Benchmark Mortgage Reviews

Benchmark Mortgage does not publish its starting rates online. According to data provided as part of the Home Mortgage Disclosure Act, in 2021, it had an average home purchase rate that was 0.11% higher than the national average.

Borrowers with high credit scores and low debt-to-income ratios (less than 36%) are more likely to secure the best rates available.

Benchmark Mortgage average home purchase rate vs. national average

To get a mortgage with Benchmark, you can start the application process either online, in person or by phone. To apply online, visit the company’s website and click on “Apply Now.” From there, you’ll need to create an account and select a loan officer to work with. The company provides a list of loan officers in your area to choose from.

After creating an account, you can complete the loan application by answering questions about your income and assets. The company provides a list of documents to have handy as you complete your application, like the previous two years’ W-2s and recent pay stubs and bank statements.

When you’ve submitted your application, your loan officer will reach out to finalize details and give you a timeline for an approval decision. Benchmark Mortgage may transfer your loan to a new servicer after closing, in which case the company will notify you of the change. The terms of your loan will stay the same.

Benchmark Mortgage application features

Benchmark Mortgage offers an assortment of loan options, including conventional (fixed-rate and adjustable-rate), FHA, VA and USDA loans. Most fixed-rate mortgages have 30-year terms, but there are other loan terms available.

Benchmark Mortgage places emphasis on continuing to serve its borrowers after closing. With its Lifetime Loans program, the company states that it continuously monitors the market to see if its borrowers could benefit from refinancing to a lower rate.

While the company specializes in originating conventional loans, it’s also a top 50 VA loan lender by volume as of 2021. In 2021, Benchmark Mortgage originated over $1.5 billion in VA loans. The company has veteran specialists available to assist VA loan applicants. Some features of the VA loan include 100% financing and no mortgage insurance requirement.

In 2021, borrowers submitted 20,169 home purchase applications to Benchmark Mortgage. Of those applications, about 5% of applications were denied. Ultimately, about 78% turned into closed loans.

Loan applications for home purchases only by year

Refinancing

From 2019 to 2021, a majority of the loans Benchmark Mortgage funded were home purchase loans. In 2021, about 64% of its loans were for home purchases.

Other lenders saw a sizable increase in refinancing applications in 2020 and 2021. As mortgage rates plummeted to all-time lows, borrowers acted quickly to refinance their existing mortgages and lock in lower rates.

Since then, rates have been steadily climbing. In 2022, rates have climbed at least 3% higher than in early 2021, according to the Federal Reserve Bank of St. Louis. For this reason, fewer borrowers are expected to refinance.

However, you may still consider refinancing today if it helps you save money. For example, you may currently have an adjustable-rate mortgage with an interest rate that has reset higher than most fixed-rate mortgages offer — if so, it may be worth seeing what rate you could qualify for if you refinance to a fixed-rate mortgage.

Home purchase vs. refinance loans by year

Benchmark Mortgage does not list many of its borrower requirements on its website. Typically, borrowers need a 620 minimum credit score and a 3% down payment to qualify for a conventional loan.

You may be able to qualify for an FHA loan with a lower credit score than 580, but you’ll need to offer a higher down payment of 10%. While VA and USDA loans have no down payment requirements, the credit score minimums can vary by lender.

National mortgage requirements by type

For more information on other loan types, see our guide on jumbo loans.

Benchmark Mortgage does not disclose the lender fees it charges for loan origination. Lenders may charge an origination fee, which usually covers the processing and underwriting tasks associated with the loan. It could be a flat fee or a percentage of the loan amount (usually 0.5% to 1%).

Lender fees are a portion of the overall closing costs you’ll pay when you purchase a home or refinance your mortgage. Closing costs may vary between around 2% to 5% of the loan amount.