Mortgage Broker in Isle of Palms, SC

We know that many home loan officers have horrible reputations. Some brokers only see their clients as transactions, and a means to make quick money. They come off as impatient and pushy, failing to understand that this is a very big decision for you. At Mission One Mortgage, we take the opposite approach. We encourage our clients to take as much time as needed to ask us questions and review mortgage documents. We could say that our mission is to exceed your expectations, but we'd rather just show you. From assistance finding FHA, VA, or other loans to refinancing your current mortgage, Mission One is the team you can trust.

Here are just a few reasons why home buyers choose Mission One Mortgage:

No Additional Fees

No Additional Fees- Providing our client's services free of charge, using a mortgage broker like Mission One Mortgage can help you scout the best price on loans without a hefty price tag.

Access to 50 Lenders

Access to 50 Lenders- With access to a range of loans and interest rates available, Mission One Mortgage can shop for the best loans for your unique needs.

Accessible to Our Clients

Accessible to Our Clients- Providing a transparent and communicative service to all our clients, Mission One Mortgage ensures all phone calls are answered or returned in a timely manner.

Setting You Up for Success

Setting You Up for Success- Helping you prepare all your documents for pre-approval and the loan application, Mission One Mortgage will provide you with all the necessary information to secure the best loan.

Contact Us For Service !

Free Consultation phone-number (843) 822-5685

To understand the benefits of working with a mortgage broker, you must first understand their role in the home-buying process.

What Does a Mortgage Broker Do?

Your mortgage broker is a third party that works to connect you with mortgage lenders. Essentially, a mortgage broker works as an intermediary between a person who wants to buy a home and the entities offering loans to buy a home. The mortgage broker works with both the borrower and lender to get the borrower approved. They also verify and collect paperwork from the borrower that the lender needs to finish a home purchase. Typically, mortgage brokers have relationships with several home loan lenders. Mission One Mortgage, for example, has access to 50 different lenders, which gives us a wide range of home loans in Isle of Palms, SC, from which to choose.

In addition to finding a home loan lender, your mortgage broker will help you settle on the best loan options and interest rates for your budget. Ideally, your mortgage broker will take a great deal of stress and legwork off your plate while also potentially saving you money.

Help with the Pre-Approval Process

If you're ready to buy a home, getting pre-qualified is a great choice that will streamline the entire process. Your mortgage broker makes getting pre-approved easy by obtaining all the documents needed to get you pre-qualified. In taking a look at your application, they will determine if you're ready for the pre-approval process. If your application needs additional items, the mortgage company will help point you in the right direction to ensure your application is as strong as it can be. Your mortgage broker will also walk you through the different types of loans, from Conventional and FHA to VA and USDA.

In order to be pre-approved for a home in South Carolina, you must have the following:

  • Two Years of W2 Forms
  • 30 Days of Pay Stubs from Employer
  • 60 Days of Bank Statements
  • A Valid Driver's License

Conventional Mortgages

Conventional loans can be used to purchase a new home or refinance your current one. Conventional loans include fixed-rate mortgages and adjustable-rate mortgages. Generally, borrowers must put down a 3% down payment for owner-occupants, 10% for a vacation property, and 20% for an investment home. If you are able to pay 20% of the total cost of the home, you can avoid private mortgage insurance, which is otherwise required. Conventional mortgages are often preferred by buyers with good credit or people needing a non-owner-occupied mortgage.

 Mortgage Broker Isle Of Palms, SC
 Mortgage Company Isle Of Palms, SC

FHA Loans

FHA mortgages are issued by the U.S. government and backed by the Department of Housing & Urban Development (HUD). This loan is often preferred by first-time homebuyers because it only requires a 3.5% down payment and offers more flexibility with credit requirements and underwriting standards. FHA loans have several requirements you must meet to qualify. Contact Mission One Mortgage today to learn more about FHA loans and whether or not they're best for your financial situation.

USDA Loans

Also backed by the government, these loans are insured by the U.S. Department of Agriculture and don't require money down. These loans have lower insurance requirements when compared to FHA loans, offer 100% financing if you qualify, and allow for closing costs to be covered by the seller. In order to qualify for a USDA loan, you must live in a rural area, and your household income must meet certain standards. These loans are often preferred by low-income citizens who live in rural parts of South Carolina.

