Robert's Blog

Stated Income Loans For Selected California Counties!!!

Benchmark Financial Inc — Tue, 24 Feb 2009 18:39:24 -0600

Minimum loan amount is $400,000
This program is limited to selected counties in California (selected counties Los Angeles, Orange, San Diego, Ventura, Santa Barbara, San Francisco, Marin, Napa and Sonoma)
May not be a first time home buyer.
No gift funds may be used for the down payment.
Refinance Or Purchase Transactions.
70% LTV for Purchase 65% LTV for refinances.
The applicants cannot be real estate related businesses.
Liquid assets: 6 times monthly stated income
Liquid assets used to support stated income must not include retirement accounts.
No salaried employees ( Self Employed Only ).

We are offering interest rates below market. If you fill out your loan application with us online we will give you a deeply discounted mortgage. This means No Up Front Points. No upfront points means you will save thousands in closing costs. This also means you will also save thousands in interest paid on your mortgage because you are getting the rate much lower than the market rate.

The website is www.Benchmark4u.com. We are a technology oriented company and are rewarding our clients that take advantage of our systems. We take GREAT pride in the service that we offer all of our clients and are looking forward to assisting you.

Call us Today Or Go Directly To our Website!!

ROBERT VOGAN

BENCHMARK FINANCIAL INC

951-813-2726 EXT 4

ROBERT@BENCHMARK4U.COM

WWW.BENCHMARK4U.COM

WE CAN FINANCE UP TO 10 PROPERTIES!!!

Benchmark Financial Inc — Wed, 11 Feb 2009 15:08:29 -0600

WWW.BENCHMARK4U.COM

We now at Benchmark Financial can have up to 10 properties financed. If you or your client needs financing on investment properties call today!!

Discounted Mortgage rates!!!

Our Interest Rates are below market!!

Call us Today Or Go Directly To our Website!!

ROBERT VOGAN

BENCHMARK FINANCIAL INC

951-813-2726 EXT 4

ROBERT@BENCHMARK4U.COM

WWW.BENCHMARK4U.COM

Mortgage Market News for the week ending February 6, 2009

Benchmark Financial Inc — Fri, 06 Feb 2009 11:58:57 -0600

Mortgage Time
Mortgage Market News for the week ending February 6, 2009

Compliments of
Robert Vogan
Benchmark Financial Inc.

PHONE:
(951) 813-2726 Ext 4

robert@benchmark4u.com

www.Benchmark4u.com

Events This Week:

Employment Down

Productivity Higher

Pending Sales Rose

Manufacturing Mixed

Events Next Week:

Wed 2/11
Trade Balance

Thur 2/12
Retail Sales
Jobless Claims

Fri 2/13
Sentiment

Rates Edge Up Despite Job Losses

Despite weaker than expected employment data and a significant increase in Fed purchases of mortgage backed securities (MBS), mortgage rates rose a little during the week. Concerns about the potential increase in the supply of debt trumped these other factors. The House passed one fiscal stimulus plan, and the Senate is expected to vote on its version any day now. The combined government spending for this new package, along with the TARP program and a proposed bank cleanup plan, will total trillions of dollars. An enormous amount of new debt will be issued to pay for all the government programs, which may push interest rates higher for all types of bonds.

It's a widely held view that the economy is very weak right now, and Friday's downbeat Employment report came with little surprise. The US economy lost about 600K jobs in January, following a decline of 3 million jobs in 2008. The Unemployment Rate jumped to 7.6% from 7.2%. This weak report provided lawmakers support for the urgent passage of a large fiscal stimulus package.

In the housing sector, December Pending Home Sales rose 6% from November. Pending Home Sales are a leading indicator for the housing market, meaning that the Home Sales reports may show gains over the next couple of months. The housing market may receive another boost as well. As part of the stimulus plan, the Senate is considering a tax credit of up to $15,000 for the purchase of a home this year. More details will be released as the proposal progresses.

Also Notable:

The Unemployment Rate jumped to the highest level since 1992
The European Central Bank (ECB) held rates steady, as expected
Oil prices fell below $40 per barrel, down from $145 per barrel in July
The Fed purchased $22 billion in agency MBS during the weekly period ending 2/5

Average 30 yr fixed rate:
Last week:	+0.31%
This week:	+0.06%

Stocks (weekly):
Dow:	8,200	+150
NASDAQ:	1,575	+100

Week Ahead

News regarding the Senate's fiscal stimulus proposal and the Treasury's financial institution cleanup plan may be the biggest drivers of mortgage rates next week. The most significant economic data will be Thursday's Retail Sales report. Retail Sales account for about 70% of economic activity. The Trade Balance and Consumer Sentiment also will be released next week. Mortgage markets will close early on Friday in observance of Presidents Day.

To learn more about news impacting interest rates and mortgage markets, go to www.mbsquoteline.com
To learn more about the newsletter, please call 800-627-1077
All material Copyright © Ress No. 1, LTD and may not be reproduced without permission.

Discounted Mortgage rates!!!

Benchmark Financial Inc — Thu, 05 Feb 2009 11:05:42 -0600

WWW.BENCHMARK4U.COM

Discounted Mortgage rates!!!

Our Interest Rates are below market!!

Call us Today Or Go Directly To our Website!!

