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Loan Programs:
We hope to fulfill your dream of homeownership. Beacon offers multiple loan programs and finance terms that allow you the
ability to tailor your mortgage financing to whatever suits your lifestyle and finance approach. To learn more about our loan
programs, call us toll free at 1-888-256-3800 or contact one of our qualified mortgage representatives.
Fixed Rate Mortgages
A popular choice of financing, a fixed rate mortgage provides security in a changing rate environment where you know your interest rate and monthly principal and interest payment will remain the same over the chosen repayment term.
Bi-Weekly Mortgages
A bi-weekly mortgage can save you thousands of dollars in interest while still offering the interest rate security of a fixed rate mortgage. With a bi-weekly mortgage, we automatically deduct your payment every two weeks from a Beacon Federal savings or checking account. Your bi-weekly principal and interest payment will be equivalent to half of the calculated monthly payment. The bi-weekly payments shorten the overall repayment term.
Convertible - Adjustable Rate Mortgages (CARM)
An adjustable rate mortgage is a great choice if you aren’t planning on staying in your home for an extended period of time or retaining your mortgage for the full repayment term. An adjustable rate mortgage (ARM) has a lower initial interest rate and monthly payment than a fixed rate mortgage. The initial interest rate is fixed for a specified period of time, and then changes annually based on the 1-year U.S. Treasury index adjusted by a margin. A “convertible” ARM allows you to convert to a fixed rate at certain periods of time throughout the life of the loan. See our CARM Disclosures for details.
Available Finance Terms
Escrow for Taxes and Insurance: Escrow for taxes and insurance is waived at the lender discretion based on loan program,
loan to value and borrower credit.
Private Mortgage Insurance (PMI): PMI is required, at borrower’s expense, on any mortgage loan with greater than 80% Loan-to-Value.
Automatic Loan Payment Requirements: Advertised rates are based on an automatic loan payment agreement authorizing the Lender with ability to draft the mortgage payment from a depository account held with the lender or other financial institution. Bi-Weekly mortgages require automatic loan payment from a depository account held with Lender. Request for coupon or cash payments are subject to a higher than advertised interest rate and must be elected prior to loan closing.
Pre-Payment Penalty: Beacon’s mortgages are not subject to a pre-payment penalty unless otherwise stated and disclosed with an application.
1st Time Homebuyer Benefits: Click here for details
“Piggy-back” Loan Structuring: Qualified borrowers have the option of splitting the financed
amount between a first mortgage and a home equity mortgage to avoid the required private mortgage insurance expense for loans in
excess of 80% loan-to-value (LTV). Restrictions may apply based on loan purpose and lender’s affordability
requirements. Origination fees may apply. Available options are 80 / 10 / 10 , 80 / 15 / 5.
Example: 80 / 10 / 10 = 80% LTV First Mortgage / 10% LTV Home Equity / 10% Down Payment
Cash-out Refinance: You can refinance your mortgage and obtain cash-out (funds not used to payoff an existing lien on the property) up to 90% of your homes current value. Loan-to-values in excess of 80% require Private Mortgage Insurance.
Second Homes: A second home is a property owned in addition to the borrower’s primary residence and is intended for personal recreational use. The second home must not be located within the same housing market as the borrower’s principal residence (exceptions are made at lender’s discretion). The property must be a single unit and the borrower should not own more than one unit if within a project (if a condominium or PUD).
Investment Properties: We offer a limited number of options to those looking for financing on personal residential investment properties (1-4 Family). A down payment of at least 30% is required and additional restrictions may apply.
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