Loan Officer Selection
If you are a first time buyer in Goose Creek, South Carolina, then you will find that there are numerous mortgage types on the market today. For guidance through the loan process, select a loan officer you know you can work well with. During the loan process, you will have questions. Your loan officer should be available to answer these when they come up. Your loan officer should also instruct you on what documentation is necessary and may help you fill out the loan application.
Documentation that will be requested will include your employment history and your bank account history. Forms will be sent to your employer and your banks to verify this information. Other documentation necessary includes tax records, current housing costs, credit history, and pay stubs. All of this information will help speed up the loan process and help determine how much money you will be able to borrow at what interest rate.
Filling out the loan application completely and accurately will also help the loan process go smoothly and without delays. Having your information available so that you can fill out the loan application at the initial meeting will benefit both you and your loan officer. You will need to show how you will make the down payment and if you have any liabilities such as car payments or credit card bills. Your loan officer will inform you of what other information is necessary. You will need to be patient, as verifying all the information can take from 3 to 4 weeks. Keeping in touch with your loan officer during this time will make waiting less stressful.
Your loan officer will be able to discuss the many mortgage types available in Goose Creek, South Carolina. Together, you will be able to find the mortgage that works for you and your family’s current situation.
Mortgage Types
The most common mortgage type is fixed rate. These loans will have the same interest rate for the duration of the loan and a term of 15 or 30 years. If you want the same mortgage payment every month without surprises, then this is a good choice.
There are multiple types of adjustable rate loans on the market today. These loans can start with a low interest rate but then change when they reach a predetermined adjustment period. At that time, your mortgage payment will rise or fall depending on the interest rate at that time.
Other choices include balloon or interest-only loans. With a balloon loan, you will pay the same mortgage payment and have the same interest rate for the duration of the loan, but it is expected to be paid in full at the end of 5 years. This type of loan works well for those who do not plan to live in their homes for a long period of time. An interest-only loan can work for you if you expect your income to rise in the coming years. This type of loan allows you to pay only the interest for the first 10 years before the principal is added in. Your mortgage payments will increase at that time.
Refinance and Home Equity Loans
If you already own a home in Goose Creek, South Carolina and are in need of some extra cash, you have two options – a refinance loan or a home equity loan.
If you choose to refinance your mortgage, you are replacing your existing mortgage with a new mortgage. You will benefit from this option if you can obtain a lower interest rate than what you have on your existing loan or if you change the terms of your loan to help lower your mortgage payments. With these lower payments, you will have money available to you for expenses such as school, medical bills, or credit card debt.
Your other option would be to obtain a home equity loan. This loan allows you to borrow money from the equity you have earned in your home. This loan comes in the form of either a lump sum payment or a line of credit. This is your money to use as you need.
Contact one of our knowledgeable loan officers today to find out about mortgage, refinance, or home equity loans in Goose Creek, South Carolina.
