After you made the decision to purchase a home, the journey has just started. However, it’s a long haul towards owning property that fit your personality. Chances are, you’ll have a mortgage payment that will last 15, 20, or 30 years. So, it makes sense to find good loan companies in Charleston SC who will supply you with the money you need. Here’s how to make this process the least stressful task on your list.
5 Steps to Getting Good Quotes from Loan Companies in Charleston SC
- Start the Process of Getting Your Credit Score in Shape
It’s no secret. Not everyone will have equal qualifying access to capturing great interest payments. It’s a must that you meet certain credit and income criteria to assure loan companies in Charleston SC you can repay your loan. Not everyone can qualify to buy a home. You must meet certain credit and income criteria to assure mortgage companies you can repay your loan.
However, a high credit score is more than simply making on-time payments on existing accounts. A high score will give you more power to negotiate for better rates. A low score will make it harder to qualify for most types of mortgages. It’s best to make sure your credit score is free from errors and accurate.
It’s best to pull your credit from all three of the major credit reporting agencies (Experian, Equifax, and TransUnion). You are entitled to a free credit report once a year through annualcreditreport.com. Pay off high-interest debts to lower your overall level of debt as quick as possible. This also helps to free up more money for down payment and closing costs.
- Understand the Common Types of Loan Companies in Charleston SC
It can be difficult to figure out who are the best loan companies in Charleston SC. However, here are a few of the most common lenders people choose:
- Credit Unions
- Mortgage Bankers
- Correspondent Lenders
- Savings and Loan Institutions
- Mutual Savings Banks
- Compare Interest Rates from Several Mortgage Lenders
This is when your homework starts. It will take lots of patience to find the right match. Make sure you are comfortable with the terms and conditions the loan company states. Keep in mind that the rate quote you receive serves as a starting point in your search. Once you have several choices, compare them and decide on which one makes the best financial sense to you. You can also choose to negotiate for an even better rate.
- Make a List of Good Questions to ask the Lender
Choosing good loan companies in Charleston SC is more than simply picking what’s popular. There are some extra questions you’ll need to ask. Some of these questions include:
- How long are turnaround times for pre-approval, appraisal, and closing?
- Will you waive any fees or roll them into mortgage?
- What are the down payment requirements?
- What are the lender fees associated with closing?
- How do you prefer communicating with clients?
- What are the earnest fees?
- Make Sure You Read the Fine Print
There are other costs associated with gaining home ownership in the loan process. Make sure you ask about other costs. These other costs include estimated closing costs, points, loan origination fees and transaction fees. If you’re unsure of these questions, ask for an explanation. Look at what the initial loan estimate and closing disclosure are.
Contact Us for a List of Good Loan Companies in Charleston SC
It’s important to find good loan companies in Charleston SC who will work with you. At Charleston Home Team Real Estate, we strive to make sure your home buying experience is pleasant and stress-free. We work hard locating the right Charleston home for your family. Contact us today at (843) 628-3960 to begin your home buying process today!