Keowee Expert Blog Pandemic Blues

Want to put some cold water on a good Lake Keowee real estate market just when you are heading into the busiest time of the year? Shame on you. Don’t do that. Fortunately, one person or small group doesn’t seem to be able to pull off such a feat, what it takes is a novel corona virus to do the trick. We’ve gone from writing a couple of Lake Keowee deals a week to dead in the water overnight. At this point it’s just a question of how long this is going to last and how deep the pain will be both in lives lost or at least forever changed as well as the economic impact. It’s a weird time. We’re hopeful, as I’m sure all of y’all are, that things will get better quickly as there are already a lot of folks suffering out there.

We have a lot of great content on our LakeKeoweeRealEstateExpert.com web site, tons of videos and information about all things Lake Keowee. Let us know some things you’d like to see added. If we can get them done while staying at least 6 feet away from each other and keeping our hands washed, we’ll get them done! Stay safe everyone!

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A Critical Guide to Home Loans:

Shopping for a mortgage lender

There are several potential lenders n today’s marketplace. They include:

Mortgage Banks – A mortgage banker is a direct lender. He or she qualifies applicants, finds the best available loan and funds it. Because this is their main business, mortgage banks can offer very competitive rates – but not necessarily the cheapest.

Mortgage Brokers – Brokers don’t lend money; they find lenders for a fee in addition to the traditional application and processing costs. While a good broker might be able to find you the cheapest mortgage, maker sure the fee doesn’t offset any savings. Since most broker’s fees are paid by the lender in the form of a commission, their services cost you nothing – that is, no out-of-pocket costs. Something also to remember – a mortgage broker is the legal agent of his or her client and does not work for the lending institution. So, a mortgage broker will have access to the widest spectrum of loan options – whereas a bank or savings and loan representative will draw from only “in-house” loan options. Going by this information, a reputable mortgage broker could most likely be your cheapest source for home loans and refinancing.

Savings and Loans – Once the primary source of home financing, savings and loans hold a much smaller piece of the market today. But some experts recommend checking their offers before looking at a bank.

Banks – Commercial banks have come on strong in recent years. Some have made home loans a significant part of their business.

Credit Unions – A good source often overlooked by borrowers. Credit unions function like brokers because they generally don’t lend their own money.

Whichever route you ultimately take, be sure to shop around. What lenders charge might differ by as much as .5 or 1 percentage points. That’s pretty significant when you look at the impact on a 30 year fixed-rate mortgage – depending on the size of the loan, the difference could be a few hundred dollars a month!

More next week….

Check out the Lake Keowee Real Estate numbers for the year

Year End Numbers 3 1 20

Absorption Houses and Lots February 2020

Lake Keowee Area News Corner

Local businesses making changes to operations

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This illustration shows the 2019 Novel Coronavirus. The virus has been identified as the cause of an outbreak of respiratory illness first detected in Wuhan, China.

CU professors, students uncertain of semester’s future

CU professors students uncertain of semester’s future

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Frith

Clemson expert talks about virus’ economic impact

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Baier

Officials get cost projection for Retreat Street Park upgrades

Oconee halts recycling program

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WALHALLA – Oconee County has temporarily stopped accepting plastic, glass, paper products and aluminum cans for recycling, effective Monday.

County parks set to close until further notice

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Savannah Blake | The Journal
A road barricade sits outside the entrance of the South Cove County Park on Tuesday afternoon. The park is set to close on Wednesday at noon.

Seneca makes emergency preparations

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SENECA – Seneca City Council unanimously approved a 60-day ordinance giving Mayor Dan Alexander and city administrator Scott Moulder authority to set orders to respond to the COVID-19 outbreak – including setting curfews and putting other emergency measures in place.

Governor closes schools through April

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Local officials prepared for long-term online learning