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.

First 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 80% of your home's current value. 

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.