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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.

the sun rising in the distance

Can I Still Get A VA Loan With Bad Credit?

by I Am Benchmark

the sun rising in the distance

Unfortunately, it depends on the situation and reasons, so there is no simple answer for bad credit. A few potential reasons could be that you have experienced a divorce which led to a bankruptcy, mismanaged your finances, experienced job loss, or any other financial hazards.

Your credit is calculated from many moving parts. The good news is that your credit score is constantly changing! If you take steps to improve your financial habits, you may also gain an improved credit score in addition to greater peace of mind.

At Benchmark, we don’t leave you to figure it out all on your own.

You are working hard for the chance to buy your dream home. Shouldn’t your lender ,at least, work just as hard?

Knowing what improvements to make when improving your credit can be tricky. That’s where we can help. For example, while some factors apply to everyone, there will be others that only apply to you.

Some strategies you could use to positively impact your score very quickly are:

  1. Keep credit card balances low: I like to call this the rule of 30. Your balance accounts for 30% of your credit score. You want to make sure that your utilization ratio is less than 30%. For example, if you have a credit limit of $1,000, your balance should NEVER exceed $300. If you are already over that, pay it down to where it is less than 30%. By far, this is the mistake that most people make.
  2. Pay your debts: This is not always as simple as it seems, but this accounts for 35% of your score. Something to keep in mind is that paying off new debt has a greater impact than paying off old debt. If you have a newer open credit card, pay that balance first.
  3. Clear up any mistakes: Did you know that as many as 4 out of 5 people have errors on their credit reports*? The odds that you may be one of them are high at 80%. While you can pull your own credit for free once a year, credit reports can be difficult to read. At Benchmark, we review your credit report with you to ensure your credit’s accuracy. If errors are found on your report, you have the opportunity to correct them.
    *https://www.cbsnews.com/news/4-in-5-credit-reports-have-errors/

Ratio of used credit and payment of debt combine to account for 65% of your score. The next biggest factor is time, or the length of your credit history. If you are trying to improve your credit, it is important that you do not close your credit card accounts. This hits you on two categories: one is your credit utilization ratio ,or how much you owe, because the ratios will not be calculated properly on closed accounts (you’d have debt, but no extra credit limit), and the other is on length of credit history, because a closed account does not report a length of time.

Chart of credit status and new mortgages
Image source: https://www.cbsnews.com/news/4-in-5-credit-reports-have-errors/

Overall, there is no single quick technique to improve your credit score. It’s best to simply live within your means, by not spending more than your income. If you’d like more information, give us a call. We can help you get a more personalized view of your credit, and help you decide what you can do to improve it.

At Benchmark, we are ready to help you achieve your dream of owning your own home. Call 1-800-VET-EASYus or Contact Us, or get your Certificate of Eligibility to get started today!