Simpsonville, SC, USA

©2019 BY SC HOME LOANS, LLC. SC- MLO KIARA CALVERLEY -1594479 | SC HOME LOANS, LLC SUPPORTS EQUAL HOUSING OPPORTUNITY. NMLS ID# 1588407 (WWW.NMLSCONSUMERACCESS.ORG) INTEREST RATES AND PRODUCTS ARE SUBJECT TO CHANGE WITHOUT NOTICE AND MAY OR MAY NOT BE AVAILABLE AT THE TIME OF LOAN COMMITMENT OR LOCK-IN. BORROWERS MUST QUALIFY AT CLOSING FOR ALL BENEFITS.

CONVENTIONAL LOANS

A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the United Stated Department of Agriculture (USDA) and the Department of Veterans Affairs (VA). It is typically fixed in its terms and rate.

GOVERNMENT LOANS

A government-backed loan is a loan subsidized by the government, which protects lenders against defaults on payments, thus making it a lot easier for lenders to offer potential borrowers lower interest rates. Its primary aim is to make home ownership affordable to lower income households and first-time buyers.  This includes FHA, VA, and USDA loans.

FIXED RATE LOANS

A fixed interest rate loan is a loan where the interest rate doesn't fluctuate during the fixed rate period of the loan. This allows the borrower to accurately predict their future payments. Variable rate loans, by contrast, are anchored to the prevailing discount rate.

ADJUSTABLE RATE LOANS

A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.  These types of loans are most suited for people who know they will not be keeping the loan past the fixed period of the loan.

BALLOON LOANS

A balloon payment mortgage is a mortgage which does not fully amortize over the term of the note, thus leaving a balance due at maturity. The final payment is called a balloon payment because of its large size. Balloon payment mortgages are more common in commercial real estate than in residential real estate.  These types of loans are most suited for people who know they will not be keeping the loan past the time when the balance becomes due and payable.