Benchmark Mortgage

Benchmark Mortgage operates solely in Illinois.  Their slogan is “making home loans simple—everyday.” 

Benchmark Mortgage Loans

Benchmark Mortgage loan programs include Fixed Rate Mortgages in thirty year, twenty year, fifteen year, and ten year terms.  All of their Fixed Rate Loans can be conforming or jumbo.  Their most common loan is the thirty year Fixed Rate conforming loan.  They offer Balloon loans at five and seven years, also as conforming or jumbo. The interest rate on this loan is usually less than a Fixed Rate Loan.  They have Adjustable Rate Mortgages at 10/2, 7/1, 5/1, 3/1, and 1/1 Year terms, in both conforming and jumbo.

Benchmark offers government FHA loans for 30 and 15 year Fixed Rate Mortgages.  The FHA portion of this mortgage’s program simply means that the loan is insured by FHA.  FHA insured loans are also available at adjustable rates for 5/1, 3/1, and 1/1 terms.

Benchmark Mortgage also offers Fixed Rate and Adjustable Rate VA loans.  These loans are only available to veterans and active duty personnel.  Loan programs include 100% financing up to $333,700.  Common loan terms are 30 or 15 year fixed as well as  3/1 Adjustable Rate mortgages.

Benchmark Mortgage Construction Loans

Benchmark Mortgage offers several construction loans options.  Their Lot Loan finances the purchase of a piece of land that the borrower intends to building upon.  The common loan term is a thirty year fixed.  Construction Loan can come either as a one step or two step loan, depending on whether the borrower wants to close the construction loan and land loan together or separately.  This loan can be tailored to be a Stated Income Construction Loan.  The maximum amount Benchmark offers for construction loans is 2,500,000.

Benchmark also offers a variety of special circumstance loans as well.  They can offer 100% financing on primary residences or investment properties, Bridge Loans, and Reverse Equity Mortgage which allows owners to take money out of their equity to pay their loans.  Benchmark also offers many Home Equity Loans.

Benchmark Mortgage is happy to work with their customers, and tailor loans to their specific needs.

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