"Benchmark lending" The term seems fairly new and not well known, but when you check a search engine, you will see that key words are "interest" and "bank". High paying keywords, ... Remember!
In the U.S. the benchmark rate set by the Federal Reserve, which is the rate banks pay when they borrow money. As you may know, banks have a certain amount of money in reserve, but when they need more they must borrow money on a very short time (which can be very short, just one night !).
This explains why the term is so precious.
Banks and mortgage companies are looking for people who might need a loan. Banks make money on loans, it's just a matter of value to be a part of when there are many customers.
Reference Interest Group
BLG is a direct mortgage lender, which allows you to proceed quickly to secure a new mortgage to refinance your home or the current one. They offer a wide range of mortgages, which certainly can provide a solution tailored to your needs.
They offer:
- 10, 15, 20 and 30 year fixed loans:
The monthly payments and rates of conventional loans remain the same throughout the loan term. And if the payments of a capital reduction is made, your mandate will be reduced.
- Fixed for 7 years (30 / 7)
The loan of 30 / 7 is ideal for people who want the security of a loan offers a fixed rate, but are also attracted by low interest rates on adjustable rate loans. The loan of 30 / 7 has a duration of 30 years and a low fixed rate for seven years. At the end of the fixed rate, you have the option to convert to a fixed rate for the remaining 23 years, based on interest rates at the time of conversion.
Choose this type of loan:
o If you are going to be home for more than 10 years
o If long-term stability is more important than the amount of payment
o If you plan to use your home equity during the loan.
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