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In South Carolina you will find three types of mortgage products. Standard fixed rate mortgages, adjustable rate mortgages and balloon mortgages. On occasion you will find a jumbo loan, but this is not common place. Residents of South Carolina will be able to secure mortgage insurance through the FHA, VA and in certain areas the USDA. Fixed rate and adjustable rate mortgages are available for 10, 15, 20, 30 or 40 year increments. Adjustable rate periods average 5 years. Balloon loans issued in South Carolina are for either 5 or 7 year increments with the option to refinance or pay off the debt after that period.

South Carolina Mortgage Rates

South Carolina mortgage rates are slightly higher than national averages even though the current housing prices are much lower than the median level. There are no specific reasons for this trend. Mortgage rates will also be based on the type of loan that is issued, the amount of down payment and the area in which it resides. Mortgage insurance will help reduce the risk and lower the mortgage rate. Consumers will be required to undergo an employment and credit check as well as supply other financial information. Bad credit loans will have a higher interest rate than a standard loan regardless of loan type. Military personnel will enjoy lower rates, there is no law specifying this but is a common practice among South Carolina lenders.

South Carolina Refinance Rates

South Carolina refinance rates are higher than then areas surrounding the state as well as above the U.S. median rates. Again, this trend is very similar to their higher than normal first mortgage rates. Home owners wishing to refinance will be required to meet similar qualifications to that of a first mortgage. Length and type of loan will help determine the final interest rate.

South Carolina Mortgage Brokers And Lenders

There are several different types of lending establishments in South Carolina qualified to issue mortgages. Credit Unions, banks and private lenders can all issue these loans. Internet mortgage transactions are allowed if the company is licensed in the state. Bad credit mortgage programs are generally handled through individual lenders. First time home programs are another specialty that is handled by individual lenders. By inquiring into more than one lending institution the consumer will be able to find a program that fits their needs.