Mortgage Loan Programs In South Carolina
BrickWood Mortgage is a full service South Carolina Mortgage Broker offering Purchase Money for Residential Homes and refinancing of existing Mortgages/Homes. Finance Primary Residences, 2nd Homes, Investment Properties, Single Family, Duplex, Multi Family (up to 4 units), Condos, and Condotels. Our customers love our personalized one to one service and convenient location in Surfside Beach; we are your friendly neighbor and the best local mortgage company near Myrtle Beach, Market Commons, Carolina Forest, DeBordieu, Charleston, Mount Pleasant and beyond, we serve all of South Carolina. Contact us to see if one of our mortgage loan programs meets your needs.
30 Year Fixed
A 30-year fixed mortgage loan offers a low monthly payment over a 30 year period. It’s an attractive option for those who plan to stay in their home for many years.
20 Year Fixed
If you don’t think you can afford the monthly payments of a 15-year fixed mortgage, and don’t want to stretch out your payments for 30 years, then the 20 year fixed is a great option.
15 Year Fixed
15-year fixed mortgage loans have a benefit of a lower interest rate, and payoff in half the time of a 30 year fixed. They require higher monthly payments, but you pay less interest over the life of the loan.
10 Year Fixed
10-year fixed mortgage loans pay off faster than a 15 year fixed, and have higher monthly payments. They offer the lowest fixed mortgage interest rates available.
Adjustable Rate - ARM
Have initially low interest rates that adjust based on current market conditions. Most ARMs come with an initial Fixed Period of 3, 5, 7, or 10 Years.
The FHA streamline refinance is designed to lower the rate on your current South Carolina FHA home loan.
Officially the HECM, Home Equity Conversion Mortgage is for individuals 62 years old that need a mortgage and don’t want to make mortgage payments. Purchase and Refinance HECM/Reverse Mortgage Programs are available. Borrowers are still responsible for paying property insurance, South Carolina property taxes, and maintaining the home. If the borrower fails to adhere to the HECM loan terms they run the risk of foreclosure.
For Self-employed borrowers that would prefer to use bank statements to qualify for a home loan. No tax returns are required for the South Carolina Bank Statement Home Loan Program. This is a great option for those in non-traditional jobs, freelancers and more, a Bank Statement Mortgage can help you land the home of your dreams.
By paying only the interest on your mortgage, you are free to manage your cash flow and pay towards the principal balance as you see fit.
Three Considerations When Choosing a Loan Program
Above, you can see an extensive list of mortgage loan programs, but how do you know which will meet your needs the most? How do you choose between VA loans, jumbo loans, USDA loans, FHA loans, and every other type of home loan?
If you lack experience in this field, you may feel a little overwhelmed when looking through these options. The first thing we’ll say is that BrickWood Mortgage has extensive experience in this industry and can find a mortgage that suits your financial position. Therefore, don’t be afraid to pick up the phone and contact our fantastic team. Even if you have a couple of simple questions to start, our team is here to help.
Here are three considerations to keep in mind when choosing a loan program:
When browsing through the list of potential loan programs, one of your first questions is likely to be whether you opt for a conventional loan or a government-backed option. Typically, a conventional mortgage isn’t insured by the government and it’s provided by a private lender. Alternatively, loans provided by Fannie Mae or Freddie Mac can also be considered conventional loans. Consequently, you’ll need to meet certain requirements such as a down payment, credit score, and debt-to-income ratio.
On the other hand, those who struggle to qualify for a conventional mortgage may be eligible for a government-backed mortgage. As you can see in the list of loan programs above, some government-backed programs are also designed for specific audiences such as VA loans. While some are for those with links to the military, others are designed for people with low incomes.
When it comes to the application process, one of the biggest misconceptions is that you will apply through the government for a loan of this type. Instead, the government will provide insurance as you go through a private lender. In other words, the government decreases the risk for the lender when you don’t meet the requirements for a conventional loan.
So, how do you choose between the two? A conventional loan is a good option for those with some savings for a down payment, a strong credit score, and a healthy debt-to-income ratio. If you’re lacking in any of these areas, you may want to research government-backed options. Furthermore, you can also research the latter if you meet the requirements of a specialty loan, such as VA loans, USDA loans, and FHA loans.
The next consideration to keep in mind when choosing between mortgage loan programs is the length of your loan. The longer the loan, the lower the monthly payment. Why? Because you’re spreading the value of the mortgage over a longer period. If you’re buying a forever home, you might consider a longer loan, such as a 30-year fixed mortgage. Otherwise, you might consider a 20-year, 15-year, or even a 10-year loan.
When considering your options, think about the amount of time you want to be paying off your loan as well as the monthly payments you can afford. For example, it might seem attractive to only pay a home loan for ten years (and you will save on interest), but the monthly payments will be much higher compared to a longer loan.
Thankfully, these are conversations that you can have with your mortgage broker, and BrickWood Mortgage is here to help whenever you need it. With access to lots of lenders, you will find a mortgage that works for you, both in terms of the loan program and the loan length.
Finally, another consideration we want to address comes with the rate you will experience on the loan. In the list of loans above, you will find a fixed-rate mortgage and an adjustable-rate mortgage (ARM). If you choose a fixed-rate mortgage, the rate will never change. Essentially, this means that your mortgage will always have the same interest rate as the very first day, even as US mortgage rates fluctuate. As you’ve probably guessed, an adjustable-rate mortgage differs in that your rate will periodically change.
Often, an ARM comes with an initial rate period during which your rate remains the same. Once this period comes to an end, your rate can change periodically. For example, it could be that your mortgage rate is fixed for the first five years before it then fluctuates. Depending on the US mortgage rates, you will experience both increases and decreases.
Ultimately, the best way to avoid a mistake and choose between mortgage loan programs is to work with an experienced broker. With the right home loan – whether a jumbo loan, an FHA loan, a VA loan, a USDA loan, or another type of loan – you can enjoy your home and secure your financial future. Why not reach out to BrickWood Mortgage today to start the process? Cal (843) 314-4101 now!
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