Carolina Choice Mortgage is a Mortgage Broker that specializes in finding you the perfect mortgage. We are based out of Greenville South Carolina and also have an office in Charlotte North Carolina. Our loan officers are trained to provide you with the mortgage knowledge that will help you choose your mortgage.
Choosing a Loan Program
There isn't a single or simple answer to this question. the right type of mortgage for you depends on many different factors:
- Your current financial picture
- How you expect your finances to change
- How long you intend to keep your house
- How comfortable you are with your mortgage payment changing
For example, a 15-year fixed rate mortgage can save you many thousands of dollars in interest payments over the life of the loan , but your monthly payments will be higher. An adjustable rate mortgage may get your started with a lower monthly payment than a fixed rate mortgage, but your payments could get higher when the interest rate changes.
the best way to find the "right" answer is to discuss your finances, your plans and financial prospects, and your preferences frankly with a mortgage broker.
Why Us
Carolina Choice Mortgage is affiliated with over 50 Mortgage Lenders that provide a variety of products to meet any clients needs. Some of the loan programs available:
Loan Programs
Conventional and Jumbo Loans -
Conventional loans are secured by government sponsored entities or GSE's such as Fannie Mae and Freddie Mac.
Subprime Loans -
Programs for those that ho ave less than perfect credit
Second Mortgages and Home Equity Lines of Credit -
Loan Programs to take advantage of the equity in your home.
Fixed Rate Mortgages -
A loan program where your monthly principal and interest payments never change.
Adjustable Rate Mortgages (ARMs) -
These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home.
Introductory Rate ARMs -
MOst adjustable rate loan have a low introductory rate or start rate, some times as much as 5% below the current market rate of a fixed loan.
Standard ARMs and the Differences -
Various types of adjustable rate mortgages
COFI Index -
This index is used to determine the interest rate for some types of ARMs
LIBOR Index -
This index is used to determine the interest rate for some types of ARMs
Balloon Mortgages -
Balloon loans are short term mortgages that have some features of a fixed rate mortgage.
Interest Only Loans -
"Interest only" products are an easy way to save money and a very popular alternative to traditional fixed rate but they are not without risk. An "interest Only" loan can offer consumers greater purchasing power, increased cash flow and a number of other benefits which are listed later in this article.
Graduated Payment Mortgages -
The GPM is an alternative to the conventional adjustable rate mortgage, and has a fixed note rate and payment schedule.
Interest Rate Buydowns -
The most common buy down is the 2-1 buy down. In the past, for a buyer to secure a 2-1 buy down they would pay 3 points above current market points in order to pay a below market interest rate during the first two years of the loan. At the end of the two years they would then pay the old market rate for the remainder of the term.
Reverse Mortgages -
A reverse mortgage is a special type of loan made to older homeowners to enable them to convert equity in their home into cash.
Commercial Loans -
Loan programs for commercial and investment properties.
