If you're looking at a new construction home loan, you must think carefully before acting. The process is relatively simple when you choose Midland Mortgage, serving the South Carolina area, but it's important to know what to do before looking for a home. This will help you have access to South Carolina new construction loans with the best rates.
Know Your Budget
One mistake people often do before getting a new construction home loan is not having a maximum they want to spend. Midland Mortgage suggests taking a look at homes available on the market and seeing what the average is and thinking about your income. Midland Mortgage suggests having a mortgage that doesn't exceed 28 percent of your monthly income after taxes are taken out. This will help you in the long run when it comes to making your monthly payments on time.
Know Your Credit Score
While it is possible to obtain a new construction home loan with a score that's under 700, you should aim to have a score of at least 760. This will allow you to get the best interest rate with Midland Mortgage. If your credit score is lower, you may want to take out a credit card, use it frequently, and pay it off regularly. Taking out a small personal loan could also help your credit score.
Have a List of Needs and Wants
When you're looking for a home, you want to have a list of your needs or wants. If not, you could find yourself needing to looking into South Carolina new construction loans that are higher than you want.
Midland Mortgage recommends having at least 20 percent of the total of your home saved for a down payment. This also helps you acquire the best interest rates.