ROBERT VOGAN

BENCHMARK FINANCIAL INC

951-813-2726 EXT 4

ROBERT@BENCHMARK4U.COM

WWW.BENCHMARK4U.COM

Fed says prepared to buy debt to aid economy

Benchmark Financial Inc — Wed, 28 Jan 2009 22:14:19 -0600

Fed says prepared to buy debt to aid economy

By Mark Felsenthal Mark Felsenthal - Wed Jan 28, 6:26 pm ET

Reuters - The Federal Reserve on Wednesday said it is prepared to buy long-term government debt if that would help ...

WASHINGTON (Reuters) - The Federal Reserve on Wednesday inched closer to buying U.S. government bonds in a new front in its fight against the credit crisis and signaled unease over the risk of deflation with the economy weakening.

The U.S. central bank, battling the worst recession since World War Two, held its main interest rate in a range from zero to 0.25 percent and said it could stay unusually low for some time.

With no room to cut short-term rates, the Fed said it stood ready to buy long-term government debt if it felt it would help ease credit more broadly. Bond purchases could lower mortgage rates, helping to curb the housing downturn at the root of the global economy's ills.

Treasury debt investors were disappointed the Fed did not make a firm commitment to buy government bonds. U.S. government debt prices fell sharply, pushing the yield on the 30-year bond above 3.46 percent, the highest level since December 1.

"The committee ... is prepared to purchase longer-term Treasury securities if evolving circumstances indicate that such transactions would be particularly effective in improving conditions in private credit markets," the Fed said.

In December, the central bank said only that it was studying that option.

"The market may have been looking for more concrete confirmation that the Fed would buy Treasuries," said Gary Thayer, a senior economist at Wachovia Securities.

Stock prices added to gains and the Dow Jones industrial average closed up more than 2.4 percent. The dollar also rose against major currencies.

After a two-day meeting, the Fed's monetary policy panel backed the decision 8-1. Richmond Federal Reserve Bank President Jeffrey Lacker dissented, saying the Fed should immediately move to a program to purchase government bonds.

Lacker, who has frequently dissented in the past, has voiced concern about the Fed's interventions in private credit markets, suggesting his vote was more about tactics than how much money the central bank is pumping into the economy.

Since lowering overnight rates to virtually zero in December, the Fed has turned its focus to what Chairman Ben Bernanke has dubbed a "credit easing" approach of buying specific assets in the hope of restoring normal lending.

The central bank wants to prevent a year-long recession from turning into a prolonged period of falling prices that could devastate investment and cripple the economy.

"The committee continues to anticipate that a gradual recovery in economic activity will begin later this year, but the downside risks to that outlook are significant," it said.

It added that it "sees some risk that inflation could persist for a time below rates that best foster economic growth and price stability in the longer term," -- a nod to growing concerns over the risk of deflation.

A Reuters poll of top Wall Street banks found 11 of 13 respondents expect the Fed to hold rates near zero until at least 2010 while 9 of 12 said the central bank would step in at some point to buy U.S. government bonds.

READY TO RAMP UP PROGRAMS

The Fed reiterated that, if needed, it would expand an existing program of buying large quantities of mortgage-related debt, and that it was about to launch another program to shore up auto, credit card and small-business lending.

The Fed's measures are part of broader U.S. efforts to combat the recession which has spread around the globe.

It has cut its key interest rate from 5.25 percent in 10 steps dating back to September 2007 and pumped billions of dollars into the economy to try to restore credit markets shattered by a bursting housing bubble and a wave of mortgage failures.

At the same time, President Barack Obama, who swept to victory in November in part because of the deepening economic gloom, is pushing for an $825 billion package of tax cuts and government spending. His administration is also wrestling with steps it can take to prop up the ailing banking system.

The outlook, however, remains almost uniformly grim.

A report on Friday is expected to show the economy contracted at a 5.4 percent annual rate in the final three months of last year, which would be the steepest falloff in activity for any quarter since 1982.

That was when former Fed Chairman Paul Volcker effectively brought the U.S. economy to a halt to kill high inflation.

(Additional reporting by David Lawder and Emily Kaiser; editing by Gary Crosse)

Discounted Mortgage Rates ( Below Market Rates )

Benchmark Financial Inc — Mon, 19 Jan 2009 20:32:11 -0600

WWW.BENCHMARK4U.COM

Discounted Mortgage rates!!!

Our Interest Rates are below market!!

Call us Today Or Go Directly To our Website!!

ROBERT VOGAN

BENCHMARK FINANCIAL INC

951-813-2726 EXT 4

ROBERT@BENCHMARK4U.COM

WWW.BENCHMARK4U.COM

Streamline Refinancing for FHA Mortgages

Benchmark Financial Inc — Sat, 17 Jan 2009 17:06:51 -0600

Streamline Refinancing for FHA Mortgages

FHA has permitted streamline refinances on insured mortgages since the early 1980's. The word streamline refers only to the amount of documentation and underwriting that needs to be performed by the mortgage company, and does not mean that there are no costs involved in the transaction.

The basic requirements of a streamline refinance are:

The mortgage to be refinanced must already be FHA insured.
The mortgage to be refinanced should be current (not delinquent).
The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
No cash may be taken out on mortgages refinanced using the streamline refinance process where an appraisal is not required.

