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Purchase your home with just 1% down!

On July 15, 2016, in Uncategorized, by admin

Purchase your home with just 1% down! Coastlend Mortgage Is Excited To Offer The Conventional 1% Down With Equity Boost Loan Program! How would you like to be able to purchase your your dream home with the equivalent of only ONE MONTH’S RENT? Here’s how it works: You put down 1%, your lender contributes 2%*, giving you […]

Purchase your home with just 1% down!

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Coastlend Mortgage Is Excited To Offer The Conventional 1% Down With Equity Boost Loan Program!

How would you like to be able to purchase your your dream home with the equivalent of only ONE MONTH’S RENT? Here’s how it works:

  • You put down 1%, your lender contributes 2%*, giving you 3% equity at closing
  • Great low rates
  • Close in 30 days or less
  • Conventional 30-year fixed program
  • Available with no monthly Mortgage Insurance

*2% lender contribution may only be applied to down payment

There’s NO reason to wait! Call today and get the home you’ve always wanted! 

 Call us for more details at: (843) 388-5763

 

4 Mortgage Mistakes Homeowners Make

On June 3, 2016, in Uncategorized, by admin

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 […]

  1. Taking A Gamble On Rates
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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.

  1. Making A Small Mistake9-mortgage-mistakes-to-avoid-loan-docs

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.

  1. Not Watching Rates9-mortgage-mistakes-to-avoid-low-rates

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.

  1. Going with A Big BankMORTGAGE-BROKER-OR-BIG-BANK

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.

 

How to Get a Mortgage with Student Loan Debt

On May 13, 2016, in charleston mortgages, by admin

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?


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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

FHA Loans

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.

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