 Mortgage Lending Service Isle Of Palms, SC
 Refinancing Isle Of Palms, SC

Veteran Mortgages

Also known as VA or Veteran's Affairs loans, these mortgages are reserved for the brave men and women who served in the military. VA loans help provide our military members, veterans, and their families with favorable loan terms and an easy home ownership experience. Often, those who qualify are not required to make a down payment on their home. Additionally, these loans often include less expensive closing costs.

If you are a veteran or the family member of a veteran, contact Mission One Mortgage today to speak with our Vetted VA Professional, Debbie Haberny. Debbie helps our military members, veterans, and their family members obtain home loans utilizing veteran benefits and would be happy to help as you search for a home.

Q. I was talking to my spouse about mortgage brokers, and they mentioned the phrase home loan originator. What's the difference between a broker and a loan originator?

A. The mortgage industry is full of confusing jobs and titles, making it easy to confuse roles and responsibilities. Such is the case with mortgage brokers and home loan originators. Though their roles share similarities, a home loan originator in Isle of Palms, SC, works for a bank or credit union, while a mortgage broker works for a brokerage company. Home loan originators and mortgage brokers are both licensed by the Nationwide Multistate Licensing System (NMLS).

Q. I've heard from everyone that you must have mortgage insurance to buy a home. What is mortgage insurance?

A. Essentially, mortgage insurance helps protect lenders if a borrower forecloses on the home they bought. One advantage of mortgage insurance is that when borrowers pay it, lenders can often grant loans to buyers when they might not have otherwise. Though not always required to buy a home, mortgage insurance is often needed for down payments of less than 20%.

Q. I have just been pre-approved to buy a beautiful home in South Carolina. Is there anything I shouldn't do now that I'm pre-qualified?

A. Mortgage companies like Mission One Mortgage, make getting pre-qualified for a home easy. However, as your loan process continues, your lender is required to run a new credit report before closing on a home. For that reason, it's to avoid any activity that might affect your credit score, such as:

  • Do not become a co-signer on a loan with someone else.
  • Do not quit or change your job.
  • Do not apply for new credit cards, automobile loans, or any other lines of credit.
  • Do not use your credit card to pay for large purchases, like furniture for your new house.
  • Do not avoid payments on current lines of credit, loans, or utility bills.

Q. My brother-in-law recently refinanced his home in South Carolina. What is refinancing, and should I consider refinancing my home too?

A. Refinancing your home basically means you're swapping your current mortgage for a new one, most often with a lower interest rate. If you would like to reduce the term of your loan, lower your monthly mortgage payments, or consolidate debt, refinancing may be a smart option. Many homeowners also choose to refinance if they want to switch from adjustable-rate mortgages to fixed-rate mortgages or to get cash back for home renovations. To learn whether refinancing is a viable option for your situation, contact Mission One Mortgage ASAP, as loan rates change frequently.

Mission One Mortgage: Turning Dreams into Reality, One Mortgage at a Time

Head-bottom

Here at Mission One Mortgage, we believe that the best communities begin with the dream of home ownership. Our mission is to make those dreams come true, with personalized service, expert guidance, and good old-fashioned hard work. As one of the most trusted mortgage companies in Isle of Palms, SC, we have years of experience working with a diverse range of clients, from first-time buyers and investors to self-employed borrowers and non-native English speakers.

Though every mortgage situation is different, one thing never changes: our commitment to clients. Contact our office today to get started on an exceptional home-buying experience.

Contact Us For Service !

phone-number (843) 822-5685
 Refinances Isle Of Palms, SC

Latest News in Isle of Palms, SC

Isle of Palms temporarily reverses local sea wall ban. SC isn't budging on state rules.

ISLE OF PALMS — Some property owners along Ocean Boulevard can begin applying for permission to install sea walls behind their homes for the next 60 days.City Council has enacted an emergency ordinance that temporarily reverses a nearly half-century ban to address the erosion that has affected the barrier island, particularly near Breach Inlet. A citywide ban on sea walls, revetments, bulkheads, riprap and other hard erosion-control structures within 250 feet of the mean high-water mark of the Atlantic Ocean has been in place fo...

ISLE OF PALMS — Some property owners along Ocean Boulevard can begin applying for permission to install sea walls behind their homes for the next 60 days.

