when you become a homeowner. Besides the monthly mortgage payment, you should consider if you’re financially ready to pay for property taxes, HOA fees, and homeowner’s insurance as these costs can truly add up.

Down Payments

If you have the money and can afford it, you should definitely make a down payment on your home. In fact, you should be saving up money now, so you can make a substantial down payment on your new home once the time comes.

Believe it or not, but a down payment is never a bad investment. When you invest money in the stock market, while there’s a chance that you will gain, there is also the likelihood that you will lose money. However, when you put money down on a home, it minimizes the risk and it enables you to begin with some equity.

Consider School Districts

Even if you don’t have children, you should still consider the neighborhood’s school district when going shopping for a home. A good, desirable school district can actually raise the value of your home. Reselling a home located near quality schools is usually easy, because demand for a good home in an excellent school district is always high.

Check Building Plans

Before you purchase your first home, you should check the future building plans for the neighborhood. First of all, you don’t want to live next to the sound of nails being hammered for months and months. While this situation will only be temporary, you may not want to be located next to the project being built. For example, if you don’t have any children, the last thing you’ll want next to your home is a playground, because you’ll have to listen to the squeaking of swings and the yelling of children, and you won’t benefit at all.

Look Deeper

When inspecting a home, you should take the time and effort to look deeper. Take the words of others with a grain of salt, and check out the house for yourself. If a problem happens to pop up during your inspection, take it seriously, especially if it’s a problem that could be particularly expensive to fix.

If you end up discovering a flaw while inspecting the home you like, you can actually use it to your advantage. After the inspection, try negotiating to bring the price of the house down, using the flaws of the home to support your case. As you can see, it’s not impossible to get a great deal on a home even after the inspection.

Establish Your Budget

Before you even start hunting for your perfect home, you should establish your budget. There’s nothing more disappointing than completely falling in love with a home, only to not able to purchase it due to lack of financing.

Not only should you establish your budget, but you should also secure financing. Many people make the mistake of not locking down a mortgage quickly, because they believed that house hunting for the perfect home would take a long time. By the time they’ve secured a loan for their home, they often end up losing the very home they had such high hopes for.

Check Out Renovations

One thing you should pay close attention to is whether the renovations of the home you’re interested in were done by a professional. While structural details are very important, a home’s aesthetic details should not be ignored. Many DIY remodelers use low-quality materials for a quick, cheap fix. These materials are often low in durability, resulting in problems for future homeowners when everything is said and down.

Inspect the Landscaping

Many people don’t realize that updating the exterior of a home can be just as costly, if not more so, than remodeling a home’s interior. If your goal is to not spend much money on the details once you’ve found a home, you should definitely pay attention to the landscaping of the home. Look for a property with landscaping and amenities that you already consider ideal without any costly changes. For example, it’s typically much cheaper to purchase a home that already has a fence than to install the fence yourself. However, just as you should when inspecting the interior of a home, you should pay close attention and figure out whether renovations were done by a professional.

The home buying process is far from being a piece of cake, especially if it’s your very first time going through the process. Therefore, you should make an effort to become as informed and knowledgeable as possible before making a decision. Being a homeowner is a huge responsibility and commitment, so you definitely want to avoid doing something you’ll regret later on.

Lesson: Home Insurance 101

by Benchmark

One aspect of buying a home that people don’t pay enough attention to is homeowner’s insurance. Although lenders require everyone buying a house to get some insurance covering basic risks like theft and vandalism, fire and smoke and other common forms of unintentional damage, such insurance is usually inadequate for your long term needs.

Adequate Coverage

Soon after becoming a homeowner, one of your top priorities should be to expand your homeowner’s insurance so that it becomes more comprehensive. For example, you will want your insurance to cover such things as personal items, your furniture and any structures on your property besides the house. These structures could be a garage, a shed or even a pool. However, if any of these additional structures are used for a home based business, then to cover them you will need a different type of insurance entirely, one that is geared more towards business needs.

Not Covered

If you don’t have a home business, but nonetheless keep business equipment at your home, then it will not be covered under standard homeowner’s insurance. The coverage is also likely to be minimal for such calamities as earthquakes and natural disasters or for the loss of extraordinarily expensive items in your house such as jewelry or works of art. You will need to purchase supplemental insurance in order to cover these things.

