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Best Time to Buy in 2019

Why is now the best time to buy a home?

If you were thinking about buying a new home or refinancing on your current home you may now be in luck. According to the Mortgage Bankers Association, mortgage rates are taking a turn for the better. Studies have shown that in the most extreme cases, mortgage rates dropped roughly 1.25% on average from 5.00% to 3.75% for 30 year contracts which are the most common type of contracts. What this means is lower monthly payments if you decide to buy a new home or if you’re thinking about refinancing, with both options having there own respective perks. As far as buying a new house goes, with these lower rates you can buy a bigger house or downsize to something smaller or more intimate for yourself and/or your family. Now for the refinancing aspect of it if you ever bought a house that was outside your budget, and don’t feel like moving you can now refinance it to payments that are more suitable for your needs.

Furthermore, if that doesn’t make you want to buy a new home, home prices are also decreasing as studies show. With this new found information, you’re going to be saving money that can be used in other means, if you take advantage of these lower rates and refinancing options. So now you can consolidate the money for credit card bills or car payments for example, from refinancing your old home. Finally, a major aspect of all this would be now the option to have a more flexible mortgage payment term. If you wanted to be more stable you can still do a 30 year plan, but if not the 15 year option will now be affordable if you plan on moving around. All in all, if you’re thinking about taking either of these options, it’s time to stop procrastinating and take advantage of these new lower rates while they’re here.

Posted in: Home Buying

What is an FHA Loan?

An FHA loan is a type of mortgage that is insured by the Federal Housing Administration of the U.S. Department of Housing and Urban Development (HUD).

If you are looking to buy a home in Myrtle Beach, but worry that your low credit rating or debt to income ratio may stand in the way, you may be eligible for an FHA loan. Although there are still limits to how much you can borrow, FHA loans typically require a lower down payment.

Benefits 

• Down payments as low as 3.5%
• Low minimum credit scores
• 1-4 unit owner-occupied residences
• Gifts allowed
• Non-occupant co-signors allowed
• Ability to add home repair costs to loan

Considerations

• Annual up-front mortgage insurance premiums are required
• Maximum loan amounts vary by state and county
• Homebuyer education courses or minimum credit score requirements may apply
• Down payment assistance may or may not be available in your area

Since 1934, FHA loans have made it easier for all types of people, first-time homebuyers and senior citizens to realize their dream of home ownership. We are dedicated to finding the dream loan for your dream home.

*This is not a commitment to lend. All approvals are subject to underwriting guidelines. Restrictions apply. Rates may vary depending on creditworthiness, down payment, loan amount, and loan program. loanDepot is not acting on behalf of or at the direction of HUD/FHA or the federal government.

Chris Downey – “The Mortgage Guy”
NMLS# 98919
O 843.314.4555
C 703.973.6337
ChristopherDowney@Verizon.Net

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Posted in: Home Buying

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Our Featured Listings

1012 N Waccamaw Dr. 505 $207,900

1012 N Waccamaw Dr. 505 Garden City Beach, South Carolina

1 Beds 1 Baths 760 SqFt

Listing courtesy of Myrtle Beach Real Estate LLC

169 Olde Towne Way 5 $155,900

169 Olde Towne Way 5 Myrtle Beach, South Carolina

2 Beds 3 Baths 1,375 SqFt

Listing courtesy of Myrtle Beach Real Estate LLC

601 Mitchell Dr. 308 $142,500

601 Mitchell Dr. 308 Myrtle Beach, South Carolina

2 Beds 2 Baths 1,140 SqFt

Listing courtesy of Myrtle Beach Real Estate LLC

1954 Hampton Dr. $139,990

1954 Hampton Dr. Georgetown, South Carolina

4 Beds 2 Baths 1,294 SqFt 0.210 Acres

Listing courtesy of Myrtle Beach Real Estate LLC

120 Spanish Oak Ct. J $108,000

120 Spanish Oak Ct. J Surfside Beach, South Carolina

2 Beds 2 Baths 1,100 SqFt

Listing courtesy of Myrtle Beach Real Estate LLC

multiple Player St. $139,000

multiple Player St. Georgetown, South Carolina

23 Acres

Listing courtesy of Myrtle Beach Real Estate LLC

Player St. $59,900

Player St. Georgetown, South Carolina

6.500 Acres

Listing courtesy of Myrtle Beach Real Estate LLC

TBD Player St. $49,900

TBD Player St. Georgetown, South Carolina

6.050 Acres

Listing courtesy of Myrtle Beach Real Estate LLC

TBD Player St. $49,900

TBD Player St. Georgetown, South Carolina

6.500 Acres

Listing courtesy of Myrtle Beach Real Estate LLC

TBD Player St. $39,900

TBD Player St. Georgetown, South Carolina

5.040 Acres

Listing courtesy of Myrtle Beach Real Estate LLC

Myrtle Beach Real Estate Listings

Myrtle Beach Real Estate

1013 Surf Pine Dr.
Surfside Beach, SC 29575
843-477-1777

© 2021 Myrtle Beach Real Estate
Myrtle Beach Real Estate has made every effort to obtained the information regarding these listings from sources deemed reliable. However, we cannot warrant the complete accuracy thereof subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.

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