Taking A Gamble On Rates Rates change constantly and although they could get better they could also get worse. Waiting for a better rate may not be the best idea. With rates at historic lows because there’s not much upside. Even if rates improved it’s not going to be by much and won’t have a […]
Rates change constantly and although they could get better they could also get worse. Waiting for a better rate may not be the best idea. With rates at historic lows because there’s not much upside. Even if rates improved it’s not going to be by much and won’t have a huge impact on your payment. However, we could see sharp spikes higher that could increase rates and your payment to a point where it disqualifies you.
You forgot to pay off your monthly Target credit card. It happens, we all do it but you never think about the consequences. If you have late payments on your credit report it makes it ten times harder to procure a mortgage. A late payment could drop your credit score 60-110 points and stays on your credit report for 7 years. This could be detrimental to someone with an average credit score. If you have a 620 and end up making a late payment that drops your score by 60 points you could end up with a 560 credit score. This, of course, makes it almost impossible to get a mortgage.
In order to reduce the risk of late payments, talk to your bank about auto payments which will ensure you from never having a late payment.
It may seem trivial to watch rates after a year of purchasing a home or refinancing but it could save you big time. 6 months after purchasing your home you have the ability to refinance. If rates changed drastically this could save you a certain amount of money. If you were thinking about saving up for that vacation in Fiji, this may just be the answer! Keep your eyes on rates or contact your mortgage broker to see what they can do for you.
You see their name everywhere and you already bank with them so why not get your mortgage from them? Well, big banks such as WellsFargo or Bank of America will not be as responsive as a small mortgage company. Brokers have the ability to shop around for you to get the best rates. They have direct contact with lenders and will do all that they can for you. Constant communication makes the loan process ten times easier. Getting a mortgage is stressful and with no communication from your lenders it makes it even more stressful. Going local and small is the best decision for one of the biggest steps in your life.
Coastlend Mortgage is here to keep you from making these mistakes. We keep track of your loan after you close, have open lines of communication for all parties involved, we offer financial advice or recommend financial advisers and lastly, we’ll do all that we can for you! Apply here or give us a call on how to avoid these mistakes, 843-388-5763.
You’re fresh out of college and ready to take on the world. First step, get a job. Second step, get a house. But wait, you look at your student loans and you have almost $130,000 weighing above your head and at any moment, specifically six months, it will drop upon you and you’re stuck paying […]
You’re fresh out of college and ready to take on the world. First step, get a job. Second step, get a house. But wait, you look at your student loans and you have almost $130,000 weighing above your head and at any moment, specifically six months, it will drop upon you and you’re stuck paying it for at least ten years. So, how can you get approved for a mortgage while paying your student debts?
Set up your loan payments
During your six-month grace period it’s important to set up your loan payments. A nice trick that most post-grads are not aware of are income-driven payments. Sallie Mae takes a look at last year’s taxes and your current salary and bases your payments off of that. In some cases, your payments could be so low that it would not have that big of an impact on your qualifications for a mortgage.
Get a Co-Borrower
If your parents agree, have them cosign. This makes you look like a more attractive borrower with a backup plan. Plus, their income is included and therefore your debt to income will be much lower.
FHA Loan Program
The FHA loan program has more lenient guidelines than conventional loans. When saddled with student loan debt and other bills the FHA loan program may be your best bet. Although FHA comes with PMI, it has a lower interest payment than conventional loans making it still affordable! Plus, you can eventually refinance and get rid of your PMI.
Coastlend’s 3% Down, No PMI Loan Program
Coastlend Mortgage offers a loan program where first time home buyers can put as low as 3% down and not pay the dreaded mortgage insurance. A small down payment opens up the door to home ownership for many 1st time buyers. Moreover, your payments will be much lower without PMI.
You may be saddled with debt and feel like you’re unable to purchase a home- but that is the farthest thing from the truth. There are a variety of options that will allow you to take the step to being a home owner. To see what your options are apply here or give us a call at 843-388-5763.
Even though mortgage regulations have changed it appears that the mortgage process has improved on the buyer’s end. A survey was recently conducted that showed 71% of recent home buyers rated their experience as either very good or excellent. This is a 10% increase over the last two years. Many potential home buyers shy away […]
Even though mortgage regulations have changed it appears that the mortgage process has improved on the buyer’s end. A survey was recently conducted that showed 71% of recent home buyers rated their experience as either very good or excellent. This is a 10% increase over the last two years. Many potential home buyers shy away from the idea of purchasing a home due to the daunting process. However, with buyers surveying that they believe the process has been getting easier, this could change the stigma surrounding home buying!
The view change of the buying process may be due in part to buyers being more reliant on their loan officers. According to Mortgage News Daily, “Twice as many consumers in 2015 said their Mortgage Loan Officer was their most valuable resource during the home-buying process.” Loan officers are a buyer’s best asset. A loan officer is a mortgage guru that can guide you through in the ins and outs of purchasing a home. If you work with a knowledgeable loan officer, you’ll have a much smoother loan process.
The great news is that loan programs are making it easier for low income and first time home buyers to purchase. Our 3% down NO PMI loan is one of the best around. No matter if you’re a first time home buyer or a seasoned one, on all primary homes you can put down as low as 3% and save with no mortgage insurance.
Coastlend’s Hometown Hero program gives back to the ones who help us! With low closings costs and your appraisal covered, it allows nurses, fire fighters, first responders, and military personnel to purchase a home without a problem.
Those are just a few of our loan options that have made getting a loan easier! If you’d like more information on Coastlend’s loan programs, our amazing loan officers, or on the loan process, please give us a call at 843-388-5763 or apply now!