South Carolina is a land characterized by coastal towns, historic neighborhoods, and top-quality educational institutions (from state universities to private colleges). The state is also known for Myrtle Beach (a premier vacationing spot), the Edisto Memorial Gardens (with its award-winning roses), NASCAR races, bass fishing tournaments, and picturesque golf courses. There are over 4.5 million residents living across 46 counties in South Carolina. Homebuyers and homeowners in the Palmetto State should be aware of current housing market conditions and stay informed about South Carolina mortgage rates.
South Carolina mortgage rates, similar to national mortgage rates, have declined steadily since the economic meltdown that began several years ago. Potential homebuyers may find that South Carolina mortgage rates are at the lowest levels they have been in a long time. In addition, current homeowners may be able to take advantage of low South Carolina mortgage rates by refinancing their home mortgage loans.
The South Carolina mortgage rate that you obtain will be based on a number of factors ― including your income, debt obligations, credit history, and employment status. South Carolina mortgage rates may be fixed or adjustable (i.e. variable), depending on the type of loan you get. Note that your mortgage loan may come with additional expenses, such as processing fees and closing costs.
The decline in South Carolina mortgage rates has encouraged many homeowners to contemplate mortgage refinancing. A refinance basically replaces your old loan balance with a new loan. The mortgage lender will require proof of your income and debts, assets, credit report, and home equity. If your loan is more than 80% of your home’s value (determined by a property appraisal), you may be charged for mortgage insurance.
While low South Carolina mortgage rates have prompted many homeowners to refinance, you must be sure that this is the right move for you. It’s generally advised that your refinance only if the South Carolina mortgage rate being offered is at least 1% lower than your current mortgage rate. Otherwise, when you consider mortgage application fees and closing costs, a refinance may not be worth it.
The table below provides South Carolina mortgage rates for refinancing. As always, it’s recommended that you shop around and compare offers from different lenders to find what works best for you. Keep in mind that South Carolina mortgage rates are always changing, and it’s in your best interest to do the proper research and keep yourself informed.