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Goldcoast Mortgage Service, Inc
We are unbiased Team Leaders on real estate transactions.
We are unbiased Team Leaders on real estate transactions.


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What will you do with your savings?
Introducing our curated list of homes in Beverly and Salem, MA that qualify for a low 3% down payment and no PMI insurance! With your savings you'll have extra money for family fun!
Check out the list:

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What is a Bridge Loan?

A Bridge Loan is a second 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.

In an ideal world you will never need one, or really want a Bridge Loan. It means that the project you are trying to accomplish is reactionary and putting your assets at risk.

If you can’t sell your home then the lack of sale will prevent you from going on to the next purchase. A Bridge Mortgage functions as the down payment and allows you to get into the new home while still carrying the old one.

At a minimum you will be handling and accruing interest on three mortgages. One of them with a balloon/demand feature that can be stressful to carry.

If you come into the need for a Bridge Loan, you should talk with us. We have provided guidance and consider ourselves experts in explaining the pros and cons of Bridge financing, as well as offering several alternative solutions.

Click this link for free mortgage advice:

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How do I get rid of PMI?
Mortgage Insurance is a necessary step for getting into a home without putting a 20% down-payment. For the sake of this article lets posit you have a monthly mortgage insurance expense that is getting very tiring.

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 on 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 customers but here are the three techniques that will drop PMI.
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Meet Joe Bottari - NMLS # 1101150

I've lived all my life in the Greater Boston area. Somerville is my hometown and holds my heart but I've lived for over a decade in each of Medford, Cambridge, and Arlington where I live now with my wife of 20+ years and daughter.

When I am not helping people with their real estate needs, I love spending time with my family. I "attempt" to play the guitar with my daughter, Sydney, and I love taking her freshwater fishing (we practice catch and release).

Read more about Joe:

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When is the best time to refinance my HELOC?

The best time to refinance your HELOC is now with the recent 2018 tax cuts to the home equity line interest deduction.

Home Equity Lines of Credit often offer Sale rates – basically a low-rate that increases after year one. That low rate year encourages you to stack balances onto the HELOC that will take many years, perhaps decades to pay off.

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Always play to your strengths!

As the Patriot's prepare to play in another Superbowl. It got me thinking about what it takes to be a winner.

Bill Belichick, Vince Lombardi, John Wooden, Herb Brooks, George Allen and Pat Summitt are all famous coaches who were and are winners.

What makes them great was that they made a game plan for their team that maximized their strengths while forcing their opponent to do what they were weakest in.

Extremely basic and very effective.

In work and in life we may find ourselves giving most of our attention to what we are weakest in and not to our greatest strengths! Knowing our weaknesses is important but knowing and maximizing our strengths is a huge key to unlocking our fullest potential.
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Should I refinance my HELOC?
Yes, there is no better time to refinance your home equity line of credit. The recent 2018 tax cuts eliminated the interest deduction entirely on HELOC loans.
Many people we talk with don’t realize that a Home Equity Line of Credit (HELOC) is by definition two things:
- A mortgage secured by a primary residence.
- Always an adjustable rate. If the debt has a FIXED interest rate then it is a Home Equity Loan (not Line).
Home Equity Lines of Credit often offer sale rates – basically a gimmick low-rate to get you started which increases after year one. That low rate year encourages you to stack balances onto the HELOC that will take many years, perhaps decades to pay off.
When advising on debt secured against your house we recommend matching the product with the financing (need) timeline.
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How do I redo my Home Equity Line of Credit (HELOC) to make it tax deductible in 2018?
The Trump tax cuts have eliminated the real estate tax deduction over $10,000 for 2018. This caused the mad rush at city and town halls the last few weeks to pre-pay 2018 real estate tax.

One big change not to be overlooked by anyone with a balance on their Home Equity Line of Credit is the cut to the interest deduction on a HELOC. It appears that the interest paid on a HELOC (established both before or after 2018) will not be deductible.

The old and new mortgage deduction law is outlined nicely in A Guide to 2018 Tax Changes published recently by The Annenberg Public Policy Center. The article is a valuable resource and covers all aspects of the tax law changes in 2018 from the Tax Cuts and Jobs Act.

Mortgage Deductions
Previous law: Taxpayers who itemize their taxes can deduct interest payments on mortgage debt of up to $1.1 million. That includes up to $100,000 of home equity debt.
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Is Zillow “Instant Offer” Coming to Massachusetts?
By John Donlon
A Realtor who enjoys our marketing perspective asked us recently, "Do you think the Zillow Instant Offer program will come to Massachusetts?"
The quick answer is “No”. Instant Offer and other seemingly quick real estate transaction sites like Quicken’s "Rocket Mortgage" attempt to remove the service, consultancy, experience phase of a real estate project that Buyers Broker’s and GoldCoast clients receive for free. Some of our clients adamantly declare this aspect of our service saved them from making a retirement-delaying, quality-of-life altering mistake.
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Home Purchase Checklist
By John Donlon

This is a non-traditional checklist. One that you won’t see on any other website or real estate platform. It comes from the experience learned by our team from personally working on thousands of transactions over multiple decades. We are facilitators, and while licensed as (and only as) mortgage loan officers, we routinely help lubricate transactions across the finish line by sharing our intellectual property, knowledge and alerting our clients to “road hazards” along the home buying process. We call it, “Providing Safe Passage to a Real Estate Goal.”

We have only two things on our Home Purchase Checklist: WHY? and YOU.
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