Monthly Archives: August 2014

Is It Safe to Apply for an Online Charleston Mortgage?

Have you asked this question: Is it safe to apply for an online mortgage here in Charleston?

The short answer: For most people – Probably not!

Then why do we have an APPLY ONLINE BUTTON? Very good question and here is the answer.

A recent article in the New York Times reported that more and more people are applying for their mortgage loans online. We use the internet today to shop for everything and now many of our financial transactions that we traditionally conduct only in person are done at the computer screen. From Banking and insurance to ordering our groceries, more and more business transactions are being conducted online. Most of the time your data is safe even though recently news reports of information being hacked at some of the Nation’s largest banks and retailers give me pause when I say that.

But more than this, shopping for your Charleston mortgage online can become a very frustrating, confusing and even overwhelming ordeal if you’re not careful. So, for most people that apply online – they probably shouldn’t.

Charleston Mortgage Loan CashHere’s more about why not:

In a lot of cases individuals are applying for loans on the internet only to find out that they were not applying for a mortgage at all. In its place, they end up entering their personal information into a database for a company that has promised to give them an approval for an online mortgage but instead turns around and sells the information to other companies.

Instead of getting a call about their mortgage application from a Professional Mortgage Broker they are flooded now with calls and emails soliciting to help them obtain the loan. Even worse, often they receive solicitations from home improvement companies, credit repair companies, home insurance companies, and the list goes on and on. (more…)

Mortgage Lenders Guide to Flood Zones in Charleston SC

Individuals looking for a home mortgage in Charleston, SC and across the low country need to be aware of the impact that Flood Zones have on obtaining financing. Below is a guide prepared to explain the different zones and what they mean. (Thanks to Tom at: for this information)

The zone designations shown on the “FIRMs” are defined below.real-estate-charleston-flood-graphic

Zone A
Zone A is the flood insurance rate zone used for 1-percent-annual-chance (base flood) floodplains that are determined for the Flood Insurance Study (FIS) by approximate methods of analysis. Because detailed hydraulic analyses are not performed for such areas, no Base Flood Elevations (BFEs) or depths are shown in this zone. Mandatory flood insurance purchase requirements apply.

Zone AE and A1-A30
Zones AE and A1-A30 are the flood insurance rate zones used for the 1-percent-annual-chance floodplains that are determined for the FIS by detailed methods of analysis. In most instances, BFEs derived from the detailed hydraulic analyses are shown at selected intervals in this zone. Mandatory flood insurance purchase requirements apply. AE zones are areas of inundation by the 1-percent-annual-chance flood, including areas with the 2-percent wave runup, elevation less than 3.0 feet above the ground, and areas with wave heights less than 3.0 feet. These areas are subdivided into elevation zones with BFEs assigned. The AE zone will generally extend inland to the limit of the 1-percent-annual-chance Stillwater Flood Level (SWEL). (more…)