The post Best Mortgage Lenders in South Carolina by Ashley Hart appeared first on Benzinga. Visit Benzinga to get more great content like this.
Ready to explore your mortgage options in South Carolina? With Benzinga’s guide, it’s easy to find the perfect lender whether you’re planning to buy in Charleston or Hilton Head.
Take a look at our top South Carolina mortgage lenders.
Best Mortgage Lenders in South Carolina
- Best for Bank Statement Loans: Angel Oak Mortgage Solutions
- Best Online Lender: Quicken Loans®
- Best for First-Time Home Buyers: Wells Fargo
- Best for FHA Loans in South Carolina: Better.com
- Best for Self-Employed Professionals: CrossCountry Mortgage
- Best for VA Loans: Veterans United
Contents
- The 6 Best Mortgage Companies in South Carolina
- 1. Best for Bank Statement Loans: Angel Oak Mortgage Solutions
- 2. Best Online Lender: Quicken Loans®
- 3. Best for First-Time Home Buyers: Wells Fargo
- 4. Best for FHA Loans in SC: Better.com
- 5. Best for Self-Employed Professionals: CrossCountry Mortgage
- 6. Best for VA Loans: Veterans United
- 1. Best for Bank Statement Loans: Angel Oak Mortgage Solutions
- Mortgages Explained
- Mortgage Types
- Conventional Loans
- FHA Loans
- VA Loans
- Mortgage Types
- Mortgage Terms
- 30-Year Fixed Loan
- 15-Year Fixed Loan
- 5/1 Adjustable-Rate-Mortgages (ARMs)
- 30-Year Fixed Loan
- Which Mortgage Lender is Best for You?
- Lender Credit Score Minimums in South Carolina
- Current Mortgage Rates in South Carolina
- Average Days to Close on a Loan
- Find Your Mortgage Today
- Frequently Asked Questions
The 6 Best Mortgage Companies in South Carolina
It’s all about finding the right fit. Your mortgage company should help you find the right mortgage, help you look into home buyer programs and will offer great customer service, too.
Here are some of the best South Carolina mortgage lenders on our list.
1. Best for Bank Statement Loans: Angel Oak Mortgage Solutions
Angel Oak Mortgage Solutions is a unique platform that allows you to get your mortgage with just a bank statement. However, the bank also allows you to take out loans using asset qualification, ITIN and more. You can also get FHA, conventional and jumbo loans along with loans for portfolio purchases.
- Bank statement home loans
- Multiple loan options
- Online information
- Asset qualifier home loans
- ITIN home loans
- Investor home loans
- Bank statement loans not available for all buyer types
Angel Oak Mortgage Solutions is a full-service mortgage lender offering traditional and portfolio mortgage loans. Among their many customized loan solutions is their Bank Statement product for self-employed borrowers in South Carolina. This loan does not require tax returns and includes a 1099 Income option for 1099 earners.
- Loan amounts up to $3 million
- 12 or 24 months personal or business bank statements
- Two years out of bankruptcy, short sale, foreclosure, or deed-in-lieu
- Owner occupied, non-owner occupied, second homes located in South Carolina
- 1099 option available
- 40-year fixed interest only
- Delayed financing available
- Non-warrantable condos allowed
Angel Oak Mortgage Solutions offers a wide range of loan options allowing you to obtain any mortgage as long as qualification requirements are met. South Carolina residents can also refinance into any of these loans. The customer service team is easy to reach via email, phone or the online contact form, and you can begin your journey by searching for a local advisor right on the website.
Angel Oak is headquartered in Atlanta, Georgia and is licensed in AL, AZ #0927070, licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, CO, CT, DE, DC, FL, GA #32379, ID, IL, IN, IA, KS, KY, LA, ME, MD, MI, MN, MS, NV, NH, licensed by the N.J. Department of Banking and Insurance, NM, NC, OH, OK, OR, PA, Rhode Island Licensed Lender, SC, TN, TX, UT, VT, VA, WA dba AOHL LLC, WI.
