Mortgage Options

We work hard to close on time without the hassle. Whether you are a first time buyer or an experienced home owner, purchasing a new home can be a stressful process. We take the stress off your shoulders and walk you through the process every step of the way!! We will find options and programs for your specific needs.

When deciding on a hom

We work hard to close on time without the hassle. Whether you are a first time buyer or an experienced home owner, purchasing a new home can be a stressful process. We take the stress off your shoulders and walk you through the process every step of the way!! We will find options and programs for your specific needs.

When deciding on a home purchase loan, you want the choice with the interest rate, monthly payment and term options that fit your personal situation.

At Palmetto Mortgage of SC, LLC, we take into account all of your needs, finances and history to help you choose the right home loan for you.

Our experience and expertise in the industry qualify us to assist you in finding the home loan financing that is best for you. Take a look at the different home purchase loan options, and contact us at any time when you would like to discuss the purchase of your next home.

Working with Palmetto Mortgage of SC, LLC

• We put YOU first.
• Palmetto Mortgage of SC, LLC offers some of the most competitive rates in the Nation!
• Fast and efficient, we close most of our loans in 30 days or less.
• We offer a variety of loans. Palmetto Mortgage of SC, LLC can find you the loan that is right for you!!!

 Before even looking for your first house, we can help you get mortgage prequalified. Some realtors may even require this prior to showing homes.

Palmetto Mortgage of SC, LLC can help you get pre-qualified and on your way to home ownership! Simply fill out our Mortgage Application Form securely on our website.

It is always good to determine

 Before even looking for your first house, we can help you get mortgage prequalified. Some realtors may even require this prior to showing homes.

Palmetto Mortgage of SC, LLC can help you get pre-qualified and on your way to home ownership! Simply fill out our Mortgage Application Form securely on our website.

It is always good to determine how your credit looks. Luckily in this computer age there are many ways for us to easily and quickly check our credit ad credit scores. There are multiple sites out there to check your credit for free. Two that we like are www.freecreditreport.com and www.creditkarma.com . If you have a credit score below 640 you may want to dive deeper into your report to see if there are opportunities to increase that score. Ways to that would be by dispute errors if there are any with the credit bureaus, make sure you are current with all monthly payments, and reduce debt where possible.

 Let Palmetto Mortgage of SC, LLC’s Experts Guide You Smoothly into Your Dream Home. Palmetto Mortgage of SC, LLC loan specialists can help guide you through the loan process. We can help you get you pre-qualified for free before you even find your new home and we can match you with a trusted real estate agent through our partner networks

 Let Palmetto Mortgage of SC, LLC’s Experts Guide You Smoothly into Your Dream Home. Palmetto Mortgage of SC, LLC loan specialists can help guide you through the loan process. We can help you get you pre-qualified for free before you even find your new home and we can match you with a trusted real estate agent through our partner networks. Our variety of loan options allow you to buy your first home with very little down and we will work to ensure the loan payments meet your unique needs. Speak with one of our experts to find out more and see if you qualify!

Loan Programs for First-Time Home Buyers:

FHA Loan
Perfect for the buyer that wants to put less money down. Purchase your house with as little as 3.5% down!

30-Year Loan
The most secure loan program. Lock in a low payment and sleep tight knowing your rate will not change.

USDA Rural Housing 100% Financing

This is a great option for our more rural communities. 

Conventional 1% Down

Lower down payment so you can  get into a house sooner by reaching the down-payment savings goal faster.

More money for furniture, house repairs and maintenance.

VA Loan
An amazing deal for veterans and military members. Those who qualify for this loan can purchase with no down payment and no PMI. Find out if you qualify today!

Not sure which program is right for you? Contact one of our specialists today! Palmetto Mortgage of SC, LLC can get you pre-qualified and find you the loan that meets your needs. Find out how you can get pre-qualified today!

For some home buyers, the decision of how much money to use as a down payment can be very confusing and hard.

The route for each buyer or investor really does depend on their situation and personal preferences. The summary below reviews four issues that all home buyers and investors should consider about down payment:

• Down payment options
• Co

For some home buyers, the decision of how much money to use as a down payment can be very confusing and hard.

The route for each buyer or investor really does depend on their situation and personal preferences. The summary below reviews four issues that all home buyers and investors should consider about down payment:

• Down payment options
• Cost of lower down payments
• Benefits of lower down payments
• Personal considerations

The information provided below is for the purpose of provoking thought and careful consideration about different financing programs available. It is not meant to steer you toward one particular program. It is merely an exposition of the options to consider when purchasing a home or investment property.

 The “Down Payment Requirements” chapter reviews the minimum down payment needs for conforming loans, as well as some of the available alternatives with non-conventional (FHA loans) programs.

