These sure have been trying times for homebuyers, real estate brokers and mortgage lenders alike. The most asked question seems to be is this the right time to buy? Most professionals in the real estate business will tell you yes, there is no better time to buy and I am inclined to agree. I do however believe you have to sum up your current situation, such as job stability and do you have enough money for a down payment as well as can you afford to make a mortgage payment each month. Times are very different from a few years ago when a mortgage was not at all very difficult to get. Mortgage rates remain at an all time low and there are still very attractive mortgage programs available for first time homebuyers and repeat buyers as well.

The Federal Housing Administration, generally known as “FHA”, is an excellent first time homebuyer program that requires a minimum down payment and very attractive rates. An FHA insured mortgage has allowed many Americans to buy their first home that have less than perfect credit and might not otherwise be approved for a conventional mortgage.

I recommend that you find professionals that you can trust and you are at ease with, you will be spending a lot of time with these folks and it is important that you can communicate well with them. Next, get pre-approved for a mortgage before you start to look at prospective homes. Be prepared to provide your lender with income documentation and bank statements showing you have the available funds for a down payment.  I cannot stress this enough and it is a very simple process that in many cases can be done in a single visit to your mortgage professional. This will ensure you are looking for a home in the price range you can afford and will also let your real estate agent see that you are serious and ready to make a qualified offer. Obtaining a pre-approval letter from you lender and presenting it with your offer to buy might also return a quicker acceptance buy the seller of the home especially if they see you have already started the approval process. Buying a home is one of the most important and rewarding decisions you will make as long as you have the right people working with you.

MORTGAGE BANKER CARSON WILLIAMS:  BANK OF SOUTH CAROLINA  (843) 958-1046