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Loan Application Checklist in The Charleston Area
For many buyers, applying for the mortgage loan is one of the more stressful aspects of buying a home. The loan application need not be a stressful time. By following a few easy steps, you'll sail through the loan application process.
- Make a list of any questions you have about the loan program.
Be sure you understand the advantages and disadvantages of the various mortgage programs in Charleston SC for which you may qualify, including the advantages and disadvantages of Fixed Rate Mortgages versus Adjustable Rate Mortgages.
- Decide if you want to lock-in or float the loan's interest rate.
Locking-in the rate means that the lender commits to the mortgage interest rate for the loan - typically at the time the loan application is submitted. By floating the rate, you can lock-in the interest rate anytime between the loan application day and closing. Buyers opt to "float the loan" when they believe interest rates will drop after their loan application date and prior to closing. The risk is that rather than dropping, interest rates may rise, increasing the mortgage payment.
- Decide if you want to pay additional points to lower your interest rate.
Typically you can elect to pay additional points (each point is 1 percent of the mortgage loan payable in cash at closing) to lower the interest rate of your mortgage loan.
- Gather your paperwork.
Click here to view a list of typical loan documentation. |
Whether you are a first time buyer or an experienced investor, you will find useful information about how to choose the "right" property, making an offer, negotiating, financing, mortgage rates, moving, and everything involved in making an informed real estate decision in today´s market. We can offer comprehensive information about Folly Beach Real Estate, James Island Real Estate, as well as Charleston Real Estate and the beaches.
Charleston Real Estate - Homes for Sale in Charleston South Carolina. You will also find details on properties for sale in these market segments, Charleston Startup Homes, Charleston Median Homes, Charleston Upscale Homes, Charleston Luxury Homes, Charleston Million Dollar Homes, Charleston Historic Homes and Charleston Homesites and Land, in Charleston SC. We also offer niche community searches: Ansonborough, Downtown, French Quarter, Hampton Park Terrace, Harleston Village, Longborough, Midtown, South of Broad, The Bristol, Wagener Terrace, and more... You also have access to the following Cities: Charleston, James Island, Johns Island, West Ashley, Folly Beach, Summerville, Hanahan, Mount Pleasant, and Isle of Palms. We have also added the surrounding towns of Awendaw, Daniel Island, Edisto Island, Goose Creek, Kiawah Island, McClellanville, North Charleston, Seabrook Island, Sullivans Island, and Wadmalaw Island. Call us direct (843) 270-1300 or (843) 588-3948 - Exit Realty The Tracey Group.
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Today's Rates:
| 30-yr Fixed | 4.54% | 4.69% | | 15-yr Fixed | 4% | 4.21% | | 1-yr Adj | 3.64% | 4.52% |
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