Personal Liability

One category where you should definitely add extra insurance is the area of personal liability to protect you from lawsuits if someone is injured on your property. It also gives you protection should your child or pet cause damage to other people’s property. Few lenders require you to have liability insurance, but it can prevent you from losing your home if you end up liable for somebody else’s medical bills or property repairs.

Protecting Your Insurance

The ease of availability for homeowner’s insurance varies from state to state. However, once you purchase insurance, you need to take steps to protect it. Resolve to avoid making claims unless it is absolutely necessary and fully justified. Otherwise, you may find your premiums rising to unaffordable levels or being discontinued entirely. One good idea is to have a high deductible so you are not tempted to makes claims over minor matters.

The best way to ensure that you are not caught short with too little insurance is to call your insurance professional today.

Preparing Your Home: Beat The Summer Heat

by Benchmark

In order for you to beat the heat this summer, you will need to start preparing your home before the heat hits. There are several things that you can do to ensure that your home stays comfortable during the summer months. Below are some tips for preparing your home:

Update Your Insulation

This will help keep the hot air outside and the cool air inside of the house. Updating your insulation can also help you save money on your electric bill. If your home is poorly-insulated, you could end up spending more money on your electric bill.

Change The Direction Of Your Ceiling Fan

If you used a ceiling fan to keep your home warm during the winter months, then you will need to change the direction of the blades. When the blades turn counterclockwise, they distribute the cool air throughout the room. You may also be able to save money on your electric bill. Even though the ceiling fan does not reduce the temperature inside of the room, it does help the room feel cooler. You will be able to comfortably raise the temperature on your air conditioner a few degrees. Ceiling fans can help you save between four to six percent on your electric bill.

Switch To Compact Fluorescent Light Bulbs

Many people switch to compact fluorescent light bulbs so that they can save money on their electric bill. However, this is not the only benefit that can be reaped from switching to compact fluorescent light bulbs. CFL light bulbs produce less heat than incandescent light bulbs. Therefore, it will be easier for you to keep your home cooler if you use compact fluorescent light bulbs.

Replace Your Air Filter

A dirty air filter will reduce the air conditioner’s efficiency. It can also trigger or worsen allergies. That is why you will need to replace your air filter every two months. It is also a good idea to have your air conditioner unit serviced before the summer heat hits.

Now is the time to start preparing your home for the summer heat.

Common Mistakes When Buying & Refinancing

by Benchmark

When buying or refinancing a house, you will want to avoid common mistakes. If you can do so, you will save money and help your cause greatly. With this in mind, here are the top four common mistakes to avoid when you want to buy or refinance a house.

Mistake 1: Not Understanding Rates

First and foremost, when you borrow tens of thousands of dollars, you will want to know as much about rates as possible. At Benchmark, your mortgage professional will help you do so by reviewing your credit score and letting you know exactly where you stand. They explain what the current rates are and help determine which loan product will best fit your financial needs. This will allow you the opportunity to learn how your monthly payment can change drastically by knowing how the rates and loan products work.

Mistake 2: Ordering Your Own Appraisal

Now, if you are refinancing your property, don’t think that in addition to a Benchmark Appraisal you are required to independently verify the value of your house. Benchmark’s Appraiser Panel is staffed with many of the local appraisers found in your area. At Benchmark, we ensure that you receive top quality appraisal reports so that there is no struggle to enjoy the lowest rate when you refinance your home.

Mistake 3: Looking At Entire Costs

All-too-often, a buyer or homeowner will forget to look at other costs associated with the loan. Sadly, they can add up quickly and leave you with thousands of dollars of fees added on to the loan. To avoid this, look at the paperwork and ask questions with your Benchmark Mortgage professional. If you feel it contains inaccurate information, speak up. Your Benchmark Mortgage professional will help ease your concerns and answer any questions you may have. We understand that wasting money on closing costs and other fees is the last thing you want to do so we are here to help assist you every step of the way.

