UPDATE: NEW 2022 CONFORMING LOAN LIMITS UPDATED HERE. Conforming and FHA loan limits are increasing for 2021. The higher mortgage limits will allow home buyers to qualify for more when needed. Below we will break down the latest 2021 loan limits. Please contact Coast2Coast Lending 7 days a week with questions by calling the number […]
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New Conventional Refinance Fee Delayed Until December
Homeowners looking to refinance their conventional loan may be aware of a new refinancing fee to be imposed by the Federal Housing Finance Agency (FHFA). This fee was set to start in September, but will now be delayed. This is good news and provides a window of opportunity for many homeowners who still want to […]
Purchasing a House Within Your Income Range
Tired of renting? Did someone at work just buy a home and they can’t wait to close? Did you recently get bitten by the “home buying bug?” It happens at some point to all of us. Even if you’re not ready to buy your own home at least you’ve thought about it. But if you’re […]
Recent FHA Mortgage Changes – Impact to Buyers
The mortgage industry has been going through some rapid changes due to the impacts of COVID-19. We have witnessed extremely volatile interest rate movements, along with many loan program changes in recent weeks. In this post, we will discuss some recent FHA changes and there impact on buyers looking to purchase a home. FHA Credit […]
Tampa First Time Buyer Programs: Pros and Cons
Purchasing a home can be a little nerve-racking, especially for Tampa first time home buyers. Beyond all mortgage preparation, there are many different people involved in the process. This includes the lender, realtor, closing agent, appraiser, and the list goes on. Applying for a home loan and getting preapproved from a mortgage lender should be […]
VA Home Refinance St. Augustine
Veterans in Jacksonville & St. Augustine have some great VA refinance options available in 2020. Depending on your current needs and equity situation, The VA 100% Cash Out or IRRRL Streamline refinance could make sense. Mortgage interest rates recently reached new all-time low levels and now might be the perfect time for the homeowners still […]
Different Types of Adjustable Rate Mortgage Programs
There are many varieties of mortgage programs today, but all of them fall into one of two categories – fixed or adjustable. A fixed rate loan is pretty easy to figure out, it’s fixed for the life of the loan and will never change. A fixed rate loan is the more popular of the two, […]
VA Announces New Changes For Mortgages 2020
VA loans have long offered the best mortgage solutions for eligible Veterans, especially those putting little to no money down. The VA mortgage, along with UDSA Rural Housing remains the last government-insured loans that offer 100% financing. Low fix interest rates, no private mortgage insurance, and reduced closing costs are just a few of the […]
First Time Home Buyers and IRA Accounts
There are several first-time buyer programs. Many are state or locally sponsored in the form of grants or no-interest loans. A grant is essentially free money. For someone who qualifies for a grant, the funds are issued and as long as the borrowers keep the property for a specific period of time, say for at […]
Divorce, Separation and Real Estate
No one gets married with thoughts of ending the marriage at some stage later on. It’s a lifelong commitment to live happily ever after, for better or worse. But sometimes things get so bad it’s beyond “worse” and the couple decides to make some changes. When a married couple buys real estate together but later […]
Installment Debt, Revolving Debt and Qualifying for a Mortgage
One of the primary tasks a lender must perform is to determine affordability. A mortgage company must make a reasonable determination that the applicants will be able to afford the new mortgage payment along with associated property taxes and insurance. The mortgage includes both an amount to principal and interest. These four payments are referred […]
Using Zillow or Similar Site to Value Your Home? You May Be Selling Yourself Short
Zillow was introduced years ago and since then has become a major force in the real estate industry. Zillow isn’t a real estate company although the site shows millions of homes for sale and rent in all parts of the country. Instead, Zillow is a database and draws listings from multiple sources and works with […]
Mortgage Protection Insurance: Is It Worth It?
Have you heard this term? Maybe you got a letter in the mail from a company offering insurance to cover your mortgage? But why would you need mortgage insurance to cover your mortgage? There are a couple of reasons, one is to temporarily make your mortgage payments should you be unable to work and the […]
Why Are Discount Points Eligible for an Income Tax Deduction?
There are still several income tax deductions available to the everyday taxpayer. Several years ago, all sorts of interest, including credit card interest, was available as an income tax deduction. During the overhaul of the income tax code way back in 1986, several popular deductions were eliminated. We’ll talk about some of them but it’s […]
Private Mortgage Insurance Isn’t Forever: When You Can Remove PMI
Private mortgage insurance, or PMI, sometimes gets a bad rap. And that’s unfortunate because PMI plays a very important part in the mortgage industry. Years ago, banks would require down payments of as much as 30 or 40 percent of the sales price. Back then, banks assumed all the risk on the loan and if […]
Fixed, Adjustable and Loan Terms: The Pros and Cons of Each
If you’ve been out of the mortgage market for a while and thinking of jumping back in, you’re going to be surprised at how many financing options you have. So much so that just the number of choices can tend to be a bit overwhelming. Yet when lenders introduce a new mortgage program it’s typically […]
Should You Roll Closing Costs Into Your Loan When Refinancing?
Spoiler alert: all mortgage loans have closing costs. But what about the so-called “no closing cost” loans? They too have closing costs it’s just a matter of who pays for them and how. Closing costs must be paid by someone. In different parts of the country, it may be customary for the seller to pay […]
30 Year Mortgage Rates Fall to Near Record Lows
Interest rates have quietly moved lower over the past several months. There have been some swings, but overall rates are still nearly 0.75 percent lower than they were one year ago. Just last fall the average 30 year fixed rate mortgage hovered closer to 5% when the national average hit 4.94%. This is quite a […]
5 Questions Renters Need to Ask Themselves
Certainly buying a first home can be a little bit intimidating. Not only is it a very large purchase but unlike renting an apartment it’s not really something you can change your mind with. If you want to move to a different part of town after your 12-month lease is up, so be it. With […]
Good Time for a Debt Consolidation Loan?
A debt consolidation loan pretty much says what it is- it’s a loan that consolidates outstanding debt. But why is now a good time to look into one? There are several reasons but mostly it’s about the current state of the interest rate environment. If you haven’t noticed, mortgage rates are near record lows. One […]