Modansky Homes - EXP Realty
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RECENTLY SOLD
- 1/21 21
closed
$253,785
4.0%$264,000
3 Beds2 Baths1,051 SqFt227 N Pandora Dr, Goose Creek, SC 29445
Single Family Home
MLS# 24008281
Listed by EXP Realty LLC
- 1/8 8
closed
$70,000
15.7%$81,000
3 Beds1 Bath1,096 SqFt118 Easy St, Harleyville, SC 29448
Single Family Home
MLS# 23020676
Listed by EXP Realty LLC
- 1/13 13
closed
$259,900
11.5%$230,000
4 Beds3.5 Baths2,965 SqFt821 Tee Ave, Pineville, SC 29468
Single Family Home
MLS# 22023034
Listed by EXP Realty LLC
REVIEWS
Brian was so helpful with the sale of our house. From the initial consultation, to helping to find contractors to fix some issues, to taking pictures and listing... he even helped with pushing the bank to close on time for our buyers. Definitely went above and beyond what I imagined a realtor would be responsible for. I highly recommend him.
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How Much House Can I Afford? A Practical Guide
Buying a house is a major financial decision, and it's important to determine how much you can afford before you start the process. In this practical guide, we will break down the factors that go into determining how much house you can afford. From understanding down payments to exploring different loan options, we've got you covered. We'll also provide tips on saving for a down payment and introduce you to down payment assistance programs that can help make homeownership more attainable. Whether you're a first-time buyer or looking to upgrade your current home, this guide will give you the knowledge and tools you need to make an informed decision and find the perfect home within your budget. Understanding a Down Payment A down payment is the upfront payment made when purchasing a house, typically a percentage of the purchase price. The size of your down payment can greatly impact your mortgage options. Saving for a down payment is essential and there are tips to help you achieve this goal. It's important to consider other costs when buying a house, such as closing costs and homeowners insurance. Understanding the relationship between your down payment and monthly mortgage payments is crucial in determining the affordability of a home. By familiarizing yourself with these concepts and planning ahead, you can make informed decisions about your down payment and overall mortgage. How Much House Can You Afford? When determining how much house you can afford, a general guideline is to limit housing expenses to 30% of your monthly income. Calculate your debt-to-income ratio and consider factors such as down payment, mortgage interest rates, and ongoing expenses. Online calculators or speaking with a home loan mortgage lender can provide a more precise estimate. Pre-approval Getting pre-approved for a mortgage is a crucial step in determining the amount of house you can afford. Lenders assess your financial information, including income, credit score, and debt-to-income ratio, to determine how much they're willing to lend you. This process provides clarity on your budget and the price range of homes you should consider. It's important to remember that being pre-approved for a specific amount doesn't mean you have to spend that much on a house. Consider your financial goals and comfort level when deciding what you truly can afford. Loan-to-Value Ratio The loan-to-value ratio (LTV) plays a crucial role in determining your affordability when buying a house. It is calculated by dividing the loan amount by the property's appraised value. A lower LTV indicates a larger down payment, including the minimum down payment, and borrowing less money, which may enable you to afford a more expensive home. Lenders have maximum LTV ratios that they are willing to approve, so it's important to understand their requirements. However, other factors like your income, credit score, and debt-to-income ratio should also be considered when determining how much house you can afford. Understanding the LTV ratio can help you make informed decisions about your home purchase. The 28/36 Rule The 28/36 rule is a guideline used by lenders to determine the amount of house a first-time home buyer can afford based on their income and expenses. According to this rule, your monthly housing costs should not exceed 28% of your gross monthly income, and your total debt payments should not exceed 36% of your gross monthly income. To calculate the maximum amount you should spend on housing, multiply your gross monthly income by 0.28. For your total debt payments, including car loans, student loans, and credit card payments, multiply your gross monthly income by 0.36. Subtract your total debt payments from the maximum amount for housing to find the maximum mortgage payment you can afford. Keep in mind that this is a general guideline and individual circumstances may vary, so consider other factors such as savings, down payment, and future financial goals when determining how much house you can afford. Tip When determining how much house you can afford, it's important to calculate your budget by considering your income, expenses, and savings. Take into account your debt-to-income ratio to understand how much of your income is already allocated to debt payments. Don't forget to factor in additional costs such as property taxes, homeowners insurance, and maintenance expenses. It's also