NMLS ID:1747872

 

 

 

© 2018  BEACON POINT MORTGAGE SOLUTIONS, LLC 

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Terms of Use 

LOAN PROGRAMS & RATES expressed are representative of some product offerings but are subject to CHANGE at anytime.

*Florida Second Home Specialist is not a state designation nor a Florida State endorsement.

“THIS PRODUCT OR SERVICE HAS NOT BEEN APPROVED OR ENDORSED BY ANY GOVERNMENTAL AGENCY, AND THIS OFFER IS NOT BEING MADE BY AN AGENCY OF THE GOVERNMENT.” 

Instead this service reflects the scope of our work and commitment to make it easy for out of state residents to finance a second residence in Florida.

 

Call us! 800-466-0664

BUY-DOWN YOUR PMI

When you purchase or refinance property and don't have enough money to make at least a 20% down payment or if you want to refinance and your home hasn't appreciated to the point that you have at least amassed at least 20% equity in your home, you are at a disadvantage because most lenders will require that you pay for Private Mortgage Insurance (PMI), a costly expensive  insurance  premium that pays your mortgage payment to the lender in the event of your default.  1/12th of the annual premium is paid until the ratio of the loan amount to the value of your home reaches at least 80% of the value of the home.   

 

The odd thing about PMI is that while you are paying it, you are not the beneficiary of the payment being made. The lender is the beneficiary. You would still owe for the defaulted payments. The insurance does not offset a borrower's default.  If you default on your mortgage years after timely payment, well the jokes on you. The other odd thing about PMI is that since it is built into your mortgage payment, the additional expense could render you unqualified for a mortgage. Beacon Point Mortgage has a solution to this potential problem. 

We work with leading lenders that will help negotiate your PMI down or eliminate its requirement.  By negotiating the rate and keeping the policy as low as possible, you save in closing costs and get a lower mortgage payment. 

Your PMI Elimination Options

Available PMI Saving Options

SINGLE PREMIUM M.I.

Single Premium M.I. allows a one-time, up-front M.I. premium to eliminate the monthly M.I. payment, while ensuring the maximum credit to offset the closing fees. Strengthen your success to close your deal.

  • Both financed and non-financed options available

  • Available for programs with down payment requirements as low as 3%.

  • Use seller contributions to eliminate monthly M.I.

  • Accommodate a low rate and payment while providing a premium credit to reduce your closing costs.

 

SPLIT 50 AND SPLIT 100

Split 50 and Split 100 is a hybrid program combining a single-premium M.I. adjustment with the balance of the M.I. premium to be paid at a reduced monthly rate. You will benefit from a lower monthly M.I. payment, saving hundreds of dollars every month at a great low rate.

 

  • Available for LTVs up to 95%

  • Split 50 at only .5%

  • Split 100 is a less expensive option than FHA insurance

Any M.I. option elected must comport with agency underwriting standads.

21 Day Closing

Buy down PMI

Beacon Point 2

Your dream property must come with grand improvements and finishes. But what about the furniture? What about reserves, money set aside to prevent future default?  Saving on  PMI has the potential to save you $$$$$ thousands and improves your chances at qualifying for a mortgage!! Electing one of these PMI saving options can even help shorten underwriting time.

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