Getting the Best Mortgage as a First Time Home Buyer in South Carolina
Known for its miles of sandy beaches, family-friendly events, and balmy weather, it’s no wonder that there are thousands of first time home buyers in South Carolina.
In fact, Zillow reports that over 247,000 homes have recently been sold through their platform.
While the scenery is certainly worth purchasing a home for, first time home buyers in South Carolina should know that home values are on the rise. Average home values have increased by 5 percent over the past year alone, with predictions of rising another 3.6 percent in 2018.
Luckily, SC first time home buyers have plenty of ways to boost their chances of getting a great mortgage rate, including improving their credit score and evaluating multiple mortgage lenders.
Tips for First Time Home Buyers in South Carolina
Buying a home is equal parts exciting and nerve-wracking. After all, purchasing a home is one of the most significant financial decisions that a first time home buyer in SC will make.
As a first time home buyer in SC, there are plenty of new procedures and paperwork that you will have to be prepared for, which can certainly make the process confusing.
Below, please find a set of tips to help make the process of purchasing a home as straightforward and simple as possible first time home buyers in South Carolina.
- Take the time to explore different neighborhoods in South Carolina to find the right home
- Prioritize your preferences like condition, location, size, neighborhood, and price
- Be prepared to make sacrifices on your conditions as a first time home buyer in South Carolina
- Discuss your options with a lending professional to get exact numbers on your budget, monthly mortgage payments, and closing costs
- Be prepared to accept defects and make your own renovations later on
- Take the time to educate yourself about the local real estate market
- Get prequalified for SC first time home buyer loan before talking to a seller
South Carolina State Flag
How to Get the Best Mortgage Rates for SC First Time Home Buyers
Finding the best rates for a first time home buyer in South Carolina won’t happen immediately—it takes time and research to find what works for your unique financial situation.
If you’re interested in exploring your options, consider using the tips below to find the best rates for first time home buyers in South Carolina.
Boost Your Credit Score
Just as with any loan, better credit scores will provide better interest rates. If you can improve your credit score, you’ll be in a good position to get better rates as a first time home buyer in SC.
According to myFICO, refinancing with a credit range of 760-850 can make borrowers eligible for rates of 3.5 percent.
Compare that to 5.1 percent rates for credit scores between 620-639, and borrowers could potentially be looking at savings of 1.5 percent or more.
Even if it’s just a few points, an improved credit score can go a long way for SC first time home buyers.
Save Up for a Down Payment
Saving up for a significant down payment may not be fun, but it can go a long way in boosting your chances at better rates for first time home buyers in SC.
Most mortgage lenders require at least 3 percent, but putting 20 percent down is the best way to provide long-term savings.
A larger down payment will not only affect mortgage rates, but it can also save first time home buyers in SC from purchasing mortgage insurance, saving money over the life of the loan.
Comparing loan rates from multiple lenders can be tedious, but it’s the best way to ensure that first time home buyers in SC sign up for an affordable mortgage.
Be sure to check multiple SC first time home buyer mortgage providers, including online lenders, banks, and credit unions before committing to a mortgage.
This is particularly relevant for first time home buyers in South Carolina, since many mortgage lenders will offer special rates and terms to an SC first time home buyer.
Conclusion – Getting the Best Mortgage as a First Time Home Buyer in South Carolina
Once you know what type of mortgage for a first time home buyer in SC you are interested in, your next step is to start evaluating lenders to find the best rates and terms.
Just as with any other shopping experience, it’s important to weigh your options and compare multiple offers for SC first time home buyer loans to ensure that you are getting the best deal.
Affordable and manageable mortgages for first time home buyers in South Carolina are determined not just by monthly payments, but also by interest rates and mortgage terms.
As such, don’t be afraid to shop around until you find the best SC first time home buyer product for your financial needs.
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