Companies may offer streamline refinances in several ways. Some companies offer "no cost" refinances (actually, no out of pocket expenses to the borrower) by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the company pays any closing costs that are incurred on the transaction.

Companies may offer streamline refinances and include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal. Streamline refinances can also be done without appraisals, but the new loan amount cannot exceed what is currently owed, i.e., closing costs may not be added to the new mortgage with those costs either paid in cash or through the premium rate as described above. Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal and, thus, closing costs may not be included in the new mortgage amount.

Call Today for more information!!

ROBERT VOGAN

BENCHMARK FINANCIAL INC

951-813-2726 EXT 4

ROBERT@BENCHMARK4U.COM

WWW.BENCHMARK4U.COM

A lock, also called a rate lock or rate commitment

Benchmark Financial Inc — Sat, 17 Jan 2009 16:38:29 -0600

Lock In Your Interest Rate

A lock, also called a rate lock or rate commitment, is a lender's promise to hold a certain interest rate and a certain number of points for you, usually for a specified period of time, while your loan application is processed. Depending upon the lender, you may be able to lock in the interest rate and number of points that you will be charged when you file your application, during processing of the loan, when the loan is approved, or later.

Shorter loans, such as a 20 year or 15 year note, can save you thousand of dollars in interest payments over the life of the loan, but your monthly payments will be higher. An adjustable rate mortgage may get you started with a lower interest rate than a fixed rate mortgage, but your payments could get higher when the interest rate changes.

A larger down payment greater than 20% will give you the best possible rate. With a down payment of 5% or less, you should expect to pay a higher rate as you are starting with less equity as collateral. If you've got the cash now and want to lower your payments, you can pay points on your loan to lower your mortgage rate. It's a simple concept, really. In exchange for more money up front, lenders are willing to lower the interest rate they charge, cutting the borrower's payments. Closing costs are fees paid by the lender, if you do not want to pay all of the closing costs, expect a higher rate which will pay the lender additional interest over the life of the loan.

Your credit quality and debt-to-income ratio affect the terms of your loan through your FICO Score. If you have good credit and your monthly income far surpasses your monthly debt obligations, you will get approved at a lower interest rate. However, if your monthly income barely covers your minimum debt obligations, even if you have a good credit report, you will not receive the lowest available interest rate.

ROBERT VOGAN

BENCHMARK FINANCIAL INC.

951-813-2726 EXT 4

ROBERT@BENCHMARK4U.COM

WWW.BENCHMARK4U.COM

INTEREST RATES MOVING LOWER!!! ( ECONOMIC CALENDAR )

Benchmark Financial Inc — Sun, 11 Jan 2009 22:09:58 -0600

Economic Calendar

THIS WEEK
Date	EST	Release	For	Forecast	Actual	Prior
Tue	01/13	-02:00-	Treasury Budget	Dec	-33%		-48.3%
Wed	01/14	-08:30-	Retail Sales	Dec	-1.1%		-1.8%
	01/14	-08:30-	Import/Export Prices-oil.
	01/14	-10:00-	Business Inventories	Nov	-0.5%		-0.6%
Thur	01/15	-08:30-	Initial Jobless Claims
	01/15	-08:30-	PPI	Dec	-1.9%		-2.2%
	01/15	-13:00-	New York Fed Index
	01/15	-10:00-	Philidelphia Fed Index	Jan	-35%		-32.9%
Fri	01/16	-08:30-	Core CPI	Dec	0.1%		0%
	01/16	-09:15-	Industrial Production	Dec	-0.8%		0.6%
Benchmark Financial Inc

LAST WEEK
Date	EDT	Release	For	Forecast	Actual	Prior
Mon	01/05	-10:00-	Construction Spending	Nov	-1.2%		-1.2%
Tue	01/06	-10:00-	Pending Home Sales	Nov	--		-0.7%
	01/06	-10:00-	ISM Services Index	Dec	--		37.3
	01/06	-10:00-	Factory Orders	Nov	-2.6%		-5.1%
	01/06	-13:00-	10-Year TIPS Auction
	01/06	-14:00-	FOMC Meeting Minutes (Dec)
Wed	01/07	-13:00-	3-Year Treasury Note Auction
Thur	01/08	-08:30-	Initial Jobless Claims	01/02	--		--
	01/08	-13:00-	10-Year Treasury Note Auction
Fri	01/09	-08:30-	Nonfarm Payrolls	Dec	-475K		-533K
	01/09	-08:30-	Unemployment Rate	Dec	7.0%		6.7%
	01/09	-10:00-	Wholesale Inventories	Nov	-0.9%		-1.1%
Benchmark Financial Inc

