Published on 04-26-2019
Categories: Member Tips
Whether you need to sell and/or buy a house this year, Coastal has the mortgage options that fit your needs with ways to maximize your purchasing power, so that you can even save some money along the way.
1. First-Time Home Buyer Mortgage
Are you a first-time home buyer? Good news. Coastal offers excellent mortgage options specifically for first-timers. Not only does Coastal offer the option to finance up to 100% of your home’s purchase price, you can also choose between a Fixed-Rate Mortgage of 30 years or an Adjustable-Rate Mortgage with a lower interest rate for seven years.
As a first-time home buyer, Coastal knows home buying can be a very exciting, but sometimes stressful process. That’s why Coastal offers a variety of mortgage options that require no down payment or Private Mortgage Insurance requirement (PMI), saving you hundreds of dollars each year. But the savings don’t stop there. Coastal also offers an underwriting fee of just $600 and does not charge extra for document preparations or credit reports. This alone provides you with substantial savings. And, Coastal’s mortgages are eligible for the annual Loyalty Bonus payout.
2. Construction-to-Permanent Financing
Are you looking to build or renovate to create the home of your dreams? With Coastal’s Construction-To-Permanent financing, you have three easy ways to build your dream home at an ideal price.
With just one loan and one set of closing fees, Coastal’s Construction-To-Permanent financing saves you both time and money, making Coastal your number one choice for renovations or building a brand-new home. Coastal also offers a minimal 10% down payment and a Loan-to-Ratio (LTV) of 90%, while most lenders only offer 80%, letting you keep more of your money.
3. Jumbo Mortgage
Have you outgrown your starter home and need to upgrade? Good news. Coastal offers Jumbo Mortgages to fulfill your million-dollar dreams. Coastal lets you borrow up to $1 million and up to 95% of the home’s value, which means a lower down payment and more savings for you.
Whether you’re looking to purchase or refinance, Coastal’s Jumbo Mortgage is tailored to your needs with various fixed interest rates and adjustable-rate options. With a low $600 underwriting fee1 and no extra fees for document prep or checking credit reports, Coastal offers low-cost loans to finance more expensive homes.
4. Adjustable Rate Mortgage (ARM)
Coastal believes that North Carolina homeowners like you deserve more options with shorter terms, so that you can pay off your home faster. An Adjustable-Rate Mortgage (ARM) can help you bank better if you plan to sell, refinance or pay off your home within 10 years. With a fixed rate for 5, 7 or 10 years, ARMs maximize your purchasing power with a lower rate and a lower initial payment.
Depending on the market conditions, your rate could change after an introductory term of 5, 7 or 10 years, but Coastal provides you with a cap on your rate to protect you from experiencing drastic increases.
5. Roth IRA
With a Roth IRA, you can set money aside so that when you’re ready to make a down payment on a home, you can easily take funds from your Roth IRA tax-free2 account and put it toward a down payment. If you don’t want to be locked into a long term deposit, Coastal offers a high yield IRA up to 2.25% APY3. So, while you are saving for retirement, your money can continue growing and providing you with a simpler way to bank better.
6. Daymark Realty
Need help finding a home or listing your current one? Daymark Realty, Coastal’s trusted partner, is here to serve you. Make Daymark Realty your top choice for all your real estate wants and needs. You can receive a free home valuation based on market trends, learn the ins and outs of home buying with our complimentary Buyers Guide, or find out what you need to know when selling with our complimentary Sellers Guide. With more than 500 of the newest MLS listings delivered every day, you can work directly with a Daymark Realty agent to make your home buying or selling process that much smoother.
If you’re ready to sell, Daymark realty provides a comprehensive listing service to make selling your home less stressful. As members of Coastal, Daymark Realty only charges 4.5% commission and includes complimentary value-added services, such as a free one-hour staging consultation, professional photography, virtual tours and custom advertising. Compare Daymark Realty to most other realtors who charge at least 6% commission, and then add on additional processing and/or transaction fees, all of which comes directly out of your pocket.
7. Mortgage Options
Whether you’re buying, building or refinancing, Coastal has a wide variety of mortgage options to choose from and a team of experts that will help you find the right fit for your exact needs. From Fixed-Rate Mortgages to Investment Property Loans, visit our compare all mortgages page to see how all our options stack up to your requirements.
At Coastal, we pride ourselves on helping you save more and bank better with flexible terms, rate options and lower down payments that fit your budget and lifestyle.
Not sure which buying or selling option is best for you? Coastal’s team of experts are available and ready to answer all your home buying and selling questions. Visit our website to connect with a member service representative today.