Atlantic Coast Mortgage, LLC (“ACM”) is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA, or the Federal or State Government.
USDA loans include a one-time upfront guarantee fee equal to 1% of the total loan amount and an annual fee of 0.35% of the outstanding loan balance, paid monthly as part of your mortgage payment. Income and property eligibility requirements apply. For full details, visit https://eligibility.sc.egov.usda.gov.
Borrower pays only the interest on the mortgage through monthly payments for the fixed term of the loan. Borrowers are required to pay off the principal of the loan. Borrowers are also required to make a one-time balloon payment due 6 months from the date of closing.
Refinancing an existing mortgage may increase your total finance charges over the life of the loan. Your actual rate, payment, and costs will vary based on factors such as your credit profile, loan amount, loan-to-value ratio, debt-to-income ratio, and property type. Loan approval is subject to underwriter review, and all applicants may not qualify. A cash-out refinance replaces your current mortgage with a new, larger loan, allowing you to access the difference as cash. The interest rate on your new loan may be higher or lower than your existing rate, potentially affecting your monthly payment and overall loan costs. While using home equity to consolidate debt may reduce your monthly payments, it could extend the repayment period or increase the total interest paid over time.