Mortgage Help

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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