How to Get a Home Loan

With mortgage rates having plunged below 4% to record lows, now is a good time to consider the available Myrtle Beach SC real estate that’s on the market. While it’s true that lenders have tightened their underwriting standards, you can still qualify for a mortgage with a good credit rating and an adequate down payment.

There are certain steps a homebuyer can take to find the right mortgage and to qualify for it.

Improve your credit score however you can. Lenders are looking for a score above 620. Those with the highest scores get the best interest rates. To see where you stand, start by checking your credit report online preferably at least six months before you’re ready to shop for a home. You can get a free credit report every 12 months from each of the three credit reporting companies – Experian, TransUnion and Equifax. Check your report for accuracy. If you find any errors contact the credit reporting company.

Keep your credit score squeaky clean or improve your score by paying down your debt as much as possible. Pay all of your bills on time even if that means having email reminders to let you know when a payment is due. Don’t close unused credit cards, but don’t open new cards, either.

Decide which type of mortgage is best for you. Fixed rate mortgages offer the security of knowing your rate will never rise. On the other hand, an adjustable rate mortgage offers lower rates and might work if you expect to be moving in a few years. A 30 year loan will keep your loan payments lower but if you can swing a 15 year loan you will have a lower interest rate and it will save you tens of thousands of dollars over the life of the loan.

Shop around for a mortgage. Check with several lenders. Compare interest rates. Then contact us at Sloan Realty when you’re ready to look at Myrtle Beach SC real estate.
 

Myrtle Beach SC Real Estate

With its sunny surf, sand and smiles that span 60 miles of South Carolina's magnificent coast, it's easy to understand why the Myrtle Beach area is a prime choice when thinking of relocating. With interest rates low and the market primed with available properties, now is the best time ever to purchase Myrtle Beach SC real estate. A vibrant community with a relaxed and pleasing pace of living, it's home to residents from across the nation who have been drawn by its extraordinary natural beauty, mild climate, and impressive array of attractions, entertainment, amenities and conveniences.

Whatever your taste in coastal living might be, you're very likely to find it here. From the bright lights and luxury resorts along the Myrtle Beach oceanfront, to places like Murrells Inlet and Pawleys Island where centuries-old live oaks and classic-style cottages set the tone, the region is as diverse as it is appealing. Opportunities abound for enjoying a host of outdoor activities, including boating, freshwater and saltwater fishing, and golf on more than 100 championship courses. There's world-class entertainment and nightlife, great shopping for every taste and budget, a thriving cultural community, and a dynamic dining scene that boasts more than 1,700 restaurants.

Thinking about making the Myrtle Beach area your new home? Call Sloan Realty today and we'll be happy to show you Myrtle Beach SC real estate. Whether coming here to raise a family, start a business or retire, you'll find an unparalleled quality of life and neighbors that will make you feel right at home.