City Council has enacted an emergency ordinance that temporarily reverses a nearly half-century ban to address the erosion that has affected the barrier island, particularly near Breach Inlet. A citywide ban on sea walls, revetments, bulkheads, riprap and other hard erosion-control structures within 250 feet of the mean high-water mark of the Atlantic Ocean has been in place for 45 years.

The ordinance rolls back the no-build zone 20 feet but still forbids hard erosion-control structures within 230 feet of the mean high-water mark.

Some homeowners on Ocean Boulevard approached the city asking for aid in protecting their homes, said Deputy City Administrator Douglas Kerr.

"Breach Inlet began seeing excessive erosion here recently. Those property owners reached out to City Council and just asked for relief from that 250-foot prohibition,” Kerr said.

The emergency ordinance, which was approved Feb. 20 by a supermajority of the nine-person council, will provide that relief, Councilwoman Elizabeth Campsen said.

“What we're looking at tonight, in my opinion, is an emergency ordinance attempting to provide emergency relief in an emergent situation to some homeowners who are being impacted by the cycle that we're in,” Campsen said.

She said she viewed the 60-day reversal as the groundwork for removing the maximum build line altogether.

“I always viewed this as Step 1 in perhaps a multistep process that gets us to the discussion about the full revocation of that 250-foot line,” she said.

The change applies only to beachfront properties between 100 and 914 Ocean Blvd. An estimated 90 beachfront homes are in that stretch.

Homeowners have 60 days to obtain permits from the city and approval for the sea wall or revetment. Mayor Phillip Pounds said construction of the sea wall does not have to be completed within that period.

At their own expense, these homeowners can opt to build a sea wall or revetment 20 feet seaward of the maximum build line, or 230 feet from the high-water mark.

“We can't back off the 45-year-old ban on sea walls and hard structures. We, I think, can compromise,” Councilman Blair Hahn said. “If we allow for sea walls to be built only within 20 feet (of the maximum build line), we're giving homeowners some protection for their foundations.”

The emergency ordinance does not supersede the state’s jurisdiction or allow homeowners to build sea walls within critical areas as deemed by the state office of Ocean and Coastal Resource Management.

“Department staff informed the City of Isle of Palms that any beachfront erosion control structure must be sited and all associated construction activities must be performed entirely landward of the state's critical areas. This does not relieve property owners from obtaining any other necessary federal or state permits,” said Casey White, a spokesman for the Department of Health and Environmental Control.

The structures must be covered with beach-compatible sand, and sea walls must be continuous. This means if owners of adjacent properties opt to install walls, the sea walls must connect.

The sea walls and revetments have to be designed by an engineer, and permits from the city are required before construction can begin, the ordinance states.

Kerr said he’s heard from roughly 10 property owners who would likely take advantage of the relaxed restrictions to install a sea wall.

A similar emergency ordinance last year for the same stretch of homes near Breach Inlet was enacted. Following damage from Hurricane Idalia, the city allowed property owners to place large, temporary sandbags behind their homes.

The sea walls and revetments now allowed in the new ordinance would be more-permanent structures.

This week's reversal happened amid construction by an Ocean Boulevard homeowner of his own erosion control wall without city or state permission.

Rom Reddy began reinforcing a retaining wall behind his home near Breach Inlet. OCRM said the structure is being built in a critical area, which would not be permitted even with the city's emergency ordinance.

Reddy moved forward with the construction despite directives to stop from the state, citing property rights and the need to protect his home from erosion.

Whose beach is it? Isle of Palms homeowner, state at odds over unauthorized 'sea wall'

ISLE OF PALMS — Record tides from an unexpected nor'easter in December ripped away several feet of sand on this barrier island, exposing an unauthorized, clandestine wall in front of a beachfront home near Breach Inlet.The wall's unveiling also spawned a power struggle between the state Department of Health and Environmental Control and the Ocean Boulevard homeowner, with the two at odds over property rights and protecting the diminishing shoreline....

ISLE OF PALMS — Record tides from an unexpected nor'easter in December ripped away several feet of sand on this barrier island, exposing an unauthorized, clandestine wall in front of a beachfront home near Breach Inlet.

The wall's unveiling also spawned a power struggle between the state Department of Health and Environmental Control and the Ocean Boulevard homeowner, with the two at odds over property rights and protecting the diminishing shoreline.