For example, you can purchase a single-family home or condominium with as little as 3.5% down payment. But there is a price for lower down payments o

 The “Down Payment Requirements” chapter reviews the minimum down payment needs for conforming loans, as well as some of the available alternatives with non-conventional (FHA loans) programs.

For example, you can purchase a single-family home or condominium with as little as 3.5% down payment. But there is a price for lower down payments on conforming loans: mortgage insurance (often called PMI, private mortgage insurance).

Mortgage insurance is required when the conforming loan amount is MORE than 80% of the purchase price (practical translation: down payment is less than 20%). Also, the lower the down payment, the higher the premium ratio charged.

Military veterans who qualify for a VA loan have the easiest route to buying a home with the need for no money down. VA loans can provide up to 100% financing for qualified military personnel and veterans. There are also non-conforming mortgage loan programs available that allow for 80/20 set-ups, which allow borrowers to obtain a second mortgage to cover the 20% down payment.

Even with less than less than perfect income and credit we may have a program that fits your needs.

Low or no down payment programs have two primary costs:

• Higher interest rates
• Higher mortgage insurance premiums.

The downside of a small down payment, whether you are using a conforming loan or a non-conforming program, is that you will need to pay higher interest rates and mortgage insurance.

Mortgage insurance is calculated against the loa

Low or no down payment programs have two primary costs:

• Higher interest rates
• Higher mortgage insurance premiums.

The downside of a small down payment, whether you are using a conforming loan or a non-conforming program, is that you will need to pay higher interest rates and mortgage insurance.

Mortgage insurance is calculated against the loan amount, so you get hit with a double-whammy. Lower down payment means a higher loan amount and a higher mortgage insurance rate.

Mortgage insurance can be removed once sufficient equity is produced. So if the property shows at least 20% equity in a few years, the mortgage insurance can be refinanced away.
A related burden of lower down payments is obviously higher loan amounts, which translates into higher monthly payments.

Consider, for example, the purchase of a $100,000 condominium with market interest rates of 6.500%.

• With a 5% down payment, the loan of $95,000 would have monthly payments of $600.46.
• However, a 10% down payment would decrease the loan amount to $90,000 and the payment to only $568.86 per month.

During the first few years of the mortgage loan, the bulk of your monthly payments are for interest—which is normally tax-deductible. So you actually get a bit of your monthly payments back at the end of the year in the form of tax deductions.

 Though the disadvantages of low down payments seem serious, there are also advantages. Take time to weigh the two and assess which is the best for you.
The chief benefits of lower down payment include the following:

• Increased liquidity.
• Higher rate of return. You property’s appreciation will be the same whether you put 3%, 5% or 20% down p

 Though the disadvantages of low down payments seem serious, there are also advantages. Take time to weigh the two and assess which is the best for you.
The chief benefits of lower down payment include the following:

• Increased liquidity.
• Higher rate of return. You property’s appreciation will be the same whether you put 3%, 5% or 20% down payment. In fact, your rate of return actually decreases as you make a larger down payment, as discussed below.
• Opportunity cost. In some cases, the smart investor can make more money from available cash by placing it in other investments.

 How much to put down should be carefully thought out. You must make your own personal calculation, of the monthly payment that you can afford. Obviously, the lender will qualify you for a certain level, based on your income. But that qualification level is often different from the level that you feel comfortable with.

Your mortgage lender

 How much to put down should be carefully thought out. You must make your own personal calculation, of the monthly payment that you can afford. Obviously, the lender will qualify you for a certain level, based on your income. But that qualification level is often different from the level that you feel comfortable with.

Your mortgage lender may have qualified your income for a monthly mortgage payment of $1,500; however, you may feel that you can realistically afford only $1,200 per month. If that is the case, you must lower the loan amount by increasing the down payment or finding a less expensive property.
Consult with your loan officer about the best situation for you, as well as ways to eliminate or minimize mortgage insurance.

 A dream home may be within reach. Palmetto Mortgage of SC, LLC can help with investment property loans. Our pre-qualification process will ensure you are ready to buy and we can assist in finding the best real estate agent to meet your needs.! Speak with one of our experts to find out more.

Mortgage Loan Programs for Vacation and Investme

 A dream home may be within reach. Palmetto Mortgage of SC, LLC can help with investment property loans. Our pre-qualification process will ensure you are ready to buy and we can assist in finding the best real estate agent to meet your needs.! Speak with one of our experts to find out more.

Mortgage Loan Programs for Vacation and Investment Homes

30-Year Loan
Take advantage of low rates by locking into a low payment with a traditional 30-year loan

15-Year Loan
Get the same security of a 30-year fixed rate mortgage, but pay your mortgage off in half the time.

Get Pre-Qualified

Increase your bargaining power by getting pre-qualified with us today.

Not sure which program is right for you? Contact one of our specialists today! The Palmetto Mortgage of SC, LLC team can get you pre-qualified and find you the loan that best meets your needs. Find out how you can get pre-qualified today!