Everything You Need To Know About Prepayment Penalties
Although they are not nearly as common today, some mortgage loans do come with a prepayment penalty. Home loan borrowers should be aware of them before signing their names on the dotted line. Here’s what you need to know about prepayment penalties: What is a prepayment penalty? A prepayment penalty is a fee the borrower must pay if they pay off the mortgage loan faster than the agreed terms. They often only apply during the first three years of the loan. Some prepayment penalty clauses also stipulate that a borrower cannot pay off more than 20% of the loan balance each year. Whe...
December 12th, 2018 | Purchasing a Home, Refinancing a Home, Everything You Need To Know About Prepayment Penalties
Invest in Our Community by Giving
Everyone needs a helping hand at some point. Benchmark Mortgage Companies is extending a hand to those in need in our community by donating our time and money to United Way of Greater Richmond & Petersburg. Find out more about the cause at www.yourunitedway.org
December 7th, 2018 Invest in Our Community by Giving
Should I Pay Off My Mortgage Before Retirement?
As you near retirement, you may be anxious to completely pay off your mortgage and be debt-free before your traditional income stops. In most cases, this is the best plan but there are situations when holding on to your mortgage into retirement may make more sense. Why You Should Pay Off Your Mortgage Being debt-free as you start retirement can make the transition to a fixed-income much smoother. Those who do not have their mortgage paid off yet sometimes have to dip into their investments to make their payments. That can result in higher taxes and less reserves for retirees. An...
December 5th, 2018 | Reverse Mortgages, Refinancing a Home, Should I Pay Off My Mortgage Before Retirement?
4 Documents You Need for Mortgage Pre-approval
Getting pre-approved for a mortgage is a smart step before you go out looking for a home. A pre-approval letter shows sellers that you have already proven to a lender that you have the income and down payment to qualify for a mortgage loan. This allows sellers to take you seriously, especially in a hot seller’s market. Pre-approval can be quick and painless, if you have the right documents lined up. While each lender may require slightly different paperwork, there are at least 4 documents that almost all lenders will need. Income & Employment Documents – All lenders want ...
November 28th, 2018 | Purchasing a Home, 4 Documents You Need for Mortgage Pre-approval
Happy Thanksgiving from Benchmark Mortgage Companies
Thanksgiving is a time to express gratitude to those who make a difference in our lives. Thank you for your continued support of our business; it’s always a pleasure to help you and your family with your mortgage. All of us at Benchmark Mortgage Companies would like to wish you a safe and Happy Thanksgiving. All the Best, Benchmark Mortgage Companies
November 21st, 2018 Happy Thanksgiving from Benchmark Mortgage Companies
Jumbo Loan Basics
The majority of homes around the country are purchased with the aid of traditional, conforming mortgage loans. Yet when home prices rise quickly, many markets have price tags that are too high for these standard loans. Enter the jumbo loan. What is a Jumbo Loan? Jumbo mortgage loans are those that have a higher dollar amount than the limits set by Fannie Mae and Freddie Mac, the government-sponsored enterprises that buy up home loans and sell them on the secondary market. Since Fannie and Freddie are backed by the federal government, they create loan limits to minimize the risk of loss t...
November 14th, 2018 | Jumbo Loans, Adjustable Rate Mortgages, Fixed Rate Mortgages, Purchasing a Home, Jumbo Loan Basics