Finding the right mortgage lender can lead to more mortgage loan types and a better interest rate — it’s worth the effort to do your homework so you know you’ve found the best option for you. But finding the right mortgage lender can be tough because there are so many to choose from. But the best mortgage lenders, Greenville, SC and elsewhere, are the key to homeownership success.
We’ll take a look at some of the best mortgage lenders in Greenville, SC. We’ll also teach you a little more about the different types of mortgage loans so you know what’s available.
Best Mortgage Lenders in Greenville, SC
The 6 Best Mortgage Companies in Greenville, SC
Let’s take a look at some of our favorite mortgage lenders that offer loans in Greenville, South Carolina.
1. Best for Bank Statement Loans: Angel Oak Mortgage Solutions
Angel Oak Mortgage Solutions is a full-service mortgage lender offering traditional and portfolio mortgage loans. Among their many customized loan solutions is their Bank Statement product for self-employed borrowers in South Carolina. This loan does not require tax returns and includes a 1099 Income option for 1099 earners.
- Loan amounts up to $3 million
- 12 or 24 months of personal or business bank statements
- Two years out of bankruptcy, short sale, foreclosure, or deed-in-lieu
- Owner-occupied, non-owner occupied, second homes located in South Carolina
- 1099 option available
- 40-year fixed interest only
- Delayed financing available
- Non-warrantable condos allowed
Angel Oak Mortgage Solutions offers a wide range of loan options allowing you to obtain any mortgage as long as qualification requirements are met. South Carolina residents can also refinance into any of these loans. The customer service team is easy to reach via email, phone or the online contact form, and you can begin your journey by searching for a local advisor right on the website.
Angel Oak is headquartered in Atlanta, Georgia and is licensed in AL, AZ #0927070, licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, CO, CT, DE, DC, FL, GA #32379, ID, IL, IN, IA, KS, KY, LA, ME, MD, MI, MN, MS, NV, NH, licensed by the N.J. Department of Banking and Insurance, NM, NC, OH, OK, OR, PA, Rhode Island Licensed Lender, SC, TN, TX, UT, VT, VA, WA dba AOHL LLC, WI.
- Considers unique borrower situations
- Quick loan approval process
- Offers competitive interest rates
- Stricter qualification requirements
2. Best for First-Time Home Buyers: Rocket Mortgage®
Rocket Mortgage® takes the stress out of the home-buying process — the mortgage behemoth has taken a ton of steps to make getting the loan you need easier. Rocket Mortgage®’s preapproval process is so simple that you can complete it on your phone and you’ll get an instant decision in many cases.
It offers you nearly every type of loan you could need, from high-value jumbo loans to fixed-rate and ARM conventional mortgages. Its website also offers a vast library of free resources you can use to learn more about buying a home.
- Apply online through their website
- Faster loan processing times
- Variety of mortgage options
- Lack of personal interaction
- Home loan options aren't easily available before applying.
3. Best for Quick Closings: PennyMac
Are you interested in moving into your new home as quickly as possible? Be sure to consider PennyMac if a faster closing experience is on the top of your priority list. PennyMac is a nationwide lender that offers both conventional and government-backed mortgage loans with closings in as little as 10 days.
Its 24/7 mortgage access center also allows you to check on the status of your mortgage loan at any time — day or night. These features can be a major benefit for buyers who move from a rented space to a new home and who need to close before a certain date.
- Obtaining an FHA loan can make your life much easier and help to trim your budget
- You can receive personalized service, especially when you’re new to the process or confused by how mortgages work
- Yes, FHA loans are affordable, but there are those that might prefer conventional loans
4. Best for VA Loans: Veterans United
Veterans United is a unique mortgage lender that specializes in 15-year and 30-year VA loans to current and former service members. It offers a simple online preapproval process and its website even offers a mortgage calculator tool to tell you how much you might expect to be approved for before you receive a decision.
You may also want to consider Veterans United’s first-time buyer loan or conventional mortgage options if you’re a veteran or service member who doesn’t yet qualify for a VA loan.
