A Home Loan is a Big Decision.
We Recommend You Speak with One of our qualified preferred providers:
Michelle Farmer is a senior loan officer with Shelter Mortgage, with over 17 years experience helping first time home buyers, investors, and experienced buyers in the greater Charleston, SC area. She has worked through many different housing markets. Shelter Mortgage offers full service mortgage banking services including: FHA, VA, Conventional, Refinance, Jumbo, 203K and more. We highly recommend Michelle because the level of personal attention she give each buyer makes the entire process of financing a new home worry free for all those involved.
Frank Hanna is our preferred senior loan officer with Synovus Mortgage, affiliated with NBSC, and Synovus Bank. Synovous Mortgage services a broad area across the southeastern United States, and handles many types of mortgages, from conventional fixed rate mortgages to the more complicated and challenging loans. Frank is always welcome in our home, and we trust him to help you buy yours.
Types of Home Loans
Can be obtained with as little as 5 percent down payment. If the down payment is less than 20 percent, it may be necessary for the loan to have Private Mortgage Insurance (PMI) to protect the lender. Terms are equal monthly payments over 15, 25 or 30 years, with a fixed interest rate.
Type: Adjustable Rate Mortgage (ARM)
Low initial interest rate with payments that typically increase over time. Popular with first-time buyers and buyers who plan to move or refinance in three to five years. Term varies by lender. Interest rate is subject to change on a periodic basis.
Lower interest rates and monthly payments than fixed-rate loans. Best for borrowers who plan to move or refinance within the loan term. May allow conversion to a fixed-rate loan at term’s end. Term is a 5-7 year loan, amortized over 30 years. Repaid in equal monthly payments plus a “balloon” payment for the remaining balance. Interest Rates vary by lender.
Home owner, builder or third-party puts additional cash up-front in exchange for a lower interest rate.
FHA insures the loan, making lenders willing to finance home purchases on favorable terms. Down payments as low as 3 percent. Discount points may be paid by either seller or buyer. Term Varies by lender; however, the FHA charges an up-front Mortgage Insurance Premium, similar to Private Mortgage Insurance, that can be financed in the mortgage amount or paid in cash at settlement. The borrower must also pay an annual Mortgage Insurance Premium of 0.50 percent, which is collected monthly. Interest rate varies by lender.
Type: Second Mortgage
Made by the seller or by a commercial lender. Typically up to 20 percent of the property value. Term varies, and does not necessarily coincide with the primary loan. Sometimes interest-only payments are made until the term date, when the balance is due. Interest rate may be variable or fixed; typically higher rate than the primary loan.
Type: Veterans Administration
Available to qualified veterans of the Armed Services, Reserves and National Guard. Loans can exceed $200,000 with no down payment. Flexible underwriting guidelines. Closing costs may be a gift. Can be combined with second mortgages and are assumable (upon qualifying) by future buyer. Term is a fixed payment for the full term. Interest rate varies by lender.