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Interest Rate vs. APR

Interest rate and annual percentage rate (APR)-those are the same thing, right? Unfortunately, too many mortgage buyers don’t realize the answer is no. The interest rate on your mortgage loan is different from the APR and understanding both is important to getting the best deal on your mortgage. Interest Rate The interest rate on a loan is the cost for borrowing the mortgage principal. It is a percentage of the amount and can be either fixed or variable. The interest rate is amortized over the life of the loan and the interest payment is rolled into the monthly mortgage payment. ...

January 9th, 2019 | Interest Rates, Interest Rate vs. APR

The Ins and Outs of a Down Payment

Being able to purchase a home is often tied to how much of a down payment you have saved. If you have never bought a house before, you may not understand what a down payment is or why it is so important. Here’s the basics you need to know as you save up for your first home. A down payment is a portion of the purchase price paid up front to your mortgage lender. It is very important to lenders because it shows them you are serious about the purchase and committed to paying off your loan.  How Down Payments Affect Your Mortgage The size of your down payment can affect your mo...

January 2nd, 2019 | VA Loans, FHA Loans, Preapproval, Purchasing a Home, The Ins and Outs of a Down Payment

Home Equity Loan vs. HELOC

For many people, their home is their largest asset. And its value generally grows over time, producing more equity for the homeowners. How can homeowners make use of this equity without selling their house? A home equity loan or a Home Equity Line of Credit (HELOC) are both popular options with different pros and cons. Home Equity Loan A home equity loan is a second mortgage that is structured very similar to a traditional mortgage. The amount of the loan will be based on the owner’s existing equity in the home as well as by income and credit history. If all the right factors are i...

December 26th, 2018 | Home Equity, Credit, Home Equity Loan vs. HELOC

Happy Holidays from Benchmark Mortgage Companies

All of us at Benchmark Mortgage Companies would like to wish you a Merry Christmas and a Happy New Year! We would like to thank you for making 2018 a great year and for the privilege of helping you purchase or refinance your home. We hope that 2019 is a year full of happiness, health and prosperity for you and your loved ones. All the best, Benchmark Mortgage Companies

December 19th, 2018 Happy Holidays from Benchmark Mortgage Companies

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

Benchmark Mortgage Companies

Benchmark Mortgage Compaines NMLS# 41552
(www.nmlsconsumeraccess.org).
Equal Housing Lender.

Licensed in Virginia, North Carolina & Florida.

VSCC Bureau of Financial Institutions, P.O. Box 640, Richmond VA 23218-0640, (1-800-552-7945) www.scc.virginia.gov/bfi

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