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The Quickest Way to Improve Chances of Approval

On August 24, 2016, in credit score, by admin

 The Quickest Way To Improve Your Chances for Approval   While seeking mortgage approval and preparing to purchase your new home, be sure to responsibly manage your credit. Your credit score is a very important number when you are trying to qualify for a loan!  We all want to get better rates and lower payments when we […]

 The Quickest Way To Improve Your Chances for Approval

 

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While seeking mortgage approval and preparing to purchase your new home, be sure to responsibly manage your credit. Your credit score is a very important number when you are trying to qualify for a loan! 

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We all want to get better rates and lower payments when we can right?! A general rule of thumb that still applies is, the higher your credit score, the better your interest rate and the lower your monthly payment! Trying to increase your credit score can seem to be a bit overwhelming, but follow these tips and you will be heading down the road for higher credit scores in no time!

  • Make sure that you are making all of your payments on time, and for at least the minimum payment. If making payment deadlines are a recurring issue for you, you may want to consider taking advantage of automatic payments through your credit card and loan providers.
  • If you can, pay over the bottom line on your bills!  This means to pay more than the minimum payment; possibly reducing your number of payments, and lowering your interest in the end.
  • Pay off your debt on all existing credit cards, DON’T just move the balance to a new card!
  • You want to pay off all of your debts to below 30% credit your limits.
  • In many cases, you can see score improvement of up to 40 points when you take control of your credit and pay off any outstanding debt.

If you have any questions or are ready to apply for your loan:
Apply now or Call us today! (843) 388-5763

 

6 keys to selecting the best Real Estate Agent

On August 23, 2016, in Real Estate, by admin

One of the first steps in buying or selling a home is choosing a competent, reputable Real Estate Agent to represent you. Choose well and the Agent can help make your dreams come true by getting you top dollar for your house, in a timely manner, or by finding your dream home within your budget. Choose […]

One of the first steps in buying or selling a home is choosing a competent, reputable Real Estate Agent to represent you. Choose well and the Agent can help make your dreams come true by getting you top dollar for your house, in a timely manner, or by finding your dream home within your budget. Choose poorly and the experience can be frustrating, drawn out, and in some cases will end in cancelling the relationship and starting over.

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How can you choose the right Realtor?

1. The best place to start is by asking friends and family for a referral. Just make sure they aren’t steering you to their friend who just got in the business because they’re trying to help them out. Ask what they liked about them. Make sure they have firsthand experience working with the Realtor they refer.

2. You want to work with someone who specializes in what your selling or buying. If you’re a first time buyer, you should look to work with someone who specializes in first time buyers. That agent will be more likely to take extra time to explain some of the nuances of buying your first home. They can help paint a picture of what you should expect to happen before, during, and after you purchase. The same goes for someone purchasing a luxury property. If you’re buying a high end beach house, you want someone who’s familiar with the high end beach market. They’ll know what to look for, what to expect and if the seller is asking too much for what you’re getting. This applies to seller’s too. You want an agent who is honest and knowledgeable and prices your house right to sell in a timely manner. Otherwise you may be waiting 6 months and still not sell. In both cases a good Realtor can save you tens of thousands with their knowledge of the market.

3. Look up potential agents at the local real estate board. In Charleston it’s the Charleston Trident Association of Realtors (CTAR). You’ll find valuable information such as licenses an agent holds, or if there’s been disciplinary actions and complaints against them. Definitely good information to have before entering into a contract with your agent.

4. A good listener is key. A great Real Estate Agent takes the time to listen to your goals, wants and needs so they can be successful in finding you a special home that satisfies them. Otherwise you’ll be in the car visiting open houses weekend after weekend with no success. Who wants to do that?

5. Check out their website. Online marketing is a big part of buying and selling real estate these days. You want someone who has a good web presence and can efficiently implement web tools to buy or sell your home efficiently.

6. Check with your mortgage professional. A good mortgage professional will have a handful of top agents in the area and will direct you to the ones that specialize in exactly what you need.

Coastlend Mortgage is connected to a select group of the best agents in Charleston and surrounding communities like Mount Pleasant, Daniel Island, Summerville, Johns Island, Isle of Palms, Sullivan’s Island and more. If you would like a referral to one of the best agents in the Low Country, please give us a call! (843) 388-5763.

 

Why Refinance?

On August 22, 2016, in refinance, by admin

Refinancing your home allows you to take advantage of better rates and save money.  Here at Coastlend Mortgage we offer our clients both Cash-Out Refinances and No Cash-Out Refinances. There are many factors that come into play when deciding to refinance. Is it the right time? Are rates low? How long do you plan to […]

Refinancing your home allows you to take advantage of better rates and save money.  Here at Coastlend Mortgage we offer our clients both Cash-Out Refinances and No Cash-Out Refinances.

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There are many factors that come into play when deciding to refinance. Is it the right time? Are rates low? How long do you plan to live in that home? Refinancing does depend upon each individual’s current situation but here are some pointers on whether or not it’s time to refinance.

 

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  1. You can recoup the cost of doing your refinance within two years. If you are able to do that then it is a sign of a good refinance.
  2. How high is your rate? Traditional wisdom states you should lower your rate by 1%. However, that does not apply when there’s no closing costs. If you can lower your rate by .5% with no closing costs and save money, then it makes sense.
  3. Your economic situation is also a major factor. If you’ve lost your job or moved to a one-income household, it would be best to refinance. This could be a great option to lower your payment and/or ease your financial struggles.
  4. If you need cash pronto, cash out refinance is the answer. This is when you turn your equity into cash. You can use it for a multitude of new things. Such as, paying college tuition, starting a business, buying an investment property, etc.

So, is the time right for you? If it is, let us help you!

Apply Today or Call Coastlend Mortgage at 843-388-5763.