Benchmark Title Company, LLC


Basic Loan Types for Home Purchases or Refinances

John Howe

Basic Loan Types for Home Purchases or Refinances.

Although there are many different types of loans out there in the market, there are some basic issues you need to be aware of and be certain to get all the information prior to the closing if at all possible.

Interest rates, points, and fee- The interest rate and its terms are either fixed or adjustable. You will need to know the terms of the loan, including whether there are points  (normally a percentage of the loan amount, payable to the lender) to be paid and a schedule of other fee, if any, payable to the lender. Having this information in advance will assist you in determining how much up front fees to expect, plus the monthly payment over the life of the loan. Be aware that you will also have real estate taxes and homeowners insurance, also normally due on a monthly basis. When your anticipated monthly payment is given to you by your loan officer be sure that the taxes and insurance are added in to that figure so you will have a true picture of you obligation.

If the rate of interest is adjustable there will be a rate adjustment or a “balloon payment” on a set date. With an adjustable rate the interest rate may be fixed for a certain period of time, then it will adjust, either up or down, depending on the market at the time. In the event that the interest rate adjusts up and you are not able to make the payment at the higher rate, you may need another loan, or refinance, which means more fees, points, closing costs, etc.

Be aware of the potential of a prepayment issue in the loan documents, if there is one and you decide to pay off the loan ahead of time you may be responsible for additional fees at that time. This is an item you should discuss with your lender before you proceed with the loan in the event you should move before the loan is fully paid through monthly payments. Some of these can be rather costly, however, a reputable lender will discuss all of this with you and answer any questions you may have. Ask your Realtor, Attorney, or your local Title Company for a recommendation to a reputable lender if you are not sure who to call.

Any questions can be directed to Benchmark Title at 618-239-3750. Please feel free to call or email:  

John Howe

Doreen Miller, Esq.
Commercial Division Manager

Michelle Null
VP Escrow Operations

Bethany Bond
Marketing Director

Serving you from three convenient locations:

Main Office:
1124 Hartman Lane
Shiloh, IL 62221
Ph: 618-239-3750
Escrow Fax: 618-239-3707
Title Fax: 618-239-3757
Fax Orders: 618-310-1589
President: John Howe

318 North Main St.
Columbia, IL 62236
Ph: 618-281-9700
Fax: 618-281-9705
Manager: Randi Schur

4215 S. State Rte 159
Glen Carbon, IL 62034
Ph: 618-288-1695
Fax: 618-288-1852
Manager: Sara Sowell

Dates to Remember

November 12th - Officed Closed for Veteran's Day

November 14th - HBA Sales and Marketing Concil Meeting
8:00 a.m. at Four Points Sheraton, Fairview Heights

November 15th - Realtors Listing Exchange will be held from 11:30 a.m. to 1 p.m. at Joe Boccardi's in Columbia.  Please contact Bethany Bond for details.

November 22 & 23 - Office Closed for Thanksgiving Holiday

December 4 - GGAR Holiday Party
11:00 a.m. at Meridian Ballroom, Edwardsville, IL 

December 12 - HBA Sales and Marketing Council Meeting
8:00 a.m. at Four Points Sheraton, Fairview Heights, IL

January 18, 2008 - HBA Annual Installation Banquet
At Four Points Sheraton Conference Center, Fairview Heights, IL

Did you say free?

Be the first in your office to try out, Benchmark Title's new FREE online transaction management system. Why waste time making status phone calls or standing by the fax waiting for your title commitment when you can get what you need instantly from your own computer. Visit for more information or call April Tolan, our SureClose Specialist, at 618-239-3750 for your sign-on so you can start saving yourself time and money today. We'll even give you and your clients a free CD at closing containing copies of their closing documents.

Give me my policy!

Did you know that lenders and home buyers now receive their title policies at the closing table? Contact Michelle Null, VP Escrow Operations, to learn more about this exciting new program.

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Lenders and homeowners will want to hear about our fantastically low new refinance rates. Contact us today for a quote!

Why wait?

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