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Factors of Gaining a South Carolina Mortgage

Posted by  on Aug 05, 2010
 
Do you know what it takes to qualify for South Carolina mortgage and South Carolina refinance loans? There are various factors involved with qualifying for a South Carolina home purchase, refinance or equity line of credit. Having a valid understanding of these South Carolina mortgage loan factors could make the difference in you being accepted or turned down.

Most people applying for a South Carolina mortgage worry about credit, even people who have excellent credit. Credit is a very hard thing to put your finger on, so you can put your mind at ease. You can purchase a house sometimes with poor credit or no credit at all. Even if you have a poor credit rating and only 3 percent for a down payment, you can get a South Carolina FHA mortgage loan. FHA is not a credit score driven mortgage program, so you can qualify this way if you have to do so.

If you have excellent credit, the lending world is wide open to you. You can put very little -- even no money down -- and still get a great interest rate on your South Carolina mortgage. Excellent credit also gives you the power to take 100 percent of your home’s equity at the prime interest rate, making interest-only payments, which is a very powerful thing.

Work history is also an important factor, as most South Carolina mortgage lenders want to see two years of consecutive employment, although good South Carolina mortgage professionals have programs that will get around this rule. If you are purchasing a house, you'll need what South Carolina lenders call "seasoned funds" for your down payment. That means the funds have to be in your account for a set amount of time (generally 3-6 months).

When you are ready to get a South Carolina mortgage loan, be sure you have assessed all of these factors, even before your South Carolina mortgage professional does. Put all of the documents that verify your income and your assets together and have them ready to show to a banker, upon your visit. Be proactive and your chances of qualifying for any loan will improve.

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