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Home > Financial Services > Mortgage Brokers > Schmidt Mortgage Corporation
Schmidt Mortgage Corporation
A Mortgage is a document that contains the details of an agreement between two parties. One of which is a borrower and the other party is a lender. The Agreement will include information like, Loan amount, Time period of the loan, Interest and the collateral on the loan which is normally the property being bought. A mortgage broker is generally a person or company whose expertise lies in the field of mortgage laws, properties available for sale, and loan procedures. They provide these services to clients for a fee, which is usually a percentage of the loan or property amount.
They are a full service mortgage lender licensed in the states of South Carolina and North Carolina. Schmidt is a name that has been trusted on the east coast for its quality since 1908. They developed this website to provide you a one place stop for all of your mortgage needs. They are a firm large enough to provide you with a multitude of mortgage products, but small enough to treat you like their only client.
The mortgage loan payments require a payment twice monthly, yielding thirteen payments per year instead of twelve. This significantly reduces the time a principal is paid off. It behaves like a fixed-rate mortgage for usually five or seven years and then must be paid off in full in a single balloon payment. Balloon loans are popular with those expecting to sell or refinance their property within a definite period of time. A mortgage includes a portion for taxes and insurance as well as principal and interest. A short-term loan is required for funding the cost of construction. The lender advances funds to the builder as the work progresses.
The Company also assists you through six basic steps in procuring a loan for buying a house or renovation of your home such as getting your documents organized, convincing the loan company that you qualify for the loan, explains the best loan plans from various companies available within your budget, applies for the loan, obtains approval for the loan, and assists in closing the loan.
Their goal is not only to provide you with mortgage services, but also to help educate you during the process. They have a staff of experience mortgage professionals that are available to help you with any financing questions.
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