Tag: mortgage rates

Tips For Home Buyers In A Low Inventory Market

Housing inventory is one of the factors that can dramatically affect the temperature of the real estate market. Less inventory means potentially more competition and higher prices. Whether you’re a buyer or currently in the seller market, this can determine your strategy. Like most investments or assets, housing inventory can fluctuate anytime. This is why it’s important to gauge your options before buying a property.

Quick Update: Real Estate Industry Trend

Despite the ongoing economic challenges, housing prices continue to rise. This just shows the resilience of the real estate industry. As many experts have predicted, home buying and selling prospects have significantly improved in September 2020 from pandemic lows. Homebuyers are moving much faster than this time last year. According to the forecast, this upward trend could continue for three to five years.

Low Mortgage Rates: Biggest Factor in Today’s Housing Inventory Shortage!

According to an article recently published by Business Insider, low mortgage rates are one of the main reasons for the current housing inventory shortage. Several reports also show that a house is the hottest “pandemic purchase” in the country.

Today, property investors, realtors, and even casual homebuyers are now on the hunt for the best deals they can get. This makes it more challenging for buyers to find a property that suits their budget and needs.

Let’s have a look at these key takeaways:

Residential properties have become a valuable asset, as more and more Americans take advantage of low mortgage rates.

Existing home sales continue to surge forward for the last 3 months since the real estate market reopened from the shutdown. It soared to a 14-year high in the previous two months. There are also reports of upcoming home sales.

Experts’ forecasts revealed that the country may experience a housing inventory shortage for the next coming years. There are new residential property projects, but not enough to keep up with the demand.

Other Important Predictions From Industry Experts

Buying a house is a big investment. Whether you’re doing this for personal reasons or as a future investment, it’s always better to keep learning about the real estate market. A good way to do this is to consider investors’ expert opinions. Here are some forecasts for the real estate market from several experts:

The demand for refinancing and housing loans remains at large

The high demand for refinance and housing loans has raised the competition among realtors, property managers, and lending officers. Many mortgage organizations, particularly new companies may have a hard time competing. Potential buyers may also experience some delays with loan applications.

Homebuyers need to explore more options when purchasing properties

Due to the housing inventory shortage, homebuyers need to exert more effort when looking for prospect properties. Be resourceful. You might want to check out some auctions, foreclosures, short sales, and bank-owned properties.

Location will still be one of the keys

Homeowners are adapting to a new lifestyle due to the current pandemic state. However, due to this upward trend and housing inventory shortage, it may be difficult for homebuyers to find the perfect home for themselves or their families.

The rise of new mortgage company startups and lending officers

Despite the global crisis, the US housing industry still looks solid,. This means many investors may be looking for opportunities to join the bandwagon, so don’t be surprised if there are more mortgage organizations in a few months or so.

Notable Reminders for Homebuyers

Although now is a good time to buy a house or invest in a property, the entire process can be a lot more challenging due to the housing inventory shortage. As a homebuyer, it’s important to find a trusted mortgage broker or loan officer. These professionals can help simplify the process for you. Just make sure to choose loan officers with several years of industry experience.

Benchmark is one of the leading mortgage companies in the United States. For more than two decades, we have helped our clients find the right loans and manage their mortgage needs. We have seasoned mortgage consultants in over 80 branches nationwide, ready to discuss the best home buying options that suit your budget and needs. Through the years, we’ve been delivering excellent customer service, by providing competitive rates and the most efficient loan processing!

So, if you’re looking for an expert loan officer you can trust, send your loan application today!

Your Top Google Searches about Buying a Home: We’ve Got the Answers!

by lmills

With the summer home buying season heating up, we are here to help with some of your top Google searches about buying a home. We looked at the data from Google Trends to find out your top questions about homeownership.

We Have Your Back – The Benchmark Way

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 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.

4 Financial Reasons to Buy a Home Now

by bmadmin

As Dean Hartman said last week, the purchase of a home is a personal decision. However, we want to give everyone four great financial reasons why you should not wait before taking the plunge into homeownership.

4 Reasons to Buy a Home Now

Interest Rates Are Increasing

Interest rates have increased almost 3/4 of a point in the last six months. Most experts expect rates to continue to increase through the year. Interest rates along with price determine the overall cost of a home. Even with prices softening, if interest rates rise, it may be less expensive to buy now rather than wait.

The 30-Year Mortgage May Disappear

There has been much debate regarding government’s role in providing support for homeownership. There are several experts who believe If Fannie Mae and Freddie Mac’s roles are eliminated, or even limited, it may be the end to the 30-year mortgage. This concern is addressed in MSN Real Estate’s Is it curtains for the 30-year mortgage?

QRM Requirements Could Be Much More Stringent

Here are proposed changes to the requirements for a ‘qualified residential mortgage’:

Certain mortgage types would be eliminated
You would need to put a minimum of 20% down
You would need a minimum 690 FICO score
The ratios of income to both the mortgage payment and overall debt would become much more conservative (28% and 36%)

There would be loans available to purchasers who don’t qualify under the new rules. However, they will probably be more expensive to the buyer (both in rate and costs).

Rents Are Expected to Increase

The supply of available rentals is decreasing and the demand is increasing. That will lead to an increase in rental costs throughout the year. The Wall Street Journal this week quoted a report by Reis, Inc:

“Expect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace.”

Bottom Line

You may be waiting on the sidelines to see if prices will continue to depreciate before you purchase a home. The mortgage expense is a major piece in the overall financial picture of homeownership. Make sure you consider it when timing your decision. Hopefully these four financial reasons to buy a home can help you make a decision.