- Competitive interest rates and loan terms
- Streamlined loan process
- Provides educational resources and support for veterans and military members
- Limited physical branch locations
5. Best for Young Professionals: Flagstar
Have you just graduated from medical school, law school or another specialized degree program? If so, you probably have a lot of debt. You probably also have the potential to earn more money in the coming years than you did in the past. Flagstar offers custom mortgage solutions for men and women with an advanced degree and debt that doesn’t reflect current earning potential.
You can get up to $1.5 million with a Flagstar loan, even if your debt-to-income ratio is much higher than average. With case-to-case mortgage solutions, Flagstar can be an excellent choice if you’re in the beginning stages of a new career.
- A broad range of loans are available
- You can obtain loans for construction or renovation
- Brick-and-mortar locations are available
- Quality information on the website
- Applications may take some time to complete
6. Best for Buyers with Low Credit Scores: Keller Mortgage
Most mortgage lenders require you to have a credit score of at least 620 points before you can get a conventional mortgage. Keller Mortgage offers conventional mortgage loans to buyers with scores as low as 600 points and lower. If you’re still in the process of building up your credit score, Keller Mortgage might have the right mortgage loan for you.
- No lender fees or origination costs
- Competitive interest rates
- Fast and streamlined application process
- Limited availability in certain states
- Limited loan options
There are many different types of mortgage loans and terms you need to know. Let’s take a look at a few types of mortgage loans you might see offered by lenders.
ConvConventionalential loans are the most common type of mortgage loan. You can use a conventional loan to buy any type of property as long as you meet your lender’s individual standards. You’ll need a credit score of at least 620 points and a down payment of at least 3% to qualify for a conventional loan. As a general rule, conventional loans also typically have lower mortgage rates than other types of loans.
FHA loans are backed by the Federal Housing Administration. This means that lenders who offer FHA loans can offer them to men and women with lower standards compared to conventional loans. To qualify for an FHA loan, you must have a credit score of at least 580 if you have at least 3.5% to put down and 500 points if you have at least 10% down. Your home must meet livability standards before you can buy it with an FHA loan. You must also pay a one-time and monthly FHA mortgage insurance premium.
VA loans are insured by the Department of Veterans Affairs. To qualify for a VA loan, you must meet military service requirements. A VA loan can allow you to buy a home with $0 down and a credit score of 620 points. You must also buy your first home which should meet livability standards.
30-Year Fixed Mortgage
A 30-year fixed mortgage loan is a loan with an interest rate that remains constant for its entire 30-year term. You’ll pay the same interest percentage every single month — whether it’s your first payment or your last. As the name suggests, a 30-year loan is paid off in 30 years if you stick to your monthly installment schedule.
15-Year Fixed Mortgage
A 15-year fixed mortgage loan is exactly the same as a 30-year loan with a 15-year term instead. The 15-year and 30-year mortgage terms are the most common mortgage terms for each type of mortgage loan. When you take on a 15-year mortgage term, you’ll pay more toward your loan each month. However, you’ll also pay less in interest by the time you finally pay off your loan.
Adjustable-Rate Mortgage (ARM)
An adjustable-rate mortgage (ARM) offers an interest rate that changes as the market moves. Your ARM loan begins with a fixed-rate period that has a lower APR than what you’ll pay if you take a fixed-rate loan. After this period ends, your mortgage lender will recalculate your mortgage interest rates and change them as market rates change. If interest rates go up, you’ll pay more in interest. If rates go down, you’ll pay less. ARMs have caps in place that prevent your loan’s interest rate from going too high or too low below the rate you sign onto.
The numbers listed before your ARM describe how often your mortgage loan will change. The first number describes the number of years your loan will have a fixed interest rate, while the second number tells you how often your interest will be recalculated. For example, a 5/1 ARM begins with a 5-year period of fixed interest, after which your lender will readjust your interest rate every year.
Which Mortgage Lender is Best for You?
So many mortgage lenders offer loans both online and in person at bank branches. How can you possibly be sure that you’re making the right choice? The best mortgage companies in Greenville, SC all share these 3 common characteristics:
- An easy-to-understand application process. Before you start shopping for a home, get a document called a mortgage preapproval. A preapproval gives you an estimate of how much you can afford to pay for a home and allows you to shop within your budget. Look for a lender with a straightforward preapproval process. Many lenders now offer quick and easy online preapprovals you can complete on your phone.
