Why Refinance with Coastal?

Refinancing your home loan can save you money & give you financial flexibility. There are many reasons to refinance and with today’s interest rates there’s no better time.

Let the mortgage professionals at Coastal Home Mortgage help you today.

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Refinance

Refinancing your current home is a very personal decision. Whether it’s for debt consolidation, cash out to upgrade your home, or just to reduce your monthly payment. Coastal will guide you and help you decide if refinancing will benefit you and your financial goals.

VA Interest Rate Reduction

  • The Streamline refinance is a simple process compared to originating the first VA mortgage.
  • Closing costs and fees can be rolled into the new loan, meaning no out-of-pocket expenses.
  • The IRRRL, or Streamline program, allows you to refinance into a fixed rate or adjustable rate loan.
  • Your monthly payment for the IRRRL must be lower than the previous loan’s monthly payment; the Streamline payment may be higher than your current payment if you are refinancing from an adjustable rate mortgage.
  • You must be current on your mortgage with no more than one 30-day late payment within the past year.

Cash Out

Pays off your existing first mortgage resulting in a new mortgage and new payment. Cash out allows for clients to pay off debt, renovate property, pay for college, etc.


Streamline

Most popular streamline option is the FHA Streamline:

  • Must be current on your existing mortgage
  • Refinance must clearly benefit the borrower
  • No cash out allowed
  • Limited income/asset verification
  • Minimal credit requirements
  • Less paperwork
  • Faster processing
  • Lower closing costs
  • No appraisal necessary

Tools & Resources

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