×
Total Mortgage

Save Products and Resources with One Click

Create a MyMortgage account to get started

Already have an account?
;

Total Mortgage in South Carolina

One of the leading mortgage lenders in South Carolina, Total Mortgage helps you find the best and the lowest mortgage rates in SC. We work diligently to compare current mortgage rates in South Carolina from different lenders, credit unions, and mortgage companies in the state. The rates are updated twice daily to ensure that you have access to the most competitive mortgage rates in the state and choose the right financing solution for your home, whether it is your first home or a refinancing option. We work round the clock to ensure that your monthly payments are the lowest to fulfill your dream of owning a home. Don't hesitate to reach out to us in case of any inquiry, and we will help you secure the most competitive mortgage rates in South Carolina, aligned with your financial goals.

South Carolina Map

Frequently Asked Questions

What are South Carolina mortgage rates?

 

South Carolina Mortgage rates are the interest percentages that lenders charge when offering home loans or refinancing options in the state. They affect the cost of borrowing money to purchase a dream home in SC.

How do South Carolina interest rates affect mortgages in the state?

 

The affordability of homeownership in South Carolina depends on interest rates. Higher mortgage rates directly mean a higher monthly payment, increasing the cost of borrowing and making it expensive for borrowers to buy a home in SC. The converse is also true: Lower mortgage rates mean buying a home in the state is more accessible and affordable.

How can South Carolina borrowers lock in a favorable home interest rate?

 

To lock in a favorable home interest rate in South Carolina, borrowers need first to negotiate a rate with their lending officer. Once the rate is locked, it will not change for a specified period, thus protecting the homebuyer from market volatility and other unfavorable factors that can cause the rate to hike.

How long does a mortgage rate lock last?

 

A mortgage lock usually lasts between 30 and 60 days. When the lock period expires, the initially agreed rate may not be available to the borrower. If your lender agrees to an extension, then the lock period can be extended. Factors like your altering credit score, financial situation, debt-to-income ratios, etc, can influence the validity of the rate lock.

How are interest rates determined?

 

Lenders usually determine interest rates. Various factors influence the interest rate, such as the state's economic health, market demand and supply, and the Federal Reserve's monetary policy. For example, the Federal Reserve's short-term interest rate adjustments can modify mortgage rates. Similarly, the borrower's credit history and income will also influence the mortgage rate.

What is considered a reasonable mortgage interest rate?

 

You need to understand that not just the mortgage rate but also the annual percentage rates, closing costs, fees, etc., should be taken into account when exploring mortgage options. Evaluating these factors thoroughly helps you identify the right home loan that meets your specific needs.

Learn More

Programs for First-time Homebuyers in South Carolina

Mortgage Credit Certificate Program (MCC)

The SC State Housing Finance and Development Authority, or SC Housing, runs the South Carolina Tax Credit Program. Known as the Mortgage Credit Certificate Program, qualified applicants are offered up to $2,000 yearly as a federal income tax credit. This means that a part of the annual interest deductions on the homebuyer's primary home is converted into a Federal Tax Credit. Consequently, the credit is subtracted from the annual interest, and the balance is then deducted as regular interest.

The credit can be -

  • The borrower uses it to reduce their debt ratio, helping them to qualify for a more considerable loan amount.
  • It is considered a lump sum amount every year when federal taxes are filed, thereby reducing the total taxes owed.

This program can be combined with any conventional loan, such as Fannie Mae, or a government program, such as VA, USDA, or FHA. However, MCC cannot be used with the South Carolina Housing Bond program, 502 direct loans from USDA, or 203 (k) loans from FHA.

Palmetto Advantage

If you are a first-time home buyer in South Carolina, Palmetto Home Advantage is an excellent option. This program also offers financing options to repeat buyers and is applicable for purchasing new and existing homes in all 46 counties in the state. The key features of the program are -

  • A minimum credit score of 640.
  • No sales price limits
  • Borrower income limit of $124,000.
  • The income limit does not depend on the family size and is not a measure of the total household income.
  • Down payment assistance SC options are 0% and 3%. Or 4% of the total loan amount.
  • Conventional financing is offered on one-unit properties of up to 97% Loan to Value while up on two-unit properties of up to 95% Loan to Value.

Other South Carolina Homebuyer Programs

The below mentioned programs are for informational purposes only and may not be offered by Total Mortgage. We strive to provide comprehensive information about various mortgage assistance options available in the market. Eligibility requirements and program availability vary depending on your location, income, and loan type. We recommend you contact a Total Mortgage Loan Officer directly for details on qualification and enrollment. Check your eligibility(app.totalmortgage.com/apply?utm_source=assistance-programs)

Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.

SC Housing Homebuyer Program

This program offers fixed-rate loans for 30-year terms on conventional loans like VA, USDA, and FHA. Additionally, the program offers competitive interest rates and down payment assistance SC. It is a program for first-time home buyers in South Carolina and those who do not own a house, especially three years before the application. However, buyers in targeted counties can benefit from this program even on repeat purchases. No down payment is required for VA and USDA loans, a 3% down payment for conventional loans, and a 3.5% down payment for FHA loans.

SC Housing Down Payment Assistance

Homebuyers received forgivable down payment assistance SC through a 15-year second mortgage in this program. No repayment is required if the borrower resides in the home for the entire duration of the loan.

SC Housing County First Initiative

This loan program is offered to first-time home buyers in South Carolina and repeats buyers in specific sparsely populated areas of the state. Homebuyers can get up to $8,500 down payment assistance for buying homes in counties like Abbeville, Barnwell, Beaufort, Edgefield, Fairfield, Marion, Marlboro, Union, Williamsburg, etc. The income and purchase price criteria are similar to the central Homebuyer Program.

Local First-Time Homebuyer Programs

Certain local initiatives are also available for homebuyers keen to buy homes in those localities. One such initiative is the CommunityWorks program currently running in Greenville County. There is also one homeowner assistance program in Richland County, where the borrower gets up to $10,000 as closing cost and down payment assistance.

Learn More

Check out our other locations

Alabama , Arizona , Arkansas , California , Colorado , Connecticut , Delaware , District of Columbia , Florida , Georgia , Idaho , Illinois , Indiana , Iowa , Kansas , Kentucky , Louisiana , Maine , Montana , Nebraska , New Hampshire , New Jersey , New Mexico , New York , North Carolina , North Dakota , Ohio , Oklahoma , Oregon , Maryland , Massachusetts , Michigan , Minnesota , Mississippi , Missouri , Pennsylvania , Rhode Island , South Carolina , South Dakota , Tennessee , Texas , Utah , Vermont , Virginia , Washington , West Virginia , Wisconsin , Wyoming , Guam
(800) 359 1996

Learn

Explore

Manage Loan

People & Community

www.nmlsconsumeraccess.org

Copyright 2024 Total Mortgage Services, LLC. All Rights Reserved. NMLS #2764.

Privacy Terms Licensing Internal Login