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Charleston SC mortgages -
Charleston SC loans
BUYING A HOME |
SELLING A HOME |
CHARLESTON MLS | CHARLESTON
AGENT |
TESTIMONIALS
ServisFirst Bank - Charleston, SC
Call 843-810-6821
From researching to closing, we will help you navigate the entire home buying process step by step:
- Research areas and properties by using our Buying in Charleston information page
- Road map to your home loan. The home buying process - From pre-approval to applying for your mortgage to the new TRID regulations.
- 12 week checklist for your move to Charleston. From checking with the IRS to see what deductions you can take on your tax return to arranging transfer of your veterinarian records
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Top 5 "Good To Know's" about
Buying and Financing your Home
in Charleston, SC
1. Credit, Credit, Credit. In today's market credit scores are in the
driver's seat. Your credit score will have an impact on the type of loan
program you can qualify for, what your interest rate might be and most
importantly it can determine if you are eligible for financing. It is
extremely important to maintain a good payment history and keep
revolving debt (credit cards) to a minimum. Good credit is critical in
today's market.
2. Savings. Under the same theme of today's market conditions and credit
score requirements, assets are becoming more important in order to
obtain financing. Saving money in order to buy a home is becoming more
important. The guidelines for asset requirements are now being impacted
more and more by credit scores. The lower your credit score, the more
assets/down payment may be required. You may also need saving to meet
Reserve requirements.
3. Information. Be informed about what is taking place in the market.
When buying a home you need to have answered a number of questions and
being informed is the key to making the right decision. One key question
to ask yourself is: How long do you plan on staying in your home? This
could not only determine what type of loan you want to obtain and also
it could determine what neighborhood might be right for you. For
example, if historically it takes 10 years for homes in a particular
neighborhood to gain any significant equity from home sales/resales, then that
neighborhood may not be right for you if you plan on living there for 3-5
years.
4. Interest Only vs. Principal and Interest.
Most everyone knows the difference between Interest Only products and
Principal and Interest Products, most everyone does not consider the
impact. If you are considering an Interest Only product you need to make
certain you are prepared for the circumstances that follow the interest
only period. It should be obvious that if you do not make any additional
principal reductions during the fixed term portion of your loan then your
initial balance will remain the same upon conversion. Depending on what
type of Interest Only product you may have selected your payment at the
time of the conversion to principal and interest could increase
substantially. Additionally, it is very important to consider what each
payment might be in order not to purchase a home that could be difficult
to afford at a later point. You do not want to use the interest only
product to purchase a home you can't afford.
5. Your Lender. It is very important to make
certain that your lender is with an organization that has a firm
foundation and great reputation. There have been quite a few changes
within the mortgage industry this year which have had an impact. Loan
products have changed guidelines and certain products are no longer
available so it is up to your lender to help you make the right choices.
Make sure your lender is Informed, Helpful and Involved, it will make a
difference!
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