a good idea to get pre-approved for a mortgage to know the maximum amount you can borrow from a lender. Remember to prioritize financial stability and avoid stretching yourself too thin with a mortgage payment that is too high for your budget. Small Down Payments vs. Large Down Payments When deciding between small down payments and large down payments, there are several factors to consider. Small down payments may allow for more immediate home ownership, but they can result in higher monthly mortgage payments and potentially higher interest rates. On the other hand, large down payments can lower monthly mortgage payments and potentially lead to better interest rates, but they require more upfront savings. It's important to carefully assess your personal financial situation, long-term goals, and the current housing market when making this decision. Consulting with a financial advisor or mortgage lender can help you determine the best down payment option for your specific circumstances. Important When it comes to buying your first home, the size of your down payment is crucial. Small down payments usually require mortgage insurance, which adds to the monthly cost of homeownership. On the other hand, making a larger down payment can lower your monthly mortgage payments and potentially save you money on interest over the life of the loan. Additionally, the size of your down payment will impact the type of loan you qualify for and the interest rate you receive. It's important to carefully consider your financial situation and goals when deciding how much to put down on a house. Consulting with a financial advisor or mortgage professional can provide valuable guidance tailored to your specific circumstances. Conventional Loans Conventional loans, unlike government-backed loans, are mortgages that are not insured or guaranteed by the government. They typically require a higher credit score and a larger down payment. However, they offer more flexibility in terms of loan amounts and repayment options. To qualify for a conventional loan, borrowers need a stable income, good credit history, and a low debt-to-income ratio. It's important to calculate your debt-to-income ratio and consider other financial factors before determining how much house you can afford with a conventional loan type. So, if you're looking for a mortgage without government backing, a conventional loan may be the right choice for you. Fannie Mae and Freddie Mac Programs (3% Down) Fannie Mae and Freddie Mac Programs offer affordable homeownership opportunities for those with limited funds for a down payment. These programs provide funding for conventional loans, which are mortgage loans that are not insured or guaranteed by the government. With Fannie Mae and Freddie Mac programs, borrowers can take advantage of low down payment options, requiring as little as 3% down payment. However, eligibility criteria must be met, including credit score requirements and income limits. These programs are especially beneficial for first-time buyers or those looking to purchase a home with limited funds for a down payment. Individual Lender Programs (1% to 3% Down) Individual lender programs offer a range of down payment options, typically between 1% to 3% of the home's purchase price. Unlike government-backed loans, conventional loans require a higher down payment. These programs may have specific eligibility requirements based on income levels or geographical areas. It's crucial to thoroughly research and compare different lender programs to find the best option for your financial situation and goals. By exploring these individual lender programs, you can discover affordable homeownership opportunities that align with your needs and credit report. Remember, finding the right lender and program is essential to securing a mortgage that fits your budget and helps you achieve your dream of homeownership. Jumbo Loans (10% to 20% Down) Jumbo loans are conventional loans that exceed the loan limits set by Fannie Mae and Freddie Mac. These loans typically have more stringent qualification requirements, including higher credit scores and lower debt-to-income ratios. Unlike government-insured loans, jumbo loans do not come with mortgage insurance. Jumbo loans require a larger down payment, ranging from 10% to 20% of the home's purchase price. The higher down payment is necessary to mitigate the lender's risk when financing a larger loan amount. It's important to work with a reputable mortgage lender who specializes in jumbo loans and understands the unique requirements and considerations involved. Government-Insured Loans Government-insured loans provide viable options for individuals looking to buy a house. One such loan is the FHA loan, insured by the Federal Housing Administration, which requires a lower down payment and credit score compared to conventional loans. For eligible military veterans and their families, VA loans offer competitive interest rates and flexible terms, and they require no down payment. Additionally, USDA loans are designed for low to moderate-income borrowers in rural areas, offering 100% financing with no down payment required. Moreover, various state and local programs exist that provide assistance for first-time homebuyers, including down payment assistance and favorable loan terms. When choosing the right loan, consider factors such as income, credit score, and