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Strategies for A Successful PCS Move

by I Am Benchmark

Active duty service members move every 3 years on average. For military families, frequent relocation can create added stress, as you have to find new housing, coordinate the logistics of a move, and establish new roots in an unfamiliar place.

At Benchmark, we want to help alleviate some of that stress, and help ensure a smooth transition during your Permanent Change of Station (PCS). Below are some strategies to make your PCS experience easier.

Know Which Resources and Benefits are Available to You

The military offers many resources and entitlements to help you navigate your PCS move. A great place to start is your installation’s housing office, which can provide you an overview of the housing options available to you at your new installation. You may be granted up to 10 days of leave to travel to your new location to explore housing. If you are thinking about buying a home in your new location, this a great opportunity to go house hunting and check out properties for sale in-person.

To coordinate moving logistics, get in touch with your local installation’s personal property office. They can provide you all of the options to coordinate your move with one of their transportation providers. Alternatively, you may opt to handle the move on your own with a Personally Procured Move (PPM), which allows you to be reimbursed to move your own belongings. Make sure you ask about additional entitlements and expense reimbursements that might be available to you during your move. Depending on your situation, you may be eligible to receive reimbursements for Temporary Lodging Expenses (TLE), a Dislocation Allowance, per diem travel allowances, non-temporary storage, and more.

Get an Experienced Home-Buying Team by Your Side

Finding a lender that has experience with military buyers can make a huge difference when navigating the home loan process during a PCS move. At Benchmark, we are committed to providing an outstanding home buying experience for our military clients. We understand the unique challenges you face as an active duty service member looking to buy a home in a new community.

Once you have your PCS orders and decide buying a home is the right choice for you and your family, get in touch with a Benchmark Loan Officer to get pre-approved for a home loan. A pre-approval lets you know your price-range when searching for homes and puts you in the strongest possible position to make an offer. We can also connect you with a Veteran-friendly real estate agent who specializes in assisting relocating military personnel. Choosing the right realtor who has experience working with buyers during the PCS process will make a big difference towards securing the perfect home with ease.

Take Advantage of Technology

Taking advantage of technology can help guarantee a thorough home search process alongside your realtor while limiting the amount of time you need to spend on the ground in your new location. Your realtor can provide you with an online search tool to check out homes within your price-range and specifications. Many listings today offer virtual tours to help you envision what the space feels like beyond traditional photos.

Once you have narrowed down your options online, your realtor can arrange a virtual video tour using a video-chatting app to lead you through the property and answer any questions you may have as they move through each room. Throughout the virtual ‘walk-through’ of the home, you can ask questions like, “can you show me how big the closets are” or “how high are the ceilings in the living room?,” so you get a better feel for the functionality of the home. If you do have the opportunity to personally tour homes in advance of your PCS, you can focus on your top contenders without having to waste time on properties that are not a good fit.

Close on Your New Home

At Benchmark, we have created an “easy button” to ensure a smooth home buying process for our military clients. Our team will take care of you on your journey to your new home, and ensure you have a first-class experience. If you have any questions about the PCS process, get in touch with one of our local experts or join one of our PCS Facebook communities.

 

The Benchmark PCS Promise

Moving is common with the Military. Whether you’re relocating to another state or country we want to give you the peace of mind you deserve. When purchasing a home you need speed and certainty. We can provide you and your family the certainty you deserve by fully underwriting your file prior to making your offer. That will put you in the best position to win in a competitive market. You’ve made a commitment to us. Now it’s our turn.

 

If you are ready to talk to a professional, contact your local Benchmark branch today.call me or contact me today.contact us today, and let our team take care of you.

Benchmark Interview Series: Real Estate during COVID-19 pandemic

by I Am Benchmark

The current market is not the same one that existed only three months ago. Open houses are not as “open” as they were, and COVID 19 has impacted every aspect of the real estate market. We got with JD Tomlin, a realtor with the JD Tomlin Team (est. 2010) in the DFW area, to discuss some of the hottest issues that have come up with the changing industry.

Enjoy the series. 