THE FIVE WEEK MOVING CALENDAR
Monday	Tuesday	Wednesday	Thursday	Friday
5	6	7	8	9
Construction Spending	Pending Home Sales	3-Year Note Auction	Initial Jobless Claims	Employment
	ISM Services Index		10-Year Note Auction	Wholesale Inventories
	Factory Orders
	10-Year TIPS Auction
12	13	14	15	16
	Balance of Trade	Retail Sales	Initial Jobless Claims	Consumer Price Index
		Import / Export Prices	Producer Price Index	Industrial Production
		Business Inventories	New York Fed Index
		Beige Book	Philadelphia Fed Index
19	20	21	22	23
Markets Closed			Initial Jobless Claims
			Housing Starts
26	27	28	29	30
Existing Home Sales	Consumer Confidence	5-Year Note Auction	Initial Jobless Claims	Gross Domestic Product
Leading Indicators	2-Year Note Auction	FOMC Policy Statement	Durable Goods Orders	Employment Cost Index
20-Year TIPS Auction			New Home Salew	Chicago PMI
				Consumer Sentiment Index (F)
2	3	4	5	6
Personal Income / Spending	Housing Market Index	ISM Services Index	Initial Jobless Claims	Non-Farm Payrolls
ISM Index			Productivity	Unemployment Rate
Construction Spending			Factory Orders	Consumer Credit
Benchmark Financial Inc

ROBERT VOGAN

BENCHMARK FINANCIAL INC

951-813-2726 EXT 4

ROBERT@BENCHMARK4U.COM

WWW.BENCHMARK4U.COM

Financial giant Citigroup Inc has agreed to support ....

Benchmark Financial Inc — Thu, 08 Jan 2009 17:18:29 -0600

Financial giant Citigroup Inc has agreed to support a controversial rewrite of U.S. bankruptcy law aimed at helping troubled mortgage borrowers avoid foreclosure, lawmakers said on Thursday.

Known as "cramdown," the rewrite would let bankruptcy court judges erase some mortgage debt to help bankrupt homeowners better handle their payments, subject to strict conditions.

The legal reform would help "millions of families save their homes," said senators Richard Durbin of Illinois, Charles Schumer of New York and Christopher Dodd of Connecticut.

Michigan Democratic Rep. John Conyers has introduced the mortgage bankruptcy measure in the House of Representatives.

Durbin failed to win Senate passage of a similar measure last year amid stiff opposition from Republicans and some Democrats, as well as banking and housing industry lobbyists who said giving bankruptcy judges the power to erase mortgage debt would increase costs for future homeowners.

This time around -- with a recession under way and the housing market in crisis -- Citigroup backs the reform, under conditions, said the senators, who hope to attach their bill to an economic stimulus package taking shape in Washington.

"I hope we can make it part of the economic recovery and reinvestment act that the administration is considering," Durbin said at a briefing with reporters.

A spokesman for Citigroup, one of the nation's largest mortgage lenders, declined to comment.

Today, most forms of personal debt -- including vacation homes and family farms -- can be restructured in bankruptcy. But a mortgage on a primary residence cannot.

Under the terms of the reform as agreed, only mortgages entered into prior to the date of enactment of the bill would be eligible for the treatment, the senators said.

Homeowners would have to certify that they have tried to contact their lender before filing for bankruptcy, they said.

Only major violations of the "Truth in Lending Act" would invalidate creditor claims on bankruptcy, they said.

Schumer said his office has contacted top bankers nationwide and some said they would be supportive.

Officials at other top banks -- including Wells Fargo, Bank of America, SunTrust and JPMorgan Chase & Co -- were contacted by Reuters but had no comment.

"Citigroup's support means that the dam has broken across the banking industry. We now have a real chance to pass this legislation quickly," Schumer said.

The National Association of Home Builders has dropped its opposition to the reform and the National Association of Realtors, which has largely stood aside in the debate, is mulling whether to support reform.

The government has injected billions of dollars in taxpayer funds into Citigroup since October, making the nation's third-largest bank a top recipient of federal bailout money.

After the Treasury bought $25 billion in Citigroup preferred shares in October, it purchased another $20 billion a month later and helped guarantee up to $306 billion in risky assets.

(editing by Carol Bishopric)

ROBERT VOGAN

BENCHMARK FINANCIAL INC

951-813-2726 EXT 4

ROBERT@BENCHMARK4U.COM

WWW.BENCHMARK4U.COM

Shopping for a loan won't hurt credit scores

Benchmark Financial Inc — Tue, 06 Jan 2009 17:50:30 -0600

Shopping for a loan won't hurt credit scores

Each time you apply for a loan, and a lender asks to see your credit report, 10 or so points are subtracted from your credit score. But when a number of mortgage lenders want to see your history all at once, Fair Isaac Corp. figures you're seeking quotes for a home loan.

That's a good thing and the creator of the FICO credit score won't penalize you for it. Fair Isaac used to count a flurry of inquiries over a two-week period as a single request. But since homebuyers have become more determined shoppers FICO now counts all inquiries received over 30 days as a single request.

If you don't know your credit score, we can tell you the best way to find your FICO score.

Or click here for Benchmark's plan for finding the best loan.

Whether you're buying a home or refinancing an existing mortgage, we have a mortgage calculator that can help you make the right decisions.

ROBERT VOGAN

BENCHMARK FINANCIAL INC

951-813-2726 EXT 4

ROBERT@BENCHMARK4U.COM

WWW.BENCHMARK4U.COM

Decide What To Spend Before Looking!!

Benchmark Financial Inc — Tue, 06 Jan 2009 17:39:42 -0600

Decide what to spend before looking

Knowing exactly how much home you can afford is critical.

Without a reasonable limit you'll almost certainly buy a pricier home and take out a bigger mortgage than you can comfortably repay.

Establishing such a limit isn't hard if you follow two simple rules. Your: Housing costs -- including principal, interest, taxes, assessments or any other fees -- shouldn't exceed 28% of your gross or pre-tax income.

