Locking in favorable terms with a fixed-rate mortgage. As of this writing, interest rates are at their historical rock-bottom. Receiving a fixed-rate mortgage lets you potentially lock in the most affordable terms we’ve seen.
The Secrets To A Successful Home Purchase
If you’re tired of throwing rent toward the landlord, you can start putting it toward the principle of your very own home mortgage. Why bother? Here are some tips that will help you secure the home of your dreams.
Get pre-approved for a mortgage to do your research first. Ready to shop around? There’s no pressure. Get pre-approved for a mortgage and find out how much home you can afford—these are essential next steps that convince a home seller that you mean business.
Buy the home you can afford. When you know your total monthly liabilities, your income, and your credit rating, you can easily calculate just how much home you can afford. This will help ensure that you buy a house that remains a long-term blessing and not a strain on your budget.
The Stats: What You Need to Know Before You Buy a Home
Homeownership is common. In fact, statistics from 2022 show that the homeownership rate was a staggeringly high 65.8%, which means the majority of people have gotten out of the rent cycle and into their own home.
You don’t need experience. First-time home buyers constitute one-third of all home buyers, which means that you don’t have to feel intimidating by the home buying process, even if it’s your first time. It’s far more common to be going through this process for the first time than you might imagine.
The average length of time is low. Have house fever? You’d be surprised how quickly things can move. The average length of time between someone visiting a potential home for purchase and the closing date was only 73 days, or two and a half months.
Are you interested in finding out if a home purchase makes sense for you? Are you ready to join the ranks of homeowners and lock in potentially low rates?
2 Ways to Use Your FHA 203(k) Loan
Buy a Fixer-Upper (and Fix It Up)
Or... Renovate Your Current Home!
Sharon was wonderful to work with. I never met her in person, but I feel like I did because she has great customer care. She goes above and beyond to get you the best loan possible for your situation. Our family is truly grateful for her ability to help us get our dream home! I would recommend her services to anyone! Buying a home is challenging enough, Sharon and her team made it seamless!- Jamie McCarthy
If I had to sum up my experience in 2 words it would be “Expectation Exceeded”. If some of you are like me, nothing ever goes smooth. My 1st mortgage loan bad plenty of bumps in the road and the process just happened to be going on right after the passing of my mother. Jennifer and Sharon worked tirelessly to get my loan approved. Trust me when I say I didn’t make the process easy with gambling habits. My refinance has to be the easiest process I have ever dealt with. So thankful I was referred to SC Home Lending. This will be the only mortgage broker I will ever refer people to. Awesome job and stellar professionalism.- Jonathan Barnes
Sharon at SC Home Lending has continually done a phenomenal job for us. We have worked with her to buy multiple homes and have always been confident she would get us to closing quickly and smoothly! As a realtor myself, I worked with Sharon for many of my clients as well. She doesn’t shy away from tough cases and works around the clock to keep things rolling for her clients. No banker’s hours here! It’s great to work with a local lender who provides some of the lowest rates in town!- Patrick Preacher
Sharon has been nothing but a GOD SEND during our buying and selling process. She is always accessible and avaliable when needed no matter what time of day. We were so nervous about the mortgage process and she kept is at ease throughout the entire transaction. We could not ask for a better person to work with. She was always communicating with our realtor regarding our progress and where we were with financing. If you are ever in the market to buy a new home, you will be absolutely satisfied with Sharon. She can get it done!!!- Denita Cauthen
Sharon was incredibly quick to respond to my inquiry - this impressed me out of the gate. As a first time home owner, I really appreciated the fact that she took the time to answer all of my questions and explain things to me in ways I understood. She is kind, caring, knowledgeable and all together a joy to work with. I'd give her more than 5 stars if I could.
