Tagged : 9

Many factors can affect your financing during the home buying process.  From the time you apply for a mortgage until the time of closing, you should not make any drastic changes to your financial status.  So, be sure to follow these 8 tips in order to keep your financing intact for your closing.

 

1)  Don’t co-sign a loan for someone else.

2)  Do not become self-employed, change jobs, or quit your job.

3)  Set aside your money for closing costs, and don’t touch it until closing!

4)  Be sure to make your credit card payments on time, and don’t use your cards excessively.

5)  I know it is tempting to buy furniture for your new house, but just wait until after the closing!

6)  Do not buy a new car (as one home loan officer joked, “You may be

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When it comes to financing a home, buyers have plenty of choices.  Having lots of options means that buyers can find a mortgage that suits their needs.  However, these options can also make financing a home overwhelming.  So, we are going to explain the four most popular types of home mortgages, tell about the benefits and disadvantages of each, and explain when it is a good idea to use each type.

 

Adjustable Rate Mortgages (ARMS) have been in the news for months.  We have heard reports about how home owners bought these mortgages originally with low interest rates, but now the payments have skyrocketed due to the rise of interest rates.  The unpredictable nature of ARMS makes them a high risk mortgage.  The benefits are that interest rates can be

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The first step in figuring out which home you can afford is to talk with a home loan officer so that you can get pre-qualified for a loan.  There is no reason to make plans for a house that you love but cannot afford.  Getting pre-qualified allows you to know how much a lender is willing to offer you.  The pre-qualification is not a guarantee that you will get that amount, but it will give you the best estimate of what you can afford.  When it gets closer to the time you need to buy, you will get pre-approved for a loan.  The pre-approval process is much more involved than the pre-qualification process because your lender will need pay stubs, tax forms, credit history, bank statements, and other financial documents.

When putting in an offer to buy a…

For most people, buying a home is the single largest investment they will ever make.  Because buying a home is such a big event, many people avoid the opportunity altogether and choose to rent instead.  When considering renting, just remember that owning a home has many financial benefits - especially in Charleston's real estate market.

 

One of the biggest financial benefits is income tax deductions.  You can reduce your taxable income by deducting the property taxes and the interest of your home mortgage from your gross income.  So, if you pay $6,000 a year in interest and $1000 a year in property taxes, you can subtract $7,000 from your taxable income.

 

Another benefit of owning a home is that you control how much you pay for housing every

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