Mortgage Prequalification | Home Loans

What does it mean to get pre-qualified for a mortgage?

This is the process of helping you know how much home you can afford. Find out how much you are qualified to borrow so you can narrow down your search for a new home. We review your application and factor in your creditworthiness, income, assets, and employment history. From there, we estimate a loan amount so you know what type of home will best fit your budget. It is important to note that your pre-qualification is generally valid for up to 120 days, so factor that into when you decide to start the pre-qualification process.

Pre-qualifying gives you a head start.

Prepare before you shop

Your pre-qualification letter ensures your creditworthiness so you stand out to sellers as reliable and secure.

Finalize your budget

Know how much you can borrow so you can house-hunt confidently.

Speed up the process

Pre-qualifying helps you find your home so you can complete your full mortgage application quickly.

Fixed-Rate Mortgage

Interest Rate
as low as*

5.625%

APR as
low as

5.710%

Adjustable-Rate Mortgage

Interest Rate
as low as*

4.250%

APR as
low as

4.308%

View All Rates

Find out how much you
could borrow.

Start your application

Quickly complete your pre-qualification process using our simple online application.
Apply Online

Gather your documents

Provide information about your employment history, income, and assets to help us determine your loan amount.
View Our Full Documents List

Prepare to pre-qualify

Once you submit your application, we will reach out to you within one business day. Depending on your eligibility, you could pre-qualify within one day.

Submit Your Application (843) 569-5145

Our members tell our
story best.

I had a great experience getting my mortgage through SC Federal. Communication was great, and closing happened quicker than expected. If I ever buy another home, I'll definitely use them again.

- Jamie Y.

I'd always heard that getting a mortgage was a long, frustrating and confusing process. The team at South Carolina Federal made it easy and stress-free, which is why I recommend them often.

- Ross H.

Learn more about mortgage pre-qualification.

Take your next step.

Apply Online View Rates Call Us

Frequently asked questions

Do I need to be a member of South Carolina Federal Credit Union to get a mortgage?

Yes, you must be a South Carolina Federal Credit Union member to close on a mortgage. Learn more about the benefits of becoming a member.

How do I get pre-approved for a home loan?

You will need to complete a loan application online and provide various documentation including pay stubs, tax documents, bank statements, etc. If you are pre-approved, you will receive a letter that serves as written verification from a lender that you qualify for a specific mortgage amount.

How will applying for a home loan affect my credit?

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.

What do I need to apply for a home loan?

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.

How long does it take to close on a mortgage?

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.

What is the difference between getting pre-approved vs. pre-qualified?

While getting pre-qualified is a good way to get an estimate of how much home you can afford, a pre-approval takes it a step further by verifying the financial information you submit to get a more accurate number. It also lets a seller know that you qualify to purchase the home and can enhance the chances of your offer being accepted.

What is the difference between APR and interest rate?

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.

How much will my monthly mortgage payment be?

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

What can I expect my closing costs to be?

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.

What do I do if I'm a first-time homebuyer?

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.

How do I make a payment online?

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

*Rates are the Credit Union's best rates. Other rates and terms vary depending on the type of loan, loan to value ratio, credit evaluation and underwriting requirements. All Credit Union loan programs, rates, terms and conditions are subject to credit approval and may change at any time without prior notice. Adjustable Rate Mortgage rates and payments are subject to increase or decrease after the initial fixed-rate period.

Mortgage Pre-Qualification