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Interest rates may encourage first-time buyers to purchase a home

In the Charleston area and throughout South Carolina, the real estate market has finally found a foothold after the uncertainty of the economic recession. Increased stability, combined with low interest rates, may have many first-time homeowners looking to purchase real estate. Although this may present a great opportunity, there are still a few things to consider before rushing into a transaction.

Of course, it's vital for potential homeowners to take a careful look at their budget. The idea of owning a home can be very enticing, but it's also important to take into account what will be needed for a down payment and any transaction-related costs. Once you have an understanding of your finances, you can develop a strategy for obtaining a feasible mortgage rate and property price.

One common sticking point for new buyers is their mortgage. If a person is unfamiliar with the lending process, it may be easy to fall into a "too-good-to-be-true" scenario with high or adjusting interest rates. When negotiating a home loan, it's important to be sure that you have all the terms laid out clearly and in writing.

Retaining the services a real estate attorney may be an effective way to negotiate mortgage terms that will allow you to remain financially secure over the duration of the loan. Not only will a professional provide assistance in negotiating better lending conditions, but they can help ensure that no unpleasant surprises emerge down the road.

By entering the home-buying process prepared, a person can walk into the closing with more confidence. At that point, buyers can make sure the terms of the purchase itself align with their goals and can take advantage of being a homeowner.

Source: Sentinel Source, "Tips for Buying a Home in Today's Market," Feb. 18, 2013

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