Buying real estate in Myrtle Beach, South Carolina isn't significantly different than buying Louisville, Kentucky real estate other than geography and price. You still have to have money to purchase. If you don't have the money in pocket then you need to have borrowing power.

Do you have borrowing power?

As a buyer interacting with a well trained Real Estate agent you will be asked that question soon after discussions begin. Without that information you are wasting YOUR time, the SELLER's time and yes, your Realtor's time too. 

So you think you found the perfect home? That's great! Write your contract and submit it. Here are the first questions a well trained Seller's agent like myself should ask of the buyer's agent. "Has your buyer been pre-approved"? Where is the pre-approval letter? 

The pre-approval letter is a conditional commitment from a lender which says in summary "If everything the buyer has told us about their income and debt is true  then we will loan the buyer $XXX,XXX.xx"

If you are starting the home buying process and will need more money than you currently have in the bank, speak with a lender. The good ones don't charge anything up front and you will save yourself a ton of time and frustration.

I use Kathy Ring from Gateway Mortgage every chance I get because she's a professional who gets to the core issue and doesn't mind referring you to someone else to help you if she can't help you. She also sends me awesome and timely market information like in the link below. 

Contact me or Kathy if you have any questions about affordability. That's why we're here.

Mortgage Minute from Kathy Ring