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This is all playing out on a sandy beach where waves are clawing closer to multi-million dollar homes amid heavy erosion caused by storms and high tides.

The home at the center of the dispute belongs to Rom Reddy, owner of the multimedia local news outlet MyLo News. After taking a beating from Hurricane Idalia last year, Reddy said he installed the wall as a erosion control barrier and covered it with 30 feet of sand.

The December nor'easter washed away the sand, uncovering the bulwark.

While performing post-storm damage assessments, DHEC became aware of the structure.

Some call it a sea wall, which the state defines as a retaining wall designed to withstand wave forces. Reddy maintains his wall isn't a sea wall, as it was never meant to be exposed to the ocean. It was meant to be buried beneath the sand to protect his home's foundation and yard, he said.

"This keeps my yard stable and keeps it from moving around, which is what a retaining wall does. If we have a catastrophic event, it gives my property some protection, although a very nominal level, because it's not meant to be ocean facing," Reddy said.

Reddy said the nor'easter left the wall tilting and unstable, prompting him to have it rebuilt. In response, DHEC sent a cease-and-desist letter in January to halt the construction.

Cease he did not. Construction on the wall continues to move full steam ahead and shows no sign of slowing down.

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Reddy said it is his right as a property owner to protect his home. The area landward of the setback line is his to do with as he pleases, he said, citing South Carolina's Coastal Tidelands and Wetlands Act.

Not so, according to DHEC's division of Ocean and Coastal Resource Management.

The sand in front of Reddy's property is considered a critical area, the agency said, and any alteration of a critical area requires permits from OCRM, even critical areas that are landward of the jurisdictional setback.

DHEC spokesperson Laura Renwick said the agency regularly issues permits for work in these areas, though it is unlikely Reddy's wall would have been approved.

"Since erosion control structures and devices such as the one identified at this property have been banned per state law since 1988, this structure would not have been permitted," Renwick said.

Isle of Palms officials said they are aware of the structure, which violates a city ordinance prohibiting hard erosion control measures like sea walls, bulkheads and revetments. But in the case of Reddy's unauthorized structure, the city said its hands are tied. Jurisdiction of that area, and much of the island's critical areas, fall under DHEC, said Mayor Phillip Pounds.

"In this particular case, the OCRM has claimed jurisdiction, so that takes the city out of the mix, and it is up to them to enforce the state-level rules. We are relying on the state to enforce their rules that prevent structures like this being built per their cease-and-desist orders," Pounds said.

Judges in two cases in recent years have sided with homeowners who built walls or placed sandbags along eroding sections of the South Carolina coast.

While Reddy is facing pushback from DHEC, some of his neighbors are behind him. Paul Jorgensen, who owns the property adjacent to Reddy, said he doesn't love what is being erected next door, but he understands his neighbor's mindset. Working with the city and the state to get approval for protective measures has left him feeling frustrated.

"The city and the state have been utterly horrible at handling the situation. Not only have they been utterly horrible at managing, they won't even let us help ourselves," Jorgensen said.

Jorgensen said the preventative measures the city does take on aren't enough.

Ongoing restoration and protection efforts on the island include continuing sand scraping and sandbag placements on the island that began under an emergency order following Hurricane Idalia in September. City Council gave the efforts a boost in October, allotting $1.25 million to continue sand scraping along the beaches to rebuild the dunes. Council also budgeted $250,000 for installing sandbags on properties within 20 feet of erosion areas.

"The city and the state are not doing nearly enough, and, in fact, are preventing homeowners from protecting our own property," Jorgensen said.

South Carolina hasn't allowed structures like Reddy is building since enacting the Beachfront Management Act in 1988, citing a "false sense of security" the measures give to beachfront property owners while simultaneously aiding in further erosion.

Structures like sea walls block the ability of a wave to break naturally, pushing its force onto adjacent properties. The energy bounces back off of the wall, pulling the sand and eroding the beach on the seaward side. Emily Cedzo, director of conservation programs and policy for the Coastal Conservation League, said softer measures for preventing erosion, like sand fencing and larger restoration projects, are ideal for protecting beaches.

"Those are really the ideal ways to manage a beach responsibly so that it can provide good protection for private properties, but also public access and wildlife habitat," Cedzo said.

With multiple cease-and-desist directives, DHEC could begin to dole out fines or penalties.

