Tag Archives: Goose Creek

05/07/2026 · 11:53 am

Impact of Mortgage Rates on Payment

The interest rate is a critical factor influencing your mortgage’s monthly payment. A higher rate translates to greater overall interest costs and, consequently, higher monthly payments. Conversely, a lower rate reduces the interest paid, leading to lower monthly installments.

A small change can significantly impact the overall cost of your loan. A 1% interest rate drop can increase their buying power by about 10%, allowing a buyer to afford more home for the same monthly payment.

To illustrate this effect, consider the following examples using a $300,000, 30-year fixed-rate mortgage:

  • Scenario 1 (5% Rate): The monthly payment is approximately $1,610.
  • Scenario 2 (4% Rate): The monthly payment drops to approximately $1,432.

This 1% difference in the interest rate results in a monthly savings of $178, which accumulates into significant savings over the mortgage’s term.

Factors that Influence Your Interest Rate

When shopping for a mortgage, securing the best possible interest rate is a primary goal. Several factors influence the rate you receive, and by focusing on these areas, you can potentially lower your overall borrowing costs.

  • Credit Score: A higher credit score is strongly correlated with a lower interest rate. To improve your score, Roland Wilcox of Sierra Capital Mortgage in Pasadena, California, recommends:
    • Consistently paying all bills on time.
    • Keeping credit card balances below 30% of the credit limit.
    • Maintaining older credit accounts.
    • Diversifying the types of credit you use.
  • Down Payment Amount: Making a larger down payment can help you qualify for a more favorable interest rate.
  • Loan Term: While longer loan terms typically result in lower monthly payments, they usually lead to higher total interest costs over the life of the loan. Example: A 15 year mortgage would typically have a lower rate than a 30 year mortgage.
  • Mortgage Type: Certain mortgage options, such as loans backed by government entities, may be offered with lower interest rates. There are also state programs that have lower than market rates from some qualified buyers. Example: SC State Housing Authority.

Exploring Options for a Lower Rate

  • Shop Around: Compare rates from several lenders before making a final decision. 
  • Refinance Your Existing Mortgage: If interest rates have significantly decreased since you obtained your original mortgage, refinancing could be a beneficial option. Refinancing involves taking out a new loan to pay off the existing one, and if the new rate is lower, it can reduce your monthly payments.

If you need assistance buying a house and shopping for a mortgage – I can help, feel free to contact me!

Gena Glaze 843-343-8239

Leave a comment

Filed under Home Buying (For Buyers), Mortgage Info

Tagged as , , , , , ,

03/17/2026 · 8:11 am

FinCEN’s Real Estate Reporting Rule Effective March 1, 2026

New rules regarding the sale of residential real estate from the Financial Crimes Enforcement Network (FinCEN)—a bureau of the U.S. Treasury—became effective March 1, 2026.

FinCEN will require a Real Estate Report to be filed for non‑traditionally financed or‑cash transfers of residential property when the buyer is a legal entity or a trust. This is a nationwide requirement with no minimum purchase price. 

A transaction is generally reportable if all three of these are true:

  • The property is residential real estate (1–4 family homes, condos, townhomes, co‑ops, and certain land intended for such use).
  • The buyer is an entity or trust (not an individual person).
  • The transaction is cash or non‑traditionally financed, meaning there is no traditional institutional mortgage from a lender that has federal anti‑money‑laundering requirements.  This will include financing by hard money lenders and seller financing.

If all three apply, a federal report filing is required by the closing agents unless a specific allowable exemption exists.

The Real Estate Report to FinCEN contains information identifying the reporting person, details of the residential real property being transferred, information about the transferor (seller), information about the transferee entity or trust, and identities of individuals representing the transferee entity or trust in the transaction.

