Local guidance for your next move
Whether you're buying your first home, planning your next move, refinancing, or building from the ground up, choosing the right financing is an important part of the journey. Anderson Brothers Bank has served South Carolina communities since 1933, and our local loan officers are here to help you understand your options and choose a home loan that fits your needs and financial goals.
Explore your mortgage options or connect with an ABB loan officer when you're ready to discuss your next step.
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What types of home loans does Anderson Brothers Bank offer?
What is a fixed-rate mortgage?
A fixed-rate mortgage has an interest rate that stays the same for the life of the loan. This keeps the principal-and-interest portion of your monthly payment predictable.
- Consistent interest rate for the life of the loan
- Predictable principal-and-interest payments
- Refinancing options may be available
What is an adjustable-rate mortgage (ARM)?
An adjustable-rate mortgage, or ARM, typically has an initial interest rate that remains fixed for a set period. After that period, the rate may be adjusted periodically in accordance with the loan terms.
- Initial rate remains fixed for a specified period
- Rate may adjust after the initial period
- Adjustment limits may apply based on the loan terms
- An ARM may be worth considering depending on how long you expect to own the home and your comfort with possible future rate and payment changes
What is an FHA home loan?
The Federal Housing Administration offers an FHA loan and may offer lower down-payment requirements and more flexible qualification guidelines than some conventional mortgage options.
- Down-payment options as low as 3.5% foe eligible borrowers
- Qualification guidelines may differ from conventional mortgage programs
- Permitted gift funds may be available for eligible borrowers
- Program availability and requirements should be discussed with an ABB mortgage loan officer
What is a VA home loan?
A VA-backed home loan is available to eligible veterans, service members, and certain surviving spouses who meet VA and lender requirements.
- No down payment may be required for eligible borrowers, subject to VA and lender requirements
- Private mortgage insurance is generally not required on VA-backed loans
- Eligibility and loan requirements apply
- An ABB mortgage loan officer can help explain available VA financing options
What is a USDA home loan?
USDA home loans are designed to help eligible borrowers purchase homes in qualifying rural areas. Income, property location, occupancy, and other program requirements apply.
- Eligible borrowers may qualify for 100% financing with no down payment
- Property must be located in an eligible area
- Income and other eligibility requirements apply
- Fixed-rate options may be available
What is a construction loan?
Construction financing can provide funds in stages as your new home is built. Loan structure, payment requirements, draw schedules, and permanent financing options can vary. Contact us today so that an ABB loan officer can explain the construction financing options available for your project.
How much could my monthly mortgage payment be?
A mortgage calculator can help you explore an estimated monthly payment based on the information you provide. Your actual payment and loan terms will depend on your loan, property, taxes, insurance, and other applicable costs.
Are you a first-time homebuyer?
Buying your first home comes with a lot of questions. ABB's First-Time Homebuyer Guide can help you understand key steps—from preparing your finances and exploring loan options to getting ready for closing.
What documents might I need for a home loan?
Depending on your loan type and financial situation, your loan officer may ask for documents such as:
- Recent pay stubs showing year-to-date earnings
- W-2 forms from the past two years
- Federal tax returns and applicable schedules for borrowers when required, including self-employed borrowers
- Recent bank or asset statements for accounts used toward the transaction
- A signed sales contract if you're purchasing a home
- Current property or mortgage documents if you're refinancing
- Other financial or legal documentation that may apply to your situation
What is the next step toward a home loan?
Whether you're beginning to explore your options or you're ready to start the mortgage process, an Anderson Brothers Bank mortgage loan officer can help you understand your next steps, including pre-qualification when appropriate.
A trusted South Carolina Community Bank since 1933
As a community bank serving South Carolina since 1933, we're committed to providing personalized guidance throughout your homebuying journey. Whether you're purchasing your first home, refinancing, or building, our experienced local loan officers are here to help you understand your options and navigate the process with confidence.
Anderson Brothers Bank NMLS# 410840
Loan programs are subject to eligibility requirements, underwriting approval, and program availability.
