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Is It Time To Refinance?

On February 10, 2016, in Mortgage Interest Rate Deduction, refinance, refinance, by admin

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. You can recoup the […]

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.

Refinance

  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. Even better is Coastlend’s no closing costs refinance, so you start saving money from day one.
  2. If you’ve been paying on your house for six years and don’t want to reset the clock, Coastlend has a loan with terms from 8-30 years. So in this case you can refinance into a lower rate and payment on a 24-year loan that way you’re saving money and not starting over.
  3. 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.
  4. 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. A refinance is a great option to lower your payment and/or ease your financial struggles.
  5. 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! Call Coastlend Mortgage at 843-388-5763.

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Good News for Panthers Fans

On February 5, 2016, in broncos, panthers, Real Estate, superbowl, by admin

Many predict the Panthers to win the super bowl but, how does their real estate market measure up to the Broncos? Charlotte, NC home of the Panthers have a median house price of $227,00 in comparison to Denver, CO where the average list price is $474,000. However, in Charlotte homes stay on the market around […]

Many predict the Panthers to win the super bowl but, how does their real estate market measure up to the Broncos?

Charlotte, NC home of the Panthers have a median house price of $227,00 in comparison to Denver, CO where the average list price is $474,000. However, in Charlotte homes stay on the market around 88 days. Whereas, homes are on the market for an average of 67 days in Denver. Denver’s homes sell 27 days faster than the national average making it a real estate hot spot.

Due to Denver being a real estate hot spot there are less homes available on the market. Currently 5,141 homes are listed in Denver which can be linked to the high list prices. Similarly, low home prices in Charlotte can be linked to 14,116 homes listed on the market. Nevertheless, these cities have around the same population size.

Charlotte’s homes reflect the classic southern style. The traditional southern style includes white columns, front porches, and triangular gables. These homes average around 2,056 sq. ft. Ranch style homes are more popular in the mountains. These single story 3,022 sq. ft. homes offer more space than the traditional southern style in Charlotte.

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Who do you think wins the real estate bowl? The broncos who have the Rocky Mountains with high list prices and a competitive market. Or the Panthers where homes are more affordable and easier to come by. We like to think the Panthers take the bowl due to affordability (plus you have to root for your neighboring state)!

 

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How to Buy a Home with a Great Resale Value

If you’re a rooky in the real estate business, you may not think about the future when it comes to purchasing a home. First time home buyers are more than likely focusing on the now instead of what may happen years from now. With that being said, it’s important for first time home buyers to […]

If you’re a rooky in the real estate business, you may not think about the future when it comes to purchasing a home. First time home buyers are more than likely focusing on the now instead of what may happen years from now. With that being said, it’s important for first time home buyers to not only think about the present but about the possibility of selling your home. So what should a first time home buyer focus on when purchasing a home for a great resale value?

  1. Make sure the city in which your purchasing has a stable economy. In other words, Charleston is a perfect place because it’s a tourist town. The steady economy in Charleston will guarantee that the resale value of the home will more than likely not be affected by other economic trends.
  2. Location, location, location. Is the home ideally located? For instance, think of Park Circle its 11 minutes to Mt. Pleasant and Downtown. Many homebuyers are looking for up and coming neighborhoods, such as Park circle or Hampton Park (located downtown). These areas will have a better resale value compared to ones farther north than downtown.
  3. Take a look at the neighborhood. How’s the crime rate in the neighborhood? Are police correcting the crimes that occur? Compare the neighborhood stats to the national norm. Obviously you want it to either be the same or better.
  4. The school district. If the schools surrounding your neighborhood are below average, it’s a good idea to look in a different neighborhood. Families buying a home concentrate on the school ratings. It may be easy to overlook school districts if it has no effect on your current situation, but it may have an effect on your future resale value of your home.Charlotte-Home-Values-Increasing

Focusing on these areas will help you decide whether or not you should purchase a home- especially if you know it may not be your forever home. Make sure to look into these resale value factors before making any moves. Talk to your realtor and even your mortgage lender about the neighborhoods you’re looking into. For more tips on purchasing a home call Coastlend Mortgage at 843-388-5763.