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:
To understand the benefits of working with a mortgage broker, you must first understand their role in the home-buying process.
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 Folly Beach, 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.
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:
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.
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.
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.
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 Folly Beach, 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:
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.
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 Folly Beach, 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.
FOLLY BEACH, S.C. (WCIV) — A beautiful day of beach-goings went on Thursday following a night of rising tides on Folly Beach. While those beachgoers were busy having fun Folly leaders were busy uncovering a sad truth about Tropical Storm Idalia's impact: Sand on the beach could become a dwindling commodity.“This is actually the worst erosion we’ve seen since the passage of Hurricane Matthew back in 2016," said Nicole Elko, the Coastal Consultant for the City of Folly Beach.Wednesday night's unusually high...
FOLLY BEACH, S.C. (WCIV) — A beautiful day of beach-goings went on Thursday following a night of rising tides on Folly Beach. While those beachgoers were busy having fun Folly leaders were busy uncovering a sad truth about Tropical Storm Idalia's impact: Sand on the beach could become a dwindling commodity.
“This is actually the worst erosion we’ve seen since the passage of Hurricane Matthew back in 2016," said Nicole Elko, the Coastal Consultant for the City of Folly Beach.
Wednesday night's unusually high tide was a challenge for the beach.
“So we are five years since our last renourishment. So, we weren't very prepared going into this hurricane season with sand on the beach," said Elko.
Idalia's impact caused up to 15 feet of dune loss in some spots. Even higher numbers in others. With three months left in Hurricane Season, Folly could see even more erosion before the next renourishment happens.
Elko tells us, “We won't have any sand on the beach for Hurricane season and we will be extremely vulnerable for the next month or two.”
Efforts are underway to work with the Army Corps of Engineers to hopefully speed up the renourishment timeline. The work could start in the Winter or as late as March 24.
With an Emergency Declaration approved by President Joe Biden on Thursday, the Army Corps of Engineers could go in and help local spots like Folly Beach impacted by Idalia.
Jeff Livasy, the Chief of Civil Works for the Corps Charleston branch, said "What we anticipate doing from this event is looking at the storm damage and then we will be asking if we can basically, incorporate that into our ongoing activities and say, 'okay, we anticipated, you know, a set number or, you know, so many cubic yards of loss from Hurricane Ian.
"We now quantify that we got a little bit more from this hurricane are we eligible for the funding from last year or can we get additional funding and just keep the same efforts going but at an increased quantity."
Meanwhile, a number of folks were enjoying the change in weather over the 24-hour span. Some families and even beach-goers going solo were busy using metal detectors searching for "treasures." More importantly was just the chance to enjoy a great day of surf and sand regardless of the erosion status.
“It’s the perfect day. Like I don’t think we’ve had a better day this entire summer. It’s still catchable waves and it’s like 70 degrees all day," said surfer Georgia Myrick
FOLLY BEACH, S.C. (WCBD) – Warm weather and plenty of sunshine was a welcoming sign to the crowds of people enjoying the Labor Day on Folly Beach. But the heavy foot traffic and recent high tides come only days after Folly Beach saw significant dune erosion after Tropical Storm Idalia.A coastal consultant with the city of Folly Beach told News 2 that the dune erosion they faced from Idalia was worse than Hurricane Matthew back in 2016 and could have lasting impacts through the winter.On Monday beach officials set up cones...
FOLLY BEACH, S.C. (WCBD) – Warm weather and plenty of sunshine was a welcoming sign to the crowds of people enjoying the Labor Day on Folly Beach. But the heavy foot traffic and recent high tides come only days after Folly Beach saw significant dune erosion after Tropical Storm Idalia.
A coastal consultant with the city of Folly Beach told News 2 that the dune erosion they faced from Idalia was worse than Hurricane Matthew back in 2016 and could have lasting impacts through the winter.
On Monday beach officials set up cones to create a path for rescue vehicles and to prevent people from setting up too close to the dunes.
The assistant manager at Folly Beach County Park, Sam Colgate, said in the past three days, even with minimal space, they’ve seen thousands of people at the county park alone.
“From Friday to today we’ve had about 5,000 people here at Folly Beach County Park, it’s been pretty busy, especially for after a storm,” she said. “This week especially we’ve seen a lot of people setting up camp right against the dunes, I’d say for the most part people are very respectful,” said Colgate.
