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Interest Only Loans are Back

Coastlend Mortgage has brought back the interest only loan for well qualified borrowers. We offer this loan up to $1,500,000. Interest only loans became a thing of the past after the meltdown in 2008 however they are a vital tool or certain borrowers. For instance if you only plan on being in a home for […]

interest onlyCoastlend Mortgage has brought back the interest only loan for well qualified borrowers. We offer this loan up to $1,500,000. Interest only loans became a thing of the past after the meltdown in 2008 however they are a vital tool or certain borrowers.

For instance if you only plan on being in a home for a short time, say 5 years because of a job relocation, then an interest only loan could help you achieve maximum equity appreciation with the least out of pocket.

Everyone’s situation is unique and finding the perfect loan to match your goals is important. Coastlend mortgage has the loan products and knowledge to make it possible.

Click this link to see our excellent rating on YELP

Relocating to Charleston, South Carolina

Buying a home can be daunting and buying one in Charleston can pose additional stresses. Such as wind and hail zones along with flood zones. Both will affect the cost of your insurance and therefore the overall cost of your home. When I first moved here I never thought Charleston was in an earthquake zone, […]

rainbow rowBuying a home can be daunting and buying one in Charleston can pose additional stresses. Such as wind and hail zones along with flood zones. Both will affect the cost of your insurance and therefore the overall cost of your home. When I first moved here I never thought Charleston was in an earthquake zone, but apparently it is. So earthquake insurance is also a consideration.

As they say in real estate, location, location, location. Charleston is one of the best places to live in the U.S. and people are finally catching on to this best kept secret. The housing market is hot and is showing no signs of slowing down. Great corporations like Boeing and Benefitfocus are growing and bringing some of the best minds in the country to the area. There’s so much room for expansion and home prices are relatively cheap for the type of lifestyle that comes with a Charleston address.

There’s unlimited outdoor activities, the best beaches in the country, restaurants rival New York and Chicago’s best and the overall quality of life can’t be matched.

So how do you get your slice of this pie? First you’ll need to talk with a well qualified mortgage professional in order to find out what you qualify for and what type of loan works best for your situation. How long will you live in Charleston? 3-5 years, or do you plan to retire here? Do you have young or older children? Is proximity to work important? Will you be getting a raise in the near future? These are just a few of the questions we’ll pose to you so we can provide the loan that best suits your needs.

After you’ve been properly approved for the loan the next step is to get with the best Realtor in the area so he/she can match you up with the home you desire. As I mentioned the Charleston market is red hot and available homes are not a plenty. Working with the best agent will have great impact on a successful house hunt. Also the agent will be critical in avoiding the costly insurance areas that I mentioned earlier.

For more information on the Charleston are please visit these sites:

Charleston information
Charleston Visitors Bureau

Great News For Home Buyers

Great News For Home Buyers The bond markets recovered all of the losses that occurred late last week. What does this mean for home buyers? Low interest rates. With the recovery the average interest rate on a 30 year fixed loan dropped back down near 4.25% How much would the payment be on a $300,000 […]

Great News For Home Buyers
mortgage rates

The bond markets recovered all of the losses that occurred late last week. What does this mean for home buyers? Low interest rates. With the recovery the average interest rate on a 30 year fixed loan dropped back down near 4.25%

How much would the payment be on a $300,000 house with a 5% down payment?

With only a 5% down payment you could get a standard conventional loan with a payment of $1402 for principal and interest. In this scenario you would have PMI added to the payment of $128 for a total of $1530/month.

Do I have to pay PMI?

NO! Coastlend Mortgage is crushing the competition with its 5% Down and NO PMI conventional loan. The result is a much lower payment and much happier home owner. It allows you to afford more home because the payment is much lower than what you could qualify for at a bank or other mortgage broker.

How much is the payment on Coastlend Mortgage’s 5% with NO PMI loan on a $300,000 house?

The payment on this scenario is only $1444. That’s $86 less than what you would pay elsewhere.

Is the 5% down and NO PMI loan a fixed rate?

Yes, it’s a fixed rate on any term from 10 years up to 30 years.

FHA vs. Conv. vs. NO PMI
Check out this comparison that shows the payment differences between FHA, a Standard Conventional Loan, and Coastlend’s Conventional NO PMI loan. this is based on a 30 year term. You can see Coastlend’s monthly payment is $199 less than the FHA alternative.

For more information on the 5% and NO PMI loan click this link: STOP PMI

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