Mistake 4: Not Fixing Credit

Finally, when buying a house or refinancing, you will want to clean up your credit and pay off old debts. If you don’t, you may not qualify for the lowest rates possible. For example, if you have a score of under 650, you may end up paying more than a person with a score above 750. So be sure to pay off any old debts, fix any errors on your report and catch up on any late payments. Otherwise, you may end up paying a higher interest rate.

With these four simple tips, you can ensure your refinance or house purchase goes smoothly the first time around. Remember, you need to protect yourself and avoid common pitfalls others make. When doing so, you will save money and speed up the process.

Top 10 Family Vacation Spots

by Benchmark

Where it used to be difficult to decide on a vacation spot that would please the whole family, a new trend, family-friendly resorts solves the problem of where to go for that great family trip. Experience everything from an African Safari to the Wild West with one of these top 10 family vacation spots.

#1 Disney’s Animal Kingdom Lodge

Experience the thrill of an African safari without leaving the continent at Disney’s Animal Kingdom Lodge in Orlando, Florida. Start by greeting the 33-acre property via the lobby’s 65-foot window. Over 200 animals from 100 different species roam the property.

#2 Hilton Waikoloa Village

If a trip to the islands is on your agenda, take the family to the Hilton Waikoloa Village on the Kohala Coast of Hawaii. Parents can sign kids up for Camp Menehune, a day and night camp where they get to feed swans, hunt for treasure and search the tidepools for sea life.

#3 Tanque Verde Ranch

Tanque Verde literally means “Green Pool.” This 640-acre ranch is Tuscan, Arizona is a green oasis in the Sonoran Desert. Turn into cowboys and go on a specialty horseback ride with lunch in Cottonwood Grove. Riding lessons are available.

#4 Snowbird Ski and Summer Resort

Take a wonderful winter vacation at Snowbird Ski and Summer Resort near Salt Lake City, Utah.In addition to skiing, family members can enjoy ice skating, snowboarding, snow tubing, luge sledding and snowshoe tours.

#5 Atlantis Resort

Explore a lost civilization with an Atlantis Resort vacation. Located on Paradise Island in the Bahamas, it has 11 exhibit lagoons and thousands of animals such as stingrays, lionfish and sharks. This trip is for the water-loving family with miles of beaches, seven water slides and 11 different pool areas.

#6 Tyler Place Family Resort

Family vacations have been the specialty of Tyler Place in Highgate Springs, Vermont since 1933. Not only do they provide activities for grade school kids, they cater to kids from newborns to teens with musical games, a fleet of strollers, bikes with baby seats, water skiing and camp outs.

#7 Vista Verde, Steamboat Springs

At Vista Verde in Steamboat Springs, Colorado, kids can learn horseback riding basics and hold powwows in teepees while parents take a wine tasting class or have a romantic candlelight dinner.

#8 Earthshine Mountain Lodge

Located in Lake Toxaway, North Carolina, Earthshine Mountain Lodge is a refreshing way to experience pioneer life. Press apple cider, make candles, apprentice in a blacksmith shop and learn the ways of the Cherokee Native American tribe.

#9 Hyatt Regency Scottsdale Resort and Spa, Gainey Ranch

At the Hyatt Regency in Scottsdale, Arizona, parents get plenty of R&R while the kids are entertained at Camp Hyatt Kachina. There are separate programs for kids aged 3 to 6 and 6 to 12. The camp activities are influenced by Native American culture.

#10 The Hotel Hershey

The Hotel Hershey in Hershey, Pennsylvania pairs adult activities like golf and spa treatments with the Cocoa Kids Club, a supervised program featuring arts and crafts and sports activities. Older kids get to go hiking and participate in team-building activities.

Preparing Your Kids For College

by Benchmark

Teenagers who are in high school usually don’t understand what is ahead of them in college. Living on a college campus and dealing with the responsibilities of a higher education can be difficult for many students. Preparation beforehand is the key to having your kids know what to do before they head off.

Live As An Adult Months In Advance

Take the last few months before college as a way to prepare them for what’s ahead. You can help them learn about budgeting money, taking care of their room, and being organized. Those last few months can prove to be instrumental in the life of a high school student preparing for college.