Dune protection continues to be a priority for Folly Beach after Tropical Storm Idalia removed about 15 feet of dunes in some locations that separate the beach from homes and the island itself. And according to coastal consultant Nicole Elko, it’s leaving the city in a vulnerable spot for the rest of the hurricane season.
“We basically have no protection if another storm were to come by this season,” said Elko.
Folly Beach has plans to renourish its dunes but that will happen after hurricane season.
“Folly Beach hasn’t been renourished since 2018, so this winter the contract will be awarded for the next renourishment, so that is certainly coming just in time, not to get us through this hurricane season but to get us through the next one,” said Elko.
Beach officials want to remind folks to stay off the dunes, especially after the recent erosion
“We definitely want folks to be respectful and not go up in the dunes, they are a natural barrier, kind of help us for lots of reasons out here,” said Colgate.
Folly Beach’s name may never seem more fitting than when one learns about a fresh legal battle playing out there — a battle that ultimately will decide if taxpayer-funded beach renourishment opens the door for public land to be converted back into private property whose owners may then build new homes on lots previously under water. The city and its allies should ensure this doesn’t happen.Unfortunately, that will be a challenge because of Folly’s dynamic nature and unique history. More than a half century ago,...
Folly Beach’s name may never seem more fitting than when one learns about a fresh legal battle playing out there — a battle that ultimately will decide if taxpayer-funded beach renourishment opens the door for public land to be converted back into private property whose owners may then build new homes on lots previously under water. The city and its allies should ensure this doesn’t happen.
Unfortunately, that will be a challenge because of Folly’s dynamic nature and unique history. More than a half century ago, Folly Beach had a road, Benke Drive, that ran between East Ashley and the ocean’s edge on the island’s easternmost end; this part of the beach was growing, and lots on both sides of Benke were platted and sold off. By the early 1980s, however, the sands shifted, and Benke was lost to erosion, and its lots were under water. A few years later, however, a sandbar migrated across Lighthouse Inlet and attached itself to the northern end of Folly, and some lots along Benke were high ground again. And the state baseline was drawn through the yet-undeveloped Benke Drive lots, allowing development on 28 of them.
Fourteen of these lots were built upon, and it’s no surprise that these homes — built between East Ashley and the beach — are among Folly’s most threatened, and the most likely to end up costing taxpayers once they fall into the ocean. The fate of the 14 remaining, undeveloped “super-beachfront” lots is now the subject of a fresh legal battle, as some owners have sought to capitalize on their freshly elevated status following the island’s 2018 beach renourishment.
To block them, the city of Folly Beach, the Coastal Conservation League, the nonprofit Save Folly Beach and several local homeowners filed a 2019 lawsuit challenging the ownership of this taxpayer-created land. Although a local judge ruled they did not have standing to bring such a challenge, the South Carolina Court of Appeals reversed that decision and ordered the case to proceed at the trial court level. That’s an auspicious step but likely only one of many to come before this matter is settled for good.
At the very least, we hope our courts continue to recognize that these groups should have standing to question this critical environmental decision. And it is critical, with implications far beyond the 14 lots on Folly Beach. As Amy Armstrong, executive director of the S.C. Environmental Law Project that represented the plaintiffs, explains: “As we have sea level rise and we have lands being converted to public trust land as they’re eroding away and going below the water, can you convert public land, with public money, into private property? It’s kind of crazy when you think about it in those terms.”
While this issue emerged first on Folly, the precedent set here will reverberate elsewhere as more coastal communities renourish their beaches more often due to sea level rise and stronger, more frequent storms. Our state’s Public Trust Doctrine says the state owns all land below the mean high water mark and holds this land in trust. A previous Supreme Court ruling has noted beachfront property owners take their title “at risk of loss to the State by natural forces,” but the courts haven’t settled what should happen when unnatural, sudden forces (like renourishment) shift our shoreline.
Locals realize Folly Beach actually received its current name (it originally was “Coffin Island”) from an old English word meaning “dense foliage,” not because of any association with a lack of good sense, prudence or foresight. But if we allow new homes to be built on its rapidly shifting sands right next to the water’s edge, the latter definition would fit all too well.
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FOLLY BEACH, S.C. (WCIV) — Tami Bourne has lived on folly beach for over three decades.However, because of a recent development plan on Folly's beachfront lots, she is concerned.Folly Beach resident fears overbuilding amid ongoing legal battle over beachfront development. (WCIV)"When you have these disasters, these hurricanes, houses blow into houses," Bourne said. "So the more you put out there, the more it's gonna' get blown into the water. So it's just a problem that way. And also with the hurting...