Debt payments -- including mortgage, auto loans, student loans, child support and credit card bills that will take more than six months to pay off -- shouldn't exceed 41% of your pre-tax income.

Click here to learn more about how to determine how much you should spend and borrow.

Whether you're buying a home or refinancing an existing mortgage, we have a mortgage calculator that can help you make the right decisions.

ROBERT VOGAN

BENCHMARK FINANCIAL INC

951-813-2726 EXT 4

ROBERT@BENCHMARK4U.COM

WWW.BENCHMARK4U.COM

The Federal Reserve on Monday kick-started its latest unconventional program

Benchmark Financial Inc — Mon, 05 Jan 2009 21:01:01 -0600

NEW YORK (Reuters) - The Federal Reserve on Monday kick-started its latest unconventional program to boost the moribund economy, this time taking aim at the heart of the slumping housing market.

The Fed plans to buy back as much as a ninth of outstanding bonds sold by housing finance companies Fannie Mae, Freddie Mac and Ginnie Mae and backed by U.S. mortgages, to drive down mortgage costs. The aim is to provide incentive for buyers to return to the housing market or cut monthly payments on existing home loans.

The New York Fed began buying mortgage-backed securities guaranteed by Fannie, Freddie and Ginnie on Monday, part of a program of as much as $500 billion.

"They seem to be committed to getting interest rates on 30-year mortgages down to 4.50 percent, which is apparently a magnet for the market," said William O'Donnell, head of U.S. rates strategy at UBS in Stamford, Connecticut.

The MBS program has already had a significant housing market impact -- mortgage rates dropped dramatically in anticipation of the purchases after they were announced on November 25, and there was a record jump in mortgage applications.

The picture improved further on Monday after the purchases began, with the premium paid on mortgage debt over safe-haven U.S. government debt narrowing sharply.

But, warned O'Donnell, the government and the central bank still have more work to do to stabilize home prices.

"The problem is not getting the interest rate down, but getting the lenders to lend. It is hard to imagine the lenders lending as they once did again after all the losses they have suffered over the past 12-18 months," he said. "Once burned, twice shy."

Nicholas Strand, a manager with the mortgage strategy group at Barclays Capital in New York, noted overseas investors, historically key buyers of Fannie and Freddie debt, are still waiting on the sidelines as they gauge how the measures will work.

The MBS program is the latest in an alphabet soup of unconventional policy measures to support financial markets and the U.S. economy, with interest rates around zero.

Janet Yellen, president of the San Francisco Federal Reserve Bank, said on Sunday the MBS program "could provide significant support to the housing sector."

Recovery of the housing sector is widely seen as a prerequisite for a turnaround in the economy's fortunes.

With this in mind, the Fed has set a goal of buying $500 billion in mortgage-backed securities by mid-2009. That equals a ninth of the agency MBS market, which is roughly $4.5 trillion in size.

More information about the purchases will be available from Thursday and will be updated weekly, the New York Fed said.

Current coupon 30-year agency MBS yielded 195 basis points over a blend of five- and 10-year Treasuries on Monday, compared with 208 basis points on Friday.

(Additional reporting by Lynn Adler and Julie Haviv; Editing by Leslie Adler)

Speed Up the Mortgage Process!!!

Benchmark Financial Inc — Sat, 03 Jan 2009 14:03:32 -0600

Speed Up the Mortgage Process

Once complete, your application will be given to a processor in the mortgage company who will organize your paperwork and may verify your employment, bank balances, and other information.

Be sure to respond promptly to requests for information while processing is taking place.

Commonly requested items during processing that may not have been collected during the application include:

The final purchase contract for the house (if applicable).
If you're self-employed, the mortgage company may require your personal and business tax returns for the previous two years and your company's year-to-date Profit and Loss statement.
Divorce settlement papers, if applicable
Updated account statements for listed assets in the application that may have changed in value.
Information about debts or credit report items that may have been delinquent or not accurate.
Evidence of your mortgage or rental payments, such as canceled checks.
An irrevocable gift letter if you are receiving a monetary gift from a relative.

The processor is collecting this information before presenting it to an underwriter. An underwriter reviews all the information in your loan file to determine if the application meets the lender guidelines. With approval, a lender should give you a letter of commitment, which is a promise from the lender to make a loan based on specific terms and conditions.

ROBERT VOGAN

BENCHMARK FINANCIAL INC.

951-813-2726 EXT 4

WWW.BENCHMARK4U.COM

Discount Interest Rates And Costs!!

Benchmark Financial Inc — Sat, 03 Jan 2009 13:00:34 -0600

WWW.BENCHMARK4U.COM

Benchmark Financial Inc. offers Discounted Interest rates ( Wholesale Interest Rates ) To our clients. We also Guarantee our service to be next to none. We take great pride in originated Home Loans. Below you will also find more tips on getting a lower interest rate on your home loan and my contact info.

The amount of your loan can increase your interest rate if the amount financed exceeds the conforming loan limits established by Fannie Mae and Freddie Mac. The conforming loan limit is 417,000 and will change at the beginning of the new year for select areas to 625,000.

Shorter loans, such as 20 year or 15 year note, can save you thousand of dollars in interest payments over the life of the loan, but your monthly payments will be higher.

