Eligibility: NO ACCOUNT IS NECESSARY TO ENTER OR WIN. AN ACCOUNT DOES NOT INCREASE THE CHANCES OF WINNING. This giveaway is open only to those who sign up in person at a bank branch. Employees of Arthur State Bank, their respective affiliates, subsidiaries, advertising and promotion agencies, suppliers and their immediate family members and/or those living in the same household of each are not eligible to participate in the giveaway. The giveaway is subject to all applicable federal, state and local laws and regulations. Void where prohibited. Entrants must be 18 or older.
Agreement to Rules: By participating, you agree to be fully and unconditionally bound by these Rules, and you represent and warrant that you meet the eligibility requirements set forth herein. In addition, you agree to accept the decisions of Arthur Bank as final and binding as it relates to the contest. The giveaway is subject to all applicable federal, state and local laws which the winner will be responsible to cover.
How to Enter: You can enter to win at any Arthur State bank branch. A prize package will be given away each quarter. The entry must fulfill all giveaway requirements, as specified, to be eligible to win a prize. Entries that are not complete or do not adhere to the rules or specifications may be disqualified at the sole discretion of Arthur State Bank. You may enter only once per quarter, and you must fill in the information requested. You may not enter more times than indicated by using multiple email addresses, identities or devices in an attempt to circumvent the rules. If you use fraudulent methods or otherwise attempt to circumvent the rules, your submission may be removed from eligibility at the sole discretion of Arthur State Bank.
Prizes: Winners will receive a prize pack with Arthur State Bank items. The specifics of the prize shall be solely determined by Arthur State Bank. No cash or other prize substitution permitted except at Arthur State Bank’s discretion. The prize is non transferable. Any and all prize-related expenses, including without limitation any and all federal, state, and/or local taxes, shall be the sole responsibility of the winner. All items will be shipped to the winner’s address. No substitution of prize or transfer/assignment of prize to others or request for the cash equivalent by winners is permitted. Acceptance of prize constitutes permission for Arthur State Bank to use winner’s name, likeness, and entry for purposes of advertising and trade without further compensation, unless prohibited by law.
Odds: The odds of winning depend on the number of eligible entries received.
Winner selection and notification: The winner of the giveaway will be selected in a random drawing under the supervision of Arthur State Bank. The winner will be notified via telephone or email with the contact information they entered for the giveaway. Arthur State Bank shall have no liability for a winner’s failure to receive notices due to winner’s spam, junk e-mail or other security settings or for winner’s provision of incorrect or otherwise non-functioning contact information. If the selected winner cannot be contacted, is ineligible, fails to claim the prize within 15 days from the time award notification was sent, or fails to return in a timely manner a completed and executed declaration and releases as required, prize may be forfeited and an alternate winner selected.The receipt by the winner of the prize offered in this giveaway is conditioned upon compliance with any and all federal and state laws and regulations. Any violation of these official rules by any winner (at Arthur State Bank’s sole discretion) will result in such winner’s disqualification as winner of the giveaway, and all privileges as winner will be immediately terminated.
Rights Granted by you: By entering this contest, you understand that Arthur State Bank and anyone acting on behalf of Arthur State Bank, or its respective licensees, successors and assigns will have the right, where permitted by law, without any further notice, review or consent to print, publish, broadcast, distribute, and use, worldwide in any media now known or hereafter in perpetuity and throughout the world, your entry. That includes, without limitation, the entry and winner’s name, portrait, picture, voice, likeness, image or statements about the giveaway, and biographical information as news, publicity or information and for trade, advertising, public relations and promotional purposes without any further compensation.
Terms: Arthur State Bank reserves the right, in its sole discretion, to cancel, terminate, modify or suspend the giveaway should (in its sole discretion) a virus, bugs, non-authorized human intervention, fraud or other causes beyond its control corrupt or affect the administration, security, fairness or proper conduct of the giveaway. In such cases, Arthur State Bank may select the recipients from all eligible entries received prior to and/or after (if appropriate) the action taken by Arthur State Bank. Arthur State Bank reserves the right at its sole discretion to disqualify any individual who tampers or attempts to tamper with the entry process or the operation of the giveaway or website or violates these Terms & Conditions.
Limitation of Liability: By entering you agree to release and hold harmless Arthur State Bank and its subsidiaries, affiliates, advertising and promotion agencies, partners, representatives, agents, successors, assigns, employees, officers and directors from any liability, illness, injury, death, loss, litigation, claim or damage that may occur, directly or indirectly, whether caused by negligence or not, from (i) such entrant’s participation in the giveaway and/or his/her acceptance, possession, use, or misuse of any prize or any portion thereof, (ii) technical failures of any kind, including but not limited to the malfunctioning of any computer, cable, network, hardware or software; (iii) the unavailability or inaccessibility of any transmissions or telephone or Internet service; (iv) unauthorized human intervention in any part of the entry process or the Promotion; (v) electronic or human error which may occur in the administration of the Promotion or the processing of entries.
AnnualCreditReport.com is the only source for free credit reports authorized by the federal government. Every 12 months, you can get a free copy of your credit report from each agency.
Your credit report has your credit history for all of your credit accounts as well as any credit inquiries and public record court information such as collections. In addition, the report provides personally identifiable information such as your name, address, and employment.
Be sure to carefully review all three reports to identify any problem areas that you may need to clean up prior to applying for a mortgage. If there is any incorrect information, follow the reporting agency’s rules to correct it or add a notation to the report to explain the situation.