"When DHEC identifies violations of applicable state laws or regulations, the agency has the authority to initiate an enforcement process that may result in the issuing of a civil penalty to the responsible party, among other actions," Renwick said.

Some think it's time for DHEC to take action.

"I think DHEC is going to have to move forward with enforcement. I don't know what their process or timeline looks like, but I think it's clear that they've already tried to communicate with the property owner," Cedzo said. "I know that several residents on the Isle of Palms are really concerned about it and continue sending reports."

Reddy said the cease-and-desist directives from DHEC won't deter him.

"They have to go in front of a judge and prove to the judge that we're, in fact, breaking the law. And we're ready for that," Reddy said.

Reach Anna Sharpe at 843-806-6790.

Charleston Beach Foundation calls for Isle of Palms to revoke parking plan

ISLE OF PALMS, S.C. (WCBD)- Parking on the Isle of Palms continues to be a contentious topic.Some saying that a parking plan approved by the South Carolina Department of Transportation in 2015 which established resident-only parking zones needs to be revoked.The parking plan that was approved in 2015 eliminated a significant number of free parking.The approval was unpopular among the Charleston Beach Foundation, a group that advocates for more public access to the beaches, when it was first approved.Now, this plan...

ISLE OF PALMS, S.C. (WCBD)- Parking on the Isle of Palms continues to be a contentious topic.

Some saying that a parking plan approved by the South Carolina Department of Transportation in 2015 which established resident-only parking zones needs to be revoked.

The parking plan that was approved in 2015 eliminated a significant number of free parking.

The approval was unpopular among the Charleston Beach Foundation, a group that advocates for more public access to the beaches, when it was first approved.

Now, this plan is now receiving renewed pushback.

“For Isle of Palms to eliminate parking in those right of ways is wrong to begin with and probably unconstitutional,” Parking advocate, Michael Barnett said.

Barnett, who started a petition over beach restrictions in the Lowcountry, says this parking issue has come up again after Isle of Palms voted to deny the short-term rental cap.

Barnett said, “The Isle of Palms is allowing short term rentals throughout the island, essentially making the residential only districts, commercial districts.”

Monday morning, Myra Jones with the Charleston Beach Foundation sent the City of Isle of Palms a letter, asking for the plan to be revoked, arguing IOP no longer has legitimate “residential” areas since the resolution to cap short-term rentals on the island failed.

“So, the SCDOT needs to now go back, review the 2015 parking plan, request that the Isle of Palms redo the parking plan, and they need to give back all residential only parking, they need to give back all 3,000 parking spaces that they took in 2015,” Barnett said.

Isle of Palms city council members are fighting back.

Councilman Blair Hahn providing a statement reading, “In response to Myra Jones’ letter to City council dated November 27th, 2023, full council has not had an opportunity to discuss. However, Ms. Jones’ continued attempts to characterize the Isle of Palms as not resident friendly, not tourism friendly, not visitor friendly is nonsensical. Isle of Palms provides 8 times more public beach parking than is required by the SC Beach Front Management Act and more public parking per mile of beach than any other community in South Carolina.

Ms. Jones has previously taken her grievances to the South Carolina Courts and has lost. In my opinion, this is nothing more than another attempt of Ms. Jones to ignore the laws of the State and attempt to force her will on Charleston beach communities.

IOP city council members say they plan to discuss this more in future council meetings.

New waterfront park coming to Isle of Palms this year

ISLE OF PALMS, S.C. (WCSC) - The Isle of Palms City Council in 2020 voted to make additions to the marina area of the island and that project is officially slated to be completed this year.The project included the addition of a public dock, a boardwalk and a waterfront park and greenspace. The boardwalk and public dock have been completed, and, as of Jan. 11, the construction contract for the waterfront park and greenspace was officially confirmed.The waterfront park will cover the 300 by 25 foot wide area along the marina faci...

ISLE OF PALMS, S.C. (WCSC) - The Isle of Palms City Council in 2020 voted to make additions to the marina area of the island and that project is officially slated to be completed this year.

The project included the addition of a public dock, a boardwalk and a waterfront park and greenspace. The boardwalk and public dock have been completed, and, as of Jan. 11, the construction contract for the waterfront park and greenspace was officially confirmed.

