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

How these Loans Work

Home Equity Loan, HELOC, Cash out Refinance.

You are a homeowner and want to get your home improvement project going.  You want your dream kitchen or bath, a new back porch, your landscaping overhauled. Or, you may be in a situation where you need liquidity in order to fund your children’s college education or you want to control debt through consolidation. At this juncture you are forced to weigh your options on which mortgage product will best fulfil your objectives. Will it be a Home Equity Loan where you make fixed payments for a fixed period of time, or will it be a Home Equity Line of Credit (HELOC) which is a revolving line of credit, much like a credit card where you can pay the minimum based on how much you draw from the account, leaving some money never utilized.  Maybe the best option is to do a cash-out refinance, the rates seem more attractive than the mortgage you are presently carrying and you want to take advantage of achieving reducing your mortgage payment as well as getting that brand new kitchen.

Whether you decide to refinance, completely paying off all existing loans with a cheaper one, get a HELOC or Home Equity Loan, your objective of getting cash out of your property avoids tapping into savings or depleting your retirement or investment accounts.

 

The main consideration when deciding which option works best for you will center upon the cost of the loan and potential cost savings. A Home Equity Line of Credit (HELOC) and  Home Equity Loan  requires the lender to enter into a subordination agreement with existing lienholders, basically agreeing to allow the existing lien holders to be paid in full first as a priority in the event a borrower defaults and foreclosure or short-sale arises. As a result of this potential risk, these loan products are priced at higher interest rates in order to justify the risk of investing in such products and in order for lenders to attract investors.

Cash Out Refinance

Home Equity Loans

Factors You should consider when deciding whether to opt for a cash out refinance versus taking out a “second mortgage.”