In South Carolina, it is the city of Charleston which is considered as the fastest growing among the rest. In a research conducted, the rate in which the number of residents increases in the city is 1.4%. In just a single year, the number of residents living in the area grew from 106,366 to 107,845. Overall, Charleston ranked 67th on the conducted census on the list of United States’ fastest growing cities. From the recent census made, the city is stated to have an estimated population of 118,492, which made it ranked second as the most populated city in South Carolina. Being considered as the fastest growing city, it can be expected that many of the residents are on the market to look for available houses.
With that as the case, there will also be many residents who will look for home financing means to assist them in owning the house they are after. It is only right to start looking for the best Mortgage Rates Charleston SC they can find as well to start the process. However, it is vital to understand and know first the available mortgages options to use for house refinancing.
Note: South Carolina’s median house value falls at the amount of $94,900, which is 21% lower than the stated national average value in the figure of $119,600.
Available Mortgages Options Offered
The available mortgage options that Charleston residents can use depends on the overall offered ones in South Carolina State. There are 3 types of mortgages offered in the state. These are the adjustable rate mortgages, balloon mortgages and fixed mortgages.
Adjustable Rate Mortgages
This type of mortgage option means that mortgage is adjusted based on the interest rates at present times. There are only two things that will happen concerning the monthly payment to be paid. It is either it will drop or rise, which all depends on the changes on interest rates.
It is quite similar to fixed rate mortgage, with the only difference in the balance. It is not paid all during the term. Instead, the remaining balance can either be paid in full or be refinanced once the term ends.
Fixed Rate Mortgages
It is the most popular among the three and it is for a good reason. This mortgage type means that the principal and interest do not change. This fixed rate is often locked in for fifteen to thirty years.
Aside from these three, there is also a new type of mortgage. It is the combined adjustable rates and fixed rate mortgages. A good example of the combined types is leaving the first twenty years fixed with the rest already adjustable. It can be an attractive option sine there is a chance that interest rates can get lower after several decades upon the initial purchase.
Understanding the best type of mortgage that suits your needs is not just the only aspect you need to focus on. You need to ensure as well that you are dealing with a reliable Mortgage broker Charleston SC. A reliable mortgage broker at your side can make things easier for you. If you are looking for one, Charleston Mortgage Places is a good choice.