Mark Benevento NMLS 2109064 Summit Funding

08/30/2021

I am now approved to write loans in New Jersey!!! If you need a loan or a pre-approval just reach out.

08/19/2021

5.0 star review received on Experience.com for mark benevento by Iwana M. - Opem Communication

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Jr LO | NMLS # 2109064

08/03/2021

Great article from market watch (LINK ON THE BOTTOM) explains the refinance environment, options, and statistics in our current market. Rates are rock bottom right now and the opportunity, not just to lock in a low rate, but get rid of mortgage insurance are here ready for the taking. Money is cheap but if your not taking advantage of that then you are missing out!!!

https://www.marketwatch.com/story/youre-missing-out-on-the-lowest-rate-youll-ever-have-8-in-10-homeowners-didnt-refinance-last-year-rates-are-still-so-low-so-whats-holding-them-back-01627323715?mod=mortgages

07/18/2021

A great charity, a great cause, a great kid doing it!! Donate or get involved with this cause to help stop the hell that is lung cancer!!

07/17/2021

This is a chart that shows the futures market for lumber. It’s the indicator of what raw lumber sells for on the open market and how investors and speculators buy and sell this material. How is this relevant you might ask?

The relevance here is that the price of blocks, 2x4s , plywood, etc are all reflected on this chart. As you can see during the pandemic prices of this have been going through the roof and that’s why building and construction was so damn expensive!!! BUT take a look now!! Since May lumber has been in a free fall back to pre pandemic prices. This is reflected in the prices now at the local store.

Why does this matter? Well it makes building and remodeling a viable option again. Buying a fixer upper or putting an addition on your house is now an option again without bleeding out all your money on materials.

Now is a great time to get ahead of the curve and take advantage of this while everyone is still thinking it’s too expensive. The price in the store usually lags the price of the futures but that’s why it is called a futures market. It’s a look into future prices at the store and being able to anticipate things to come before the guy who doesn’t pay attention to this stuff finds out.

07/16/2021

So I’ve always wanted to get into building a real estate portfolio but I was always hesitant about it. Being stubborn over the years waiting for the market to tank like in 2008 has really burned me in the long run. The classic line in real estate is that it will always go up because god isn’t making more land and on the surface is true but until you dive into the world of buying houses you will not fully understand that saying.

Within weeks of entering the mortgage business and learning the details of the financial side of Realestate I’m looking for property to buy. The sheer benefits of owning a home is insane and knowing how to apply and use your home in financial ways can be the best tool you can use.

Have too much credit card? Use your home to pay off those insane rates credit card company’s charge with a low cost cash-out refinance!
Wells Fargo shut down your personal line of credit? Get a HELOC (beats bred it cards by miles)
Kids college, Secound home, build additions on the home you live in, finance a business, all of these and more can be done when you own property.

Owning a home is the American dream for sure, but that’s only half the story. It’s what makes this country great and it’s what makes the average person and family wealthy and financially stable. So get out there and buy a home!!!

07/11/2021

I’m a little late to the party on this but it’s important either way. Wells Fargo shut down it’s personal lines of credit recently and this is a little bit of a confusing indicator on what is going on.

For people that don’t know, a personal line of credit is an unsecured line of credit offered to a person to borrow money the same way a credit card can be used. The difference tho is that the interest rate on a personal line of credit is WAY lower than what a credit card is!!! Many credit card rates border on usury if not payed off in full every month.

SO WHATS THIS MEAN?

In short, it’s hard to tell. Most banks are flush with cash right now on their balance sheets, (in the 100s of billions no joke) and rates are the lowest in history! For Wells Fargo to shut down a lending division and tighten up access to money for their customers is an interesting thing.

There are 2 possibilities that I see with this move. Either Wells Fargo sees weakness in the market and wants to protect themselves from it,(which is the lesser likely of the 2 options considering the cost of money and the sheer about they have in cash reserves) or they are trying to funnel people over to their credit cards to maximize profits from a higher interest rate charged (which seems more likely).

Only time will tell of what to make of this move and see if more banks follow in step with Wells Fargo. But if you do need access to a line of credit and own property there is always the option of a HELOC (Home Equity Line Of Credit). Borrowing against your home (RESPONSIBLY I CANT EMPHASIZE THIS ENOUGH) is a great way to access credit. The rates are generally cheaper than most other lines of credit out there and it’s a great way to grow financially without being drained by credit cards.

I hope I provided some good insight and feel free to DM me if you have any questions.

07/10/2021

So some fun facts for you!! Mortgage rates and the 10-year treasury note usually follow each other in tandem with the national mortgage rate floating a few points above the 10-year. The 10 year treasury note is issued by the US treasury department and is the leading indicator of the overall health of the economy. When the note is cheap that indicates that borrowing cheap and it makes sense to use debt to buy assets and fund growth. Like say for example a business or a HOUSE!!! Take advantage now while you can people!

07/10/2021

Apply today!!!
Movement.com/mark.Benevento
Pre-approval, Purchases, Refinancing, Cash-out, and more!!

07/01/2021

06/30/2021

FIRST DAY ON FACEBOOK BABY!!!!!!!