White, sandy beaches, pristine golf courses and architectural beauty are just a little of what you’ll get living in Charleston, South Carolina. According to Travel Leisure, the annual survey of America’s Favorite Cities voted Charleston No. 1 for friendliest cities in the U.S. Conde’ Nast Traveler named Charleston the Top U.S. City at the magazine’s 2011 Readers’ Choice Awards, and there’s more. 

A major military and tourist town, Charleston is thriving with luxury hotels, bed and breakfast inns, and a large number of award-winning restaurants and top-of-the-line shopping outlets. The port town is also considered a prime location for information technology careers and businesses, and it boasts a vibrant art scene that annually hosts the Spoleto Festival USA, a major world festival for the performing arts.

So, aside from all of its designations as a top spot, what is it that makes this popular destination such an ideal place to live? Besides its elegant coastal charm and proud history of southern hospitality, it could be said that Charleston’s unique mix of culture and community is what captivates and draws home buyers from both near and far.

Real Estate and Home Sales in Charleston, South Carolina

With month over month improvements in the real estate sector, Charleston continues to present itself as a strong homebuyers market for new home sales in South Carolina. This momentum caught our attention here at True Homes, and we have since opened a new sales office in Charleston, with new home developments in the delightful community of White Gables.

For more information on new home sales in Charleston, South Carolina, contact us at (843) 200-2275 or visit us online at www.truehomesusa.com

Buying a home is probably the biggest purchase most people will ever make, so it is beneficial to do your own ground work, learn from the experience of others and avoid making some common mistakes to make a smarter purchase. Here are some tips worth being aware of if you are home shopping for the first time.   

Weigh the Benefits

In the yesteryears renting an apartment was cheaper than owning a new home. With changing times and record low interest rates currently, there are a lot of instances where new homes cost less per month than a rented apartment. Renting does not let you build equity, give you tax benefits and guard against rent increases.  So owning a new home comes with a lot of benefits. Paying a mortgage helps build equity, which is an investment. Last, but not the least, you have the freedom to decorate and make the home uniquely yours.

Identify the Search Parameters

Yes, buying a home is intimidating and there are five critical factors one should consider – budget, location, floorplan, features and home site. Use these parameters to help you narrow down your search for a new home. If you think you cannot handle this on your own, a broker or agent will work with you to help you make the necessary decisions.  

Credit of the Loan goes to the ‘Credit’ Score

A home buying loan is inevitable these days. The credit score and the credit history are a direct reflection of your financial capability to repay the loan. Hence it is very important when applying for a loan, as it will tell the financial institution about your loan repaying capacity and will also affect the interest rate. There are three major credit reporting companies: Equifax, Experian, and Trans Union who can provide you with your credit report.

Here Comes the Loan

 You can either go for a fixed rate mortgage or an adjustable rate mortgage.  A fixed rate mortgage provides fixed payments over the loan duration. Advantages include predictable payment and housing costs are unaffected by interest rate changes and inflation. On the other hand, adjustable rate mortgages involve increasing or decreasing payments subject to pre-determined limits. Advantages include the possibility for payments to go down in the future and normally start with lower initial interest rates than fixed rate mortgages.

Know about FHA and Down Payment Amount 

The (FHA) Federal Housing Administration is an agency within the HUD. By providing private lenders with mortgage insurance, the FHA gives first time home buyers who might not be able to qualify for conventional loans, the financial security. In case of down payment, it depends on the type of loan one applies for. In case of a FHA loan, at least 3.5% of the purchase price of the home as a down payment is the norm. A conventional loan requires a minimum of 5% of the purchase price of the home.

See the Points of Discount

Discount points lower your interest rate. They are essentially prepared interest, with each point equalling 1% of the total loan amount. Generally, for each point paid on a 30-year mortgage, the interest rate is reduced by 1/8 (or.125) of a percentage point. When shopping for your loan ask the lender for an interest rate with 0 points and then see how much the rate decreases with each point paid.

All in Good Faith

The good faith estimate lists all the fees paid before closing - all closing costs, and any escrow costs involved. The lender must supply it within three business days of your application so that you can make accurate judgments when shopping for a loan. There are several costs associated with the closing of your mortgage. Fees range from attorney fees, property taxes, loan origination, title insurance, loan discount points, appraisal fee, credit report, document preparation fees and more.

If you have any further questions visit us at truehomesusa.com or contact one of our True Advisors at 704-209-7559. True Advisors are highly trained professionals who will work with you to make the decisions necessary to design and build your perfect dream home. 

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