Qualifying for a Mortgage is Easier Than You Think

 In today’s recovering housing market there are some powerful myths about the state of mortgage lending. The biggest of which is “it’s so hard to get a mortgage these days.” That thinking couldn’t be further from the truth. The fact is getting a mortgage is fairly easy. Coastlend Mortgage has loan programs with as little down as 3% and these loans have no mortgage insurance. Plus our reduced and no closing cost options make it even more feasible for renters to make the switch to owning.

Is it harder to get a loan when compared to 2005? A little, however that was a time of irresponsible lending. When many lenders didn’t verify income. As a result many incomes were overstated so buyers could purchase homes that were more expensive than they could actually afford. This is why a lot of people lost their homes during the crisis. It shouldn’t have happened and today we verify income and make sure our buyers aren’t getting in over their heads. That’s the big difference between now and 2005. No big deal, right? It’s back to responsible lending that makes sense. So it’s not impossible to get a mortgage as some media outlets might indicate. It just takes a good credit rating, and based on your income we can figure out how much you qualify for.

Coastlend Mortgage’s South Carolina mortgage programs are the most competitive among all lenders based in Charleston or the rest of the state  especially considering today’s recovering housing market. Our 3% down with NO PMI program is the most popular however it’s going away after November 16th. So act fast if you want to take advantage of it. After November 16th the lowest down payment option will increase to 5% on Conventional loans. We also have 24 hour underwriting so in addition to being the most competitive we are also among the fastest.

Interest rates are starting to move lower again as we move deeper into fall. This could spark another refinance boom. We hope so.

To learn more about our 3% down and No PMI program contact Eddie O’Neill 843-388-5763 or eddie@coastlendmortgage.flywheelsites.com. Coastlend Mortgage serves all of South Carolina with the best rates and mortgage products in the market.