A mortgage in Georgetown, South Carolina is a security interest placed on a piece of property by a lender, in exchange for extending credit to purchase the property that serves as the security. The majority of American home-buyers use a mortgage to finance their purchase, since few individuals have the cash on hand to pay for a house in one lump sum. The mortgage will call for several payments over time.
In Georgetown, South Carolina purchasing anything, including a house, on credit will cost, in the long run, more than purchasing it outright, because lenders charge interest on their loans - this is how the business of lending is profitable.
How Can I Get A Mortgage in Georgetown, South Carolina?
The majority of Georgetown mortgages are obtained from banks. When you apply for a mortgage, you should be ready to present a credit report, documentation of your income, your employment history, and an accounting of your assets and debt. In Georgetown, South Carolina you will probably also be required to make a down payment, which is normally a relatively small percentage of the home's purchase price. Before you consider buying a home you should estimate the possible down payment you will have to pay, and have significantly more money than that amount saved up, to prevent the down payment from putting a major strain on you finances.
It may take days, weeks, or months for your mortgage to be approved, so planning ahead is sensible. There are various types of interest rates attached to mortgages in Georgetown, South Carolina. Fixed interest mortgages start with one interest rate, and will always have that same rate throughout the life of the loan. This makes the actual cost of repaying the mortgage very predictable.
There are also adjustable rate mortgages, which allow the lender to change the interest rates. These normally start with a much lower interest rate than a fixed-rate mortgage, but which may eventually increase significantly later in the life of the mortgage. These different systems have their own advantages and disadvantages, and you should speak with a financial adviser to see which one is right for you.
How Can A Georgetown, South Carolina Mortgage Lawyer Help?
For the majority of home buyers, the decision to purchase a house is one of the most important that they will make in their lifetime. It should not be taken lightly. It may be prudent to speak with a Georgetown, South Carolina real estate lawyer if there is any term in the mortgage that you don't understand, or if you believe the terms of the mortgage have been breached by the other party.