Buying a home in South Carolina
According to Zillow, the typical home value in South Carolina is lower than the typical value of $320,662 across the US. The typical home value in South Carolina is $257,000, and home values have increased 21.7% over the past year.
Historic mortgage rates for South Carolina
By looking at the average mortgage rates in South Carolina since 2010, you can see trends for 30-year fixed mortgages, 15-year fixed mortgages, and 7/1 adjustable mortgages:
Seeing how today’s rates compare to historic South Carolina mortgage rates may help you decide whether you’d be getting a good deal by getting a mortgage or refinancing now.
Mortgage rates
To see how today’s South Carolina mortgage rates will affect your monthly payments, use our free mortgage calculator.
Plug in an interest rate and term length to see how much you’ll pay each month and what you’ll pay over the years.
South Carolina first-time homebuyer programs
- SC Homebuyer Program: You may qualify for financial assistance through South Carolina Housing if you get your mortgage through a participating lender. Get a loan for up to 5% of your mortgage amount and use the loan for down payment assistance for a conventional loan backed by Fannie Mae or Freddie Mac. South Carolina Housing will forgive your loan after either 10 or 20 years, depending on your income level, provided you live in the home the entire time.
- Homebuyer Assistance Program: If you’re buying a home in Lexington, you can receive a forgivable loan of up to $5,000 from the local government.
- Federal Housing Administration mortgage: You can get a down payment of 3.5% with a credit score of at least 580, or get a mortgage with a credit score between 500 and 580 with 10% down using this loan, which is also called an FHA loan.
- United States Department of Agriculture mortgage: These loans, also called USDA loans, can be useful if you are a low-to-moderate income borrower looking to buy a home in a rural or suburban area.
- Veterans Affairs mortgage: These mortgages, also called VA loans, are for active-service military members or veterans, or spouses of members who have died and can provide lower interest rates than conventional mortgages.
Refinancing your mortgage in South Carolina
Mortgage refinance rates are at all-time lows right now, so it could be a good idea to switch your current mortgage for one with a better interest rate — especially if the new rate would be significantly lower.
You may decide to refinance with the same lender that gave you your initial mortgage, but it’s not always the best idea. A different lender may offer you a better deal the second time around. Shop around for a company that will offer the best interest rate and charge relatively low fees.
How to get a low interest rate on your mortgage
Here are some tips for landing a good interest rate on your mortgage:
- Save for a down payment. With a conventional loan, you may be able to put down as little as 3%. But the higher your down payment, the lower your rate will likely be. Rates should stay low for a while, so you probably have time to save more.
- Increase your credit score. Many lenders require a minimum credit score of 620 to receive a mortgage. But the higher your score, the better your rate will be. To improve your credit score, be sure to pay all your bills on time. You can also pay down debts or let your credit age.
- Lower your debt-to-income ratio. Your DTI is the amount you pay toward debts each month, divided by your gross monthly income. Most lenders want to see a DTI of 36% or less, but an even lower DTI can result in a better rate. To improve your DTI, pay down debts or figure out whether you can earn more money.
- Choose a federally backed mortgage. If you’re eligible, you might consider a USDA loan (for low-to-moderate-income borrowers buying in a rural area), a VA loan (for military members and veterans), or an FHA loan (not designated for any particular group). These loans typically come with lower interest rates than conventional mortgages. As a bonus, you won’t need a down payment for USDA or VA loans.
Improving your financial situation and choosing the right type of mortgage for your needs can help you get the best interest rate possible.
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