Mortgages and Mortgage Loan Rates in South Carolina
Having chosen South Carolina as your Eastern Seaboard home, you’re now ready to find the cheapest first, second, or refinance mortgage available. The process of finding and comparing low-cost mortgages can be summarized into the following steps:
Learn the options.
Know the rates of interest.
Determine your budget.
Compare your offers.
LoanReduce.com is here to help. Our content is informative, and our information is accurate. You can request free offers online, crunch numbers on the mortgage calculators, or start calling lenders directly using our thorough South Carolina broker directory.
South Carolina conforming mortgages
To qualify for a conforming mortgage, you’ll have to meet several criteria set out by the federal government. These criteria are designed to funnel funds created by Fannie Mae and Freddie Mac, toward the mortgage applicants who need them most. Since conforming mortgages are supported by Fannie and Freddie, their interest rates are lower than those of non-conforming mortgages. The criteria involve characteristics of the loan itself, such as the maximum loan amount, as well as borrower qualifications. For example, any mortgage loan made in an amount exceeding the maximum is considered a jumbo loan. This maximum is set annually by the Office of Federal Housing Enterprise Oversight (OFHEO). Talk with your lender about the limits that apply to your situation.
About South Carolina second mortgages
Second mortgages offer an alternative to refinancing. Homeowners pursue second mortgages when they’re happy with the terms on their first mortgages, but would like to borrow more money. Lenders provide second mortgages in two forms:
The variable-rate home equity line of credit (HELOC) functions like a revolving credit card account.
The fixed-rate home equity line is a fixed-payment debt that’s fully paid off at maturity.
The primary risk of taking out a second mortgage is the possibility of foreclosure. Since the second mortgage lender takes a security interest in the home, you should be fully confident of your ability to make the payments.
South Carolina mortgage comparison
Early research and comparison of South Carolina mortgages will make your mortgage search more productive and efficient. You have many options: option ARMs, interest-only ARMs, 40-year fixed mortgages, etc. Knowing what these loan programs entail can help you narrow your choices to a few that seem right for you. You can find the background information you need with LoanReduce.com’s informative articles and mortgage calculator.
When it comes to comparison shopping, you have two options:
Contact lenders individually using our South Carolina broker directory.
Request competing interest rate offers with our no-obligation offer service.
As your offers start rolling in, refer to LoanReduce.com’s calculators to crunch the numbers. Estimate your tax savings, calculate your total interest, and compare monthly payments to your household budget. Working through this analysis is the best way to select the mortgage loan that’s right for you.