"Making home ownership better, easier, and more affordable since 1999"

Mortgage Questions

 Frequently Asked Mortgage Questions

“How do I accurately calculate a mortgage payment?”

Please see our detailed answer on this subject here: https://www.goldcoastmortgage.com/mortgage-calculator.html

“What are the Pros and Cons of an Adjustable Rate Mortgage (ARM)?”

We have made recent updates to this question and encourage you to read the FULL story here: https://goldcoastmortgage.com/Adjustable-Rate-Mortgage.html

“What is a Bridge Loan?”

A bridge loan is a 2nd position mortgage on your outbound (former) primary residence. It is designed to extract equity from the departure residence to be used as a down-payment on the destination (future) primary residence. Read our blog post on Bridge Loans

“I am curious as to how difficult/complicated a simultaneous property sale and purchase might be?”

For an experienced Team (mortgage, realtor or broker, attorney and committed buyer) a transaction that needs to close (sell) and buy (purchase) on the same day should not be feared. Where the bog-downs happen is if you are using an out-of-state mortgage source, a national lender, or an online lender and they believe this is standard operating procedure. Or a realtor that also has a day job, or an attorney that is generalist and spaces weeks between real estate work. All parties need to be hyper focused and attentive to all the moving parts, which would place this type of transaction near the top of the complexity meter. Read out blog post on Simultaneous Closings

“How do I get rid of my PMI?”

This is in the top 5 most common questions we are asked. First up you need to ascertain if you have a conventional mortgage or a FHA mortgage (VA mortgage’s, do not have monthly mortgage insurance). USDA and MassHousing require a separate explanation. Let’s start with a conventional mortgage (non-government mortgage). The FHA explanation of it’s own MIP is another chapter that will come later. You pay mortgage insurance against your potential default. It is an insurance.. that’s the “I” in the acronym. While you derive a benefit from PMI (your ability to buy a home without a 20% down-payment) the insurance isn’t for your protection. This is important to think about. You’re not PMI’s customer the lender is, even though you pay for it. Since there are several PMI providers the removal rules will vary between PMI companies. The 3 techniques that will drop PMI are listed in detail here: https://goldcoastmortgage.com/products-techniques.html