Find Out Their Grades, And Get Them The Help They Need

Watch their grades like a hawk during their final years of high school. This will allow you to find out which areas they struggle. Once you know their trouble areas, you can help them personally or get them a tutor. Taking basic college classes is required when a student begins college, so perfecting their basic math and writing skills can help keep them a step above the rest.

Value Money

Teach your child the importance of money and how much it’ll cost for them to go to college. This can help them learn to value the education they are getting.

College Courses

It is a good idea to prepare your child with some college courses while they are still a senior in high school. These courses are going to help prepare them, and they can be through a local community college. It is best to consider courses that will be accepted by their college before enrolling in the courses. Being a step ahead is always useful.

Time Management

College requires strong time management to stay on top of college coursework, homework, and taking part in social activities in school. It is not an easy life, and sometimes teens struggle with making their homework on time. By teaching them early on in middle and in high school how to manage their time, they’ll be more prepared for college.

Preparing a child for the work involved is going to help make the transition into college life. Whether they live away from home or not, these skills will serve them well in college and in life.

Top 10 Tips To Save Water This Summer

by Benchmark

With the warm summer weather comes an increase in activities around your home, outside and inside, that use water. Here are 10 tips for smart water usage.

Check Your Connections

1. Check hose connections and outdoor faucets for leaks. Replace or adjust them as soon as you notice a leak. Also watch lengths of hose when water is running through them for holes or other damage.

Strategically Schedule Your Water

2. Be strategic by scheduling when you water lawns, gardens and flower beds. Watering before the heat of the day means less water is lost to evaporation. A regular watering schedule also keep plants and lawns from drying out and becoming stressed, which in turn leads to the need to water more.

Regularly Adjust Your Sprinklers

4. Stay pointed in the right direction. Regularly adjust the direction of your sprinklers to make sure you aren’t watering the sidewalk or driveway.

Make A Clean Sweep

5. Use a broom on driveways and walkways as a first step to cleaning them. Use the hose as the second step.

Maintain Your Pool

6. Don’t let your pool make an unwanted splash on your water bill. If you have a pool, make sure it is regularly maintained and thoroughly checked for leaks.

Use A Rain Barrel

7. Set up a rain barrel. Then use water collected to water trees, shrubs and flowers. In a similar vein, see if downspouts can be directed to deliver water to certain areas that need it such as lawns or garden beds.

Fill Your Appliances

8. Appliances are most efficient when full. Wait until there is a full load to run the dishwasher or washing machine.

Inspect Your Appliance

9. Inspect other appliances that use water to make sure they are performing in an optimum way. Don’t forget your evaporative cooler or hot water heater.

Don’t Wait For The Tap To Get Cold

10. Keep a container of drinking water in the refrigerator instead of letting tap water run to get cold for drinking. This has the added benefit of giving you a cool drink instantly.

Saving a drop here and a drop there really makes a difference when it comes to water usage. What looks like a small amount of wasted water adds up quickly when it happens every day or all summer long. In a similar way making what seems like a small step now will help keep your home green. Then you can enjoy summer the way it was meant to be.

Keeping A Germ Free Home During Flu Season

by Benchmark

Flu season can be a dangerous time of the year. We all like to think our home is safe and germ free, but germs can be lurking everywhere! Thankfully, there are ways that you can keep your home germ free during the flu season and keep your family healthy and safe!

High-traffic Areas

There are some spots in your house that receive a lot of traffic, such as faucets, doorknobs, remote controls, toys and toilets. These are areas where germs build up quickly. That is why it is important to disinfect these areas often. Once someone from your family comes into contact with the flu virus, they can easily spread it to other areas of the house. Try to keep it from spreading by cleaning these high-traffic areas.

Disinfectants

When you want to get rid of dirt, soap and water will do the trick. However, when you want to get rid of germs, you are going to need something with a little bit more power. That is where disinfectants and sanitizers come into play. These types of cleaning products are used to kill viruses and bacteria. Keep in mind, however, that disinfectants need time to work. Sometimes they need between a few seconds to a few minutes. Read the directions on your disinfectant product to ensure that you get the maximum benefit from it.