The waterfront park will cover the 300 by 25 foot wide area along the marina facing the Intracoastal Waterway. There will be a 6-foot wide concrete walkway. The park will include a large lawn area with lush planting.

They plan to include a series of benches along the waterfront walkway so residents can enjoy views of the water and boating activities. There are plans for a circular seat wall near the public dock that would create an entrance to the dock area.

They plan to include a kayak storage area and a kayak launch area. There will be golf cart parking available as well as bicycle parking areas.

All of these plans did require collaboration and participation from the marina manager and restaurant tenants. Scott Toole, the general manager of the Outpost, a nearby restaurant, says he is very excited for this addition to the area.

“I think that it’s an added benefit to the island, to the residents, everybody, to have a space and to use the dock. Kayak launching is a big thing that I think people will take advantage of.” he says. “It’s really going to help make this area kind of a place of interest for people, sort of a destination so to speak, for people to be able to get some food, get some drink, watch the water and use the dock that’s right there.”

Toole says they very recently renovated the Outpost and he’s excited to see this new project bring more people to the area. He says he feels like this area of Isle of Palms is often overlooked as it is a little ways away from the main beach.

“We’ve kind of joked that it’s a small corner of the island and so, anything that’s bringing people down this direction is good for everybody. We’re excited to see this project take place,” he says.

The project is currently slated to be completed by May of this year. To provide City Council your input on this project you can click here.

Copyright 2024 WCSC. All rights reserved.

IOP homeowner defies state and city orders, insists controversial wall is his property

ISLE OF PALMS, S.C. (WCIV) — There’s a controversial fight raging over an unauthorized structure's future. The dispute is between an Isle of Palms homeowner and city and state leaders over a retaining wall he's installing on what he claims is his property.“What was happening, is the waters were coming in so severely that my soils in my yard were unstable,” said homeowner Rom Reddy. “We put in a retaining wall. It is not erosion control.”Reddy said he's just trying to protect his land from hea...

ISLE OF PALMS, S.C. (WCIV) — There’s a controversial fight raging over an unauthorized structure's future. The dispute is between an Isle of Palms homeowner and city and state leaders over a retaining wall he's installing on what he claims is his property.

“What was happening, is the waters were coming in so severely that my soils in my yard were unstable,” said homeowner Rom Reddy. “We put in a retaining wall. It is not erosion control.”

Reddy said he's just trying to protect his land from heavy weather conditions.

“We wanted to put sand back in front of it, at our expense if need be. They say we can't. Why would you not want to put sand back on a beach? Now, we are faced with having to reinforce this structure because it's ocean-facing,” Reddy said.

City and state officials said this is an unauthorized project happening within city lines. The Department of Health and Environmental Control (DHEC) issued a cease and desist to Reddy on Feb. 1- instructing him to stop work immediately.

City leaders said they're in the process of possibly changing a city ordinance.

READ MORE: Unauthorized seawall on Isle of Palms sparks DHEC intervention

“There's one ordinance on the city books that doesn't allow any type of structure within 250 feet of an OCRM line,” Isle of Palms Mayor Phillip Pounds said. “Right now that's all the way up to Ocean Boulevard given the change of the shoreline. We're just kind of in the middle of an erosion cycle that's painful to be involved with.”

According to DHEC, erosion control structures have been banned on beachfronts in the state since the 1980s, and only the agency's Ocean and Coastal Resource Management (OCRM) is authorized to alter beaches.

“That's why the OCRM has rules, and that's why the state has rules around what you can and can't do on an active beach,” Pounds said. The mayor added that the OCRM has claimed jurisdiction on this specific wall.

However, homeowner Rom Reddy stands strong in his argument he's doing no wrong.

“The state claims that whatever we are doing to reinforce what we have inside my yard, now it is inside my property. It's not on the active beach. How is it active beach inside my yard? An active beach is not a term used in the law. The beach critical areas are very clearly defined in the law.” Rom Reddy said, “I want to keep re-emphasizing that it is in my property outside of the state jurisdictional lines passed by the law.”

READ MORE: Sullivan's Island group urges protection of Maritime Forest

Since receiving the cease and desist, Reddy said his crews have continued to build.

According to DHEC regulations, if a person refuses to follow department directions, the department may file a lawsuit.

The Army Corp of Engineers is preparing to begin their erosion project in the area next month.

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