Home Buyers

We know that buying a home can be an intimidating and confusing process, so we created this buyer portal page to help. Bock Realty, LLC is here to answer your questions and help the home buying process become less of a burden. We will help you move into that special future home, be it in one of our premier neighborhoods or located somewhere else in Camden, SC.

Please contact us to get started!

You might be more than a little confused by the types of loans out there. This is completely understandable and you are certainly not alone. We recommend finding a good banker or mortgage broker that will work with you, and we are ready to help you find the right one. Just to get you pointed in the right direction, we’ve included a little information here so that you’ll understand some of the jargon (buzzwords) that you will inevitably hear in the world of mortgages.

• • • Fixed-Rate Mortgage – A fixed rate mortgage (FRM) is your traditional mortgage. It generally covers either a 30 year or 15 year period where you repay your bank at a certain interest level. Payments do not fluctuate and this is really the type recommended by most experts. It is the most conservative method and the tradeoff is that interest will accrue for the entire period. This can be mitigated by making larger payments than your monthly amount.
    • Adjustable Rate Mortgage – An adjustable rate mortgage (ARM) is where your rate can change or adjust like the name implies. The advantage to an ARM is that it will offer lower interests rates initially. (With the emphasis on that last word.) The tradeoff is that if rates go up, your payment goes up. If there is a substantial increase, your payment will balloon.
    • Other Mortgage Types – There are other loans that fall under the above headings in one form or another. One of the most common is a Negative Amortization loan. With this loan type, your payment (not the interest amount) is capped, but this means that accrued interest beyond the payment cap will simply be added to the principle (original balance). It is imperative that you know exactly what type of loan you are getting.

• • • USDA Rural Housing Loan – It seems like this loan is a well-kept secret, but the USDA Rural Housing Loan offers loans at 100% financing for qualified buyers backed by the US government. This appeals to first time buyers in particular that might be stretched between larger down-payment requirements as well as other expenses with a new home (closing costs, moving costs, etc). The entire area that comprises Kershaw County qualifies as rural for this loan including Southern Oaks. The only downside to this loan is that since financing is at 100%, the loan could be for more than the house is currently worth resulting in short-term negative equity. Arguably, that is a minor trade-off. You can find more information about the loan and qualification at the USDA website.
    • Federal Housing Authority Loan – An FHA loan is backed by the United States government and offers financing with a down-payment as low as 3.5% of the purchase price. As with any government loan, rates might be a little higher than conventional loans, but at the same time, government loans don’t require many of the same fees and protections as conventional bank loans. More information about FHA loans can be found at the HUD Website.
    • Veterans Administration Loan – Special loans with no money down are available to veterans only. The VA guarantees the loan for the lender. With these loans there is no money down and no mortgage insurance. The only negative is that the rate might be slightly higher than alternative loans. However, this is a very fair deal if you are a United States Veteran.

We simply want to reiterate that you talk to your bank or mortgage broker about loan specifics. You will want to find out about various aspects of the loan like the rate, prepayment penalties (if you want to pay the loan back early), and other important details that will determine how much you pay.