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.
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