Pros
- Considers unique borrower situations
- Quick loan approval process
- Offers competitive interest rates
Cons
- Stricter qualification requirements
- Higher interest rates and fees
2. Best Online Lender: Quicken Loans®
Quicken Loans® offers award-winning customer service for both originating and servicing mortgages. This means you’re taken care of at every step of the mortgage process. Quicken Loans® offers a range of mortgage products. You can apply for its loans from the comfort of your home by phone or online through Rocket Mortgage® by Quicken Loans®.
- People who prefer online service
- People who want a range of home loan options
- People who want to refinance
- Extensive customer service availability
- Government-backed and conventional loan options for home buyers
- Works with investors and people buying second homes
- No in-person service options
- No home equity loans or lines of credit
Quicken Loans lets you start your mortgage process right from its website. Use its interactive site to compare and select mortgage options. You’ll also find additional resources to answer questions about the mortgage process.
Not sure which loan is right for you? Start with the Quicken Loans mortgage loan calculator. Quicken Loans also offers customer service support to answer your questions.
Pros
- Apply online through their website
- Faster loan processing times
- Variety of mortgage options
Cons
- Lack of personal interaction
- Inability to negotiate terms
3. Best for First-Time Home Buyers: Wells Fargo
Wells Fargo is one of the top national mortgage lenders. It offers a large selection of conventional purchase, refinance, jumbo, FHA, USDA and VA loans and also provides low down payment options for low-income buyers.
You can apply for a mortgage with Wells Fargo entirely online, in person at a Wells Fargo branch or by phone. Wells Fargo offers an electronic verification process for income and supplemental documents and a fully online loan tracker to update you on your progress every step of the way.
Here’s what you need to know about Wells Fargo at a glance.
- Those seeking a traditional lender with convenient locations
- Home buyers who need extra guidance during the mortgage application process
- Buyers without a large down payment
- Those on the hunt for the right mortgage product
- Can apply at your convenience (online or in person)
- Wells Fargo’s mortgage rates are published online
- You can submit all of your loan documents entirely online
- Wells Fargo’s Loan Tracker allows you to access your account at any time
- Many loan education resources and programs are available on the Wells Fargo website
- Doesn’t have the highest customer service rating
- Closing process runs longer than most other lenders
- Loan options aren’t immediately available without going through the application process
Wells Fargo is a great option if you’re a first-time home buyer. It offers the familiarity and customer service that you would expect from a traditional bank. It also offers online resources to help answer your questions about the mortgage process.
Wells Fargo offers its yourFirst Mortgage loan program to help low-to-moderate income borrowers. This program provides low down payment options and assistance with closing costs.
Wells Fargo can provide the support you need both online and in person.
Pros
- Competitive interest rates and loan options
- Strong reputation and trust in the industry
- Wide range of mortgage products to choose from
Cons
- Limited availability in certain geographic areas
4. Best for FHA Loans in SC: Better.com
Better.com is a digital mortgage lender. It sets itself apart from other lenders by not charging origination fees. Better Mortgage’s loan officers aren’t paid on commission, like some loan officers are. This means their priority is putting you in the best mortgage for you. Better Mortgage aims to simplify and streamline the mortgage process — and it’s successful in that goal.
- An online experience
- First time home buyers
- Jumbo mortgages
- Quick pre-approval
- A user-friendly online application
- Dedicated loan officers
- Pre-approval in as little as 24 hours
- No application or origination fees
- Not available in all 50 states
- No VA or USDA mortgages
Better, an online lender dedicated to helping you no matter your circumstance, understands that the mortgage process can be confusing, especially if you’re a self-employed professional.
Its website resources can guide you through the mortgage process and what is required as a self-employed professional. Better also promises complete transparency and does not charge lender fees or commissions.
Its customer service team is ready to help you by phone or by email at your convenience.
