Mortgage Refinancing

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. 

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. 

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.

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.

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.