Category Archives: Mortgages

Charleston Mortgage Place – Your Best Option to Owning a Home

Mortgages Residential

A southeastern coastal city, Charleston is situated in the well known South Carolina’s Low Country. For several reasons, Charleston is a well known place to move in. One of these reasons includes its excellent geographical location. Originally, the city was established on the peninsula of land, which divides the Cooper and Ashley Rivers. These days, the urban area is sprawling across the 3 counties, namely Dorchester, Berkeley and Charleston. In Charleston, you will be able to find a range of terrain, which includes lakes, bays, rivers, coves, marshes, the Atlantic Ocean and the beautiful beaches.

Mortgage on your dream  homeOne of the most common reasons why people choose to relocate to Charleston is due to the idea and desire to live close to the beach. When you dream of living near the beach, you can guarantee that Charleston offers an extensive selection of beaches based on what you are looking for. This and all other features make the whole location of Charleston an excellent place to live. So, when looking to purchase a new home, where you can start building your family, Charleston must be your leading choice.

However, while purchasing a home is the biggest investment you can make, you have to make sure to know and consider all the things needed to make the thing work. The first thing you should understand when looking to purchase a home is that you need not to have all the money saved up so as to create your purchase. This is especially true if you are buying your home in Charleston. Charleston mortgages are common in the real estate market and they can be your good option when planning to buy a home in the area.

There are several lenders, who provide loans for as much as 95% of the home’s purchase price. In addition to this, some of them are ready to extend the payments over a long time period, allowing you to avail the home you want. When you have a good credit history and a consistent job, there is a high possibility that you could locate a home lender, who would give you the majority of your new home’s purchase price. Lenders will take the ownership interest within your house till the loan has been paid in full. Normally, home loans are provided in amounts of 95%, 90% and 80% of the price you’re paying for a home. You are required to pay the remaining balance in cash from your personal savings.

Evidently, those Charleston mortgages with lower percentage are fairly simpler to get qualified for. One reason that the lender is willing to give you as much as 95% of your home’s value is that the past has proved that real estate is really an excellent investment. Lenders predict that your house would become more valuable in the future as compared to what it is today. Hence, the investment they put on your home is known to be really safe. Also, that is why the interest rate you could get on the home loan is considered to be one of the most favorable around.

If you want to learn more about the latest in mortgages in Charleston SC, checking out CharlestonMortgagePlace.com must be a great idea.

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Some Types of Columbia Mortgage Loans

Mortgages

Many people think that Columbia mortgages loan is a single type of loan. But what they do not know is that there are several types of home loans that they can choose from and what would be the most convenient option for them. It is an important decision to do when trying to buy your new home. You must choose the kind of loan that is suitable for your needs and what is convenient for your financial situation.

To avoid being confused on various types of mortgages, then you must check out the various types available for borrowers like you:

  • Conventional home loans

These types of loans are provided by lender, banks and companies. The interest rates on these types of loans would mainly depend on the trend on the market. These loans may include:

  • Fixed-Rate Types

As its name suggests, this type of loan has an interest rate that would not change no matter how long the loan would last. Borrowers are advised to get this kind of loan when the interest rates are in the lowest to avoid any risk and maintain stability on the payments.

  • Adjustable-Rate Types

This loan has a tendency to change the interest rates depending on the situation of the market. Most of the time, this loan would start on a low interest rate and would change in the long. This may seem as a disadvantage for borrowers with fixed income.

Other loans that are included in these home loans are bridge loans, home equity and balloon loans that people can also take advantage of, provided that they get the assistance of Columbia Mortgage Brokers to get more assistance and information on such loans.

  • Government Home Loans

These are the types of loans that are known as guaranteed insured loans that target certain groups of people who are trying to own a home. Though these are channelized through different private organizations, these types are still relying on the sponsorship of Government. Such types may include or not limited to:

  • VA or Veterans Affairs

This type of loan is usually offered to servicemen, servicewomen and government employees and is provided by the US Department of Veteran Affairs. Such loans are offered with smaller down payments and are equipped with better terms when it comes to adjustable and fixed-rate loans.

  • FHA or Federal Housing Authority

It is a program run by the government and helps people qualify for home loans begun after the Great Depression. Interest rates on these loans are lower, which makes it beneficial for people who would be choosing this type of loan.

Another program under these loans is RHS or Rural Housing Services Loan Program that is initiated by the US Department of Agriculture. This loan is offered to rural residents without the need to provide down payment.

If you want to get more information on the Mortgage Rates Columbia SC of these different Home mortgages, you can always get the help of Columbia Mortgage Place brokers of ColumbiaMortgagePlace.com.

Want to learn more about Mortgages?  Visit: http://www.consumer.ftc.gov/articles/0189-shopping-mortgage

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