FAQ

Absolutely! So many people are moving to our area. Since the pandemic, much of our business is done over the phone (although we welcome your visit!) and via our online application process. Our team makes things simple whether you’re in our backyard or somewhere else in the world.

Give us a call or go ahead and fill out the application. For the highly motivated, begin acquiring these items: (1) two most recent paystubs; (2) two most recent bank statements; (3) W-2 form. For the self-employed or business owners, you’ll need: (a) two years of personal tax returns; (b) previous year’s P&L statement; (c) at least 2 months of business bank statements.

After filling out the application and having a conversation, we will do a soft pull on your credit. A soft pull allows us to review your credit report and credit score to get a sense of how well you are managing your credit. This soft pull does not affect your credit score. We can see where and how you can improve your credit and counsel you accordingly. The soft pull is part of the Platinum Pre-Approval. A “hard pull” of your credit will be conducted as we move further into the loan process and before your rate is locked.

The score you received from your credit card company or pulled from one of the three credit bureaus (Experian, TransUnion, or Equifax) covers a range of credit products and provides broad perspective on your credit standing. Mortgage lenders use a score developed specifically for home loans to analyze/predict the likelihood of you defaulting on a mortgage.

Fortunately, no. There are about 30 factors in addition to the interest rate that determine the cost of your loan. Rates are important but there are several ways to skin the proverbial cat. That’s why McGinnis Team’s consultative approach allows for running various loan structures so you can see what is in your best interest financially and long-term.

Rates change daily, but some mortgage companies have what are called “overlays.” Overlays are fees added to the rate by the lender. McGinnis Team does not have overlays. The loan interest rate is the same as what you could Google yourself. In fact, if you find a lower rate from another lender, find out how they’re offering it. When something is too good to be true, it typically is.

McGinnis Team offers conventional, FHA, USDA, jumbo, and VA loans.

Personal referrals are typically best. Talk to your friends, family members, and business associates. Talk with their friends, family, and business associates. McGinnis Team can also connect you with a realtor that best suits your personality and desired location.

Loans can be closed in as little as 2 weeks but expect and plan on 30 days. The best way to ensure a quick closing is to have all your documents/paperwork collected at the beginning of the process. With McGinnis Team, we do much of the loan work on the front in for the pre-approval. When you have a pre-approval from us, it’s as good as a final approval.

Most loans require as little as 5% down. If you’re a veteran using the VA loan, the down payment is 0%. The actual amount depends on the type of loan, your credit score, length of loan, whether you want to or it’s more beneficial to put more money down, etc. McGinnis Team looks at all these factors and most importantly, understands your desires, finances, and motivation. During your Mortgage Consultation we will answer your specific questions, inform you of the closing costs and down payment numbers, and advise you on what is best for your financial situation and peace of mind.

Benchmark Mortgage, or Benchmark Home Loans as they are known in Tennessee, is a nationwide lender headquartered near Dallas, TX.

Personally, I (Josh) have not served. However, my wife and I have many family members who have served in the armed forces. We grew up supporting and serving veterans; and as a mortgage lender it’s an honor to educate realtors, various veteran organizations, and veterans themselves about the VA loan and its superior benefits. Our family volunteers our time to veteran causes and financially supports specific and local veteran organizations such as Warrior Freedom Service Dogs.

These things aren’t necessary, but helpful. Benchmark Home Loans went a step further. We are approved for automatic processing of VA loans. We have also taken the extra steps to become “LAPP” approved under VA’s Lender Appraisal Processing Program. This means that our loans are processed and closed in-house without waiting for the VA’s approval of the veteran or property. Taking these extra steps allows us to reduce the time required to close a VA loan.