Sunset Beach and Beyond Realty

  • Home
  • Search Carolina Coast
    • Community News
    • Calabash
    • Carolina Shores
    • Holden Beach
    • Myrtle Beach
    • Ocean Isle Beach
    • Southport
    • Sunset Beach
  • Buyer
    • Buyers Articles
    • Homeownership
    • Testimonials
  • Sell Your Home
    • Sellers Articles
    • Listing Agents
  • Our Team
    • Designations
    • Area Lifestyles
  • Market Reports
  • Local News
    • Events
  • CONTACT
Home » Sunset Beach real estate preparing for a mortgage

Sunset Beach real estate preparing for a mortgage

May 18, 2015 by admin Leave a Comment

Sunset Beach real estate preparing for a mortgage – Buying a home is the largest purchase many people will make in their lifetime. So when you decide you are ready to purchase your first home you want to make sure you truly are financially ready. Here are some ways you can prepare for taking on that first mortgage home loan.

Go Over Your BudgetSunset Beach real estate preparing for a mortgage
Before you apply for a home loan you need to determine just how much you can actually afford to make on monthly loan payments. Look at your current budget the way it is take off any rent and utilities you are currently paying then add in a mortgage payment and utility cost in a new home. Don’t forget to make sure you are still allotting money to go into savings and an emergency or fix it fund because home repairs will be on your dime.

Check Your Credit Rating
The first things lenders do when someone applies for a home loan is pull their credit report. It is not uncommon for there to be mistakes or information that has been reported incorrectly on a credit report. It is a smart idea to check your score on a regular basis and know that everything is accurate. There have been many home buyers that apply for a loan only to be denied for pre-approval because of a charge that should have been reversed, something that was reported and never removed, someone else’s unpaid bill reported on your report and more. The goal of a clean and good report is to get approval at the best rate possible. Report any incorrect information on your report to the three major credit bureaus to be corrected.

Do Your Research
Don’t accept the first loan terms you have been offered. Look into your options and see if you can find a better rate through a different lender. Maybe you will find it a better option to make a slightly higher payment over a shorter loan period. REMEMBER: that applying for multiple loans over a longer amount of time will reflect on your credit report. Every time you apply for a loan your credit is checked so if you apply for loans within a span of 30 days those multiple credit checks will not affect your score.

Make a Large Down Payment
The best way to get those monthly payments down is to make the biggest down payment possible. Go over your budget and decide how much of your savings you can realistically afford to put down on a new home. The more you put down the lower the amount that needs to be financed.

Be Aware of Pre Payment Penalties
There are some loans out there that charge you extra for paying your loan off early make sure you read the fine print and steer clear of these loans if possible.

Knowing just how much you can afford and what options are out there will help you to make an informed decision so you can start shopping for that perfect first home. Ready to start looking at homes for sale in the Sunset Beach area? We can show you some great properties.

Filed Under: Buyers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

What our clients say

Ken and Linda Foltz

“Life will lead you to where you belong. Five years ago life led me to meeting Karen Baker at an...
Sunset Beach and Beyond Realty
2015-03-16T20:16:32+00:00
“Life will lead you to where you belong. Five years ago life led me to meeting Karen Baker at an Open House. Our relationship continues as Karen and her husband Frank have been outstanding not only in helping my husband and I find the right retirement relocation home, but we have watched their commitment in helping many others find their homes. She and Frank treat every client as if they are the only ones that exist. They provide thorough research of areas and homes of interest and present you with the options. They are not your typical hard sell, must-buy-now realtors. They are here to help you find your next home?. You won’t go wrong with the Bakers!
https://sunsetbeachandbeyond.com/testimonials/ken-and-linda-foltz/

Steve & Jean DeVito

“The Bakers treated us like family during our whirlwind weekend of looking at houses. Prior to our on-site visit to...
Sunset Beach and Beyond Realty
2015-03-16T20:17:46+00:00
“The Bakers treated us like family during our whirlwind weekend of looking at houses. Prior to our on-site visit to Sunset Beach they created a portal and populated it with properties that met our ever-evolving criteria. By time we arrived we had a good feel for what we could afford and what was available that met our criteria. The Bakers, especially Karen, were able to make sense of what we thought we were looking for and eventually matched us with a house that we ended up purchasing — Karen called it the “This is it” house and she was right. We are loving our 2nd home and appreciate how painless Karen and Frank made the process. All the paperwork was done seamlessly and quickly and the closing went off without a hitch. The Bakers do not believe in the hard sell — they gave us the knowledge we needed and the guidance we needed to make our dream a reality.”
https://sunsetbeachandbeyond.com/testimonials/steve-jean-devito/

Matt & Amy Carver

Amy and I have bought and sold four properties in the past twelve years. Both of you are the best...
Sunset Beach and Beyond Realty
2015-03-16T20:18:22+00:00
Amy and I have bought and sold four properties in the past twelve years. Both of you are the best realtors we have ever dealt with. Amy and I both felt we could trust you to look out for our interest. The level of service you provided was outstanding, from taking the trash out, helping the buyer with inspecting the irrigation system, dealing with our tenants, always being there if we needed to ask a question, providing constant updates on the market and always keeping us informed on the sale of our house. I think your next venture should be training other realtors, because both of you have mastered the art of providing excellent service. I will be sure to recommend the Frank and Karen team to anybody looking for a trust worthy, knowledgeable and top performing realtor. It was a pleasure working with both of you.”
https://sunsetbeachandbeyond.com/testimonials/matt-amy-carver/

Ernie & Carol G.

“Karen & Frank Baker are the best. They are very knowledgeable with the area & showed us many homes. When...
Sunset Beach and Beyond Realty
2015-03-16T20:18:50+00:00
“Karen & Frank Baker are the best. They are very knowledgeable with the area & showed us many homes. When we made up our minds which one we wanted, they got us the best deal on it. We were very satisfided with them. After the purchased was made & we moved in, they were still there to answer any questions or problems that we might of had. Like I said, they are the BEST.”
https://sunsetbeachandbeyond.com/testimonials/ernie-carol-g/

Dave & Rose

“Thanks again for all the time you spent with us, As overwhelming as it was, you two made it fun”
Sunset Beach and Beyond Realty
2015-03-16T20:19:23+00:00
“Thanks again for all the time you spent with us, As overwhelming as it was, you two made it fun”
https://sunsetbeachandbeyond.com/testimonials/dave-rose/
0
Sunset Beach and Beyond Realty

Search

Recent Posts

  • 8 Adventurous Things to do in Sunset Beach
  • Evaluating & Purchasing Rental Properties
  • Typical HOA Pool Rules
  • 5 Great Reasons to Live in Sunset Beach (and one con)
  • Ways To Make Moving While Expecting Easier On Moms-To-Be

Connect With Us

  • Facebook
  • LinkedIn
  • Twitter

Recent Posts

  • 8 Adventurous Things to do in Sunset Beach
  • Evaluating & Purchasing Rental Properties
  • Typical HOA Pool Rules
  • 5 Great Reasons to Live in Sunset Beach (and one con)
  • Ways To Make Moving While Expecting Easier On Moms-To-Be

Copyright © 2022 · AgentPress Pro Theme on Genesis Framework · WordPress · Log in