Beneficial Mortgage has recently been acquired by the HSBC banking group. This gives Beneficial Mortgage access to some of the most well respected financial services in the world.
Loans Funded by Beneficial Mortgage Co.
- Home Equity Loans
They offer two types of Home Equity Loans: Express and Traditional. The Express option can be approved in 48 hours and is from 3,000 to 47,000 dollars. The traditional home equity loan ranges from 10,000 dollars to 300,000 dollars. It can access up to 100% of your homes equity (only 80% in Texas) and the interest may be tax deductible.
- Refinance Mortgages -amounts are available up to 1,000,000 dollars, and is the largest amount available from the Beneficial Mortgage.
- 2nd Mortgage Loans
- Debt Consolidation Loans
- Home Equity Lines of Credit
- Home Purchase Loans
Recent Beneficial Mortgage Co. News
Legally, the company has been in hot water. Beneficial Mortgage Company (“Beneficial”) held a deed of trust on a parcel of real property in Rockingham County that was sold at a foreclosure sale. Beneficial did not know of the sale and, therefore, did not bid on the property. Beneficial then sued to quiet title and to collaterally attack the sale. All parties moved for summary judgment. The superior court granted summary judgment in favor of the appellees, and Beneficial appeals have been overturned.
There have been a slew of complaints brought against Beneficial in the last five years. The majority of them revolve around the company using underhanded business practices to damage personal credit ratings and attempts at foreclosure without reason.
Despite the complaints, the company claims it offers significant benefits over other lending institutions, including.
- Clear, well-disclosed components of the test makes sure any loan transaction gives the borrower a “reasonable, tangible net benefit.
- A third-party independent loan closer – a key element of consumer protection – who manages the loan-closing process and is available to customers in English and in Spanish at Spanish certified branches.
- A cancellation guarantee that allows customers a full 10 days to change their mind to cancel a loan, repay it and receive a refund.*
- A simple, one-page “plain English” disclosure document that provides a quick, easy-to-understand snapshot of key fees, points and payments in relation to a loan.
- Rewarding customers who regularly make their payments on time with lower interest rates through Pay Right Rewards program.
English and Spanish documents are available in Spanish certified branches.
*This is a claim made by Beneficial Mortgage and Home-Equity-Info cannot guarantee this still holds true, or is applicable for every situation.
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