Buying a home in York County SC - Follow this step by step guide
Weigh the Decision to Buy
As York County Real Estate agents, we know the area well. Rock Hill, Fort Mill, Tega Cay and Indian Land each offer buyers low taxes, good schools, and beautiful homes. However, the more you understand about home ownership and why you have decided to buy, the better choices you make. Are you tired of paying rent or have you outgrown your current home do you need more bedrooms or a home office? Would you like a larger yard, or are you tired of yard work? Would you rather live in a different neighborhood? Do you want to be closer to work, school, recreation, or family?
If you have a house to sell before you buy one, consider talking to us about putting it on the market. You might lose your chance to buy your new home if you cannot sell your first home in time or if you do not get the sales price you expected. You may have to make payments on both homes until the first home sells. It might take longer than you expect to sell your first home, inspections to be done, and to close.
Any financial transaction deserves analysis. Since a home purchase is one of the largest commitments made, you can be prepared and ready. Experts recommend spending between 25-35% of your income on housing. In addition, give consideration to down payment and other costs incurred. You may be pleasantly surprised to discover the impact of the tax benefits of homeownership.
Getting organized and ready is important. Start by making copies of all your financial statements; bank accounts, investments, credit cards, auto loans, recent pay stubs and two years tax returns. If you haven't already, start saving a down payment and extra funds for incidental home buying and closing costs (i.e., inspections, appraisals, title insurance, etc).
You should know your credit score (FICO), and if more than one name is to appear on the mortgage, then both credit histories will be evaluated. Credit scores are one of the most important criteria a lender uses when processing mortgages. Credit scores range between 400 and 800. 620 + is considered good. 680 + is considered premium and may possibly help get you a lower interest rate.
Now, it it time to get your lender approval.