Palmetto Elite Mortgage, LLC: Trip Ritchie, Mortgage Broker - NMLS #408256

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Folly Beach, SC
Palmetto Elite Mortgage, LLC: Trip Ritchie, Mortgage Broker - NMLS #408256

Providing opportunities for low rates, hassle free mortgages for buying or refinancing a home throughout SC

You've heard the horror stories...how hard it is to qualify, not to mention the fighting, shopping, and haggling to get a good rate. I've got great news...When you're ready, the next step in getting a low rate mortgage made easy is to contact me so we can review your unique situation and make sure that you get a low rate mortgage without the stress and hassle. NMLS #408256
(843) 991-5828
[email protected]

06/17/2026

Crazy how many people still think they need 20% down to buy a house.

I talk to people all the time who are waiting to save a huge amount of money before they even start the home-buying process.

Depending on your situation, there may be options available that require much less money down than most people realize.

Some programs may allow little down, and in certain situations, there may even be options with no down payment at all.

That’s why I always tell people:

The key is that it depends on your loan type, finances, goals, and the programs available to you. Don’t decide you’re not ready before talking to a lender.

A quick conversation can help you understand your options and what buying a home could actually look like for you. Before you spend years trying to reach a savings goal that may not even apply to you, find out where you really stand.

You might be a lot closer than you think. Send me a message or reach out if you have any questions.

06/15/2026

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝗪𝗲𝗲𝗸 𝗼𝗳 𝗝𝘂𝗻𝗲 𝟭𝟱, 𝟮𝟬𝟮𝟲

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝗺𝗼𝘃𝗲𝗱 𝗹𝗼𝘄𝗲𝗿 👍
Rates started last week a little higher but ended lower after reports surfaced that a peace deal with Iran was close and could possibly be signed over the weekend. Even though both consumer and wholesale inflation continued to rise, markets largely expected those increases, so mortgage rates showed little reaction.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗺𝗼𝘃𝗲 𝗹𝗼𝘄𝗲𝗿 👍
With a peace agreement now in place and the Strait of Hormuz expected to fully reopen, oil prices have fallen and mortgage rates could continue to improve. The biggest test this week comes Wednesday when new Fed Chair Kevin Warsh holds his first Fed meeting and press conference.

📈 𝗪𝗵𝗮𝘁’𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
• The Middle East: The peace agreement is expected to be formally signed Friday, and the reopening of the Strait of Hormuz should help bring oil prices lower. That would ease inflation concerns and help mortgage rates improve over coming weeks.
• The Fed: Wednesday's Fed meeting could create some volatility in mortgage rates, especially during and after Chair Warsh's press conference as markets assess the Fed's outlook for future rate policy.
• Juneteenth: Markets and many mortgage companies will be closed on Friday.

06/13/2026

Everyone’s definition of wealthy is different.

What level would you change?

06/12/2026

Most people hear “tax write-off” and think it is some secret wealthy people know. Usually it is not a secret.

It is just that they took the time to learn the rules.

There are different write-offs for different situations:
homeowners,
business owners,
self-employed people,
real estate investors,
and everyday workers too.

The important part is understanding what is real, what is documented, and what actually applies to your situation.

This is educational information only. For tax advice, talk with a qualified accountant, CPA, or tax professional.

06/11/2026

Receiving a down payment gift the wrong way has killed more deals than I can count.

I love when family helps each other into a home. It’s one of the most common ways first-time buyers cross the finish line. But one wrong move with that money can blow up your approval the week before closing.

Here’s what you and the person gifting need to know.

1. Get a formal gift letter. Your lender requires a signed letter from the giver: exact amount, relationship to you, and one line stating this is a gift, not a loan, with no repayment expected. No letter, no approval.

2. The paper trail matters more than the money. Lenders verify the source, not just the amount. Funds must move from the giver’s account to yours through a traceable method: wire or check. Never cash. Never Venmo or Zelle.

3. Get it in early. Aim for 60 days before closing. This is called seasoning. Anything landing in the final two months gets flagged and needs extra documentation.

4. Tell your lender BEFORE the money moves. This is the step most buyers skip. Your loan officer needs to know the gift is coming, who it’s from, and when. They guide the rest.

5. Know the tax piece. In 2026, the annual gift tax exclusion is $19,000 per recipient, per giver. A large gift exceeds that, so the giver files IRS Form 709, but almost certainly owes nothing. The 2026 lifetime exemption is $15 million per person, so a gift this size just reports against that cap. If both parents gift and you’re married, each parent can give $19,000 to you and $19,000 to your spouse, $76,000 total, before touching the lifetime cap.

What not to do: Don’t let the giver add themselves to title. Don’t take cash or money in pieces. Don’t shuffle funds between accounts before closing. Don’t skip the lender conversation.

06/10/2026

This is normal, right?

You find the perfect house online.
You schedule a showing.
You fall in love.

Then you start looking for a mortgage.

The problem?

❌ You might find out the house costs more than you can afford.

❌ You could miss out on loan programs or down payment assistance that could save you thousands.

❌ You may not know what monthly payment actually fits your budget.

❌ And while you're figuring all that out, another buyer who's already pre-approved may submit an offer first.

Getting pre-approved before you start house hunting doesn't mean you're committing to buy a home.

It simply helps you with:
✔️ How much home can you afford
✔️ Have more people take you seriously
✔️ How much money can you save

The best first step in buying a home isn't finding a house.

It's finding out what you can buy before you start shopping.
Reach out to me or send me a message if you want to start looking around or have any questions.

06/10/2026

Most people hire a “tax person” the same way they hire a barber: whoever is available. That is how you overpay the IRS.

The real difference is not CPA vs accountant. It is tax filing vs tax planning. Filing reports what already happened. Planning helps you structure what happens next year so you legally owe less.

Before you re-hire the same person, ask one question:
“Do you do proactive tax planning, or do you just file returns?”

That answer is worth thousands.

DISCLAIMER: This content is for educational purposes only and is not financial, legal, or tax advice. Consult a licensed professional before making any related decisions.

Address

PO Box 1592
Folly Beach, SC
29439

Telephone

+18439915828

Website

http://palmettoelitemortgage.com/, https://www.instagram.com/tripsmortgagetips/

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