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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

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!

 
 
 

Downtown Charleston, West Ashley, Johns Island, James Island, Kiawah Island, Seabrook Island, Sullivan's Island, Isle of Palms (Wild Dunes), Edisto Island, Folly Beach, Mount PleasantWadmalaw Island and Daniel Island

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Any questions? If you have any questions about Mt. Pleasant / Charleston Real Estate Market trends, we have a comprehensive report, produced periodically, that we can send you.  Please contact a Charleston real estate agent with any other questions about Charleston real estate.  Please contact us with any other questions about Charleston in general.

 

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