Pros
- Transparent pricing
- Fast approval and closing times
- Low interest rates
Cons
- Limited loan options
- Lack of in-person support
5. Best for Self-Employed Professionals: CrossCountry Mortgage
CrossCountry Mortgage offers standard products like conventional loans, VA loans, Jumbo loans and FHA loans. It also has more specialized products like bank statement loans, asset qualifier mortgages and no doc investment property loans. If you’ve had a hard time finding a mortgage due to erratic income, being retired or buying an investment property, CrossCountry Mortgage is worth a look.
- Self-employed professionals
- Retirees
- Investors
- Condo buyers
- Wide variety of mortgage products
- Niche products like bank statement loans
- Works with many state home buyer assistance programs
- No online approval
Confused about FHA loans? CrossCountry Mortgage can take some of the confusion away. Visit its website to explore the benefits and qualifications of an FHA loan and take advantage of its quick start form.
The form asks for your basic information and an estimated price of the home you plan to buy. CrossCountry Mortgage uses this information to provide a quote and suggest the best mortgage options for your needs.
Apply online once you’ve found the right option.
Pros
- Wide range of mortgage options
- Competitive interest rates and flexible terms
- Dedicated mortgage specialists
Cons
- Limited information available about specific mortgage products and rates on their website
6. Best for VA Loans: Veterans United
Veterans United focuses on helping veterans and current service members find the right mortgage for their needs. It’s licensed in all 50 states and the District of Columbia and is the top VA lender in the country. If you’re currently serving or if you’re a veteran, Veterans United is worth considering due to its outstanding customer service and range of mortgage options.
- Current service members
- Veterans
- First-time home buyers
- 24/7 customer service
- Offers VA purchase and refinance loans
- Offers credit consulting through its Lighthouse Program
- Branches in only 18 states
Veterans United specializes in helping qualified service members and veterans find the right mortgage.
You can use its website to explore the service requirements and benefits of VA loans. You’ll also find the current VA loan rates and an affordability calculator. Request a quote from Veterans United while you’re online.
You’ll benefit from 24/7 customer service if you choose this lender. Veterans United also has military advisors on staff to help raise awareness and educate you about VA loans and homeownership.
Pros
- Streamlined loan application process
- Competitive interest rates and loan terms
- Excellent customer service
Cons
- Funding fees
- Limited physical locations
Mortgages Explained
It’s important to understand not all mortgages are the same. The right mortgage depends on a wide variety of personal factors.
You should get familiar with common mortgage options to understand which option is best for you. Here are a couple of things to keep in mind:
- You’ll need to choose a mortgage type. This is the mortgage program you use. Conventional mortgage or government-backed options are available.
- The mortgage type you choose will also come with a mortgage term. Your mortgage term is the length of time you’ll be repaying your mortgage. It will also include the type of interest you’ll pay on your mortgage.
Mortgage Types
Here are a few common mortgage types you should know about:
Conventional Loans
Conventional loans are loans that aren’t affiliated with any specific government program. There is no single set of guidelines or requirements for conventional loans. Talk with your lender about what each conventional loan requires. You can typically expect a required credit score of 620 or above and a debt-to-income ratio of 50% or less to qualify for a conventional loan.
FHA Loans
FHA loans are part of a mortgage program regulated and insured by the Federal Housing Administration. The benefits of an FHA loan include lower credit score requirements than most conventional loans and a down payment as low as 3.5%. FHA loans come with maximum loan limits that vary by county.
VA Loans
VA loans are government-backed loans guaranteed by the Department of Veterans Affairs. You must meet the service requirements set by the VA to qualify. The benefits of VA loans include lower interest rates, more lenient borrowing requirements and no down payment requirement in some cases.
Mortgage Terms
Here are the most common mortgage terms to become familiar with:
30-Year Fixed Loan
A 30-year fixed loan is a loan you repay over 30 years. The interest rate will not change during the lifetime of your loan. This allows you to rely on monthly mortgage payments that will never change.