Benchmark Interview Series: Real Estate during COVID-19 pandemic, Part 1

May 14, 2020

The team you work with matters! The industry has changed a lot, and working with an expert who can navigate the changing guidelines is more important than ever. Lenders today are dealing with constraints that have taxed the entire industry with challenges, including long wait times on appraisals. In some cases, some lenders are just not sending funds to close their loans. Ultimately, how long is the home buying process taking? Overall, transaction times haven’t changed very much. Benchmark has a team dedicated to making sure loans close quickly, efficiently, and on time. Read more

Benchmark Interview Series: Real Estate during COVID-19 pandemic, Part 2

May 14, 2020

Home inventory helps predict whether it’s a “Seller’s Market” or a “Buyer’s Market.” When there are too many houses for sale, the buyer has the advantage. When there are not enough houses, sellers have the advantage. Home inventory changes based on location, so good advice in one city, may be harmful in another. No matter what inventory level your area is seeing, the important thing to note is that houses are still selling, people are still moving, and you can too! Ask your local Benchmark Loan Officer to connect you with one of their trusted realtor partners to get started today! Read more

Benchmark Interview Series: Real Estate during COVID-19 pandemic, Part 3

May 14, 2020

If you are considering listing your house for sale, you have probably considered the fact that people will want to come tour the inside of the house. This is where the realtor you choose can make a big difference. Photographs and 3D digital tours have become popular solutions to boosting your house listing, and allow potential buyers to see enough of the house that they may make an offer, site unseen. Realtors are also seeing that every protective measure is taken to make sure they enter a house with facemasks and sanitization before, and after, viewing a house.  Read more

Benchmark Interview Series: Real Estate during COVID-19 pandemic, Part 4

May 14, 2020

It’s no secret that realtors work hard to create a great home finding process for their clients. For top notch realtors, this has not really changed. Restrictions have been put in place to ensure that visiting homes is done safely, and inline with the CDC’s recommendations. When home sellers have multiple people wanting to look at the house, Realtors will often try to access the house without their clients, providing a walk-through video, as well taking note of things the homebuyer may want to know about. This requires a lot of trust in your realtor partner, and borrowers may need to be ready to potentially purchase a house without actually stepping foot inside of it. Read more

Benchmark Interview Series: Real Estate during COVID-19 pandemic, Part 4

by I Am Benchmark

It’s no secret that realtors work hard to create a great home finding process for their clients. For top notch realtors, this has not really changed. Restrictions have been put in place to ensure that visiting homes is done safely, and inline with the CDC’s recommendations. When home sellers have multiple people wanting to look at the house, Realtors will often try to access the house without their clients, providing a walk-through video, as well taking note of things the homebuyer may want to know about. This requires a lot of trust in your realtor partner, and borrowers may need to be ready to potentially purchase a house without actually stepping foot inside of it.

Read more

Benchmark Interview Series: Real Estate during COVID-19 pandemic, Part 2

by I Am Benchmark

Home inventory helps predict whether it’s a “Seller’s Market” or a “Buyer’s Market.” When there are too many houses for sale, the buyer has the advantage. When there are not enough houses, sellers have the advantage. Home inventory changes based on location, so good advice in one city, may be harmful in another. No matter what inventory level your area is seeing, the important thing to note is that houses are still selling, people are still moving, and you can too! Ask your local Benchmark Loan Officer to connect you with one of their trusted realtor partners to get started today!

Read more

Benchmark Interview Series: Real Estate during COVID-19 pandemic, Part 1

by I Am Benchmark

The team you work with matters! The industry has changed a lot, and working with an expert who can navigate the changing guidelines is more important than ever. Lenders today are dealing with constraints that have taxed the entire industry with challenges, including long wait times on appraisals. In some cases, some lenders are just not sending funds to close their loans. Ultimately, how long is the home buying process taking? Overall, transaction times haven’t changed very much. Benchmark has a team dedicated to making sure loans close quickly, efficiently, and on time.

Read more

Top 5 Myths About Home Buying in 2020

by Austin Cox

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.

1) 20% Down

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.

2) Excellent Credit

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.

3) Lowest Interest Rate

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.

4) Closing Costs

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!

5) Student Loan Debt

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.

 

Ready to get started?

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.

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