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Things to Ask an SC Mortgage Consultant during Evaluation

by abduljackson

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There are many benefits to relocating to South Carolina. For one, Social Security benefits are not taxed in the state. Also, there are numerous employment possibilities in the manufacturing sector considering that 2011 observed a 5 % boost in manufacturing tasks, as reported by CNN Money. If you are a first time house buyer, then you'll have to employ a company that specializes in mortgage from SCto help work out your family in the Palmetto state.

The whole procedure of getting a hold of a loan can be quite discouraging. But as soon as you've asked the appropriate questions and tap the services of the best business, you'll be aware of the process more effectively. And if you have a better understanding of the method, it will lead you to a loan type that's properly fit to your financial circumstance. To aid you when working with a specialist, consequently, here are things you should ask.

Are you a mortgage banker, mortgage broker, or a loan officer?

A mortgage banker can give you just one kind of loan product since he represents one finance company or financial institution. A mortgage broker, however, can shop for loan selections and isn't confined to offering one product. Finally, a loan officer embodies either lenders or brokers.

What is the rate of interest?

When you're tapping the services of a consultant from a firm that gives mortgages in South Carolina, ask him to work out the interest rate including terms and fees. An excellent broker or a loan officer will first ask you important questions concerning your current finances. After which, he can continue to making the computations. Keep in mind that particular factors do have an effect on interest rates; these include the home type (i.e. condominium or single household residence), debt to income ratio, and your credit scores, to name a few.

Is there a prepayment penalty in the deal?

A prepayment penalty is a charge that may or may not be incorporated in a mortgage contract that compensates for instances when a debtor retires a loan before the pay-off date. According to, debtors need to be cautious with this as it can dramatically boost the cost of refinancing your mortgage.

The moment you've asked these questions and have been given adequate answers, it should not be too hard for you to get a loan product proper for your needs. Before you know it, you'll own your dream home in SC. For more home buying ideas, you can see

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