Jumbo Home Loans in South Carolina
When the mortgage you need exceeds conventional loan guidelines.
If you need a Jumbo Loan in SC you have found the right place. BrickWood Mortgage has close to two decades of experience helping home buyers purchase or homeowners refinance with Jumbo Loan products. Whether it’s Myrtle Beach, Market Commons, Carolina Forest, DeBordieu, Charleston, or Mount Pleasant we can help you.
Why is it Important to Choose the right South Carolina Mortgage Company
Whenever you choose a specialized product you should consider a specialized lender. Our experienced team of Loan Officers will shorten the processing time and to facilitate a quick closing. Time is money and with rising rates it’s even more imperative to close quickly on a jumbo loan. We have you covered and have the track record to back it up.
We have a 5 Star rating
Here at BrickWood Mortgage we have an outstanding reputation in the Grand Strand and that shows in our ratings. We make sure that we exceed your expectations in a process that most customers dread. We keep open lines of communication and walk through the entire Jumbo Loan process together. You can rest easy at night knowing your Jumbo Loan is in our hands at BrickWood Mortgage.
What are some things to know about Jumbo Loans in South Carolina?
The advantage of the jumbo loan is that it can help you finance a higher priced piece of real estate. If you live in a high cost housing market or want a more expensive home a jumbo loan can help you accomplish this.
What is considered a Jumbo Loan
Currently $647,200 for a single-family home in South Carolina. That was raised from $548,250 in 2021. The cause of this was skyrocketing home prices and giving the consumer more buying power.
The application process for a jumbo loan is similar to that for any mortgage application. You’ll fill out an application, agree to a credit check and submit the required financial documentation. This usually will include tax returns, W-2’s, paystubs and bank statements. One of our highly qualified Loan Officers will let you know what else may be needed for your specific situation.
Because jumbo loans are riskier than other mortgages you will need to be well qualified- meaning have good credit scores, manageable monthly debts, solid income, and in the case of a purchase, a decent amount of money to put down. Most of the time 20% down is required however there can be programs that require as little as 10%.
Generally at least 6-12 months of future mortgage payments must be in the bank before you can be approved for a jumbo loan. (This can’t include any of the funds designated for the down payment or closing costs).
Refinancing a jumbo loan
You can refinance a jumbo loan just as any other type of mortgage. Depending on how much your loan amount is you can even refinance from a jumbo loan into a conforming loan.
Where can I get the best rates on a Jumbo Loan
The answer to this is simple. Call the BrickWood Mortgage experts at (843) 314-4101. Our clients come to us for JUMBO loans to make sure they get the best deal or lowest rate for their situation, discuss options and get a step closer to their South Carolina Jumbo dream homes.
Jumbo Home Loan FAQs
A jumbo home loan is a mortgage that exceeds the conforming loan limit set by national and/or local lending regulations. In South Carolina, this limit is currently $726,200. Jumbo loans are typically more expensive and more difficult to qualify for than traditional mortgages because they require a larger down payment (usually 20-25%), a higher credit score, and other mitigating factors such as proof of income and documentation of assets.
Rates for jumbo home loans in South Carolina may vary depending on your credit score, loan amount, and loan-to-value ratio. Generally speaking, jumbo rates are higher than conventional loan rates because they carry a greater risk for the lender. If you need to learn more about the rates, contact BrickWood Mortgage.
While it can be more difficult to qualify for a jumbo loan than for a conventional loan, working with a reputable mortgage professional is the best way to increase your chances of success when applying for an appropriate loan. As mentioned earlier, you will need a higher credit score, a larger down payment, and proof of income and documentation of assets to qualify. With the right help (BrickWood Mortgage), you’ll be guided through the process and get the loan you desire in no time.
In the United States, it is usually better to put at least 20% down on a home loan (if you can afford it) because this will generally save you in the long run as PMI costs can add thousands of dollars to your payments over the life of the loan. Putting 20% down also gives you a larger equity stake in the home which you may be able to leverage later if needed.