What are Non-QM loans? Non-QM loans are for borrowers ready to buy a home but may not qualify by traditional standards. When applying for a mortgage, you will either apply for a “QM” or a “Non-QM” loan. A qualified mortgage (QM) is a mortgage that meets specific requirements for lender protection and secondary market …
Mortgage Loan Programs 101
What are the most common loan types? When buying a home in South Carolina, finding the right type of mortgage is critical. With so many options available, from 30-year fixed-rate loans to adjustable-rate mortgages (ARMs), Government loans, and other loans for non-traditional borrowers, it's easy to feel overwhelmed. …
MEP’s Instant Equity Loan Program helps homebuyers
MEP's Instant Equity/Bridge Loan Program helps homebuyers Buying a home in South Carolina can be a nerve-wracking experience due to the lack of inventory in the current market. One of the hurdles many homeowners encounter is the financial barrier, specifically coming up with the funds for a down payment and closing …
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Pre-approvals vs. pre-qualifications for home loans
Is a pre-approval better than pre-qualification? When you decide to buy a home in South Carolina, it’s important to understand the difference between a pre-approval and a pre-qualification. For example, a pre-approval at Mortgage Equity Partners involves an underwriter evaluating your credit history, income, and …
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What are the different types of mortgage lenders
Who are the best mortgage lenders in South Carolina? While there are limited properties to purchase in today’s real estate market, homebuyers have options for mortgage providers. So how do you find the best mortgage lender near you? Well, there are many choices to consider when obtaining home financing. Here is a …
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Owning a home is still better than renting one in South Carolina
To rent or to buy? Which is more affordable? There are many reasons to consider buying over renting in South Carolina, and if the new year has you thinking of making a change, you are not alone. However, you may wonder if the dollars and cents add up in your favor as home prices continue to rise. According to the …
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