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Whether you want to live near the beach, buy a bigger home in your current neighborhood, or plan to move to the state, getting the right mortgage can make your experience more enjoyable. We’ll take a look at the best mortgage lenders available to residents of and some tips on how to get your mortgage approved.
best south carolina mortgage lenders
It led the transition to an online-only application, and the seamless process is one of the reasons it has become the largest lender in the United States. Consistently #1 JD Power Customer Service Ranking and its high quality apps cannot be ignored.
minimum.credit score
minimum credit score
580 FHA 620 Other mortgage products
minimum.down payment
Minimum down payment
0%-3.5% (FHA & VA Loans) 3% (Traditional Loans)
Main function
- online only
- High Allowable Debt on Income
- Low down payment option
Loan type
- conventional
- FHAMore
- VA
- jumbo
fixed rate terms
- Customizable (8 -30 years old)
Adjustable tariff terms
Best for: Credits that aren’t perfect
pennymac mortgage
Offering rate transparency, online-only help, flexible loan terms, and guaranteed interest rates that beat the competition, PennyMac is the perfect place for people to start looking for a home loan.
minimum.credit score
minimum credit score
500 FHA 620 Other mortgage products
minimum.down payment
Main function
- 100% online application
- instant quote
- flexible terms
- No lender fees
Loan type
- conventional
- FHAMore
- VA
- Department of Agriculture
- jumbo
fixed rate terms
- 3 years, 20 years, 15 years (with special order conditions)
Adjustable tariff terms
Who: Self-employed homebuyers
NASB Mortgage
The Self-Employed Borrower Program can be an excellent option for people who are struggling to obtain otherwise competitive loans. In addition, lenders offer a variety of mortgage programs to suit other needs.
minimum.credit score
minimum credit score
580 FHA Loan Traditional 620 VA Loan 660
minimum.down payment
Main function
- Lenders offer a variety of mortgage products
- Self Employed Loan Program
- VA loans have no lender fees
Loan type
- conventional
- FHAMore
- VA
- jumbo
fixed rate terms
Adjustable tariff terms
There are no lender fees for existing customers and the experience is completely online, making it a top choice.
minimum.credit score
minimum credit score
580 FHA 620 Other mortgage products
minimum.down payment
Main function
- Landlord fee waiver for existing customers
- Jumbo Super Jumbo Loan
- HELOC and Home Equity Line of Credit Offerings
Loan type
- Conventional
- FHAMore
- VA
- jumbo
- interest only
fixed rate terms
Adjustable tariff terms
Who: First-time homebuyers
palmetto state mortgage
It’s a great option for South Carolina folks looking to have someone else do the best deals for them, and potentially save money on both loan fees and closing costs.
minimum.credit score
minimum.down payment
Main function
- Offer low credit score loans
- Offer a low down payment option
- Financing non-traditional housing
fixed rate terms
- Fixed term and ARM term available
Adjustable tariff terms
- Fixed term and ARM term available
I know I’ve found a great mortgage lender that will save me money When Provide strong customer service. If life circumstances change and you want to change your existing mortgage, you want a company you can trust to help. Here are some of the other characteristics of a strong mortgage lender.
- A lender who guides you through the loan process
- A transparent lender that helps you understand exactly how much your loan will pay
- Lenders who answer your calls and answer questions in a timely manner
- Lenders offering loans with low interest rates and minimal fees
How do I get approved for a mortgage in South Carolina?
Whether you’re buying your first home or your number 10 home, the process can be stressful. Taking these steps will reduce some of your stress.
- Order a free copy of your credit report. You are entitled to receive a free copy once a year from the “big three” credit bureaus Equifax, TransUnion and Experian. Order all three online at annualcreditreport.com. As soon as you receive them, carefully examine each report and look for errors. If you find a mistake, dispute it with the credit bureau in question. Even a small mistake can erode your credibility.
- If your credit score is low, take steps to improve your score before applying for a credit score. mortgage. It may seem like a waste of time to improve your credit score, but it can save you thousands of dollars over the life of your loan.
- collect all Required documents to one place. It’s much easier to quickly provide your lender with the necessary documents if you’re organized. Once you’ve gathered your documents, create a list of your outstanding debts. Part of the approval process involves comparing your debt to your income to make sure you can afford to pay your mortgage.
- Buy a mortgage lender. Don’t worry about considering a mortgage affecting your credit score. Your credit score may be slightly worsened by credit checks, but applying to multiple different mortgage companies over two weeks counts as one credit check. After you’ve made a few payments on time, your credit score should go back to your previous level or better.
- Provide lenders with requested documents in a timely manner. Simply put, the faster you can provide the documents the mortgage company requires, the faster your loan will be processed.
- Once approved, compare offers. See everything from APRs offered to lender fees. The best interest rate doesn’t tell the whole story. Only by comparing interest rates and lender fees can you decide which mortgage lender is best for you.
What credit score do you need to get a mortgage in South Carolina?
Mortgages with credit scores as low as 560-580 may be approved in South Carolina, depending on the type of loan and the specific lender. Highest credit score. So you can take out a loan with a lower credit score but expect to pay a higher interest rate. One possible solution is to take the time to build your credit score before applying.
How much is the down payment for a house in South Carolina?
The required down payment amount depends on the type of loan you choose. For example, VA or USDA loans require a 0% down, while FHA loans require a minimum of 3.5% down.
What Home Buying Programs Does South Carolina Offer?
With the South Carolina Homebuyer Program, you can receive:
- low fixed interest rate
- Down payment subsidy
For more information on the Homebuyer Program, visit the South Carolina Department of Housing and Finance Development website.
What else do I need to know when buying a home in South Carolina?
Rising interest rates may make you want to buy a home sooner rather than later. But before you go look at the house, run the numbers to see how much you can afford. Once you know how much you can spend, stick to your budget. The goal is to buy a home without overspending. Few things are more unpleasant than a poor home.
If you can’t find one that fits your needs and budget, it’s okay to wait. Waiting gives you more time to deposit money or choose a lender to use one day.
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