COASTAL FUNDING CORPORATION

COASTAL FUNDING CORPORATIONCOASTAL FUNDING CORPORATIONCOASTAL FUNDING CORPORATION

COASTAL FUNDING CORPORATION

COASTAL FUNDING CORPORATIONCOASTAL FUNDING CORPORATIONCOASTAL FUNDING CORPORATION
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REFINANCE INFO & FAQ

What is a refinancing?

 Merriam Webster defines the word mortgage as follows: "to renew or reorganize the financing of something : to provide for (an outstanding indebtedness) by making or obtaining another loan or a larger loan on fresh terms."  Essentially, a refinance is when you borrow against property you already have, as opposed to are purchasing for the first time. These are primarily taken by people when interest rates are low. 

THE COASTAL FUNDING DIFFERENCE

These are just a few of the ways how we live our slogan of "More Lenders - More Options"

12 Month Bank Statement Program for Self-Employed (Business or Personal)

Non-Occupying Co-Borrowers allowed

Primary, Second Home and Investment Property

90% Loan-to-value on Condo Loans

Simple Application Process

E-Disclosures

Communication and Support from Application to Close

Fast Closings

No Points or Origination Fees

REFINANCE FAQ

WHAT IS MORTGAGE REFINANCING?

A refinance mortgage is a loan that is used to pay off your existing mortgage and/or to access equity in your property. It is secured by residential real estate.

WHY SHOULD SOMEONE REFINANCE?

Homeowners can lower their interest rates, reduce their mortgage terms and reduce their risk through implementation of a fixed-rate loan. Using cash-out refinancing, a homeowner may borrow for any reason, from medical emergencies to desperately wanting to visit The Bahamas. 

IS IT DIFFICULT TO GET APPROVED FOR A REFINANCE?

For those of you who have good credit and 20% or more equity in your home, not at all. If you have a lower credit score and/or a higher loan to value, talk to a refinance specialist to determine your chances at getting approved.

CAN I REFINANCE A JUMBO LOAN?

Absolutely! However, Jumbo loans are more risky for lenders, and may come at higher interest rates than a Conforming loan. 

WHEN SHOULD I REFINANCE MY HOME?

If you have a mortgage with a rate above the current market rates, have an adjustable rate and want to reduce payment risk, have equity in your home and need cash or if you want to improve your cash flow by lowering your monthly payments, refinancing your home may be right for you. 

WHEN SHOULD I NOT REFINANCE MY HOME?

A refinance being advantageous or not depends on many factors. At Coastal Funding Corporation, we ensure there is a clear financial benefit to our borrowers before going forward with any refinance through our make sense approach to mortgage financing. If you've been thinking about a refinance, have a free consultation with one of our refinance specialists today to weigh out your options. 

CONTACT A REFI SPECIALIST

REQUIRED ITEMS CHECKLIST

REQUIRED DOCUMENTS:

Last 2 Paystubs

Bank Statements for the Past 2 Months

W2, 1099 or Tax Returns from the Past 2 Years

Govt Issued ID

Current Mortgage Statement

Homeowner Insurance Policy

Got A Question?

If you're curious about something, or need further elaboration, feel free to send us a message and we will get back to you as soon as we can.

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COASTAL FUNDING CORPORATION

 Equal Housing Lender. © 2004-2022 Coastal Funding Corporation Inc. NMLS: 103035 Trade/service marks are the property of Coastal Funding Corporation Inc. or their respective affiliates and/or subsidiaries. Some products may not be available in all areas. This is not a commitment to lend. Restrictions apply. All rights reserved. Terms and Condition Apply. Licensed in AL, FL, SC, TN.