If you’re looking to buy a home in South Carolina, it’s important you take the time to lock in the best possible mortgage rate available. Several criteria impact the rates you qualify for; for example, your annual income, the money you have for a down payment, your credit score, and your debt-to-income ratio are all critical.
Preparation ahead of time will help ensure you receive the best South Carolina mortgage rate. Before you apply for a loan, there are several items you should check off your list. Be certain to gather all of the documents you need, take a look at your credit score, and work with a professional mortgage lender to acquire preapproval for a loan.
Here’s a quick look at current South Carolina mortgage rates:
| Loan Program | Mortgage Rate | APR* | 1 Day Change |
|---|---|---|---|
| Conventional 30 year fixed | 6.639% | 6.722% | +0.06% |
| Conventional 15 year fixed | 6.043% | 6.189% | -0.02% |
| Conventional 5 year ARM | 6.688% | 7.48% | +0.1% |
| FHA 15 year fixed | 5.708% | 6.566% | Unchanged |
| FHA 30 year fixed | 5.792% | 6.627% | Unchanged |
| VA 30 year fixed | 5.944% | 6.239% | -0.21% |
| VA 15 year fixed | 5.658% | 6.16% | -0.4% |
| VA 5 year ARM | 6.2% | 6.638% | +0.04% |
Data source: ©Zillow, Inc. Use is subject to the Terms of Use
Are you considering whether or not to purchase a home in South Carolina? The Palmetto State, with its beaches and mountains, may hold the home of your dreams. Here’s everything key to knowing the state before you start searching for homes.
Did you know that South Carolina enjoys a population totalling more than 4.7 million persons? Of those, around one in ten live in the five largest cities in the state:
Do you already know what type of home payment you can manage? South Carolina ranks 24th in US homes for sale at average price, and 14th for homes over $1,000,000. If you’re serious about finding a home, a loan preapproval is important so you can adequately budget.
First-time homebuyers may qualify for a program administrated by the South Carolina State Housing Finance and Development Authority (SC Housing). This department offers down payment assistance for both down payment and closing costs.
You can get up to $6,000 in assistance for a down payment offered as a forgivable loan, and the home seller can pay your closing costs with a SC Housing Homebuyer Program Loan.
You may also qualify for SC Housing’s Palmetto Home Advantage program, which offers competitive interest rates plus down payment assistance of up to 5% of the loan amount and reduced mortgage insurance rates.
Borrower requirements include living in SC and in the home you purchase, plus:
If you’re considering whether or not you should refinance a home in South Carolina and take advantage of favorable South Carolina mortgage rates, here are some reasons to keep in mind:
You may choose to apply for streamlined refinance if you have a qualifying type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.