FOLLY BEACH, S.C. (WCIV) — Tami Bourne has lived on folly beach for over three decades.
However, because of a recent development plan on Folly's beachfront lots, she is concerned.
Folly Beach resident fears overbuilding amid ongoing legal battle over beachfront development. (WCIV)
"When you have these disasters, these hurricanes, houses blow into houses," Bourne said. "So the more you put out there, the more it's gonna' get blown into the water. So it's just a problem that way. And also with the hurting the beach as far as making it erode more."
The super beachfront lots are along East Ashley Avenue, just north of the washout down to the lighthouse.
"These lots were platted back in at least the 1950s," Leslie Lenhardt said, "and they are the most seaward of any lots that were platted on Folly Beach."
The plots are currently held in trust by the state for the public to enjoy. Some property owners attempted to claim ownership after the 2018 Folly Beach Renourishment Project.
"So for a very short period of time after that Renourishment, these lots became high ground," Lenhardt said. "These property owners, what they are trying to do during this window of time is to develop those lots."
This is a legal battle that goes back to 2020. A judge hear motions on whether developers could build on those lots. The legal maneuvering is ongoing, with the issue expected to go before another court in the coming months.
"The Court of Appeals has remanded the case," Lenhardt said. "Because it's a novel issue, the court said we really want a judge to determine whether or not this is a recognizable theory under the law."
Multiple preservation groups and the city say they want to figure out the boundary between private and public property while preserving the beach.
"I'd like to keep folly as it is," Bourne said. "It's unique. It's funky. And I hate to see it get overbuilt and our beaches overbuilt."
Have you ever dreamed of rolling out of bed to watch the sun rise over the ocean waves? Do you find that a week at the beach is too short? If you love to spend your days searching for sea shells, watching for marine wildlife, or simply walking in the sand, you may have thought about purchasing a second home that would let you enjoy the ocean any time you please. In fact, some of the beaches in ...
Have you ever dreamed of rolling out of bed to watch the sun rise over the ocean waves? Do you find that a week at the beach is too short? If you love to spend your days searching for sea shells, watching for marine wildlife, or simply walking in the sand, you may have thought about purchasing a second home that would let you enjoy the ocean any time you please. In fact, some of the beaches in South Carolina are among some of the most popular in the entire country.
Each year, thousands of visitors flock to Myrtle Beach, Hilton Head Island, and other beachside towns in South Carolina and its neighboring states of Georgia and North Carolina. Yet if you have ever considered purchasing a beach house, you know that oceanfront property does not come cheap. This article covers five of the most popular and most expensive beaches in South Carolina. You will discover basic facts about each place and the key numbers that prove that they are among the most expensive places to buy a beach house in the entire state. Let’s dive in now, starting with the most expensive beach community in South Carolina.
First on the list of most expensive beaches in South Carolina is the town of Sullivan’s Island. Sullivan’s Island is a barrier island close to Charleston Harbor. This 2.5-mile island has a small-town feel with gorgeous beaches, marshes, and plenty of history and culture for visitors to enjoy. Located only about 10 miles outside of downtown Charleston, you can reach Sullivan’s Island after a quick 20-minute drive. This beach town is a popular destination for families with young children and retirees alike and provides plenty of award-winning restaurants, watersports like kayaking and swimming, and historic landmarks.
The quiet, picturesque town gives residents and visitors a sense of rural peace while a population of only about 2,000 ensures that neighbors know each other. The majority of homes are owned, with fewer than 20% of residents renting their homes on Sullivan’s Island. However, purchasing a home here will come at a steep price tag.
In June 2023, the average home price in Sullivan’s Island was around $3 million – but in 2022 the majority of single-family homes in Sullivan’s Island sold for $3.8 million. Halfway through 2023, the year’s median was up to $4.7 million. In June 2023, one oceanfront home sold for an incredible $6.29 million, setting a record for the year. Back in November 2020, another oceanfront villa sold for a whopping $8.2 million! Not only is Sullivan’s Island the most expensive beach community in which to buy a house in South Carolina, but it is also one of the top most expensive in the country!
