Coffee & Conversations: Mortgage Q & A with Gabby Tripp

When you’re thinking about buying or selling a home, one of the biggest questions that comes up is financing. Most of us aren’t cash buyers, so understanding mortgages — from pre-approval to down payment programs — is key to making confident decisions.

That’s why I sat down over iced coffee from Summit Coffee with Gabby Tripp of Atlantic Coast Mortgage. With 10 years of lending experience, Gabby had great insights to share about downsizing, credit checks, and loan programs available right here in South Carolina.

Downsizing and Bridge Loans

Many of my clients are empty nesters ready to downsize from a larger home to something more manageable. But the question always comes up: “Do I have to sell my home before I can buy another?”

Gabby explained that a bridge loan can make the transition smoother. By tapping into the equity in your current home, you can use those funds as a down payment on your next home — even before your existing home sells. Then, once the sale closes, the bridge loan is paid off.

This strategy can give buyers more flexibility and even the possibility of purchasing their next home with little or no new mortgage debt, especially given how much equity many Charleston homeowners have built over the past few years.

Equity Changes the Whole Picture

Even if you refinanced at 3% a few years ago, it’s important to look at the bigger financial picture. Downsizing often reduces not just your mortgage but also insurance, taxes, and maintenance costs. Leveraging your home equity strategically can create financial freedom, whether that means paying off debt, investing in real estate, or buying your next home with cash.

What About Credit Checks?

A common hesitation buyers have is: “Will a lender’s credit check hurt my score?”

Gabby explained that while a pre-approval requires a hard credit pull, it doesn’t necessarily damage your score. More importantly, it gives lenders a true picture of your mortgage credit score, which can look different from the number you see on banking apps.

If you’re just starting to explore your options and not ready for a full pre-approval, Gabby recommends using reputable apps that provide a soft credit pull for an accurate snapshot without an inquiry. Then, when you’re ready to buy, you can move forward with a full pre-approval confidently.

Down Payment Assistance in South Carolina

For many buyers, the challenge isn’t the monthly payment — it’s the down payment.

Gabby highlighted several programs designed to help, including:

SC Housing Programs → Up to $10,000 in down payment assistance, plus reduced interest rates for FHA, VA, and USDA buyers.
Palmetto Heroes Program → Launched each spring, this program supports community heroes (teachers, firefighters, police officers, medics, veterans, and more) with down payment assistance and lower interest rates.

These programs can make homeownership possible for first-time buyers, repeat buyers, and those serving in essential community roles.

First Steps for Buyers

So where should you start if you’re thinking about buying a home? Gabby’s answer was simple: talk to a lender early.

A conversation with a lender helps you understand your timeline, budget, and comfort zone for monthly payments. It also ensures that when you find the right home, you’ll be ready with a pre-approval letter — which is critical in Charleston’s still-competitive market.

Final Thoughts

Every buyer’s situation is unique. While interest rates and headlines can create uncertainty, the truth is that there are always options. Whether you’re downsizing, relocating, or buying your very first home, the right mortgage strategy can make all the difference.

If you’d like to learn more about financing options or connect with trusted lenders like Gabby, I’d love to help guide you through the process — so you can find the right home, create the right home, and truly love where you live.

This post is part of my Coffee & Conversations series — where real estate, design, and everyday life come together to help you love where you live.

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