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Mortgage Specialist
Kathi Snipes

1185 Sunset Boulevard
West Columbia, SC 29169
803.739.6105
866.851.3000
Fax : 803.739.6114
ksnipes@securityfederalbank

NMLS# 501862

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Types of Mortgages

Conventional, Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. 

Conventional, Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. On the other hand, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

FHA Loan
An FHA loan is one of easiest types of real estate loans to qualify for because it requires a low down payment and borrowers with a limited credit history may be able to qualify.  For example, a borrower who currently has reliable credit, but had a bankruptcy more than two years ago or a foreclosure more than three years ago may qualify for an FHA loan.  FHA mortgage loans are insured by the government through mortgage insurance that is funded into the loan. First-time home buyers may also be good candidates for FHA loans. 

VA Mortgage
This type of government loan is available to active duty military and veterans who have served in the U.S. Armed Services and, in certain cases, to spouses of deceased veterans. The requirements vary depending on the year of service and whether the discharge was honorable or dishonorable. The main benefit to a VA loan is the borrower does not need a down payment. The loan is guaranteed by the Department of Veteran Affairs, but is funded by a conventional lender like Security Federal Bank.

USDA, Rural Development Loan
USDA loans are primarily used to help lower-income individuals (or households) purchase homes in rural areas.  Applicants may have an income of up to 115% of the median income of the area.  There is no required down payment. Click here for more information from the USDA website.

Construction-to-Perm Financing
Construction-to-permanent loans offer home buyers the opportunity to make fixed-rate, interest-only payments while a new home is being constructed or an older home is being renovated.  Upon completion of the construction period (generally up to 12 months for a new home) the construction loan is refinanced, modified or converted to a permanent fixed-rate or adjustable rate mortgage. To qualify for construction-to-permanent financing, the loan must be for a one-unit, single-family detached home to be used as an owner-occupied primary residence or a second home.  Additionally, the borrower must hire a licensed contractor to complete the work.   

Hybrid ARM(3/1, 5/1, 7/1 ARM)
A hybrid adjustable-rate mortgage ARM offers a blend of fixed-rate and adjustable-rate characteristics.  The interest rate is initially fixed for a period of three, five, or seven years.  Then the interest rate adjusts annually at a margin above a specified index. This may be a good choice for borrowers who expect to move (or refinance) before or shortly after the adjustment occurs. Additionally,  it may be an option for borrowers with loan needs that do not conform to normal funding guidelines.

Annual ARM
This loan has a rate that is recalculated once a year.

LOT LOAN
Residential lot/land loans are used to purchase unimproved property.  You can use this loan to buy the land you want to build your new home on.

 HOME EQUITY LINE OF CREDIT (HELOC)
A HELOC is a revolving form of credit that uses your home as collateral. If you’re a qualified homeowner with available equity, a HELOC can provide you with:

  • A revolving source of funds that you can draw from as needed during the term of the loan
  • Secured financing which typically results in lower interest rates than unsecured forms of credit
  • Potential tax benefits - Consult your tax advisor to determine potential eligibility for tax deductions on interest
Kathi Snipes NMLS #501862
Security Federal Bank NMLS #456430
1185 Sunset Boulevard , West Columbia, SC  29169
Direct:  (803) 739-6105
ksnipes@securityfederalbank.com
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