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Mortgage Help

We offer an extensive array of mortgage products. We are here to help you get in the right home or get started on that renovation project you've been dreaming of.

If you find that your question isn't answered below, feel free to contact a local loan officer now. You can also reach our Mortgage Department directly:

843.569.5145
800.845.0432 ext. 5145
mortgagemail@scfederal.org
2nd_mortgagemail@scfederal.org (2nd Fixed Mortgages & HELOCs)




Frequently Asked Questions (FAQs):

Where do I mail my first mortgage payment?
What address should I use for my first mortgage payment in online bill pay?
Do you offer lot and land loans?
Do you offer mobile home loans?
How do I apply for a first mortgage loan?
How do I apply for a second mortgage or HELOC?
How do I check current mortgage rates?
How do I prequalify for a mortgage?
How long does it take to receive a mortgage loan decision?
Is there a cash out option for a first mortgage refinance?
What are discount points?
What are the closing costs for a first mortgage?
What are the closing costs for a second mortgage?
What are the repayment options for HELOCs?
What type of first mortgage loans are offered?





Where do I mail my first mortgage payment?

All payments should be sent to:

South Carolina Federal Credit Union
P.O. Box 660592
DALLAS TX 75266-0592

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What address should I use for my first mortgage payment in online bill pay?

For online bill pay, use:

South Carolina Federal Credit Union
P.O. Box 660592
DALLAS TX 75266-0592

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Do you offer lot and land loans?

Lot loans are available for residential purposes for loan amounts up to $100,000:

  • Terms are available up to 180 months
  • Lot loans available up to 10 acres
  • Minimum 20% down payment required
  • Lot must be located in South Carolina

To check rates or apply for a lot or land loan:

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Do you offer mobile home loans?

Mobile home loans are available with terms up to 180 months for new purchases or refinances:

  • Applicants must own or be purchasing the land where the mobile home will be placed
  • Down payment amounts may vary
  • View mobile home financing rates

To qualify as a mobile home loan:

  • Wheels and tongue must be removed from the home
  • Footing and peers must be below the frost line (cinder blocks attached to poured concrete footings)
  • Homeowner’s insurance policy is needed
  • A single tax assessment is required showing the land and home taxed together as one real estate property
  • Delivery and set-up of home is required before loan disbursement

To apply for a mobile home loan:

 

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How do I apply for a first mortgage loan?

What you will need:

  • Property purchase price
  • Mortgage loan type
  • Gross monthly income (before taxes)
  • Down payment amount
  • Total monthly debts including creditor name(s) and account number(s)
  • Upfront fee of $20.00 to cover the cost of the credit report
    • Must be a South Carolina Federal Credit Union member and provide an account number with sufficient funds to process this request

    Where to apply for a mortgage loan:

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    How do I apply for a second mortgage or HELOC?

    What you will need:

    • Tax Assessment
    • Most recent First Mortgage Statement
    • Pay stubs (most recent 30 days)
    • W2 for prior year
    • Homeowners Insurance Declaration page
      • Flood Insurance Declaration page, if necessary

      Where to apply for a Second Mortgage or Home Equity Line Of Credit (HELOC):

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      How do I check current mortgage rates?

      What you will need:

      • Property purchase price
      • Mortgage loan type
      • Gross monthly income (before taxes)
      • Down payment amount
      • Total monthly debts including creditor name(s) and account number(s)
      • Up-front fee of $20.00 to cover the cost of the credit report
        • Must be a South Carolina Federal Credit Union member, and provide an account number with sufficient funds to process this request

        See today's mortgage rates  or contact a personal loan officer now.

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        How do I prequalify for a mortgage?

        Here’s what you need:

        • Approximate purchase amount of property
        • Mortgage loan type
        • Gross monthly income (before taxes)
        • Down payment amount
        • Total monthly debts (excluding credit cards)
        • Total current balances on all credit cards

        How to prequalify:

        • Visit the Mortgage Center, South Carolina Federal’s mortgage website
        • Scroll down and click PRE-QUALIFY
        • Complete the prequalification form and click CALCULATE

        To obtain prequalification letters:

         

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        How long does it take to receive a mortgage loan decision?

