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1129 Sparkleberry Lane ext.Columbia, SC 29223
Cell: (803) 269-7561
Bus: (803) 736-7870
Fax: (803) 736-3467
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1st Time Home Buyer
As a REALTOR our job is to not only educate you but to make the buying process as easy as possible. Over the years we have helped hundreds of buyers and have listed below many of the questions and concerns they had. So whether you are a 1st time buyer or an experienced buyer this information is for you.
Once you have read thru the information below, we recommend sitting down with us for a buyer consultation. This service is FREE and takes about an hour. Whether you are buying now or in the near future we make sure you will walk away with a much better understanding of what you need to know about.
Here are a few questions and answers that may help you through the process:
Are there special programs for 1st time buyers?
Yes, there are several programs available for 1st time buyers - FHA, Nehemiah Program, Neighborhood Gold and Ameridream just to name a few. However, many items play a part in determining which program is best for you. You can contact our mortgage specialist for details on these programs.
How much money will I need?
This depends on the type of financing program but you'll need to cover.
1.) down payment
2.) closing costs
3.) prepaids and escrows - these include taxes & insurance.
We can help you determine these amounts during the consultation.
Do I pay the Realtor?
No, our service is FREE to you, the seller pays our fee.
Should I get pre-approved for a mortgage?
Yes, you can contact us and we will connect you with a 1st time Buyer mortgage specialist. They will meet with you and explain the various programs available.
How much can I afford?
Lenders look at six factors; the price you can afford to pay for a home will depend on these six factors:
1. Gross income
2. Amount of cash you have available for the down payment, closing costs, and cash reserves required by the lender
3. Outstanding debts and debt-to-income ratio (To calculate yourself click here)
4. Credit history
5. Type of mortgage you select
6. Current interest rates
Is Spring the best time to buy?
Spring is usually a busier time because people want to get moved before the school year starts, it's not actually the best time to buy. Houses sell ALL through the year. The best time to buy is when you are ready.
Should I use One Realtor?
Yes, otherwise you will see the same homes over and over. Real Estate agents belong to the MLS (multiple listing service) which gives them access to ALL homes currently on the open market, regardless of who has it listed. You should hire one agent to represent you and only look at homes with that one agent.
Do I need good credit?
Mortgage companies use your FICO score to determine what type of program you qualify for. Some programs allow lower FICO scores and some simply just raise the interest rate.