We’ve teamed up with Leah Odom, the Senior Loan Officer at the Carolina One Mortgage office here on James Island, to get you more information about financing a home – home loans/mortgages, interest rates, credit scores, and tips for getting the loan you need.

Found 17 blog entries about Financing.

charleston home buying costs

When you’re buying a home, it can be difficult to estimate all of the costs involved. While some of our clients want to make a 20% down payment in order to eliminate PMI (Private Mortgage Insurance), others need to put down as little money as possible when it comes to closing. Regardless of which end of the spectrum you fall, here’s a quick guide to determining your costs!

100% Financing

We’re often asked whether 100% financing is still available. This is a type of loan that was more common about 5 years ago, but it’s become a difficult product to find in our current real estate market. These loans are popular among a wide range of buyers – from first time home buyers to divorcees to retirees – because they offer a $0 down payment. These loans

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charleston home affordability

You may have seen in the news recently that mortgage rates have been rising quickly, so I wanted to include an update for you along with your home listings. This past week, rates spiked to their highest level in nearly 2 years and only took 6 weeks to get there from the lowest in recorded history. Rates have gone up almost a full point since May 1, which means that future home buyers have lost about 10% of their purchasing power. Keep in mind that rates are comparatively still very low, and if you’ve bought a home before you already know that this higher rate (averaging about 4.25%) is very good compared to the 7-8% range we saw just a few years ago.

However, if you’ve been pre-qualified in the past few months, know that this 1% increase will affect

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mt pleasant memorial waterfront park

What is the difference between an adjustable rate and a fixed rate loan? Adjustable rate loans (or ARMs) can be tempting because of the lower initial interest rate, but they come with some risks. It is very important to be educated on the interest rate environment, the local Charleston real estate market, and how ARMs work. You also need to be quite certain of how long you will own the home. Fixed rate home loans generally have a higher rate, but they provide more security with regards to your payment amount and interest rate. Fixed rate loans are seen much more in Charleston than they were back in early 2000.

Adjustable rate mortgages offer many attractive advantages. ARMs have lower rates and lower payments at the beginning of the loan term.

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mt pleasant memorial waterfront park

Which type of loan should you get? Purchasing a home is one of the single biggest investments most people make, so it’s a good idea to research the best ways to pay for your home. There are three main types of loans to consider: FHA (Federal Housing Administration), VA (Veterans Administration), and conventional. FHA and VA loans are government backed, which means that if the buyer defaults, the government will ensure full payment to the lender. Conventional loans are not backed by the government and usually encompass any loan that is not an FHA or a VA loan.

VA loans can only be obtained by veterans and active military personnel. People who qualify for VA loans are not restricted to using a VA loan, but many who qualify choose to go the VA route

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charleston real estate market

A healthier Charleston real estate market is here! The number of local mortgage holders who owe more to the bank than their home is worth is trending downward. This is great news for Charleston’s housing market. The research firm CoreLogic analyzed the Charleston real estate market, and here is their assessment.

CoreLogic focused on the percentages of negative equity from the second quarter of 2012 to the third quarter of 2012. Almost 22.3 percent of homeowners in the Charleston metro area (Charleston, North Charleston, Summerville) had negative equity in the second quarter of 2012. How do home buyers get negative equity? Home owners end up underwater on their mortgages because the home has declined in value, they have refinanced and taken out more

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Since we’ve gotten a lot of questions about mortgages recently, we wanted to get you all of the info you’ll need to finance buying a home in Charleston, SC. Over the past few weeks, interest rates have fluctuated between 3.25% and 3.65%. Right now for a 30 year fixed rate conventional loan, rates are running about 3.375%. I’ve included below the contact info for our in-house loan officer. Whether you’re ready to buy and lock in these low rates – or if you simply need to figure out what price range of homes you should be browsing – feel free to contact Joel. In the 10 years of real estate we’ve had, Joel has by far been the best loan officer we’ve worked with.

Joel Greer with Carolina One Mortgage

Office phone: 843-414-2489

Whether you choose to

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We’ve gotten a lot of mortgage questions recently, so I wanted to take a minute to explain the hype about the very low interest rates we’re seeing right now (rates are holding steady around the 3.5 to 4% range). A 1% change in interest rate produces a 10% change in purchasing power. So, for example, let’s say that you can afford a $300K home at a 4% interest rate. If interest rates go up to 5%, you’ll only be able to afford a $270K home. In other words, you’ll be making the same monthly payment, but more of that money will be spent paying interest rather than the house itself.

Although interest rates are expected to remain low over the next year, home prices are not in the Charleston real estate market. In fact, Charleston’s prices have risen 6% so far

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