FinCEN states the new rule aims to curb money laundering and the use of shell companies to hide ownership of real estate.  More details at FinCEN website:

Gena Glaze

Leave a comment

Filed under Home Buying (For Buyers), Selling Real Estate (For Sellers)

Tagged as , , , , , ,

09/18/2025 · 3:23 pm

APR vs. Interest Rate

Is there a difference?

APR (Annual Percentage Rate) includes costs and fees associated with the loan. The interest rate does not. The interest rate is simply the rate you pay on the loan, excluding any other costs.

Looking at the interest rate alone is not an effective way to evaluate a loan. The APR is much more effective, as it factors in the interest rate PLUS any other costs to finance the loan, providing a much more holistic view.

When you apply for a loan, you should always be able to see both the interest rate and the APR. If you don’t, ask your lender to provide both.

If you compare two loans with the same interest rate (note rate) and the APR is higher on one – you should find out what the additional costs are. This comparison will help you evaluate the loan products more effectively.

Leave a comment

Filed under Learn Real Estate Terms

Tagged as , , , , ,

09/17/2025 · 8:54 am

New Law will Ban “Trigger Leads” – Good news for Home Buyers.

Homebuyers will soon have an added layer of protection when shopping around for a mortgage due to the new Homebuyers Privacy Protection Act. The new law is designed to prohibit the abuse of what’s known as trigger leads, which are when credit bureaus sell a borrower’s information immediately after a mortgage credit inquiry. The law makes it illegal for credit bureaus to do so without consumers’ consent.

“This new law is a major victory for mortgage borrowers that will protect them from the barrage of unwanted calls, texts, and emails they too often received immediately after applying for a mortgage,” said Mortgage Bankers Association President and CEO Bob Broeksmit. “It will create a more efficient, responsible, and respectful homebuying process when it goes into effect on March 5, 2026.”

Gena Glaze

Leave a comment

Filed under Home Buying (For Buyers), Mortgage Info

Tagged as , , , ,

10/21/2024 · 3:23 am

Goose Creek Growth and Development – SC Real Estate

College Park Rd – Berkeley Farms Rd – Goose Creek City Council voted to annex 11 parcels of land totaling 36.25 acres on College Park Road and Berkeley Farms Road. The development plan will include single-family detached dwelling units as well as some multi-family units with 5 acres designated for open space with connected trails and walking paths.

Windsor Mill Road and Goose Greek Boulevard (Hwy 52) – Developers plan to transform this vacant corner into a mixed-use development. SoLiv at Goose Creek plans to encompass 30 acres, with the land assembled from multiple parties organized by a local developer. The preliminary plans consist of 42,000 square feet of commercial and retail space, with 130 active adult residential units and 300 multifamily units.

Gena Glaze

Leave a comment

Filed under Charleston Area Growth and Development, Real Estate (Market info)

Tagged as , , , ,

10/21/2024 · 3:20 am

One Man’s Land is A Battleground For A Looming Mega Housing Development in Berkeley County SC

A Berkeley County property owner can peek through a stand of trees across the road and see part of Cane Bay Plantation.  The other side of his land overlooks 1,700 acres of undeveloped land where Seattle-based Weyerhaeuser, the nation’s largest timber tract owner, wants to build another large-scale residential project.

Mr. Burbage Smoak’s property along the heavily traveled, two-lane Black Tom Road stands in the way of any plans Weyerhaeuser might have and Berkeley County Council appears determined to keep it that way.

Smoak’s vacant property includes 421 acres southwest of Moncks Corner, most of it is wetlands. However, He wants to build a strip of commercial buildings on 80 acres that front Black Tom Road — maybe some medical offices or retail space, something that will “support the residents of that area,” according to Kevin Berry, president of Earthsource Engineering, who is representing the landowner.

“We’re not just trying to put more residential rooftops in the area,” he said, adding he’s keenly aware of county council’s desire to slow residential growth so new roads and other critical infrastructure can catch up.

“The public sentiment, and they’ve articulated it well, is there’s frustration when development comes before infrastructure,” said county supervisor Johnny Cribb.

