Financing your Myrtle Beach Dream Home | March 3rd, 2010 Mortgage Rates
Posted by Preston Guyton on Wednesday, March 3rd, 2010 at 8:28pm.You have finally found your dream home overlooking the water in Murrells Inlet - What's Next?
 | If you have already spoken with a Myrtle Beach Lender then you should have an idea of the many available programs and rates. If you are considering purchasing a primary residence, investment property, Murrells Inlet waterfront home, or vacation home, the current rates for jumbo and conventional loans are unbelievably low. There is no better time than the present to take advantage of tremendous savings and purchase your dream home! |
Below are available programs and rates provided by Trippett Boineau at BB&T Mortgage Services in Myrtle Beach. If you are still searching for a property along the Grand Strand, or you are searching for a Murrells Inlet waterfront home, please use our Myrtle Beach MLS Search Tool. Our website search is available 24/7 and listings found at PrestonGuyton.com are updated daily!
Rates provided by Trippett Boineau of BB&T Mortgage Services - March 3, 2010
Conventional Conforming Fixed Rates - Loans to $417,000 - Purchase Only
30 Year Fixed: 4.875 + 0/0 20 Year Fixed: 4.75 + 0/0 15 Year Fixed: 4.25 + 0/0
30 Year Fixed: 4.625 + 1/0 20 Year Fixed: 4.50 + 1/0 15 Year Fixed: 4.00 + 1/0
10 Year Fixed: 4.25 + 0/0
Jumbo Fixed Rates - Loans above $417,000 - Purchase Only
30 Year Fixed: 5.625 + 0/0 15 Year Fixed: 4.875 + 0/0
30 Year Fixed: 5.375 + 1/0 15 Year Fixed: 4.625 + 1/0
Interest Only ARM's
3 Year: 3.625 + 0/0 5 Year: 4.00 + 0/0 7 Year: 4.25 + 0/0 10 Year: 4.625 + 0/0
Convertible ARM Products - Conforming to $417,00
3 Year Arm w/ 2 & 5 caps: 3.375 0/0
5 Year Arm w/ 2 & 5 caps: 3.625 0/0
7 Year Arm w/ 5/2/5 caps: 4.125 0/0
10 Year Arm w/ 5/2/5 caps: 4.50 0/0
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Share8 Responses to "Financing your Myrtle Beach Dream Home | March 3rd, 2010 Mortgage Rates"
i will have to check and see if the rates pertain to condos. If they do then it would more than likely be a higher percentage down. Lenders are requiring at least 20% down on most primary loans. Second homes would be in the 25% down range.
Posted on Thursday, March 4th, 2010 at 4:45pm.
I had been told that the units in the Patricia Grand would require a 45% down payment. Are there any other institutions giving better rates? We have found a number of units there that interest us, but unless there was better financing, the possibilities are looking dim. Now I'm not sure if the particular person I had been dealing with only likes to recommend one bank or what? I haven't gotten that far yet. Looking for some realistic guidance.
Posted on Friday, March 5th, 2010 at 7:16am.
That is probably correct. There is a big difference between lending on condotels and condos. Patricia Grand falls in the Condotel category. There are not many programs available for condotels and the require much more down. True condos can be purchased with 20-25% down. If you can put 25% down you avoid the 3/4% risk factor added to the rate on loans when dealing with condos with 20% down. What is the difference between a condotel and condo? I will be doing a blog that explains the difference in the two soon. Rule of thumb when searching. If there is a vacancy sign or a front desk check in it would fall in the condotel category.
Posted on Friday, March 5th, 2010 at 11:18am.
What other condos (1 bedrooms) are out there that would be similar to the layout of the Patricia Grand where the bedroom does not act as the Foyer and also has its own balcony or view.
Then the next question would be, If I was hell bent on the Patricia Grande, What would be the best place to contact for financing?
Posted on Friday, March 5th, 2010 at 11:23am.
I will check around for you on financing and post some lenders you can talk to about condotel loans.
Posted on Friday, March 5th, 2010 at 11:27am.
Thank you, In the meantime, Can you advise me on some other 1 bedroom units?
Thanks again
Posted on Friday, March 5th, 2010 at 11:28am.
I will check on some 1 bedrooms for you, the problem with most of them they are going to fall in the same condotel category.
Posted on Friday, March 5th, 2010 at 11:32am.
What would be the terms on a Condotel at the Patricia Grand in Myrtle Beach? Amount down.
Posted on Thursday, March 4th, 2010 at 3:18pm.