South Carolina Mortgage Rates

August 3, 2015 01:09 PM Eastern

Refinance rates now in COLUMBIA, SC [Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

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Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

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South Carolina Mortgage Rates and Your Path to Owning a Home
South Carolina is one of the most popular locations to live on the East Coast. It’s metropolitan without being overwhelmingly populated, and the natural beauty of the state can’t be beat. From the inviting Atlantic coast to the mountainous Blue Ridge Region, South Carolina has something for everyone.

Although current South Carolina mortgage rates change based on various factors, there are many programs available for SC residents who want to purchase a home. The vast majority of these programs are available through the South Carolina State Housing Finance and Development Authority (SCSHFDA), which offers residents access to loan programs with low mortgage interest rates.

Low SC Mortgage Interest Rates in Conforming Mortgages
South Carolina residents can take advantage of the best SC mortgage interest rates with a conforming mortgage. A conforming mortgage is delivered through conventional lenders and backed by Fannie Mae and Freddie Mac, so there are several criteria that participants must meet in order to qualify. However, the benefit to these conforming mortgages is that the interest rates are lower than current SC mortgage rates.

There is a maximum loan amount for conforming loans, which is set on a yearly basis in response to the region's median homes values. Your lender or broker should be able to discuss these limits with you, as well as the qualifications that must be met for approval.

First Time Homebuyers and SC Mortgage Interest Rates
First time homebuyers can benefit from low South Carolina mortgage rates as long as they haven’t owned a home within the last three years. They also must meet specific income and credit guidelines. The first time homebuyers program through the SC State Housing Finance and Development Authority is available in two different categories – Non-Targeted counties and Targeted counties.

Besides these location-based differentiations, the program is also separated into three different categories based on the median income of the applicants. The categories are "above 80 percent of Median Income," "50.01 to 80 percent of Median Income" and "50 percent of Median Income", each with different down payment and mortgage interest rates. Your lender or the SCSHFDA will be able to help you determine into which category you fall.

Current South Carolina Mortgage Interest Rates for Second Mortgages
Second mortgages can be obtained with current SC mortgage interest rates if you need to borrow more money if you are unable to refinance due to a decrease in the value of your home. Second mortgages in South Carolina can be obtained with two different programs.

The first is a variable-rate home equity line of credit (HELOC). A HELOC works like a revolving credit card account. The second option is a fixed-rate home equity line, which functions like a regular debt that is paid off with specific payments each month. Both of these options will let you use the equity in your home and take advantage of current interest rates.