South Carolina at a Glance
Population
5,124,712
5,124,712
Average Household Income
$81,142
$81,142
Lower cost of living
Top 3 Industries: Agribusiness,
Automotive , & Logistics
Automotive , & Logistics
The first step in having a successful home loan experience is finding the right mortgage lender.
Financing a home with NewFed Mortgage Corp. in South Carolina can be an excellent option for those looking to purchase a home in the Palmetto State. NewFed Mortgage Corp. is a reputable lender with a long history of providing exceptional customer service and competitive rates. They offer a variety of loan programs, including conventional, FHA, VA, and USDA loans, which means that they can help borrowers find the right financing solution for their unique needs. Additionally, NewFed Mortgage Corp. has extensive experience working with clients in the South Carolina market, which means that they have a deep understanding of the local real estate market and can provide invaluable guidance and support throughout the homebuying process. Whether you are a first-time homebuyer or an experienced real estate investor, NewFed Mortgage Corp. can help you achieve your homeownership goals in South Carolina.
South Carolina is a beautiful state with a diverse range of communities and neighborhoods to choose from. One such place is Charleston, a historic city known for its charming architecture, delicious cuisine, and rich cultural heritage. Charleston boasts a thriving arts scene and is home to many museums, galleries, and theaters. Another great place to live in South Carolina is Greenville, a thriving city in the foothills of the Blue Ridge Mountains. Greenville offers a high quality of life, with excellent schools, a bustling downtown area, and plenty of outdoor recreation opportunities. Other top picks include Columbia, the state capital and home to the University of South Carolina, and Hilton Head Island, a popular resort destination known for its beautiful beaches and world-class golf courses. With so many great places to choose from, South Carolina is a wonderful place to call home.
No matter what your mortgage-related needs, the NewFed Mortgage Corp. team is ready to help. From your very first home loan to refinancing a property you’ve lived in for years, we are here for you. Our experienced and knowledgeable team is always ready to answer any questions that you have.
Mortgage Property Types
The most common property types available in South Carolina are townhouses, single-family residences, and condominiums, but you’ll also find some manufactured homes, multi-unit properties, and cooperatives (co-ops). Let’s run through the definition of each.
Townhouses
single-family, multi-floor homes that are attached to one another. They are typically uniform in design and are part of a homeowner’s association.
Single-family residences
freestanding homes on a piece of property, or independent residential structures that act as dwellings.
Condominiums
properties that are split into distinct units in one or more buildings. These are individually owned and can either be attached or detached (condex is an alternate term for a detached condo).
Manufactured homes
homes that are built piece-by-piece off-site in factories and then transported to a lot for final assembly.
Multi-unit properties
houses that can shelter more than one family living separately. They consist of duplexes (multi-unit homes with two attached units) or apartment buildings with a maximum of four units.
Cooperatives (co-ops)
multi-family properties where a legal entity owns the title. Residents accrue equity in the building by purchasing shares, allowing them to own a portion of the property (although their names will not be on the deed).
Refinancing
If you’re interested in revising or replacing the terms of an existing loan agreement, then you might want to consider refinancing. Usually, the decision to refinance is as simple as wanting to secure a lower interest rate, while another common motivation is to take advantage of the equity one has built in their property and convert some of it to cash. Some borrowers may even want to change the terms of their loan (for example, from a variable interest rate to a fixed), or to change the length of their loan agreement. Since loans with shorter terms usually have lower interest rates, the borrower can save a lot of cash by paying it off earlier and by paying less interest. Not only that, but refinancing is also a good way to bundle any outstanding debts into a single loan at a lower rate. For a more comprehensive overview of refinancing and what it entails, feel free to get in touch with one of our loan officers today.
Reverse Mortgages
Reverse mortgages are becoming increasingly popular among eligible people who are 55 or older. Essentially, a reverse mortgage is a special type of home equity loan that is available to homeowners 55 and up who have built up considerable equity in their primary property and want to draw it out as cash either monthly, as a lump sum, or as a line of credit. It’s a form of loan, and the money received is non-taxable and will be paid back when the mortgagee dies or sells the home. To find out more about reverse mortgages, check out our online overview.
