First-Time Homebuyers

Applying for a home loan may have a minor effect on your credit score, lowering it by just a few points. However, checking your credit is a necessary step for getting a mortgage. It allows us to show you actual mortgage options and interest rates.

Once your offer is accepted, it is time to apply for a mortgage. But first, you will need to provide some information, including:
•    Your current residence address, or addresses, for the past two years.
•    Social Security numbers for all borrowers.
•    Your employment history for the past two years. You'll need your employer's name, address, and phone number.
•    Income information for all borrowers. You will be asked to include salary, overtime, bonuses, commissions,  interest/dividend, retirement income, and any other regular source(s) of income.
•    The price of the home you are buying, and how much you would like to borrow toward the purchase.
•    The address of the property you are planning to purchase.
•    Bank and brokerage account information, including the institution name and current balances.
•    Information about any real estate that you own, including address, current market value, the amount you      owe, the rental income you receive (if any), and the amount of your monthly payment.
•    Information about your current debts, including the name of the creditor, the account number, the current    balance owed, and the amount of your monthly payment.

Buying your first home can be exciting and bring about a lot of questions as well. We are here to help! Please visit our first-time homebuyers page for helpful tips. Or you can give us a call at (843) 569-5145 for more information.

It typically takes 30 days to close on your mortgage once you’ve submitted all required paperwork and documents. Careful organization and clear communication between buyer, seller, and lender will ensure a seamless closing. However, closing times vary based on many factors, so check with your mortgage loan officer early in the process to better understand when you can expect to close.

View South Carolina Federal Credit Union’s competitive mortgage rates here.

The APR is a broader measure of the cost of borrowing money. The APR includes the interest rate, points, fees, and other charges associated with your loan – for this reason, it’s usually higher than your interest rate.

The interest rate is the cost you will pay to borrow money for a home loan and can be fixed or variable, depending on which loan you choose.

A fixed-rate mortgage locks in the same interest rate for the life of your loan, providing payment stability. An adjustable-rate mortgage (ARM) offers a lower initial interest rate for a set period (usually 5, 7, or 10 years), after which the rate adjusts periodically based on market conditions.

To estimate your monthly mortgage payment, use the mortgage calculator.

At South Carolina Federal, your down payment can be between 3% and 20% of the home's purchase price. A 20% down payment is the traditional standard to avoid paying Private Mortgage Insurance (PMI).

Once your mortgage is approved, you will receive a closing disclosure that provides the details of your mortgage loan including the loan terms, projected monthly payment, and how much you will pay in fees and closing costs.

If you’re buying a home, plan to have at least 3% of the sales price for a down payment and between 3-5% of the sales price for closing costs. 

Click here to learn more about how to make a payment online.

You may want to consider refinancing your mortgage when current interest rates are at least 1% lower than your current rate, your credit score has improved, or you want to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage. It is important to evaluate your timeline and determine if you will be in the home long enough to recover your closing costs.

Refinancing your mortgage loan with South Carolina Federal Credit Union is simple. First, you can explore our mortgage options, then you can apply online and lastly, you finalize your loan.