Welcome to the Coast Capital Mortgage Blog: we offer tips on how to save money, helpful information when buying or refinancing, and relevant news around Acadiana.

Be Ready for Anything!

Posted: Wednesday, October 16, 2013

Written by: Louise Logan, Loan Officer

On Saturday mornings, I typically wake up and head to the Farmer's Market before hitting the gym. Recently, on one of these outings, my eyes fell upon a particularly familiar face coming my way. I silently scolded myself for not looking my best before I walked out the door. I straightened up my posture and quickly ran my hand over my wild hair in a unsuccessful attempt to smooth the strands surely sticking straight up all over my head.

Luckily, he didn't seem to recognize me. I do look much different without my makeup and hair in place. Then again, maybe he did recognize me and just didn't say anything in an effort to spare me the embarrassment of the run-in. "Whew!" I thought.

In the real estate industry, real estate agents and loan officers are expected to be available to clients 24/7. But we do have personal lives to maintain, so unexpectedly meeting a professional contact looking less than your best is bound to happen.

Dealing with the unexpected is par for the course in this industry, which is why I've gotten used to keeping a few convenient items (see image below) on-hand at all times.

You can find more tips here: http://realtormag.realtor.org/buyers-guide/marketing/article/2013/09/2013-fashion-what-matters-in-real-estate#.UlWcO6x4wB4.email

Disputed Accounts

Posted: Wednesday, September 18, 2013

Written by: Jim Jeanmard, Loan Officer

Disputing an error or a charge from one of your creditors on your credit report may feel like the right thing to do at the time, but years later, it can slow down the approval process for a mortgage.

A disputed account is not used in calculating a borrower's credit score. Lenders will want the dispute of the account to be removed, then a new credit report ordered to obtain the true credit score of the borrower. Exceptions to this rule are allowed if the account in question has been paid off and closed, or has a balance of less than $500 with the dispute having occurred more than 24 months from the date on the credit report.

Besides taking more time to resolve, there are times when a consumers credit score will drop after removing these disputes. Scores that drop too much can cause an approved loan to become a denied one until the scores improve.

It is important for the potential homebuyer or refinance applicant to have a mortgage professional, such as myself, review their credit as early in the process as possible to avoid any delays or last minute issues associated with credit disputes.

Fannie Who?

Posted: Monday, September 16, 2013

Written by: Brad Miller, Loan Officer

To most clients, Fannie Mae sounds like that aunt you hope doesn't show up at Thanksgiving dinner.

Because potential home buyers often do not even know what FNMA guidelines are, they of course do not live their everyday lives by those rules.

Bankruptcy, foreclosures, and employment status issues are a reality for many people, but they don't realize how those life events can affect their home loan application.

We at Coast Capital consider it our responsibility to resolve relevant issues in a way that is most efficient, frugal, and satisfying to all parties.

The best case scenario is to have files on solid footing so that buyers can buy, sellers can sell, and real estate agents can be productive.

To Lock or Float? That is the Question

Posted: Thursday, August 29, 2013

Written by: Chad Theriot, Loan Officer

It is a simple question, but the answer will determine your monthly payments for the life of your home loan.

Of course, everyone wants to get the best deal on anything they pay for and home loans are no different. The reason that borrowers fret over this issue is because there is no perfect answer; there is a potential downside either way.

Locking the interest rate "ensures that your rate will not change, even if mortgage rates spike higher over the days and weeks after you lock."

The downside: If you lock and then rates fall, -- even a fraction of a percentage point -- you are no longer getting the best rate possible.

Floating means that the interest rate is subject to change, at any given time, based on market conditions.

The downside: If you float and then rates rise, you may regret seizing the opportunity of a lower mortgage payment, scoffing every month for the next 30 years as you write the check for an amount higher than it could have been.

Personally, I always recommend locking the interest rate once you are under contract. Why? The answer is simple: to avoid market risk and, most importantly, to avoid unnecessary stress.

But, when the time comes, it is ultimately up to the borrower whether or not to lock the rate. Each borrower's situation is different and market rates are subject to change at any time, so no two loan applications are ever the same.

*Source: http://www.thetruthaboutmortgage.com/locking-vs-floating-your-mortgage-rate/

Why Use a Realtor®?

Posted: Monday, August 12, 2013

Written by: Renee Box, Loan Officer

There is a reason why 87% of people consult a REALTOR® when searching for a new home.*

Buying or selling a home can be complicated, but REALTOR®s do it every day. Here are the top three reasons you should consult a Realtor:

  • REALTOR®s are negotiators and they speak “real estate-ese.” Real estate industry jargon can be complicated and easily misunderstood. REALTOR®s do this every day so they are familiar with the process and the language of buying and selling.
  • REALTOR®s can be objective. Value is in the eye of the buyer, not the seller. A good REALTOR® will market the positives of the property, downplay the negatives, and make recommendations for cosmetic improvements to increase the value of your home.
  • REALTOR®s are marketing machines. REALTOR®s have access to a network of ready buyers, through their own contacts and those of other REALTOR®s. Most REALTOR®s require a buyer to be pre-approved by a lender, like Coast Capital, prior to showing them properties. The more pre-approved buyers view the property, the more the likelihood of valid offers which increase the probability of selling the property for the asking price.
*Source: 2012 National Association of REALTORS® Profile of Home Buyers and Sellers

We'd like to hear your "Happy Home" story!

Posted: 9/14/2011

Got kids going off to school?

Posted: 8/25/2011

Helping them save money, saves you money!

Check out this Article:  
8 Ways To Save Money Using Student Discounts

(from The Consumerist).

Mortgage Rates: New Record Lows

Posted: 8/12/2011

Record Lows set August, 11th  2011: Mortgage News Daily

How to think like Money Mogul, Warren Buffet

Posted: 8/8/2011

Warren Buffett knows how to not make mistakes. That’s how he has become the world’s richest man.

By understanding these mental models, you can begin to eliminate or minimize your mistakes.

Once you learn how to avoid or minimize mistakes, you’re thinking like Warren Buffett!

Read the full article How to Think like Warren Buffet.

Secrets of Couponing Pros

Posted: 8/1/2011

Everyone enjoys saving a buck or two. Read how these "Coupon Pros" pull it off and try incorporating these tips into your weekly shopping!

"Now that extreme couponing has become a national obsession, shoppers aren't satisfied unless they can shave hundreds of dollars off their grocery bills each month. Meet eight expert couponers and learn their tactics for yourself."

*Source: Secrets of Couponing Pros

Program Puts UL Architecture Students at Top of the Class

Posted: 7/28/2011

"If you drive past the house being built at 500 Madison, you will notice right away it's not like the others in this older section of Lafayette. It's newer, it's greener and it's soon to be award-wining. The 'Event House' as its called, is a unique project and the brainchild of UL architecture professor Geoff Gjertson."

*Source: The Daily Advertiser