Home Buyer Guide

Steps to Buying a Home

Step 1: Check Your Credit Report & Score

Before getting a mortgage or any kind of loan, you should always check your credit. According to the law, you're allowed to receive one free copy of your credit report per year. You can do this by visiting Annualcreditreport.com. Scores range from approximately 300 to 850; generally, the higher your score, the better loan you'll qualify for. Don't forget to check your report for errors. If there are any, dispute them. It may help your credit score. You can also check your credit score for free at www.creditkarma.com.

Step 2: Figure out How Much You Can Afford

You can calculate how much you can afford by starting online. There are several online mortgage calculators that will help you calculate an affordable monthly mortgage payment. Don't forget to factor in money you'll need for a down payment, closing costs, fees (such as fees for an attorney, appraisal, inspection, etc.) and the costs of remodeling or furniture. Remember that you don't always have to put down 20 percent as your parents once did. There are loans available with little to no down payment. An experienced home loan expert can help you understand all your loan options, closing costs and other fees.

Step 3: Find the Right Lender and Real Estate Agent

To find the right mortgage lender it’s best to shop around. Get recommendations from your friends and family and check with the Better Business Bureau. Talk to at least three or four mortgage lenders. Ask lots of questions and make sure they have answers that satisfy you. Make sure to find someone that you are comfortable with and who makes you feel at ease.

Let us help find the right lender!

Once you have the right mortgage lender, make sure you at least get a pre-approval. Qualifications are only a guess based on what you tell the lender and are no guarantee, whereas a pre-approval will give you a better idea of how big a loan you qualify for. The lender will actually pull your credit and get more information about you. However, you could even take it one step further by getting an actual approval before you start home shopping. That way, when you're ready to make an offer, it will make the sale go much quicker. Besides, your offer will look more appealing than other buyers since your financing is guaranteed.

Step 4: Look for the Right Home

Make a list of the things you'll need to have in the house. Ask yourself how many bedrooms and bathrooms you'll need and get an idea of how much space you desire. How big do you want the kitchen to be? Do you need lots of closets and cabinet space? Do you need a big yard for your kids and/or pets to play in?

Once you've made a list of your must-have's, don't forget to think about the kind of neighborhood you want, types of schools in the area, the length of your commute to and from work, and the convenience of local shopping. Take into account your safety concerns as well as how good the rate of home appreciation is in the area.

Step 5: Make an Offer on the Home

Now that you've found the home you want, you have to make an offer. Most sellers price their homes a bit high, expecting that there will be some haggling involved. A decent place to start is about five percent below the asking price. You can also get a list from your real estate agent to find out how much comparable have sold for. Once you've made your offer, don't think it's final. The seller may make a counter-offer to which you can also counter-offer. But you don't want to go back and forth too much. Somewhere, you have to meet in the middle. Once you've agreed on a price, you'll make an earnest, which is money that goes in escrow to give the seller a sign of good faith.

Step 6: Get the Right Mortgage for Your Situation

There are many different types of mortgage programs out there, but as a first-time home buyer, you should be aware of the three basics: adjustable rate, fixed rate and interest-only.

Adjustable rate mortgages (ARMs) are short-term mortgages that offer an interest rate that is fixed for a short period of time, usually between one to seven years. After that, the interest rate can adjust every year up or down, depending on the market. These are good for people who don't plan on living in their home very long and/or are looking for a lower interest rate and payment.

Fixed-rate mortgages are more traditional and offer a fixed interest rate (and thus a fixed monthly payment) for a longer period of time, usually 15 or 30 years, though they're available in 20 or 25 year terms. These are good for people who like a predictable payment and plan on living in their home for a long time.

Both fixed and adjustable rate mortgages can have an interest-only payment. What this means is that for a certain amount of time during the loan term, you're allowed to pay only enough to cover the interest portion of your payment. You can still pay principal when you wish, but don't have to if your budget is tight. There is a myth that with interest-only mortgages, you don't build equity. This is not necessarily true, since you can build equity through home appreciation. The benefit to interest-only mortgages is that you increase your cash flow by not paying principal.

Remember to ask your mortgage lender or mortgage banker lots of questions about which mortgage is right for you and your situation.

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Step 7: Close on Your Home

Make sure you get a home inspection before you close. It will be well-worth the money spent since it ensures the property's structural soundness and good condition.

Setting the closing date that is convenient to both parties may be tricky, but can certainly be done. Remember that you may have to wait until your rental agreement runs out and the seller may have to wait until they close on their new house.

