You have probably been hearing about sub-prime lenders and loans recently. This sub-prime market refers to the market in which borrows are unable to qualify for prime rate mortgages and the lenders that lend to them. Sub-prime mortgages have higher costs and rates due to the risk of their borrowers’ ability to pay them back. Some lenders are prime mortgage lenders, some are sub-prime and others deal with both. If possible, your best bet to save money is to go with a prime rate mortgage. Your credit score will largely determine whether or not you will qualify for one. The higher your credit score the lower risk you are, and vice versa, to a lender. It shows you are responsible with your debt. To get the best rates and not taken advantage of here are some quick tips:

• Do your homework!!!
  • Learn about mortgage loans
  • Find out your credit score, what affects it, and how to improve it
  • Do research on your lender. They may be a sub-prime lender and not even tell you. You could be a prime rate borrower but get suckered into a deal with a clever talking lender.
• If you are denied by one prime lender then try another. Not all have the same exact filtering criteria.
• Do not necessarily take the first offer, shop around a bit.
• Talk to a Hall Realty and Investment Company broker about issues pertaining to the mortgage loan market. They will be able to answer your questions.

In the market for a home? Enjoy the subtropical climates that South Carolina has to offer? Like to vacation in the Georgetown South Carolina area? Well, speak to one of our representatives about buying or renting a Georgetown SC home.