Coastal Mortgage
Financial Services in New Orleans, LA
We're dedicated to very open communication. You'll always know what stage your loan is at and what requirements to be done to close your loan. You will receive regular loan status updates and can log onto your own customer account 24 hours a day to check the status of your loan, ask questions, and view or upload required documentation. Or, if you prefer, we'll meet with you at your place or ours to go over options and make the process fast, stress-free, and pleasant. In all cases, we'll be available to you online, over the telephone or in person whenever you need us.
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About Us
read moreCoastal Mortgage Corporation is a New Orleans based mortgage company that provides informed, knowledgeable mortgage solutions. We are licensed in Louisiana and Mississippi and are located in Uptown New Orleans. We understand that buying a home is a major financial decision and we offer the tools and the expertise to allow you make the financing decisions that fit in with your overall financial strategy. We use cutting edge technology to render extremely fast approvals and loan closings. We are also committed to very open communication.
Why Title Insurance
read moreBuying a home will likely be the largest investment you make in your lifetime. Before you close, you will want to know that no individual or entity has a lien or claim to the property. A title insurance company does all the research to insure that a property has clear title. Making sure that a property is clear of all legal encumbrances is the job of a title insurance company. For a modest, one-time title insurance premium, you will receive continuous title insurance protection equal to the purchase price of the property or its current market value.
Don't forget to consider closing
read moreMany of the costs associated with buying a home are associated with getting the loan. At Coastal Mortgage Corp., we have extensive experience in mortgage lending, so we can provide you with a comprehensive list of mortgage-related closing costs in your "Loan Estimate". Buyers will get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This closing cost estimate is based on our past experience. Please note that while our LEs are very accurate, we can't always predict your costs to the penny.
Fico
read moreSince our society is so computer-driven, it should come as no surprise that your creditworthiness boils down to one number. This score is compiled by credit reporting agencies. These agencies use the payment history from all of your loans: mortgages, car/motorcycle loans, credit cards, etcetera. TransUnion, Equifax, and Experian, the three major credit reporting agencies, each have their own proprietary formula for building your credit score. The original FICO model was developed by Fair Isaac and Company.
The Four Steps of the Mortgage
read moreThere is no doubt; getting a mortgage is a complicated process. You wouldn't be here on our site if it were possible to fill out a simple loan app and get a great loan funded the same day. We do most of the heavy lifting for you, so you can concentrate on what's important - preparing to move into your new home or saving money. This is a function of a couple things. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history?
How Can I Put Together a Down Payment
read moreMany folks who are looking to purchase a new house qualify for various loan programs, but they can't afford a large down payment. Tighten your belt and save. Be on the look-out for ways to trim your expenses to save toward a down payment. You also could enroll in an automatic savings plan to have a portion of your payroll automatically deposited into savings. You could look into some big expenses in your budget that you can give up, or trim, at least temporarily. For example, you might move into less expensive housing, or skip a vacation.
Coastal Mortgage
read moreAs mortgage brokers, we have a tremendous amount of loan programs that we can offer you. This means that you, as a borrower, can benefit not only by getting a great rate and favorable loan terms, but also by having a great deal of flexibility in how you choose to finance your properties. Whether you want to purchase an investment property with no down payment or buy your own home with little documentation, we have loan options for you. If you need financing, chances are that we can provide it, at a superior rate and with a higher standard of service.
Getting Rid of Your Private Mortgage
read moreAnalyze your loan statements often. Also be aware of the price that other homes are purchased for in your neighborhood. If your mortgage is fewer than five years old, it's likely you haven't greatly reduced principal you have been paying mostly interest. At the point your equity has reached the magic number of twenty percent, you are not far away from getting rid of your PMI payments, once and for all. You will need to notify your mortgage lender that you want to cancel PMI. Lending institutions require proof of eligibility at this point.
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