Tag: save money

FHFA Announces Conforming Loan Limit Increase In 2019

The Federal Housing Finance Agency has announced that the maximum conforming loan limits for mortgages has increased.

In most of the country, the confirming loan limits will increase nearly 6.5%, from $453,100 to $484,350 for 2019. For most high-cost areas, where 115% of the local median home value exceeds the loan limit, the loan limit for one unit properties will be $726,525.

What Does This Mean for Homebuyers?

You can now purchase a home with a higher sales price using a conventional conforming loan through the FHFA regulated Fannie Mae or Freddie Mac.

The new limits are effective January 1st, 2019. Typically, the VA and Federal Housing Administration (FHA) are expected to adopt the same increased loan limits for 2019 for FHA and VA loans.

Source: https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Maximum-Conforming-Loan-Limits-for-2019.aspx

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.

Six Ways to Go Back to School on a Budget

by bmadmin

The summer is coming to a close and the 2012-2013 school year is upon us.

The seemingly endless list of school supplies and clothes has to be handled now. It’s time to get the backpack and supplies. The kids need new clothes and shoes.

This year the average family with students from Kindergarten to 12th grade is expected to spend $689 on Back-to-School items. It’s up from $604 last year according to the National Retail Foundation.

“When it comes to their children, there’s nothing more important to a parent than making sure their children have everything they need, even in a tough economy—and especially when it comes to back-to-school shopping,” said NRF President and CEO Matthew Shay.

Here are six ways you can save a little money and go back to school on a budget:

1. Know the Dress Code – Before you go out shopping for school clothes make sure you fully understand the dress code. We want to ensure the clothes we buy can all be worn to school.

2. Buy Supplies for the Whole Year – August is typically the cheapest month for school supplies. Many of the big office stores even price items below cost. Look for notebooks, paper, pencils, and other items on super discount and stock up.

3. Break Down Bulk Snacks – Save some money by purchasing larger packages and divide it up into individual portions.

4. Know When It’s Not a Deal – Tax free weekend, back to school sales, semi-annual clearance. You will hear plenty of creative names for sales. Check the prices and make sure it really is a deal.

5. Wait For The Clearance -Stores will begin marking down school supplies right after the rush. You can get some great deals if you can hold out a few more days.

6. Give Them a Budget – Let your kids get involved in the process by giving them a budget for school supplies and clothes. They will appreciate learning how to stretch the dollar and get the most out of their budget.

How do you handle this time of year to make sure you go back to school on a budget?

10 Ways to Save Money During the Holidays

by bmadmin

According to this year’s National Retail Federation holiday survey, the average American will spend just over $700 this season on gifts, cards, decorations, and more. This is one time when you want to be below average — way below. In fact, if you are in debt, just say no to gift buying this holiday. There is no reason for you to go further into debt buying gifts for others.

If you are buying presents this year, the key to avoiding a holiday season that drains your bank account is to start planning early. Here are the top 10 ways to save money during the holidays and starting the new year in better financial shape:

Plan it. Before you shop online or enter the chaos of the shopping mall, take ten minutes at home to create a spending plan that lists who you need to buy for and how much you will spend.

Use discounted gift cards. How would you like $100 worth of gifts for $80? You can purchase discounted gift cards for hundreds of online/offline retailers including the Apple Store, Radio Shack, Sears, Home Depot, and others. Discounts are usually 5%-30% off the face value of the card. Check out GiftCardRescue.com and GiftCards.com.

Use social media. Before you start shopping, start following your favorite retailers on Twitter and Facebook. Many companies offer discounts exclusively to their Twitter followers and Facebook friends. A quick search of their recent posts may reveal money-saving discount codes.

Barter online. When you’re shopping online, look for a “chat” or “live help” button. Tell the customer service rep you’d like to shop with them but you want a 15% discount. Ask them to check with their manager or you will abandon your shopping cart and click over to their competitor. This won’t work all of the time, but when it does it will save you money.

Find discount codes. I never buy anything online without trying to find a discount code first. I’ve literally saved hundreds of dollars and it doesn’t take more than a minute. Simply go to RetailMeNot.com, SecretPrices.com, or do a Google search for coupon codes to pull up all of the available discounts for your store. Use the discount code during the checkout process to get free shipping or to save 20% or more.

Get cash back. If you’re going to spend hundreds of dollars this year on gifts, you might as well try to get a few bucks back. Some stores offer programs to get free store cash if you spend a certain amount.

Bring on the envelopes, chuck the credit cards. Leave your credit cards and debit cards at home. Allocate an amount of money for each gift, and put that money in separate envelopes marked with the recipients’ names.

Give group gifts. When exchanging presents within large groups of people, even “token” gifts can really add up. Try a “white elephant” exchange, a secret Santa strategy, or going in with co-workers on a gift for your boss.

Make a promise that you won’t buy anything for yourself. When you’re shopping for gifts, it’s easy to be tempted to buy for yourself. Make this season about others, not you — and remember that the items you want will likely be less expensive during the after-season sales.

Avoid the “10% off, buy more” phenomenon. Stores often offer great deals when you sign up for their credit cards, but beware the high rate of interest these cards charge and ask yourself if you’ll really be saving money in the long run. And don’t spend more than you intended just because you’re now getting a discount on your purchase.

If you follow these money saving tips, I guarantee you will put more green — and less red — into holiday shopping this year.

Ho Ho Ho!