A larger down payment " greater than 20% "- will give you the best possible rate. Down payments of 5% or less should expect to pay a higher rate as you are starting with less equity as collateral. If you've got the cash now and want to lower your payments, you can pay on your loan to lower your mortgage rate. It's a simple concept, really: In exchange for more money upfront, lenders are willing to lower the interest rate they charge, cutting the borrower's payments. Closing costs are fees paid by the lender, if you don't want to pay all of the closing costs, expect a higher rate which will pay the lender additional interest over the life of the loan.

Credit quality and debt-to-income-ratio affect the terms of your loan through FICO Score. If you have good credit and your monthly income far surpasses your monthly debt obligations, you will get approved at a lower interest rate. However, if your monthly income barely covers your minimum debt obligations, even if you have a credit report, you will not receive the lowest available interest rate. For More information Please feel free to contact me either by phone or email.

ROBERT VOGAN

BENCHMARK FINANCIAL INC

951-813-2726 EXT 4

ROBERT@BENCHMARK4U.COM

WWW.BENCHMARK4U.COM

No Point Home Loan For Just Doing An Online Application With Us!!!

Benchmark Financial Inc — Sat, 03 Jan 2009 12:49:17 -0600

WWW.BENCHMARK4U.COM

Do you want to save money and still get a GREAT INTEREST RATE?

As the Owner of Benchmark Financial Inc. I am offering SUPER CHEAP MORTGAGES. If you fill out your loan application online with us we will give you a deeply discounted mortgage. The website is www.Benchmark4u.com. We are a technology oriented company and are rewarding our clients that take advantage of our systems.

If you have any questions please feel free to call or send me a quick email and I will be happy to help!!

ROBERT VOGAN

951-813-2726 EXT 4

ROBERT@BENCHMARK4U.COM

WWW.BENCHMARK4U.COM

NO POINT HOME LOANS FOR JUST DOING AN ONLINE APPLICATION WITH US!!

Benchmark Financial Inc — Wed, 31 Dec 2008 22:01:26 -0600

WWW.BENCHMARK4U.COM

Do you want to save money and still get a GREAT INTEREST RATE?

If you have any questions please feel free to call or send me a quick email and I will be happy to help!!

ROBERT VOGAN

951-813-2726 EXT 4

ROBERT@BENCHMARK4U.COM

WWW.BENCHMARK4U.COM

DISCOUNTED INTEREST RATES

Benchmark Financial Inc — Wed, 31 Dec 2008 21:19:48 -0600

WWW.BENCHMARK4U.COM

Shorter loans, such as 20 year or 15 year note, can save you thousand of dollars in interest payments over the life of the loan, but your monthly payments will be higher.

ROBERT VOGAN

BENCHMARK FINANCIAL INC

951-813-2726 EXT 4

ROBERT@BENCHMARK4U.COM

WWW.BENCHMARK4U.COM

Speed Up the Mortgage Process!!!

Benchmark Financial Inc — Wed, 31 Dec 2008 20:59:56 -0600

Speed Up the Mortgage Process

Once complete, your application will be given to a processor in the mortgage company who will organize your paperwork and may verify your employment, bank balances, and other information.

Be sure to respond promptly to requests for information while processing is taking place.

Commonly requested items during processing that may not have been collected during the application include:

The final purchase contract for the house (if applicable).
If you're self-employed, the mortgage company may require your personal and business tax returns for the previous two years and your company's year-to-date Profit and Loss statement.
Divorce settlement papers, if applicable
Updated account statements for listed assets in the application that may have changed in value.
Information about debts or credit report items that may have been delinquent or not accurate.
Evidence of your mortgage or rental payments, such as canceled checks.
An irrevocable gift letter if you are receiving a monetary gift from a relative.

ROBERT VOGAN

BENCHMARK FINANCIAL INC.

951-813-2726 EXT 4

WWW.BENCHMARK4U.COM

Fed aims to buy $500 billion in Mortgage Back Securities

Benchmark Financial Inc — Tue, 30 Dec 2008 19:26:46 -0600

Fed aims to buy $500 billion in Mortgage Back Securities

WASHINGTON (Reuters) - The U.S. Federal Reserve on Tuesday moved forward aggressively with an effort to drive down mortgage costs, setting a goal of buying $500 billion in mortgage-backed securities by mid-2009.

The central bank said it would start buying the securities in early January under a program announced last month. When it announced the program, mortgage rates dropped in anticipation of the purchases.

Still, some analysts on Tuesday expressed surprise with how vigorously the Fed was pledging to act and the news propped up prices for MBS in very thin trade.

"When they are buying along the lines of $80 billion to $100 billion a month, if they're going to do it in six months, they have to buy everything they can get their hands on," said Kevin Cavin, a mortgage strategist at FTN Financial in Chicago.

"It will push up prices and tighten spreads and push down primary mortgage rates," he said.

The Fed selected investment managers BlackRock Inc (BLK.N), Goldman Sachs Asset Management (GS.N), PIMCO, and Wellington Management Co to implement the program.

The mortgage-buying program is part of a sustained government effort to help the United States withstand a severe credit crunch and deep housing downturn that have tipped the economy into recession and damaged activity around the globe.