- Responsive customer service. Shopping for a home can be confusing. Lenders for first-time homebuyers should focus on providing a responsive, proactive customer service team to respond to your concerns. If a lender takes a long time to get back to you, it might be time to consider another option.
- Ability to offer the loan you want. Not every lender is authorized to offer all types of mortgage loans. Look for a lender that specializes in the type of mortgage loan that you need. If you aren’t sure which type of loan you need, consult with a representative from a company that offers both conventional and government-backed mortgage loans.
Lender Credit Score Minimums in South Carolina
Your credit score is a 3-digit number that represents your history of paying back debt. The higher your score, the more likely you are to pay back any money a credit card company or lender extends to you.
Your credit score plays a major role in your ability to get a mortgage or refinance an existing loan. Many lenders institute a minimum credit score you must have as a buyer to get a loan. Let’s take a look at a few of the largest mortgage companies in South Carolina and their minimum credit requirements.
Current Mortgage Rates in South Carolina
Mortgage interest rates rise and fall throughout the year. Mortgage interest rates can be influenced by everything from bond interest rates to housing supply to the overall state of the economy. They may change from day to day — we update our mortgage rate chart frequently to reflect the most recent rates. Let’s take a look at current interest rates in South Carolina.
Average Days to Close on a Loan
You’ve found your home, agreed to a purchase price with the buyer and gotten your mortgage preapproval — nothing left to do but become a homeowner, right? Wait. First, you’ll also need to go through the closing process before you get the keys. During closing, your lender schedules an appraisal and completes underwriting processes to make sure that you qualify for your loan. You should also schedule a home inspection during this period.
How long does it take to close on a mortgage loan? The answer depends on specific lenders. Some lenders may take a few months to complete the closing processes while others specialize in quick closings. Let’s take a look at the average number of days to close advertised by some of South Carolina’s top lenders.
Finding the Loan that’s Right for You
The best way to ensure that you’re getting the mortgage loan that’s right for you is to take plenty of time to do your research. Don’t be afraid to put off shopping for a loan until you’ve compared loan terms and types and spoken to a few representatives. It’s much better to make sure you have the right lender for you, rather than choosing a lender that’s not the right fit.
Frequently Asked Questions
How much should I save for a down payment?
Most lenders will recommend that you save at least 20% of the cost of the home for a down payment. It is wise to save at least 20% because the more you put down, the lower your monthly payment will be and ultimately you will save on interest costs as well. In the event that you are unable to save 20% there are several home buyer programs and assistance, especially for first time buyers. Check out the lenders that specialize in making the home buying experience a breeze.
How much interest will I pay?
Interest that you’ll pay is based on the interest rate that you received at the time of loan origination, how much you borrowed and the term of the loan. If you borrow $208,800 at 3.62% then over the course of a 30-year loan you will pay $133,793.14 in interest, assuming you make the monthly payment of $951.65. For a purchase mortgage rate get a quote here. If you are looking to refinance you can get started quickly here.
How do I get pre-approved?
First, you need to fill out an application and submit it to the lender of your choice. For the application you need 2 previous years of tax returns including your W-2’s, your pay stub for past month, 2 months worth of bank statements and the lender will run your credit report. Once the application is submitted and processed it takes anywhere from 2-7 days to be approved or denied. Check out our top lenders and lock in your rate today!
Get Ready for Take Off
Rocket Mortgage® is an online mortgage experience developed by the firm formerly known as Quicken Loans®, America’s largest mortgage lender. Rocket Mortgage® makes it easy to get a mortgage — you just tell the company about yourself, your home, your finances and Rocket Mortgage® gives you real interest rates and numbers. You can use Rocket Mortgage® to get approved, ask questions about your mortgage, manage your payments and more.
You can work at your own pace and someone is always there to answer your questions — 24 hours a day, 7 days a week. Want a fast, convenient way to get a mortgage? Give Rocket Mortgage® a try.