        First Mortgages:

        • Applications submitted through our secure Mortgage Center, will receive a response within 2-3 business days
        • Submitted paper applications will receive a response within 5-7 business days

        Second Mortgages and Home Equity Line Of Credits (HELOCs):

        • Loan decisions are provided within 1-2 business days

        First and Second Mortgage loan closings take place 30-45 days after an application has been submitted. The closing is performed by an attorney of your choice.

        To submit an application:

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        Is there a cash out option for a first mortgage refinance?

        To determine eligibility, contact our Mortgage Department at 843-569-5145.

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        What are discount points?

        Points or Discount Points are up-front finance charges paid by the home purchaser to buy-down or discount their interest rate.

        • Buying down points is optional
        • Discount points are separate from origination fees
        • Points are calculated as a percentage of the loan amount
          • 1 point = 1% of the loan amount

          To check rates, apply, or learn more, visit our online Mortgage Center.

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          What are the closing costs for a first mortgage?

          Closings costs for a First Mortgage can vary. Typically, closing costs can run about 3-5% of the total First Mortgage loan amount.

          Closings costs can be comprised of the following:

          • Origination fee
            • 1% of the loan amount
            • Appraisal fee
            • Tax examination fee
            • Underwriting fee
            • Flood certification
            • Interim interest
            • Required reserves (if applicable)
              • Homeowners insurance
              • Property taxes
              • Attorney fee
              • Title insurance
              • Recording fees
              • Survey
              • Pest inspection
              • Document prep or delivery

              Closing Cost figures can be estimated by visiting our secure online Mortgage Center.

              • Good Faith Estimates will be issued from a loan officer after a completed loan application has been submitted.

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              What are the closing costs for a second mortgage?

              Closing costs for Second Mortgages and HELOCs can vary. However, approximate costs are $1,880.00 for a loan amount up to $100,000.00.

               

              Where to apply for a Second Mortgage or HELOC:

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              What are the repayment options for HELOCs?

              Home Equity Line Of Credits (HELOCs) are issued for a 20 year loan term.

              • The first 10 years are for advancing on the loan
              • The second 10 years are for repayment only

              The following payment options are available:

              • Interest Only payments during the advance period:
                • Minimum payments are equal to the accrued interest on the outstanding balance during the advancing period
                • Payments will adjust after the advance period ends to both principal and interest
                • Principal and Interest payments during the advance and repayment periods
                  • 1.5% of the unpaid balance or $100.00, whichever is greater

                  HELOCs can be paid off at any time - there is no prepayment penalty.

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                  What type of first mortgage loans are offered?

                  What we offer:

                  • Conventional First Mortgage on Owner-Occupied, Primary Residences in South Carolina:
                    • Single Family Dwelling
                    • Condo
                    • Townhome
                    • Vacation Home**
                    • VA or FHA mortgage lending is not available

                    Terms and Loan Options:

                    • Fixed Rate
                      • 15, 20, and 30 year terms
                      • **Vacation Homes are limited to a 15 year term
                      • Adjustable Rate
                        • 1 Year- Rate adjusts each year
                        • 2/2 or First Time Home Buyer- Rate adjusts every two years
                        • 3/1- Fixed rate for first three years, adjusts annually thereafter
                        • 5/1- Fixed rate for first five years, adjusts annually thereafter

                        To check rates, apply, or learn more visit our online Mortgage Center.

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                        Online Banking Enrollment

                        Enrolling in Online Banking is simple and FREE:

                        1. Enter your User ID
                        2. Enter Phone Banking PIN as your Password
                        3. Click on the LOG IN button

                        If you don't know your Phone Banking PIN, please contact us at 843.797.8300 (Charleston) or 800.845.0432 (Nationwide).