HELOC rates in South Carolina rose from around 4% in mid-2021 to over 9% by late 2024. If this trend continues, homeowners might face higher borrowing costs. Consider locking in the current rate to potentially save on future expenses.
HELOC
Best HELOC Rates in South Carolina (December 2024)
Updated: December 7, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in South Carolina with an 80% LTV is 8.2%, compared with 8.5% for a 90% LTV.
HELOC rates vary by city in South Carolina. Blythewood has an average APR of 7.3%, whereas Chesnee's is 10.1%.
Different lenders offer varying rates for the same loan types. Neighbors United Federal Credit Union's average APR is 4.0%, whereas Pinnacle Bank's is 11.8%.
Current HELOC Rates in South Carolina
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HELOC Rates in South Carolina by LTV Ratio
HELOC rates in South Carolina depend on your loan-to-value (LTV) ratio and line limit. A lower LTV is less risky for lenders as it shows more home equity. For instance, an 80% LTV means less borrowing against your home's value than a 90% LTV, reducing the risk of default on your HELOC.
The following table lets you filter by different loan amounts, offering a clearer view of what you may qualify for:
Data filtered by:Results filtered by:
Line Limit:
Line Limit:$100,000
| 8.1% | 8.5% |
HELOC Rates in South Carolina by City
HELOC rates in South Carolina vary by city due to differences in local housing markets and lender competition. Areas with robust real estate markets might offer lower rates.
Use the table below to filter by your city and see average APRs for $50K and $100K HELOCs.
Data filtered by:Results filtered by:
City:
City:Charleston
| $100,000 | 9.0% |
| $50,000 | 9.0% |
HELOC Rates in South Carolina by Lender
HELOC interest rates in South Carolina vary due to different lender pricing strategies and risk assessments. Compare rates by viewing the table below, showing the five lenders in South Carolina with the lowest average APRs.
| Neighbors United Federal Credit Union | 4.0% |
| First National Bank of Pennsylvania | 6.5% |
| Empeople Credit Union | 6.6% |
| Palmetto Citizens Federal Credit Union | 7.0% |
| Market USA Federal Credit Union | 7.5% |
HELOC rates today can differ among lenders in the same city. Use the table below to filter by city and compare APRs, helping you find the best rate in your area.
Data filtered by:Results filtered by:
City:
City:Charleston
| First National Bank of Pennsylvania | Commercial Bank | 6.5% |
| State Department Federal Credit Union | Credit Union | 7.5% |
| South Atlantic Bank | Commercial Bank | 8.0% |
| Synovus Bank | Commercial Bank | 8.0% |
| United Community Bank | Commercial Bank | 8.0% |
| First Bank | Commercial Bank | 8.5% |
| United Bank | Commercial Bank | 8.5% |
| TD Bank | Commercial Bank | 9.0% |
| South Carolina Federal Credit Union | Credit Union | 9.0% |
| SouthState Bank | Commercial Bank | 9.0% |
| Navy Federal Credit Union | Credit Union | 9.1% |
| PNC Bank | Commercial Bank | 9.5% |
| Rev Federal Credit Union | Credit Union | 9.5% |
| Truist Bank | Commercial Bank | 10.1% |
| Pinnacle Bank | Commercial Bank | 11.8% |
COMPARING HELOC RATES IN SOUTH CAROLINA: BANKS VS. CREDIT UNIONS
HELOC rates in South Carolina vary between banks and credit unions because they operate differently. Commercial banks in the state currently offer an average rate of 8.8%, while credit unions offer a lower average rate of 8.0% due to their not-for-profit status. This difference highlights the potential cost savings when choosing a credit union for your HELOC needs.
When choosing between the two, consider more than just rates. Banks may provide more convenience and wider accessibility, while credit unions often excel in customer service and lower fees. Be sure to check membership requirements for credit unions and any hidden fees or rate adjustment clauses with both lenders.
Ask the experts:
Are there any strategies homeowners can use to lock in a favorable HELOC rate in a rising interest rate environment, and how does a rate lock typically work with HELOCs?
Credit & Mortgage Expert
HELOCS often have variable interest rates, meaning they go up or down with the Federal Funds rate. So if you are worried about rates rising, you should look into a home equity loan or refinancing your home. That way you have a fixed rate that will not change over time.
HELOC Payment Calculator
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home equity. Use our South Carolina HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. It also provides an amortization schedule, showing payment division between principal and interest over time. Understanding these details can help you manage your HELOC and your finances more effectively.
South Carolina HELOC Payoff Calculator
This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.
Credit Line Information
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Repayment Period Payment
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- Graph view
- Table view
- Amortization
Credit Payoff Schedule for Home Equity Line
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How to Get the Best HELOC Rates in South Carolina
Finding the best HELOC rates in South Carolina can save you money over the life of your loan. A lower rate could reduce monthly payments. To secure the most competitive rate, consider these five strategies:
Maintain a strong credit score
The average credit score in South Carolina is 699. Improving your score can help you secure better HELOC rates.
Compare offers from multiple lenders
Shopping around can help you find competitive rates and use offers to negotiate better terms.
Reduce your debt-to-income (DTI) ratio
Lower debt-to-income ratios show financial stability. Pay off credit card debt to reduce your DTI.
Increase your home equity
More equity means less risk for lenders. Consider paying down your mortgage or making home improvements.
Review closing costs and rate caps
Some lenders charge closing costs. Compare rate caps to manage HELOC expenses.
HELOC Loan Rates vs. Home Equity Loan Rates in South Carolina
HELOC interest rates in South Carolina average 8.3%, while home equity loan rates are slightly lower at 7.8%. This difference is due to HELOCs having variable rates, which can increase in rising interest rate environments.
- HELOCs are flexible credit lines with variable interest rates. In rising interest rate environments, these rates can increase, potentially impacting homeowners' finances over time.
- Home equity loans provide a lump sum with a fixed interest rate, offering stability. They are preferable when you need a predictable payment schedule.
When deciding between these options, consider your financial goals and risk tolerance. If you prefer flexibility and can manage fluctuating payments, a HELOC might suit you. If stability and predictability are your priorities, a home equity loan could be the better choice.
CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE
Cash-out refinance is a HELOC alternative that replaces your existing primary mortgage with a new, larger loan to access cash. It differs from HELOCs or home equity loans in creating a new primary mortgage.
For example, if you have a loan backed by the Federal Housing Administration (FHA), and your home is valued at $300K with a $150K mortgage balance, an FHA cash-out refinance for $200K provides $50K in cash.
FAQ: Best HELOC Rates in South Carolina
What are the current HELOC rates in South Carolina and how do they compare to national rates?
South Carolina's HELOC rates average 8.3%, which is slightly lower than the national average of 8.4%.
What fees are commonly associated with HELOCs in South Carolina?
Common fees include application, appraisal, annual, and early closure fees, but specifics vary by lender.
How do HELOC rates in South Carolina compare to home equity loan rates?
HELOC rates in South Carolina average 8.3%, while home equity loan rates are lower at 7.8%, which may benefit those with bad credit.
How do HELOC Rates in South Carolina vary between banks and credit unions?
Commercial banks in South Carolina offer HELOC rates averaging 8.8%, while credit unions offer lower rates at 8.0%.
What's the best HELOC rate in Charleston? How does it compare to the current HELOC rate in South Carolina?
Charleston's rates are higher, averaging 9.1%, compared to the state average of 8.3%.
MoneyGeek examined 66 different banks and credit unions in South Carolina using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.
This data is accurate as of October 29, 2024.
66Lenders Analyzed
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.