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  Benchmark Mortgage Refinance
Benchmark Mortgage Refinance
in Mortgage Refinance from Benchmark Mortgage · NMLS ID #2143
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Benchmark Mortgage Refinance

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in Mortgage Refinance from Benchmark Mortgage · NMLS ID #2143
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Highlights
Loan Amount Up to $1,500,000
Loan Term (Years) 15 - 30 years

Benchmark Mortgage Refinance Review

Benchmark Mortgage Refinance is offered by Benchmark Mortgage (NMLS #2143), a direct lender founded in 1999 and based in Plano, TX. Benchmark Mortgage Refinance are available in 44 states (and Washington, DC).

Key Takeaways

  • 5 different mortgage programs offered. Benchmark Mortgage Refinance refinances FHA, FHA 203k, USDA, VA, conforming, and conventional mortgages.
  • Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
  • Non-standard interest rates available. Benchmark Mortgage Refinance offers hybrid mortgages, and fixed-rate mortgages.
  • Considers personal use and investment properties. Refinancing available for primary homes, vacation homes, and even investment homes, such as rental properties.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.

Benchmark Mortgage Refinance Pros & Cons

Pros Cons
  • Available in 44 states.
  • Charges an origination fee.
  • Charges prepayment fees.

Benchmark Mortgage Refinance FAQ

What is the maximum loan term for a mortgage refinance via Benchmark Mortgage?

The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Benchmark Mortgage Refinance offers mortgage refinancing with terms ranging from 15 to 30 years.

How long does Benchmark Mortgage take to refinance?

Generally, it takes Benchmark Mortgage around day to complete a refinance. Of course, this is just an estimate. The exact time will vary depending on the lender and the market.

Does Benchmark Mortgage charge a mortgage origination fee?

Yes, Benchmark Mortgage Refinance will charge a loan origination fee.

What mortgage programs does Benchmark Mortgage offer?

Benchmark Mortgage Refinance offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • FHA 203k: An FHA mortgage you can also use to finance home improvements.
  • USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
  • VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.

What property usage types does Benchmark Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Benchmark Mortgage Refinance allows the following property usage types: 

  • Primary home
  • Secondary homes and vacation properties
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Availability

  Available in 44 states and Washington, D.C.
  • Alabama
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Missouri
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Washington, DC
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Intended Use
  • Primary Home
  • Secondary Home
  • Investment
APR Starting at 3.68%
Loan Term 15 - 30 years
Loan Amount Up to $1,500,000
Interest Rate Types Offered Hybrid Mortgage
Mortgage Programs
  • FHA
  • FHA 203k
  • USDA
  • VA

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