Next up is Kiawah Island, a beach in South Carolina called an “oasis of untouched natural beauty and renowned hospitality.” The town of Kiawah Island is located about 21 miles outside of Charleston. With 10 miles of beaches and diverse habitats – from sand dunes to forests and marshes – Kiawah Island is the place to find wildlife thriving. From sea turtles to alligators and whitetail deer and bobcats, Kiawah Island is a window into ocean ecosystems and land mammals alike. This resort island has world-renowned golf resorts, including the famous Kiawah Island Golf Resort which has hosted golfing championships.
This charming resort island has a regular calendar of events, a thriving restaurant and shopping scene, and plenty of opportunities for outdoor adventure. Buying a home on Kiawah Island, however, could be an adventure of its own. Most of the homes on Kiawah Island are rented out during the year to the numerous guests visiting the beaches. Homeowners can expect to pay steep homeowners association (HOA) fees, significant upfront costs, flood insurance, and more. However, the local market makes up for that with a lot of options. Do you want to live in a condo? Would you prefer to buy a house? Are you looking for a beachfront mansion? Whichever it is, Kiawah Island has it all.
In 2022, the median price of a single-family home was $2.7 million. The island saw an incredible $742 million in sales.
The town of Isle of Palms is located on the barrier island also called “Isle of Palms.” This residential and resort community with a population of just over 4,300. Take a 20-minute drive from Charleston, and you might end up walking the six miles of white, sandy beaches. Isle of Palms has many bike paths around the island, lots of recreation facilities and opportunities to enjoy every sport from tennis to softball. On the north end of the island, the Wild Dunes Resort commands 1,500 acres of land. There, you will find pools, tennis courts, and golf, as well as homes and vacation rentals.
Isle of Palms is often voted one of the best places to live in South Carolina since the town offers plenty of restaurants and activities and operates like a tiny city. This self-contained ecosystem has everything you will need to live or vacation in a beachside house.
However, purchasing a home on the Isle of Palms might not be easy. In 2022, the median home price for a single-family home was $1.98 million. Yet by June 2023, the median home price was already up to $2.15 million – and prices still seemed to be on the upswing.
Folly Beach is a town on Folly Island. In this beachfront city just south of Charleston, life revolves around the ocean. Whether biking the beachfront trails, kayaking, surfing, swimming, or boating, visitors flock to Folly Beach to enjoy the sun, surf, and sand. This 12-square-mile barrier island offers 6 miles of beaches and a quirky assortment of local businesses – from seafood restaurants to cafes and small shops.
Folly Beach is also steeped in history. From pirate legends to Civil War history, Folly Beach was historically the site of dastardly deeds and military occupation. Despite being abandoned after the Civil War and later being hit by devastating hurricanes, Folly Beach made an amazing comeback during the 20th century. Today, the boardwalk and the many local attractions bring thousands of visitors to the town that 2,400 residents call home.
In 2022, the median cost of a single-family home in Folly Beach was $1.66 million. Even a small two-bedroom bungalow could easily set you back $1.2 million.
Yet another Charleston-area beach town is Seabrook Island. This small, welcoming oceanfront community boasts of natural beauty, miles of pristine beaches, forest, and marshland. Seabrook Island is a private community on a gated barrier island. This means that Seabrook Island is exclusively accessible to residents and their guests. Privacy, peace, and nature attract members who want to enjoy the natural wonders away from crowded beaches.
Thanks to its exclusivity, Seabrook Island features many luxury homes, including those that look out at the ocean or feature river, marsh, forest, or golf course views. As a planned community, Seabrook Island’s designers sought to maintain the natural habitat, keep the local wildlife, and provide luxury real estate.
Unlike in other towns on this list, there is a unique process to become part of the Seabrook Island community. The Seabrook Island Real Estate team is your official source for buying and selling homes in Seabrook Island. You get the choice to buy a unique home or build your own, with the chance to surround yourself with incredible sights. The average home size on Seabrook Island is about 3,000 square feet. With 2,600 residential properties, you can choose from among 38 different mini-communities “within the community” – get a villa, cottage, or townhome.
In 2022, the median cost of a single-family home on Seabrook Island was $1.2 million. By June 2023, that cost had risen to $1.37 million.
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About the Author
Carrie is a writer and fan of all types of plants and animals. Her apartment is home to more than dozen different houseplants and she aspires to adopt more in the near future. You can find Carrie taking long walks or reading a book under the trees in the park.
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