desired monthly mortgage payment. FHA Loans (3.5% down) FHA loans, which are government-insured loans, only require a down payment of 3.5% for purchasing a new home. These loans are particularly popular among first-time homebuyers who may not have a large down payment saved up. One of the reasons FHA loans are attractive is because they have more lenient credit score requirements compared to conventional loans. This means that borrowers with lower credit scores may still be eligible for an FHA loan. However, it's important to consider the additional costs associated with an FHA loan, such as mortgage insurance premiums. These costs should be factored into your decision-making process when considering an FHA loan. VA Loans (0% down) VA loans are a type of government-insured loan specifically designed for veterans, active duty service members, and eligible surviving spouses. One of the biggest advantages of VA loans is that they offer 0% down payment options, allowing borrowers to purchase a home without having to make a significant upfront payment. VA loans also typically have lower interest rates compared to conventional mortgages, which can result in lower monthly payments and overall savings over the life of the loan. Another benefit of VA loans is that they do not require private mortgage insurance (PMI), which can further reduce monthly costs for borrowers. While VA loans offer many advantages, it's important for borrowers to understand the eligibility requirements and limitations associated with these loans, such as occupancy requirements and funding fees. USDA Loans (0% down) USDA loans, also known as government-insured loans, provide an excellent option for low- to moderate-income borrowers who are looking to purchase a home in a rural or suburban area. One of the key advantages of USDA loans is that they offer 100% financing, meaning there is no need for a down payment. These loans come with competitive interest rates and flexible credit requirements, making them accessible to a wide range of borrowers. However, it's important to note that USDA loans do require mortgage insurance. The upfront and annual premiums for this insurance are typically lower compared to other government-insured loans. Do I Need to Put 20% Down on a House? No, putting 20% down on a house is not mandatory, but it does offer advantages like avoiding private mortgage insurance. However, there are loan programs that allow for lower down payments. Consider your financial situation and consult with a mortgage lender to find the best down payment amount for you. What Is a Down Payment Assistance Program? A down payment assistance program is designed to help homebuyers by providing financial support for their upfront costs. These programs can offer grants or loans to eligible buyers, aiming to make homeownership more accessible and affordable. It's important to note that these programs have specific eligibility criteria and can differ depending on the location. How Can I Save for a Down Payment? To save for a down payment, set a savings goal and create a budget to monitor your progress. Reduce unnecessary expenses, save money by packing lunches or canceling subscriptions. Open a separate savings account and automate contributions. Research down payment assistance programs or lower down payment options like FHA loans. How much money do I need to buy a house? The amount of money required to purchase a house varies based on factors such as the property's price, down payment, and closing costs. It is generally advised to have a down payment of at least 20% of the purchase price. Additionally, budget for closing costs (2-5% of the purchase price) and other expenses like moving costs, insurance, and maintenance. You likely need 8%-10% in cash to buy a house When determining how much house you can afford, it's essential to calculate your budget. Take into account factors such as income, expenses, and debt. Aim for a down payment amount of at least 8%-10% of the home's purchase price. Additionally, consider additional costs like closing costs, property taxes, and homeowners insurance. To better understand your borrowing capacity, it's advisable to get pre-approved for a mortgage from lenders. Keep in mind ongoing expenses like maintenance, utilities, and potential future repairs. It's crucial not to stretch your budget too thin and allow room for unexpected expenses or changes in financial circumstances. Conclusion In conclusion, determining how much house you can afford involves understanding your financial situation, evaluating down payment options, and considering different types of loans. It's important to get pre-approved and calculate the loan-to-value ratio to determine the maximum amount you can borrow. The 28/36 rule is a useful guideline to ensure that your monthly housing costs are manageable. While a large down payment can lower your monthly mortgage payments, there are also options for small down payments through conventional loans or government-insured loans. If you're looking for assistance with your down payment, there are programs available to help. Saving for a down payment requires careful budgeting and prioritizing your savings goals. By following these steps and doing thorough research, you'll be well on your way to determining how much house you can afford. Want more practical tips on buying a house? Download our comprehensive guide today!