Read More at Post and Courier

Gena Glaze

Leave a comment

Filed under Charleston Area Growth and Development, People, Real Estate (Market info), Stories, News & Events

Tagged as , , , , , , , , , , ,

10/21/2024 · 3:12 am

SC Growth Shows No Sign of a Slow Down.

South Carolina is among a handful of Sunbelt states where growth is pulling away from the rest of the country, and one of the region’s top economists says there doesn’t seem to be anything on the horizon to stem the acceleration.

“I don’t see anything in the data that makes me think that growth in the Carolinas, in particular, is going to slow down,” Laura Ullrich, a Charlotte-based economist with the Federal Reserve Bank of Richmond, said during the S.C. International Trade Conference on the Isle of Palms.

The lures that have drawn newcomers from other states — jobs, weather and relatively lower costs — aren’t going to change, Ullrich said. Already, South Carolina ranks as the nation’s fastest-growing state percentagewise, with 1.7 percent growth in 2023, according to census data. That’s nearly 91,000 more people than the previous year, with roughly 19,000 of them moving to the three-county Charleston region.

“And, quite frankly, we still have several mid-sized metros that have a lot of growing to do,” Ullrich said

“If you live in Charleston, things seem super expensive here,” she said. “But it’s a lot cheaper than a house in Fairfax County, Virginia, and a heck of a lot cheaper than San Diego. So, if you look at the areas where that migration is coming from, they are very expensive. Yes, it’s expensive to buy a house in Mount Pleasant. But if you move from San Diego, you might buy a house in Mount Pleasant and another on Lake Murray.”

At the same time, wages are often much lower in South Carolina, and that can amplify the housing crisis regardless of cost comparisons.

“Everybody is worried about housing,” Ullrich said. “The only ways to fix it are, basically, subsidies and density. And people don’t want to talk about density. It’s really hard because everyone wants affordable housing but when density is going up down the road, people complain to their city, and they don’t do it.”

There are a few intangible variables that could crimp growth, such as rising geopolitical tensions or a surprise event that no one can forecast. But Ullrich said the biggest question is how quickly the Fed will lower interest rates going forward.

“Is it going to be an elevator or slow stair steps?” she said.

The answer could go a long way in determining how the housing crisis — both affordability and availability — shakes out in the Charleston region and throughout the Sunbelt.

Read more at Post and Courier

Gena Glaze

Leave a comment

Filed under Charleston Area Growth and Development, Real Estate (Market info), Stories, News & Events

Tagged as , , , , , , , , , , ,

10/21/2024 · 3:03 am

NEXTON Summerville Announces New Builder

 Nexton, recently announced the addition of Stanley Martin Homes, to the community’s builder program. With plans to develop a collection of townhomes and condos, this project is one of several Stanley Martin developments launching in the Charleston area.

Nexton ranks among the best-selling communities in the nation and boasts a variety of neighborhoods that feature local and national builders and include a diverse array of homes.

Nexton has established itself as a live-work-play destination that features dining, shopping, services and hospitality. Nexton has delivered over 500,000 square feet of office space and offers conveniences such as sought-after schools, grocery stores, modern infrastructure, 20 miles of trails and 2,000 acres of green space.

VIEW ALL HOMES FOR SALE IN NEXTON

Gena Glaze

Leave a comment

Filed under Places, Stories, News & Events

Tagged as , , , , ,

02/14/2024 · 11:08 am

What’s Really Happening with Mortgage Rates?

Are you feeling a bit unsure about what’s really happening with mortgage rates? That might be because you’ve heard they’re coming down. But then you read somewhere else that they’re up again. And that may leave you scratching your head and wondering what’s true.

The simplest answer is: that what you read or hear will vary based on the time frame they’re looking at. Here’s some information that can help clear up the confusion.