Be sure you talk to your mortgage banker to understand all the costs that will be involved with the closing so there are no surprises. Closing costs will likely include (but are not limited to) your down payment, title fees, appraisal fees, attorney fees, inspection fees, and points you may have bought to buy down your interest rate.

Step 8: Move In!

You've got your mortgage, closed the deal and now it's time to move in! Whether you use a mover or not is up to you, depending on your financial situation and how much stuff you have to move; perhaps also, whether you have a lot of friends willing to help you move. Either way, you're done with the home buying process! Just start unpacking and start enjoying your first home! Buying a home for the first time doesn't have to be a hassle if you're prepared and you know what to do and when to do it. Choose an experienced home loan lender and a friendly, knowledgeable real estate agent-they are the key to helping you have a smooth home buying experience!

Home Buying Can Be Easy
As your buying agent, our Agents can help streamline the process of buying a home and make it easier for you. We’ve aligned with the top professionals in the industry, and once an offer has been accepted, our agents will personally help facilitate the process to close on the home. By working closely with mortgage brokers, title and escrow companies, home inspectors, and home warranty companies they will provide you with the best service possible!

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Sprawling views of the marsh and contemporary architectural design combine to make 608 W Beach Court one of the most desirable residences on Folly Beach. Built in 1988 and completely renovated inside and out, this 4-bedroom, 4 bathroom villa comprises 2,918 square feet of living space on a third of an acre. The landscaping is fabulous, right down to a curving drive lined by textured cast stone walls topped with stone lions to welcome you to this island enclave. Channeling Frank Gehry and Richard Neutra, this stunning beach house has an angled facade bay that provides visual interest from the exterior and unique viewsheds from inside and clean, contemporary lines and finishes throughout. The cast stone porch supports have a beach pebble texture that ties this custom contemporarylines and finishes throughout. The cast stone porch supports have a beach pebble texture that ties this custom contemporary gem into its island setting, above which is wide front porch lined with custom metal railings. The house is elevated to create covered parking and an air-conditioned workshop and storage space below. Sold completely fully furnished along with the golf cart and pool toys. A welcoming foyer leads into and bright and spacious open plan kitchen, living room with a fireplace, and dining room. Brushed chrome railings juxtapose with light oak floors and stairs. The kitchen has Danish inspired custom oak cabinetry, stainless steel appliances, a large island with seating and a stone countertop, and glass tile backsplashes. The soaring ceilings in the foyer and living area are open to the second story and feature crisp white painted framing. Two walls are lined with gallery doors that open onto a multi-level back deck and wrap around porch, above which are fixed windows that welcome the outside in and create a sunny oasis perfect for entertaining or enjoying the marsh views. Also on the first floor are three bedrooms (one ensuite) and an additional large bathroom. Both bathrooms have custom vanities and tiled walk-in showers. Each bedroom has large closets, in addition to lots more storage in the hall linen closets. The rearmost guest bedroom's gallery doors open to a balcony. The second floor has a catwalk that overlooks the downstairs living area and leads to a massive primary bedroom suite with three closets and a large bathroom. The second story has natural finish wood floors and sliding white pine doors inspired by eastern architectural principles that allow for plan flexibility. The bright primary bedroom opens onto its own marsh-front deck. Its private hall leading to the bathroom has mirrored sliding door closets reflect soft diffused light from a bank of Japanese windows. The primary bathroom offers a surprise- a built-in garden tub with custom floor to ceiling tilework on a sloped wall with windows that let in light but offer privacy. There is also an upstairs loft with a half bath that makes a perfect guest bedroom, office, family room, or sitting room for the primary suite. The backyard features an oak tree canopy, mature palmetto trees, a rock garden with seating, and a beautiful in-ground pool with an adjacent hot tub and stone-tiled fountain wall recently installed in 2024. 608 W Beach offers full views of salt marshes, island forest, and a meandering tidal creek leading to Folly River, pristine landscapes that will never be developed. The back decks and porches overlook this stunning yard, while a spiral staircase from the upper deck takes you to a vast rooftop deck. Sunset Point is a quiet residential street which is run on public sewer and water rather than septic as well. The house is just two blocks from a public beach access point. The west end of the island features coastal living amenities including Folly Beach County Park and nature preserve, Sunset Cay Marina, and vast stretches of quiet beach. A few blocks east is famous Bert's Market, Center Street's bars and restaurants, and Folly Beach pier.

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