Earlier this month, the Fed cut benchmark U.S. interest rates close to zero and signaled that it was turning more heavily to unconventional measures to spur the economy.

On Tuesday, it said it would increase the money supply to make the MBS purchases, effectively easing monetary policy further.

The program only covers securities issued by government-sponsored mortgage enterprises Fannie Mae and Freddie Mac and government loan financer Ginnie Mae.

When it announced the program on November 25, the Fed also said it would buy up to $100 billion in debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks, and after its meeting on interest rates on December 15-16 it said it could press even more heavily into mortgage markets.

"The goal of the program is to provide support to mortgage and housing markets and to foster improved conditions in the financial markets generally," the Fed said in a statement on Tuesday.

The central bank said it would adjust the pace of its purchases based on changing market conditions and the impact of the program. The initiative is aimed at reducing the cost of credit and increasing its availability, which authorities hope will support housing markets and foster improved financial conditions generally.

Investment managers are needed because of the size and complexity of the program, the Fed said.

Investor appetite for debt issued by Fannie Mae and Freddie Mac had dried up since the government seized control of both companies in September.

Don't miss the refi window

Benchmark Financial Inc — Sun, 28 Dec 2008 16:53:46 -0600

Don't miss the refi window

Four things to consider when refinancing your mortgage

By Amy Hoak, MarketWatch

Last update: 3:31 p.m. EST Dec. 28, 2008

CHICAGO (MarketWatch) -- Lured by low mortgage rates, many homeowners have been rushing to refinance. Interest is gaining for good reason: Eligible borrowers can lock in rates that haven't been this attractive in decades.

"With interest rates hovering around 5% for conforming loan amounts, homeowners should begin to seriously consider refinancing into a new fixed-rate mortgage, especially if they currently have an adjustable-rate mortgage," said Lisa Weaver, president of Columbia, Mo.-based Certitude Financial Group. And don't drag your feet, either, she said.

Rates on jumbo mortgages are still high, she said, but the national average rate on a 30-year fixed-rate conforming mortgage is the lowest in at least 37 years, according to Freddie Mac. The conforming loan limit in 2009 is $417,000 for most areas of the continental U.S., although in designated high-cost markets it will be up to $625,500.

Given the volatility in the mortgage market this year, Greg Gwizdz, national retail sales manager for Wells Fargo Home Mortgage, also advises homeowners to be proactive. It's possible that rates will be low for a while, but in this turbulent economy, it's not best to gamble that tomorrow will bring a better deal.

"Don't sit back and say I'm going to wait for something to happen and for rates to go even lower," he said. If you're able to refinance into a mortgage that will be better for your finances, don't pass up the opportunity, Gwizdz said.

Below are other points to consider:

1. Have an idea of home's value

Prior to starting the refinancing process, call a real-estate agent or look online at sites including Zillow.com to get an estimate of what your home could be worth, said Scott Everett, founder and president of Dallas-based Supreme Lending. If you're "drastically upside down" on your mortgage, meaning that you owe a lot more than your home is now worth, the possibility of refinancing might end right there.

"If you owe $250,000 and the house is worth $250,000, it [refinancing] is worth discussing," he said. But if you owe $250,000 and "the house is worth $150,000 and you're in Southern California, then you probably won't be able to do it," he said. Many Southern California markets have experienced a drop in home prices.

To get a better idea on a home's value, borrowers might ask their mortgage firm if the appraiser it works with could give a ballpark estimate before starting the process, said David Adamo, CEO of Luxury Mortgage, in Stamford, Conn. But that's still just an estimate until an appraiser comes out to your home, he pointed out.

2. Get ready for a thorough screening process

It's not impossible to get a mortgage in today's environment. But lending standards are likely a lot stricter than they were the last time you applied for a mortgage, so expect a thorough and frank discussion of your finances with a mortgage banker or broker before the application is even filled out.

Lenders are asking would-be borrowers to document income and assets thoroughly. In general, many also want FICO credit scores of 660 or 680 for conventional conforming mortgages; requirements are lower for loans backed by the Federal Housing Administration, Gwizdz said.

Those who might have a particularly tough time getting a mortgage today are self-employed homeowners who don't have two years of income documentation -- even if they have the income to support the mortgage, Adamo said. The availability of stated-income mortgages, which don't require borrowers to fully document their income, is limited, he added.

3. Know what you'll be saving

The old rule of thumb was that your rate should drop two percentage points for a refinance to be worth it, but that doesn't always apply anymore, Adamo said. If you can recoup closing costs of the new mortgage in the first 12 months -- and can save three-quarters of a percentage point on your interest rate every year thereafter -- it's probably economically justifiable to refinance, he said.

In any case, have a conversation about what rate would make refinancing worthwhile, and be prepared to take action. Borrowers also need to consider how long they want to stay in the property to determine which mortgage makes the most sense for their situation, Weaver said.

Sometimes you could be better off refinancing even if you don't get a better rate, Gwizdz pointed out. If you have an adjustable-rate mortgage that resets in a year, but can get a fixed-rate mortgage at the same rate, it's probably a good idea to refinance now if you plan on being in the home for years to come, he said.

He also cautions people about refinancing into mortgage terms that extend the life of the loan; doing so may bring monthly payments down, but will probably make the loan more expensive in the long term. "However, for homeowners that must have the lowest payment possible, it may be the right choice when combined with a lower fixed-rate product," Ms. Weaver said.

