South Carolina Mortgage Refinance

Refinance Rates

caption
Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

Get specific advice for your state >>

Mortgage loans

We focus our site on home loan refinancing, but if you're looking for a new mortgage loan, we can help you too.

Evaluate your mortgage loan >> Lowering your mortgage payments Get free mortgage advice

Credit Scores

There is a close link between your credit scores and the refinance mortgage rates you'll be able to secure. We have an extensive guide on fixing up your scores and so much more on our credit scores page!

Don't let your credit score hold you back, you have more options than you know!

Refinance Loans

Start a refinance request >> Refinancing benefits Home loan refinance rates Our refinance calculators

We are the #1 independent resource for mortgage refinancing on the web; and our partners have the best mortgage refinance rates available on the web.

On the shore of the Atlantic Ocean, in the southern region, between North Carolina and Georgia, South Carolina is a popular area for cottages and secondary homes, as many people keep summer homes there. Dizzy Gillespie, Jesse Jackson, Vanna White, and President Andrew Jackson all come from South Carolina. The state flower is the fragrant yellow jessamine because it is found in all regions of the state. The largest cities are Columbia, Charleston, North Charleston, Greenville, Rock Hill, Mount Pleasant, Spartanburg, Sumter, Hilton Head Island and Florence.

Having moved into the top twenty positions for states with the highest foreclosure rate, and experiencing significantly higher rates than the year before, many South Carolina residents who own homes are still in positions where they can seek helpful refinancing. And, despite the fact that housing prices have dropped slightly in some counties, for home owners with substantial equity, and who have the monthly income to support mortgage payments, finding a lender for South Carolina mortgage refinance would be advantageous for one of two reasons.
First, if borrowers can obtain cash-out refinancing, then they apply the proceeds to other debt, thereby consolidating all debt into one monthly payment.
Second, by seeking refinancing and decreasing the monthly mortgage payment either through a longer amortization period or cheaper interest, then the remainder that is left over from the reduced payments can go toward paying down other debt each month.

Typically, when financial experts are asked about paying down debt versus saving for retirement, many advise clients to get their financial houses in order by paying off their high interest debts, mainly credit cards. Of course, each individual's circumstances are unique and the solutions must be based on cold, hard numbers, but for home owners seeking relief from high interest loans on both credit cards and mortgages, South Carolina mortgage refinance can look very appealing.

Another reason for considering refinancing in South Carolina is the negative way in which foreclosures are handled. Admittedly, any foreclosure will impact borrowers negatively for years to come, but in South Carolina, deficiency judgments (see below) are allowed. This means that the price of homes will directly impact home owners with little equity. Even a negligible two or five percent decrease in house values would become significant if home owners are suddenly thrown into foreclosures. It could mean thousands of dollars which is financial hardship. By admitting potential problems to oneself before events spiral, home owners may very well have the chance to find a lender agreeable to South Carolina mortgage refinance.

On the other side of the discussion, for homes owners who have no choice but to "surrender" to foreclosures, there are laws in South Carolina to protect their interests. Because deficiency judgments are allowed, lenders may be encouraged to sell homes as quickly as possible, and then bill the home owners for the remaining balances. There are few incentives for lenders to sell at fair market values. Thus, when a property is sold for less than the outstanding mortgage, it must remain on the market for another month in order to solicit higher bids, and hopefully reduce or remove the borrower's balance.

In addition, home owners are allowed to request appraisals of the houses after they are sold. Three different state-approved real estate appraisers will make assessments and provide reports. One appraiser is chosen by the home owner, one by the lender, and one by the court. If the amounts come in at higher than what was obtained from the sales, then some or all of the balances owing are removed because it is assumed that the lenders should have sold the houses for the right prices.

Lastly, some mortgage contracts are written and signed waiving the right to appraisal. But, if the home is the owner's principal residence, then this right cannot be waived away.

Definition of Deficiency Judgment:

When a house is sold for less than the total amount owing on the loan, the lender is permitted to hold the borrower responsible for the balance. So, even though the house sells, the home owner may be faced with a huge balance to pay. Also, other assets may be at risk.

Refinance Mortgages

Mortgage Refinance Loans

Compare Refinance Rates
& Start Saving Today!

Refinance Rates

Mortgage loans

Credit Scores

Refinance Loans