Mortgage Rates Are Volatile by Nature

Mortgage rates don’t move in a straight line. There are too many factors at play for that to happen. Instead, rates bounce around because they’re impacted by things like economic conditions, decisions from the Federal Reserve, and so much more. That means they might be up one day and down the next depending on what’s going on in the economy and the world as a whole.

Take a look at the graph below. It uses data from Mortgage News Daily to show the ebbs and flows in the 30-year fixed mortgage rate since last October:

If you look at the graph, you’ll see a lot of peaks and valleys – some bigger than others. And when you use data like this to explain what’s happening, the story can be different based on which two points in the graph you’re comparing.

For example, if you’re only looking at the beginning of this month through now, you may think mortgage rates are on the way back up. But, if you look at the latest data point and compare it to the peak in October, rates have trended down. So, what’s the right way to look at it?

The Big Picture

Mortgage rates are always going to bounce around. It’s just how they work. So, you shouldn’t focus too much on the small, daily changes. Instead, to really understand the overall trend, zoom out and look at the big picture.

When you look at the highest point (October) compared to where rates are now, you can see they’ve come down compared to last year. And if you’re looking to buy a home, this is big news. Don’t let the little blips distract you. The experts agree, overall, that the larger downward trend could continue this year. 

Despite the ups and downs, many analysists predict mortgage rates will, over-all, move in a slow declining path as the year progresses, but many factors can influence the trajectory and so only time will tell.

Check current rates at Freddie Mac

Gena Glaze

Leave a comment

Filed under Home Buying (For Buyers), Mortgage Info

Tagged as , , , , , , , , , , ,

02/01/2024 · 1:27 pm

What Influences Mortgage Rates? 2024

2 of the Factors That Impact Mortgage Rates

if you’re looking to buy a home, you’ve probably been paying close attention to mortgage rates. Over the last couple of years, they hit record lows, rose dramatically, and are now dropping back down a bit. Ever wonder why?

The answer is complicated because there’s a lot that can influence mortgage rates. Here are just a few of the most impactful factors at play.

Inflation and the Federal Reserve

The Federal Reserve (Fed) doesn’t directly determine mortgage rates. But the Fed does move the Federal Funds Rate up or down in response to what’s happening with inflation, the economy, employment rates, and more. As that happens, mortgage rates tend to respond. Business Insider explains:

“The Federal Reserve slows inflation by raising the federal funds rate, which can indirectly impact mortgages. High inflation and investor expectations of more Fed rate hikes can push mortgage rates up. If investors believe the Fed may cut rates and inflation is decelerating, mortgage rates will typically trend down.”

Over the last couple of years, the Fed raised the Federal Fund Rate to try to fight inflation and, as that happened, mortgage rates jumped up, too. Fortunately, the expert outlook for inflation and mortgage rates is that both should become more favorable over the course of the year. As Danielle Hale, Chief Economist at Realtor.com, says:

“[Mortgage rates will continue to ease in 2024 as inflation improves . . .”

There’s even talk the Fed may actually cut the Fed Funds Rate this year because inflation is cooling, even though it’s not yet back to their ideal target.

The 10-Year Treasury Yield

Additionally, mortgage companies look at the 10-Year Treasury Yield to decide how much interest to charge on home loans. If the yield goes up, mortgage rates usually go up, too. The opposite is also true. According to Investopedia:

“One frequently used government bond benchmark to which mortgage lenders often peg their interest rates is the 10-year Treasury bond yield.”

Historically, the spread between the 10-Year Treasury Yield and the 30-year fixed mortgage rate has been fairly consistent, but that’s not the case recently. That means, there’s room for mortgage rates to come down. So, keeping an eye on which way the treasury yield is trending can give experts an idea of where mortgage rates may head next.

Bottom Line

With the Fed meets, experts in the industry will be keeping a close watch to see what they decide and what impact it’ll have on the economy.

Gena Glaze

Leave a comment

Filed under Home Buying (For Buyers), Mortgage Info

Tagged as , , , , , ,