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.