I feel incredibly lucky to have come across her information when I was looking on Zillow. As a LGBTQ+ person in the South, I was really concerned with finding someone who would treat me fairly and work hard on my behalf. I'm thrilled to say that Sharon treated me and my partner with kindness, respect, and equality. We felt safe, valued, and comfortable with her the entire time.- Daniel Reed
Sharon is the most knowledgeable mortgage expert I have ever worked with and I have worked with many. As a Mortgage Broker she was able to offer me a way better deal any of the other lenders I have worked with could and had my loan ready to close in seven days. I definitely recommend Sharon Skinner and her company.- Larry Temple
Sharon used her ingenuity to help us finalize the process of converting our construction loan to a permanent mortgage during some tumultuous economic times. When it came time to refinance, she was my first resource. Sharon is a true professional who truly wants the best outcome for her clients.- Lenell Wyche
Sharon Skinner is amazing! She was always available for my many questions, extremely personable, caring , gave me a super low interest rate with no organization fees and had my loan closed in two weeks. I highly recommend Sharon Skinner and SC Home Lending.- Donna McClellan
I recently worked with Sharon Skinner while purchasing a new home. Not exaggerating, she is nothing short of amazing. Sharon went above and beyond to answer my questions and thoroughly. I couldn’t have asked for a better experience and am so glad I was able to work with Sharon. I would recommend her to everyone I know.- Michael Taylor
Sharon is, HANDS DOWN, the best loan officer out there! She goes above and beyond for her clients to help get the best rates posaible. I have worked with her on a number of occasions and her dedication and hard work shows how much she truly cares about her clients. She is a true asset to anyone looking to purchase a home.- Amanda Holland
Your Renovation Wish List Could Include...
Increase window size
Bring in more natural light
Finish a basement or attic
Create a mother-in-law apartment or guest space
Correct foundational issues
Protect your investment for the long-term
Add a detached garage when one does not exist
There’s room for everyone
Knock down walls
Open up the floor plan to create versatile, welcoming spaces
Flood-proof your property
Add a retaining wall to prevent expensive damage
Repair the pool
Tired of leaks and cracks? Fix the pool & start enjoying it
Expand or refresh the kitchen
Cooking is just more fun in an updated kitchen
Add square footage
Growing your family? Grow your home alongside it!
After remodeling, 74% of owners have a greater desire to be in their home, and 65% have increased enjoyment in their home.
How Does a Renovation Loan Work?
Depending on the types of repairs you plan to do, you have two options when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.
The Limited 203(k) loan
The Limited 203(k) loan is for non-structural or “cosmetic” repairs. It covers up to $35,000 in renovation costs. With a Limited loan, you can do nearly anything that doesn’t affect the home’s structure! Think kitchen and bathroom remodels, carpet and flooring replacement, painting, appliance replacement, and much more.
The Standard 203(k) loan
The Standard 203(k) loan is a loan for projects with repair costs over $35,000. It can be used for structural or non-structural repairs. With a Standard Loan, you have even more flexibility. You can expand the home’s footprint, improve accessibility for differently abled people, and even move the home to a different site.
What You Need To Know About A Home Purchase
Why should I buy a home rather than rent?
Everyone’s situation is different. However, in the era of low interest rates, a new home purchase can make financial sense for a lot of people. Locking in these low interest rates can mean paying less for more square feet in some cases. That said, every person’s situation is different, and your motivations for buying a home (including the need for more space or privacy) may differ from other people.
How do I start the home buying process?
One of the best ways to show that you’re serious about buying a home is to get pre-approved for a mortgage. This will give you some leeway when it comes to making offers when you view homes. And in some cases, it’s viewed as a necessity when you go out shopping for homes. In many cases, the process is as simple as finding out what you can afford given your current income, levels of debt, and financial obligations. The good news: it’s a lot simpler than you think!
What kinds of financial commitments do I have to make?
There are a lot of options for financing when you make a home purchase, so don’t feel that you have to commit to any particular one at this point. You’ll find that it’s possible to make a 20% downpayment, for example, but there may be types of financing available that require far less—as low as 3%, depending on your situation.
Why is now a good time to buy a home?
While it’s true that rates are up from last year’s historic lows, there are still many reasons why now could be a great time to buy. For one, falling home prices mean that you can get more house for your money. In addition, there is less competition from other buyers, so you may have an easier time negotiating a lower price. Don’t let rising rates scare you off – there are still plenty of reasons to buy the home you’ve always wanted!
What is the next step?
Click through our buttons above to find out whether you qualify for great terms on a new home purchase!