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Things to do after you decide to buy a home.
So, you've made the exciting decision to buy your first home! Congratulations! Now that you're on the path to becoming a homeowner, there are a few important things you'll want to keep in mind. First and foremost, it's crucial to establish a budget. Determine how much you can comfortably afford for your monthly mortgage payments and factor in additional expenses like property taxes, insurance, and maintenance costs. This will help you narrow down your search and prevent any financial surprises down the road. Next, start saving for a down payment. The more money you can put towards your home upfront, the better. It not only reduces your mortgage amount but also gives you more negotiating power when it comes to interest rates and loan terms. Once your finances are in order, it's time to research neighborhoods and find a real estate agent who specializes in working with first-time homebuyers. They will guide you through the entire process, from searching for homes that fit your criteria to negotiating offers and closing the deal. Don't forget about inspections! Before finalizing any purchase, make sure to have a professional inspector thoroughly assess the property for any potential issues or repairs needed. This step is essential in ensuring that your dream home doesn't turn into a nightmare. Lastly, be prepared for paperwork galore! Buying a home involves plenty of legal documents and contracts. Take the time to review everything carefully before signing on the dotted line. Remember, buying a home is an exciting milestone but can also be overwhelming at times. Take it one step at a time, stay organized, and lean on professionals who can help navigate this new chapter in your life as a first-time homebuyer.
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Trends in Housing
The real estate market is constantly evolving, and it's essential to stay up-to-date with the latest trends in housing. In this blog, we'll discuss the latest developments for buyers, sellers, and provide a market update.Buyers:In recent years, the trend for buyers has been to focus on affordability. Millennials who are entering the market for the first time often prefer smaller, more affordable homes that are within easy reach of urban centers. One trend that has emerged is the rise of tiny homes and micro-apartments. These smaller spaces are an ideal fit for people who want to live in cities but don't want to pay high rent prices.Another trend that has emerged is the desire for more space, in light of the COVID-19 pandemic. As more people work from home, they need more space to accommodate their home office and other equipment. As a result, many buyers are looking for larger homes with a dedicated office or a separate work area.Sellers:The pandemic has had a significant impact on the seller's market. With fewer homes on the market, sellers are receiving multiple offers and selling homes quickly. However, as the pandemic eases, experts predict that the number of homes on the market will increase, leading to increased competition between sellers.One trend that has emerged for sellers is the importance of staging a home. Staging can increase the perceived value of a home and help it sell more quickly. Virtual staging has also become more popular, as it allows sellers to stage a home without physically moving furniture and décor.Market update:The housing market has remained robust, despite the pandemic. However, there are some trends that are worth noting. For example, mortgage rates are at an all-time low, which is good news for buyers. However, financing constraints are also a concern, as lenders are becoming more cautious in light of the economic uncertainty caused by the pandemic.Another trend to watch is the increased demand for suburban and rural homes. With the pandemic making city living less appealing, many people are looking to move to less densely populated areas. This trend has led to increased demand for homes in suburban and rural communities.In conclusion, keeping up with the latest trends in housing is essential for both buyers and sellers. For buyers, it's important to focus on affordability and space, while for sellers, staging can help increase the perceived value of a home. As for the market update, mortgage rates are low, but financing constraints and increased demand for suburban homes are worth keeping an eye on.
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Becki Work