15-Year Fixed Loan
A 15-year fixed loan is similar to a 30-year fixed loan. It is a fixed-rate loan, so your interest rate won’t change during the lifetime of your loan. This mortgage term is repaid over a period of 15 years. You can expect higher monthly payments since you’re repaying the loan over a shorter period of time. You can also expect to pay less total interest because you’ll be making fewer total mortgage payments.
5/1 Adjustable-Rate-Mortgages (ARMs)
This is a hybrid mortgage term that offers the benefit of a fixed-rate loan for 5 years of your mortgage. Then your interest rate can change once per year until your mortgage is paid off. Other common ARMs include a 3/1, 7/1 and 10/1.
Which Mortgage Lender is Best for You?
Finding the right mortgage lender can make all the difference. Here are a few things to look for:
- Honesty: Your lender should be upfront with you about the costs and fees associated with getting a mortgage. Some lenders may charge more fees than others, so take this into consideration when comparing lenders.
- Good customer service: You’ll want to feel comfortable reaching out to your lender when you have a question and you can expect to receive a helpful answer from a good lender. Each lender should have a strong customer service system in place.
- Information about your options: A good lender will want to help you find the right mortgage for your needs. You should be able to count on your lender to help you understand your options.
Lender Credit Score Minimums in South Carolina
You can expect lenders to take a close look at your credit score when you apply for your mortgage. Your credit score is based on information collected about you from creditors through the 3 major credit bureaus — Equifax, TransUnion and Experian.
The information used to create your credit score comes from your credit report. Credit reports show important financial information like your payment and borrowing history. It also shows how much total debt you currently owe.
Lender Minimum credit score required Wells Fargo 620 Better.com 620 Quicken Loans® 620 Luxury Mortgage 620 Veterans United 620
Current Mortgage Rates in South Carolina
Mortgage rates are based on the current market, so you can expect them to change frequently. The personal mortgage rate a lender will offer you will also depend on factors such as your credit score, mortgage type and down payment amount. We constantly monitor current mortgage rates and update our mortgage rate tables to reflect the most recent data.
| Loan Type | Rate | APR |
|---|---|---|
| 30-year fixed | N/A | N/A |
| 15-year fixed | N/A | N/A |
| 7/1 ARM (adjustable rate) | N/A | N/A |
| 5/1 ARM (adjustable rate) | N/A | N/A |
Average Days to Close on a Loan
You’ll enter the closing process after you’ve placed an offer on your home and it is accepted. Then you’ll need to obtain a homeowner’s insurance policy and show proof of it to your lender.
Your lender will require you to make payments such as your down payment and any required closing costs. You’ll have paperwork to look through and sign before you can move into your new home.
Closing time can vary. Here are the average days to close on a loan from our recommended lenders.
Lender Average days to close Wells Fargo 90 Better.com 21 Quicken Loans® 30 Luxury Mortgage 35 Veterans United 45
Find Your Mortgage Today
Start comparing lenders to find a mortgage to help you buy or refinance a home in South Carolina.
Research the mortgage types you qualify for and ask lenders to help you understand terms before you commit. Start with our online tool to compare your options now.
Frequently Asked Questions
How long does the mortgage application process take?
It can vary, but on average, the application process can take around 30 to 45 days, depending on various factors.
Can I qualify for a mortgage if I have a low credit score?
While it may be more challenging, it’s still possible to qualify for a mortgage with a low credit score. Some lenders specialize in working with borrowers in this situation.
What happens if I miss a mortgage payment in South Carolina?
Missing mortgage payments can have serious consequences, such as late fees, negative impact on your credit score, potential foreclosure proceedings, and even the loss of your home. It’s important to communicate with your lender if you’re facing difficulties in making payments.
The post Best Mortgage Lenders in South Carolina by Ashley Hart appeared first on Benzinga. Visit Benzinga to get more great content like this.