4. Don't count on cashing out

Tapping home equity through a cash-out refinance is much more difficult these days, due to stringent credit standards and loan-to-value requirements, Weaver said.

According to Freddie Mac, the share of refinances with a cash-out component was 63% over the first three quarters of 2008, the lowest level since 2004. Cash-out refinance mortgages have loan amounts at least 5% higher than the paid-off mortgage balances.

"The combination of declining home values and tighter underwriting standards have reduced the amount of equity that can be extracted by homeowners this year," Frank Nothaft, Freddie Mac's chief economist said in a news release.

Amy Hoak is a MarketWatch reporter based in Chicago.

Robert Vogan

Benchmark Financial Inc.

951-813-2726 Ext 4

Robert@benchmark4u.com

www.Benchmark4u.com

Time To Refinance Your Mortgage Or Purchase Your New Home!!!!

Benchmark Financial Inc — Wed, 17 Dec 2008 19:31:39 -0600

Whether you have an FHA loan or a conventional loan it is time to refinance your mortgage with these SUPER LOW interest rates or purchase a new home. With the current government intervention these prices and interest rates are going to bottom very quickly.

CLICK THE VAULT FOR OUR DAILY MORTGAGE INTEREST RATES!!!

Lock In Your Interest Rate

FOMC cuts rates to record low range of 0 to 0.25%

Benchmark Financial Inc — Tue, 16 Dec 2008 14:06:32 -0600

THE FED

FOMC cuts rates to record low range of 0 to 0.25%

Promises to keep rates low and try new tactics

By Greg Robb, MarketWatch Last update: 2:33 p.m. EST Dec. 16, 2008 Comments: 234 WASHINGTON (MarketWatch) - The Federal Reserve pulled out all the stops in its campaign to save the U.S. economy Tuesday, slashing interest rates to just about zero and promising to try an array of new economic measures to stimulate spending. The central bank's Federal Open Markets Committee established at target rate for the federal funds rate of 0 to 0.25%, effectively cutting its key rate for overnight lending to banks by between 0.75% and 1%. U.S. stocks leaped after the decision, with the Dow Jones Industrial Average up more than 200 points. "The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth," the central bank pledged in its policy statement. The move was about as aggressive as the central bank could be on monetary policy, but also signaled that it has moved on to other measures beyond setting interest rates in its fight to keep the economy rolling. The Fed's move followed some of the worst economic data in decades reported in the last few days, including monthly consumer sales numbers that fell the most since 1932. Fed watchers described the Fed action as mostly psychological, as rates are already very low. But the Fed wanted to clearly signal that it is doing whatever it takes to short-circuit the recession which began one year ago and could easily turn into the longest post-war recession. The vote to lower the Fed funds rate was unanimous. Greg Robb is a senior reporter for MarketWatch in Washington.

Up to 100% Financing Program

Benchmark Financial Inc — Mon, 15 Dec 2008 14:53:04 -0600

Up to 100% Financing Program

Here are the highlights:

620 FICO Score
SFR, Condo's and PUDs (no units, investment or manufactured)
Finance the full appraised value plus the 2% up-front Mortgage Insurance for a total of 102% of the appraised value.
Seller may contribute up to 6% of the purchase price toward closing costs and/or prepaids.
100% gifting permitted for all closing costs
No post-closing reserves requirements.
29/41% Debt-to-income ratios.
NOT limited to First-Time Homebuyers.
No loan limits ( based on income requirements)
NO MONTHLY MORTGAGE INSURANCE - the One-Time MIP fee at closing keeps the monthly payment lower than FHA financing.
30 year fixed-rate, fully amortized loans only
2/1 buydown - qualifying ratios at start rate with compensating factors

To Check your Eligibility for this Program, will have this nationwide within the next 2 weeks at present time it is only available in California only.

The property must be located outside the Urban Growth Boundary or Metro Area city limits. Refer to the area map - Click Here to view area maps or to look up a particular address.
Household income must be within allowable range. There are allowances that are factored including; number of people in the household, ages, disability, students, child care expenses, etc. Click Here to check your income eligibility. (This program requires using Internet Explorer browser).

Don't delay - this program may not last! Call your me today

Robert Vogan

Vice President

951-813-2726 Ext 4

Down Payment Loans and Gifts

Benchmark Financial Inc — Tue, 25 Nov 2008 20:27:19 -0600

Down Payment Loans and Gifts

Loans and gifts can help with your down payment, but you can not use this strategy for all loan programs. The most popular program for this tactic is the Federal Housing Administration or FHA. FHA allows 100% gift funds for your down payment. The gift can be from any relative or can be collected through new innovative programs, like the Bridal Registry where couples receive money into an account that can be used for the down payment.

Another popular tactic, which can be used in a wider range of programs, is to borrow from your 401K program. If you have a 401K program with your employer, you can withdraw without a penalty for your down payment and pay it back over a specified period. There are some drawbacks, the payment will be used in qualifying and your 401K account will not continue to grow as fast. Even with these drawbacks, it is often a smart move if this is your only option.

ROBERT VOGAN

BENCHMARK FINANCIAL INC

951-813-2726 EXT 4

WWW.BENCHMARK4U.COM