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12 Steps to Buying a Home in Summerville, South Carolina

There is no doubt that the market for houses in Summerville, SC has been on fire recently. More and more people are taking advantage of low interest rates and easy mortgage loan terms. With so many people entering the Summerville Real Estate  market, it is inevitable that questions will arise.

There are many things to consider when buying a home in Summerville. Some of the most important steps to buying a house are:

Step 1: Learn the home buying process

Start by learning as much as you can about how the home buying and mortgage application process works. Read as much as you can about buying a home. If you are a first time homebuyer, check out the many books in your local library that offer hints to first time home buyers. Read financial web sites on the internet for tips for first time home buyers. You may even want to sign up for a class aimed at first time homeowners. Some real estate companies in Summerville offer these kinds of classes, and they can be a great source of information for the buyer looking for his or her first home.

Step 2: Find out the pre-qualified price range

It is important to find out how much you can borrow before you start looking for a home. The mortgage professionals at Infinity FInancial Services can get you pre-qualified for a particular price range. They will be able to help you determine how much you can borrow based on your annual income.  They will also help you determine which mortgage loan products might benefit you most.

Step 3: Get Pre-approved for mortgage loan

The next step is to get pre-approved for mortgage financing. This is similar to getting pre-qualified for a price range, but it is a more formal process.  The mortgage professionals at Infinity FInancial Services can get you pre-approved.   You will need to supply proof of your income for the pre-approval process to move forward.  Many real estate agents in Summerville prefer potential home buyers to be pre-approved before searching for a home.  Your pre-approval may give any offer you make on a house preferential treatment over an offer made by a home buyer who is not  pre-approved.   Infinity Financial Services offers a wide variety of mortgage loan products in Summerville SC.  They are sure to have just what you need.   Infinity FInancial Serivices offers great customer service.  You can meet with them in Summerville, or apply online for even faster service.

Step 4: House hunting in Summerville

After you have been pre-approved for your mortgage loan, it is time to actually start house hunting with a realtor. Infinity FInancial Services will give you a letter stating that you have been pre-approved for a mortgage and the amount you are authorized to borrow. You will need to present this letter to the Summerville real estate agent when you get started. It is important to get pre-approved for a mortgage loan before beginning your home search. The Summerville real estate agent and real estate company you choose will be much more willing to work with you if they know you can afford the home you are looking at. In addition, sellers will take your offer much more seriously if it is accompanied by a pre-approval letter from your mortgage company.

Step 5: Make an offer

Once you have found a home that meets your needs, it is time to make an offer on the property. You will already know the most you can spend from the pre-approval process, and you probably will have your own ideas on what the property is actually worth. In addition, your Summerville real estate agent can guide you through the negotiation process and offer procedures. A copy of your pre-approval letter will be presented as part of the written offer. This will ensure the seller that your offer is legitimate.

Step 6: Negotiation process

If the seller accepts your first offer, congratulations. Your negotiations are over and you're ready to start preparing for your move to Summerville. More likely, however, is that the seller will come back with a counter-offer. This negotiation process can go on for a short or long amount of time, depending on factors like the motivation of the seller, the Summerville real estate market, and a host of other factors. The real estate agent will be a good guide through the negotiation process. After all, he or she will have been through this process many times before.

Step 7: Provide copy of Purchase and Sale Agreement to mortgage broker

After the negotiation process has been completed, you will need to present your mortgage broker with a copy of the Purchase and Sale Agreement for the home.

Step 8: Work to close the mortgage loan

After presenting the Purchase and Sales Agreement, you will need to work with the mortgage broker to ensure you meet all the conditions required for the closing of the mortgage loan.

Step 9: Home inspection prior closing

Prior to closing, you will want to make sure to have a thorough home inspection performed by a qualified and certified home inspector. A home inspection will protect you from flaws in the construction and condition of the home that are not obvious to the naked eye. Home inspections can uncover things like foundation cracks, termite infestation and other home quality issues.  There are many good home inspectors in Summerville.  

Step 10: Make your down payment

After the home inspection has been performed and the report has come back clean (or all the items uncovered have been repaired), it is time for the buyer to actually hand over the money for the down payment and sign the loan documents.

Step 11: Collect the house key

After the closing of the loan, the fun part of home buying begins. Your real estate agent will hand over the keys to your new home and you can actually move in and enjoy your beautiful new home in lovely Summerville, South Carolina. Welcome to moving day!

Step 12:  Make it your own

Prior to moving in, or soon thereafter, you will want to do some things to the house to make it your own.  It may be as simple as painting a room, or adding wallpaper.  Or, major remodeling might be your plan. There are a number or reputable home remodeling and improvement contractors available in Summerville.  Visit our Home Improvement guide to find the services you need.

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