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Interest Rates are at Record Lows

For the last few days interest rates have been touching record lows. We have a Resolution Refinance available for those who want to start off 2012 on solid financial ground. Our Resolution Refinance carries the lowest rates and the lender pays all your closing costs. So you won’t be adding to your balance, only adding to your wallet. This is pure savings with no time to recoup the fees. Even if you plan on selling your house in 1-2 years this loan makes sense because there is no fees to recoup. You will only be savings each month. In addition you will skip the next month’s payment.

Your financial Health is a big part of your overall health because when you’re on stable financial ground your stress levels and overall well being are better. So call today and as about the Resolution Refinance and see how healthy you can become. Or visit us at www.coastlendmortgage.com and fill out a secure application.

Nobody Wants Expensive Mortgage Insurance

Do you want the lowest monthly mortgage payment while still having the security of a fixed rate mortgage? Then our 5% down NO Mortgage Insurance loan will help you. Hundreds of our clients have already taken advantage of this great loan. No one wants to pay expensive mortgage insurance. FHA loans have the highest mortgage insurance and that is likely to rise in the next few months making it even worse. Our NO Mortgage Insurance loan program gives you the lowest payment by avoiding the monthly insurance altogether. It’s the best loan available in this market. For more information visit www.coastlendmortgage.com. You can join our monthly newsletter or fill out an application.

What can I buy for $1600/month?

If you’re paying $1600/ month you could purchase a home for $300,000 and have about the same payment as rent. After considering the tax benefits and the equity you pay down each month, your net monthly payment is going to be far less than your rent. It’s a great time to buy because rates are so low and our 5% down NO Mortgage Insurance loan is helping homeowners get the lowest payment for their home.

On a 300,000 purchase with our NO Mortgage Insurance loan your principal and interest payment would only be $1,444. After considering your property taxes and home owner’s insurance the monthly obligation for your home would be an estimated $1674. However owning a home has its perks and one of them is a tax write off. Another is you pay down the principal every month which helps grow the equity you have built into your home. After factoring in these two benefits your net payment is only $963 for a 300,000 home. For more information or to fill out an application online, go to: www.coastlendmortgage.com

FHA Anti Flipping Policy Suspended

FHA announced last week they will keep their Anti Flip rules suspended in order to aid the housing market recovery. By suspending the Anti Flip rule the allow people to resell a home to an FHA buyer within 90 days of the purchase and for a profit greater than 20%. This helps because it makes it easier for investors to purchase, fix up, and sell homes for profit. Investors make money at the same time the inventory of houses is reduced. Usually these are houses that would sit dilapidated and bring down their neighborhood values. So it’s good for investors, good for neighborhoods, and good for the market overall.

FHA Announced Fee Increases

FHA hinted they would likely be raising fees in 2012. This would be the third time in as many years they have increased the monthly premium on FHA loans. It’s been a costly reality for those who are trying to buy with an FHA loan as the monthly premium has already more than doubled in the last 2 years. Also existing FHA lien holders are at a disadvantage because they can’t take advantage of a lower interest rate refinance in most cases. FHA has a streamline program that allows for an FHA to FHA refinance with little or no cost. So many FHA loans have interest rates above 5.5% and could benefit from a 3.875% refinance. The problem is the mortgage insurance premium has increased so the interest rate benefits will be cancelled out by the new higher insurance premium. My solution is to let existing FHA loans maintain the same level of insurance so they can save with a lower rate.