Take Out the Trash

During the cold and flu season, your family is going to use a lot of tissues. As a result, your trash will be filled with dirty tissues that are simply overflowing with germs. This is why it is extremely important to empty your trash can often. Also, ensure that your family members do not leave their dirty tissues lying around. This is just asking for more germs to spread to other surfaces.

Be sure to keep these tips in mind when it comes to keeping your home germ free this flu season. Just remember, there is no sure-fire way to stop the spread of the flu. Thus, as soon as you notice signs of being infected, you should contact your doctor right away for treatment. The sooner you seek treatment for the flu, the quicker you can get back to your normal life!

Why Getting Pre-Approved for a Mortgage is Important

by Benchmark

While plenty of people pick out the house they want and then go to the lender for a mortgage, this is actually quite backwards. If you are hoping to purchase a home soon, getting pre-approved for a mortgage should be the first item on your list. Here are some reasons why this will make buying a house a much less painful experience with a pre-approval in hand.

Establishing a Purchase Range

There is no sense in viewing homes you cannot afford. Getting a pre-approval will give you an idea as to how much you can reasonably purchase, so there will be no let-down later in the process. Having a range to use when house hunting will save you time and frustration, as well as save the time and frustration of homeowners and your realtor. Your pre-approval amount will also tell you how large of a down payment you will need, which is largely dependent on how much you are approved to borrow.

Finding Credit Problems First

Some people decide to buy a home and have one picked out, only to find out that their credit is destroyed and they don’t qualify for a mortgage. In another scenario, you may think you are prepared to buy and find out your score is only 20 points from being within prime range. Getting a pre-approval first will tell you what you can reasonably expect to be offered from lenders. Then, you will be able to make your own decision about whether or not you want to focus on some credit repair before taking the plunge.

Allowing You to Move Quickly

If you are searching for the perfect house and find it without being pre-approved, another person can swoop in and buy it before you can get all of your paperwork in order. This is not uncommon at all, as many people find the house, make an offer and close within 30 days. If you want to be able to snap up the right house for you, having a pre-approval can help speed the process.

Getting a pre-approval for a mortgage is important because it will save you time and effort. If you need to do some credit repairs first or gather some documentation, you won’t have two realtors and a homeowner waiting on the process. If you are serious about home ownership, having a pre-approval in hand will make it easier for everyone involved.

Top 10 Mortgage Tips

by Benchmark

When getting a mortgage, you should do your research and know how to proceed wisely. For most inexperienced buyers, this is hard. However, if you can follow these top 10 mortgage tips for borrowers, you will land the best mortgage at the lowest APR.

1. Document

Above all else, when you want to borrow a large sum of money, you will want to document your finances. Then, when you have to head to the bank and speak with a lending representative, you can avoid any unnecessary delays in the process.

2. Lock In Early

With a mortgage, you will want to lock in rates quickly. Remember, the APR will fluctuate, and you will want to get in at the best time.

3. Commit to a Lender

Now, more than ever, there are plenty of banks and mortgage companies and it is easy to get sucked into “shopping around”. When you commit to a great lender, you give them the confidence to put 100% into finding you the best mortgage program knowing you are a committed client.

4. Look At Credit

Before getting a mortgage, you need to look at your credit. If it is in great shape and you have a score of over 750, you should not take action. On the other hand, if you have a low score, you should fix your credit and pay off old debts.

5. Keep Your Down Payment Small

If you have a lot of cash saved up, you should not put it all on the down payment. Think about it, when getting a house, you will need cash to make repairs and upgrades. Luckily, with a few grand in savings, you can pay for this easily.

6. Be Aware Of Rights

Now, a consumer enjoys plenty of protection when he or she takes out a mortgage. Of course, you should still read up on these laws.

7. Start Early

When you want to get a mortgage, you should start early. Otherwise, you may end up with problems when one delay after another occurs.

8. Look Local

Having a physical location to walk into is comforting versus working with an “online only” lender. Benchmark is based in the community.

9. Really Think About It

Now, a home purchase is a big deal. To avoid overspending, work with a professional mortgage planner who can help you stay within your budget for your new home.

10. Do Not Fear

Without a doubt, getting a mortgage is not a scary process.

With these 10 tips, you can land the mortgage you want. Not only that, you will experience fewer problems when following these tips.