South Carolina Mortgage
South Carolina is a state in the Southeastern region of the United States. The Province of South Carolina was one of the thirteen colonies that revolted against British rule in the American Revolution. It was the first state to secede from the Union to found the Confederate States of America. The state is named after King Charles II of England, as Carolus is Latin for Charles.
If you are thinking about moving to South Carolina, it is good to know that South Carolina is bound to the north by North Carolina; to the south and west by Georgia, located across the Savannah River; and to the east by the Atlantic Ocean. South Carolina is composed of four geographic areas, whose boundaries roughly parallel the southwest Atlantic coastline. The lower part of the state is the Coastal Plain, also known as the Lowcountry, which is nearly flat and composed entirely of recent sediments such as sand, silt, and clay. Areas with better drainage make excellent farmland, though some land is swampy. The coastline contains many salt marshes and estuaries, as well as natural ports such as Georgetown and Charleston.
An unusual feature of the coastal plain is a large number of Carolina bays, the origins of which are uncertain, though one prominent theory suggests that they were created by a meteor shower. The bays tend to be oval, lining up in a northwest to southeast orientation. Mortgage companies typically cover shortages when tax or insurance payments increase. It is very common for mortgage companies to pay taxes and insurance premiums when they are due even though all the money for these bills has not yet been collected from the homeowner.
If you are going to move, you should know that South Carolina mortgages have lower rates and down payments because of escrows. Escrows protect the interest of investors of home mortgage loans by making them more attractive and secure as investments. Local governments save money.
Escrow accounts also benefit local governments by providing a more efficient, less expensive means of tax collection. Mortgage escrow accounts are special accounts set up in which money is held to pay for property taxes, fire and hazard insurance premiums, mortgage insurance premiums, and other escrow items. Escrow accounts ensure that these items are paid in a timely fashion.
They are a guarantee that there is always enough money to pay these bills when they are due so that the homeowner avoids the risk of lapsed insurance coverage or delinquent taxes. Guarantee that bills are paid on time. Homeowners do not have to worry about coming up with several large, lump sum payments, each with different due dates, throughout the year. Unexpected increases are taken care of. It is the responsibility of the South Carolina mortgage company to allow for possible increases in tax or insurance premiums.