South Carolina Mortgage Rates
Check Current Mortgage Rates
SOUTH CAROLINA CONFORMING 30 YEAR FIXED RATESToday's Average: 3.71% What does this mean?
About Mortgage Rates in South Carolina
Looking for a mortgage in South Carolina can be challenging, be in Charelston, Greenville or Columbia. The banks are competing for your business and there are so many different types of loans being offered it can become overwhelming. With over 2 million housing units and more than 70% being owner there are plenty of well priced homes on the market.
Mortgage 101 is a great place to start, you will be offered the best mortgage or refinance loan with the features you want. The lowest interest rate, lowest interest expenses such as points and other closing costs are offered for you to decide which loan suits your needs the best. Check out the free online calculators to determine your mortgage payment and even find out what kind of tax benefits buying a home will provide to you.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage
Fixed Rate Mortgages in South Carolina
This is your parent's mortgage loan. The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower.
Other Mortgage Terms
Origination Fee - The fee charged by a lender to prepare loan documents make credit checks inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.
Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.
Annual Percentage Rate (APR) - The measurement of the full cost of a loan including interest and loan fees expressed as a yearly percentage rate. Because all lenders apply the same rules in calculating the annual percentage rate it provides consumers with a good basis for comparing the cost of different loans.