The AgentOwned Realty Co. has offices throughout South Carolina, and as the name implies, is owned by its Agents. With hundreds of Agent-Owners and many convenient locations, AgentOwned Realty is a valuable resource when relocating to any part of South Carolina.

For over 30 years, AgentOwned Realty has been a leader in the South Carolina real estate industry. Our reputation, experience, and commitment to excellence shine in the face of every Agent-Owner. As a top real estate company, AgentOwned Realty has exclusive relationships with multiple home service companies including; Mortgage, Homeowners' Insurance, Home Title Insurance, Home Warranty, Business Brokerage, and Property Management. — These relationships allow Agent-Owners to offer a true One-Stop-Shop home buying or selling experience.

Every Agent-Owner in every office has access to the same network of highly trained and experienced Brokers, Loan Originators, and Insurance specialists. And, every Agent-Owner has member-only access to the hundreds of other Agent-Owners in every part of the State, which means we can provide solid recommendations, thoughtful advice, and superior service in every aspect of Real Estate. Discover why so many people want to call South Carolina home.

The first thing to determine is how much you can spend on a new home. What determines your house-buying power is the amount of your income available for total housing expenses, which includes operating and maintenance as well as mortgage expense, taxes, and insurance. The size of your income is only one factor to be considered. Your way of life, your values, and family size are also important in determining what you can afford.

HOW MUCH CAN I AFFORD? 

The traditional rule‑of‑thumb says that the price of your new home should not exceed two and a half times your yearly income. For example, if your income is $20,000, you should be able to afford a home of around $50,000. Another rule‑of‑thumb says that monthly housing costs should not exceed take-home pay for one full week. But, like all rules‑of‑thumb, those are only estimates and you should work out your guidelines according to your financial situation.

If you have a large amount of savings or substantial equity in your present home, you may want to spend more than the guidelines suggest. The important thing to remember though is how much you can afford in monthly payments. Your Salesperson can assist you in qualifying for the specific type of financing best suited for your needs.

FINANCING 

Most of us buy a home by borrowing money from a lending institution. The lender will require you to sign two types of documents before letting you have the money: (1) a paper, such as a note or a bond, stating the debt, and (2) a security instrument usually called a mortgage. You "qualify" for a loan by having a good credit standing, employment record, and adequate earnings. How much you can borrow will be limited by the value and price of the home you wish to buy and your ability to repay the loan as evidenced by your income and expenses. It pays not to owe too much money for other things if you want to borrow money to buy a home.

Your down payment can range from just about nothing (with a VA guarantee mortgage) to 5‑10‑20 or even 25%. The down payment required would vary according to the type of mortgage you are getting and lending institution practices in your area. The higher your original down payment, the lower your monthly carrying costs.

HOW IT ALL WORKS 

In a mortgage, the lender agrees to lend money to you to buy a home. By signing the mortgage, you promise to repay the loan based on the terms stated in the mortgage. By signing the security instrument, you pledge the home as security for payment of the loan. If you are unable to make payments, the lender can foreclose the loan and take possession of your home. But the last thing any lending institution wants to do is foreclose, and most institutions will cooperate with a conscientious borrower if there is a temporary financial emergency.

Shop for the mortgage that fits your needs. If you need or want to shop around, however, you should know about the different kinds of mortgage loans and where you can get them.

Three kinds of mortgages available to homebuyers today.

1. Conventional mortgages 

Two‑party affairs between you and the lender. Generally, conventional loans are more easily available and more flexible than the other two kinds. Anybody can apply. At present, there is no maximum loan amount. Down payments will vary between 5% and 25% with a federally insured savings and loan association. There are many types of Adjustable Mortgage loans in the area. Ask your AgentOwned Realtor for the details.

2. Mortgages guaranteed by the Veteran Administration (VA) 

Three‑party affairs in which the VA guarantees repayment of part of the loan to the lender in the event of a default. To get this so‑called loan you have to be a qualified veteran of military service. There is no maximum mortgage amount. The sale price of the home and your income determine the limits.

3. Federal Housing Authority (FHA) 

The main advantage to an FHA home loan is that the credit criteria for a first-time borrower are not as strict as Conventional Loans sold to Fannie Mae (FNMA) or Freddie Mac (FHLMC). Someone who may have had a few credit problems or no traditional credit should not have a problem obtaining FHA financing. Also, FHA home loans are assumable, allowing a person to take over the mortgage without the additional cost of obtaining a new loan. In addition, the seller or lender must pay for part of the "traditional" closing costs (called non-allowable costs) while a borrower's allowable costs can partially be wrapped into the loan. The monthly mortgage insurance premium is cheaper for an FHA loan versus a conventional loan with 3% down. Finally, FHA loans may require less income to qualify as they will exceed the Conventional debt ratios of 28/36% as their standard is 29/41%.

WHERE TO APPLY FOR A LOAN...

All three types of loans are arranged through private lenders. The main sources are savings and loan associations, mortgage companies, mutual savings banks, and commercial banks. Your AgentOwned Realtor can help you by arranging for you to meet with a loan officer. AgentOwned Realty also has a mortgage counselor in the office to assist you in finding the best loan possible for your needs.

Use this calculator to determine how much house you can afford. By entering details about your income, down payment, and monthly debts, you can estimate the mortgage amount that works with your budget.
 
Get Pre-Qualified: 843-606-4740