House buying is the largest purchase you’ll ever make. It is also one of the most difficult. You can become a successful Myrtle Beach homeowner by planning.
This is the 6-step checklist that you should use when purchasing a home.
Check Your Credit Score
Your FICO rating is another name for your credit score. This score is important when you apply for a loan. Your chances of getting a loan are better if you have a higher score. Annual Credit Report.com allows you to check your credit score completely free. It is important to know what your budget can afford before you buy a house. Online calculators can help you estimate some numbers. Particularly for novice house buyers, it is important to understand the financial side of buying a home.
A down payment is required
One of the most common problems house buyers face is not having enough money for a deposit. This is especially true for young house buyers or those who are first-time house buyers. A down payment of between 10-20% of the property’s worth is required when you buy a Myrtle Beach home. A reputable mortgage broker will help you calculate the down payment required based on your credit history. Online monetary calculators can also be used to get an idea of what you might need.
Meet a mortgage broker
To be pre-approved for loan, you will need to meet with a reputable home mortgage broker. This will help you determine your FICO score, income, and how much you have saved for a down payment. There are many other factors that go into getting approved for loans. A great home loan broker will be able to discuss them with you and help you plan accordingly. Most loan providers believe that your monthly home mortgage payments should not exceed 1/3 of your gross income.
Some banks believe it could be closer to 28%, which includes mortgage, taxes, and insurance coverage. You should always discuss closing costs with both your mortgage broker and your agent. They may be negotiable in some cases, but you won’t understand the details unless you ask.
Interview Real Estate Agents
It is always a smart idea to speak with several real estate agents. Ask your family, friends, and coworkers to suggest a good agent. Great representatives will be honest, thorough, and help you obtain the best price for your purchase.
You should be prepared to talk openly with them about your needs, ideal communities, schools, as well as your budget. Remember that an ethical agent will work for you, not the seller!
Do your research!
Do your research about neighborhoods and schools if you don’t have the time. You can find a lot of information online. Full Potential Real Estate will provide information about any Grand Strand area of interest.
Get a home inspection
It is important to make sure that your house is secure and you don’t get any surprises after you move in. A thorough inspection by a competent and credible inspector is essential. In some areas of the country, lending institutions may require it. An experienced Myrtle Beach inspector can provide a variety of services, including a pre-purchase inspection and other tests like mold and air quality testing.
To see exactly what your inspector sees and what he’s trying to find, you should arrange for a walk-through. This will give you a better overall view of the house. Make a list of any concerns you have about the house and bring them up during the walk-through. The inspector will use a comprehensive checklist to evaluate all major systems in a house, such as the electrical and plumbing. In the case of an inspection revealing any problems, you may need to renegotiate your original offer.
After you’ve done your research, call Full Potential Real Estate to set up a time for you to begin looking for your Myrtle Beach dream house. You may reach us at (843) 492-4537.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577