4 Lending Misconceptions Keeping You From Buying Your Dream Home

Want to sell your Charleston Home? Get a FREE home value report 
Want to buy a Charleston Home? Search all homes for sale

Are you a renter who is looking to purchase a home of your own? If so, you've come to the right place!

By now, you know we only partner with the best. Our preferred lender, Guaranteed Rate, makes buyers dreams come true by meeting with them in person and finding out what is the best fit for them. They are the best independent mortgage lender in America and have a great spread of loan programs, low interest rates, and a fantastic team to help fulfill your loan in the easiest possible way. 

Many of our clients have said to us that they wish they would have made their purchase years ago, instead of renting for a long period of time. With interest rates as low as they are, we want to encourage all the renters out there to buy now! Low rates mean you have more spending power as a buyer, which is perfect for first-time home buyers looking for the right fit.

Many potential home buyers are waiting until they save up for a large down payment to avoid paying Private Mortgage Insurance. The fact is, you don't need to have 20% down to buy. There are many great low down payment packages out there, such as FHA loans (3.5% down) or conventional loans with as little as 3% down. One of the most popular packages is a 5% down conventional loan with no mortgage insurance! 

Nowadays, it's very common for people to monitor their credit. Many people don't want their credit pulled until they are absolutely ready to buy because they fear their score is going to be impacted. This is another misconception - there is no set formula detailing how much your score is impacted by being pulled. If you have pretty good credit as it is, the impact of having a lender take a look at it is going to be minuscule because you've already proven you can manage your own credit risk. If your credit isn't great, give Guaranteed Rate call and they can help you manage it a bit better. 

If you have any questions about the minutiae of lending, or if you want more information about whether you're eligible for a home loan, please don't hesitate to reach out to us. Interest rates are at historic lows, so you don't want to miss out on your chance to make the dream of homeownership a reality.

5 Things Real Estate Investors Need to Know about the Charleston Market

Want to sell your Charleston Home? Get a FREE home value report 
Want to buy a Charleston Home? Search all homes for sale

We have a lot of investor clients here in Charleston, and a lot of clients who are interested in investing in real estate here. Today we are going to discuss the 5 things real estate investors need to know about the market right now. They are:

1.  We have Homeowner’s Association (HOA) fees in many neighborhoods here. They could range from $100 - $3,000 a year. Some neighborhoods also have golf and social club memberships that are required. If you’re buying, make sure you know all the HOA fees associated with your home, so there are no surprises. 

2. Property taxes are higher. If you own a home that is not your primary residence in Charleston, you are going to get charged 3x the standard tax rate. Make sure you take that into account when looking at buying an investment property.

3. Income tax is higher, too. In South Carolina, the income tax is 6-7% if you’re out of state. Make sure you include the amount in your overall calculations.

4. You need a solid insurance quote. Here in the low country, there is a strong possibility that your property will be in a flood zone. Flood insurance rates range from $0 all the way up to several thousand, depending on the location. 

5. Get in touch with a reputable rental management company. They will give you solid occupants and will also help estimate the expenses on your property. 

If you are looking to buy an investment property here in Charleston, give us a call or send us an email. We can’t wait to hear from you!

How Will the Stock Market Affect Charleston Real Estate?

Want to sell your Charleston Home? Get a FREE home value report 

Want to buy a Charleston Home? Search all homes for sale

Today, we'll discuss what the stock market correction means for the real estate market here in Charleston.

Over the last couple of days, the stock market has seen its biggest drop since October of 2008, down 6.6%. These losses are real, and they're making people uneasy. 

However, stock market corrections do not necessarily mean a housing correction will occur. 

The good news is that Charleston's economy is still growing. Volvo is coming to South Carolina, and Boeing is expanding its company base.

The silver lining for real estate is that interest rates have dropped slightly, and the September increase in interest rates has been put on hold. All in all, it's still a great time to buy in Charleston.

Although we don't know what the long-term effects of the correction will be, just remember that no one ever got rich by panicking. If you have any questions, give me a call or send me an email. I would be happy to help you!