Your FICO Score is a score combines data from several areas include payment history, the amount owed, length of credit history, new accounts. Many lenders use this score as a guide. This score is not provided as part of the free annual credit report.
Primary considerations for setting your housing budget require an assessment of your income, debt and current savings for the down payment on the home. The following are generally recommended guidelines; however, you should meet with an Arthur State Bank lender to get personalized mortgage information.
The pre-qualification/pre-approval letter is included with any offer you make on a house to inform the seller that you have met with a mortgage lender and you are prepared to make an offer. The letter states that based on certain assumptions, the bank is prepared to lend you up to a specified amount of money for a home mortgage.
When choosing a loan officer, we recommend going local to work with someone who understands your community’s real estate market. This blog on first-time home purchases includes questions to ask your lender that may be helpful when preparing for your meeting.
When a house is sold, the seller typically pays real estate commission to both the listing agent and the selling agent. It is extremely beneficial for the buyer to use their own real estate agent. Loan officers can often recommend selling agents in the area; ask your officer about realtor referrals when discussing your loan.
A good realtor will know the local market and can help you find an ideal home based on your budget, location and desired features. During your search, understand that you will most likely need to compromise on some items, so it’s important to identify your critical needs versus your wants.
Additionally, when you start with the house search and work backwards, homes can often go off the market while you’re completing steps 1-4. While browsing homes immediately can be tempting, we recommend following these steps in order so that, once you find your dream home, you’ll be well-positioned to take action immediately.
When you find the home you want and you think you are ready to put an offer on it, you will want to make sure you have all the information you need to make a solid offer.
Evaluate the neighborhood.
Drive by the house at different times of the day.
Examine how other houses in the neighborhood are maintained.
Consider any potential traffic or other disruptive noise.
Is there ample parking for you and visitors?
Read the details in any Homeowner Association agreements (HOA fees and rules).
Make sure to do a preliminary check of house details:
Check the water:
Does it have good pressure?
How long does it take to get the water hot?
Is it well water or city water?
Turn light switches on and off.
Open and close doors and windows to make sure they work properly.
Review previous utility bill expenses.
Consider the property tax bill.
When writing an offer contract, be sure to pay attention to all of the details.
Your agent should do a market analysis that pulls data on recently sold comparable houses. The best comparisons will come from the same neighborhood.
If you are asking for the seller to pay some of the closing costs, remember that this cost plus the sales commission determines the net amount you are offering the seller for the house.
Work with your agent on your negotiation strategy. There are many things to consider, such as how badly you want this particular house, whether it is a buyer’s or seller’s market and an assessment of the seller’s motivation to get the property sold.
There isn’t one best strategy.
Be sure to document in writing everything you want included with the house, such as appliances, etc. Your agent should guide you through the contract step-by-step.
Final walk through (24 hours prior to closing).
Proposed closing date. Typically, this is 30-45 days from an accepted offer.
A good-faith deposit is required for the offer. This is typically between 1-10% of the purchase price of the house. The deposit is kept in escrow until closing and the money is applied to the purchase price of the house at closing. If the house does not close due to one of the contingency clauses, the buyer receives their money back. However, if the buyer decides not to close on the property, the seller may get the deposit money.
Attach your pre-approval letter to the offer.
The clock starts ticking for everything documented in the contract, including mortgage application, inspections and closing date.
You will need to decide which mortgage to select prior to the application.
Plan for the following potential fees:
Application fee (many banks and mortgage companies charge an application fee; however, there is not an application fee at Arthur State Bank).
Appraisal (may be paid at closing).
Loan origination fee (paid at closing).
Once you have approval for your loan, make sure you don’t change anything that will impact the status of your mortgage. Banks do a final check on credit and jobs just prior to closing, so now is not the time to change jobs or make another purchase on credit such as a car or furniture.
Depending on the size of the house, an inspection can cost on average between $300 to $1000.
Many real estate contracts specify how problems uncovered in the inspection will be resolved, up to a certain dollar amount. Should necessary repairs exceed that amount, the buyer has the option to cancel the contract without penalty and receive their deposit money back. Another option is for the buyer and seller to renegotiate who will pay for additional repairs.
Homeowner’s insurance is required by the lender prior to closing on the loan.
Turn on utilities in your name, effective the closing date.
Change your address with the U.S. Postal Service.
Make moving arrangements.
Three days prior to closing:
You should receive your final Closing Disclosure from the closing agency. The final Closing Disclosure shows a column for the seller and a column for the buyer. All closing charges and credits for both the seller and the buyer are documented in the closing statement.
Review the closing statement for accuracy prior to coming to closing.
The final amount in the buyer’s column shows you the amount of money you need to pay at closing.
The closing office will provide specific payment instructions. Closing funds have become recent targets for cybercriminals. If you are asked to use a wire transfer, call the office and ask to speak to someone you have been working with to double-check the instructions.
In South Carolina, the closing will usually take place at the attorney’s office. Everyone signing for the mortgage must be present to sign the closing paperwork. Make sure you bring the following:
Cashier’s check or proof of payment for wire transfer.
Checkbook, just in case there are any additional items that were not on the closing statement.
Be sure to understand this information:
How and when you will pay:
Your property taxes.
Your homeowner’s insurance.
Any HOA dues.
Who to call with any questions.
The best practice is to go through the homebuyer’s roadmap in this sequence. However, if you jumped ahead early in your journey, just circle back to address the steps you missed.
Arthur State Bank’s loan officers are closely tapped into local real estate markets and experts at helping clients get what they need on terms that work for them. We also offer mortgage specials for first-time homebuyers.