MONEY TALKS

Ready to Buy Your First Home? Here’s What You Need to Know to Prepare

PROVIDED CONTENT O

One major financial decision a young couple makes is purchasing a home. For first-time home buyers, the mortgage process can seem overwhelming. With so many options, it’s difficult to decide which loan is the best fit. Sara Singleton, Mortgage Lender Originator at South Coast Bank, provides guidance and answers some questions to help borrowers prepare.

Q: I am a first-time homebuyer, where do I start? A: My first advice is to contact a Mortgage Loan Originator to apply and get pre-qualified. It can seem overwhelming, but that’s why I’m here. When you work with a real person, he or she can make you feel more at ease, help select the right loan product, and pre-qualify you. I always recommend working with a community bank, like South Coast, because we have the ability to deliver a customized approach for each applicant. A: 2021 was a seller’s market, and we often saw competing offers on homes. With the price of lumber dropping, I hope to see many new construction homes available in 2022. If you plan to purchase a home, get pre-qualified before you start shopping. Then when an opportunity presents itself, you will be ready to make an offer right away. Some agents and sellers may even request a buyer be pre-approved (a more stringent process that pre-qualification) before viewing a property.

Q: What kind of mortgages are there and how do I know what is right for me? A: Every loan situation is as unique as the person looking to purchase. When your Mortgage Loan Originator goes over the pre-qualification process, they will ask you about your individual finances and situation to determine which products align best with your needs, whether it is a true first-time buyer program, something for veterans, or a seasoned homeowner looking for investment opportunities.

Q: How should I prepare to buy my first home? And what does it mean to be pre-qualified? A: First, contact your community bank. Then we’ll start a conversation, but remember, there are no dumb questions. I am here to guide you and want you to have a positive, successful mortgage experience.

We will determine the documentation needed to move forward. A typical borrower will need pay stubs from the past 30 days, tax returns from the past two years, three months of bank statements and a completed application. The exact timeframe of the mortgage loan process often depends on how long it takes to gather the documentation.

“Pre-qualification” is the discovery process that reveals what the borrowers can safely afford. It’s an important step that ensures borrowers don’t end up in a situation where they can’t afford their homes.

Q: What should I expect from the process and how long does it take? A: Expect to provide financial documentation that details your income, debt and assets. Much of the process depends on the timely submission of the information (like in the list above). Depending on the scenario and loan product, it can take anywhere from 24 to 48 hours to receive a true pre-qualification. Once the pre-qualification is complete, the borrowers know how much they can afford when house hunting. With a property selected and under contract, a completed application moves to underwriting and then closing attorney finalizes the loan. At South Coast, we aim to close within 30 days of receiving a completed application, though that may vary depending on loan type.

Q: Why should I consider a community bank rather than selecting a big bank or online mortgage provider? A: The mortgage process is less intimidating with a community bank because you are working with a real person with local accountability — and you will receive the best one-on-one service. Community banks put people before products and numbers, and community banks work for you, not the money. You’re more than just a borrower to us. You are a neighbor and friend, and will receive top notch personal service.

— Mortgage Lender Sara Singleton at South Coast Bank is ready to find the right mortgage loan to meet your needs. Contact her at 912-580-4773 or Sara.Singleton@SouthCoast.bank to learn more. Her NMLS# is 408004.

100 Years of Painting in Glass

A NEW EXHIBIT AT MOSAIC, JEKYLL ISLAND MUSEUM

Sitting within the walls of Jekyll Island’s historic Faith Chapel is a one-hundred-year-old stained-glass masterpiece by artisan Louis Comfort Tiffany. In celebration of the centennial year for this one-of-its-kind window, visitors can now experience an immersive exhibit within Mosaic, Jekyll Island Museum. Take a peek inside the world of Tiffany Studios and learn how his stained glass works of art were methodically crafted. Visitors can also experience Faith Chapel through an expert-led tour to see the original window up-close, and explore the gift shop’s limited anniversary collection honoring the window.

Learn more at jekyllisland.com/faithchapel