When we started offering PacificPlus, we did it to address a simple question: How can buyers protect their down payments?
As it turns out, people were interested in covering the largest portion of their home investment. Which makes sense. Having a little less uncertainty and a little more safety is a great feeling! So, we started wondering if we could spread that great feeling around a little. Could we offer the same security for the people refinancing with Pacific Union Financial on the equity in their home?
Yes. It turns out we could. And now we do.
PacificPlus Equity Protection
PacificPlus Equity Protection is a step above a basic home loan refinance. Like an insurance policy, it protects a buyer’s equity.
Essentially a refinance is a new mortgage, but rather than requiring a whole new down payment, the value that’s already built up over the life of the home loan is used in its place. PacificPlus protects that refinance equity against negative market losses for a full seven years.
How Does It Work?
Let’s say Ricardo refinances a $100,000 home. His equity – the difference between the property value at the time of refinance and loan value – is 20%, or $20,000. But then he gets a great job offer across the country. If Ricardo has to sell at a loss, say $90,000 five years later due to a drop in the market, he would only get back $10,000 of the $20,000.
But if Ricardo has PacificPlus Equity Protection, he’s covered. He will be reimbursed for the $10,000 difference.
Where Can I Get It?
There are other kinds of equity protection in the marketplace, but PacificPlus is only available at Pacific Union. We’re proud to add this to our government-backed loan expertise, large product offering, and our white-glove customer service as yet another way we can help borrowers. Hopefully, we’ll have an opportunity to help you.