The equity in your home that you can access and borrow is known as tappable equity. A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.
South Carolina's home equity loan rates are slightly above national averages — 7.8% APR for a 10-year term (7.7% nationally) and 8.1% APR for a 15-year term (7.9% nationally). We've compiled detailed insights on current home equity loan rates in South Carolina, including city-specific rates, top lenders, and tips on securing the best rates for using your home's equity.
Home Equity Loan Rates in South Carolina
The current home equity loan rates in South Carolina for 10-year loans average 7.8%, slightly above the national rate of 7.7%. For 15-year loans, the average is 8.1%, compared to 7.9% nationally.
Updated: November 26, 2024
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Key Takeaways
Higher LTV ratios lead to higher rates. The average APR for a 15-year HEL in South Carolina with an 80% LTV is 8%, compared to 8.3% for a 90% LTV.
HEL rates vary by city in South Carolina. For example, for 15-year loans, Fort Mill has an average APR of 6.1%, whereas Hilton Head Island's is 9.4%.
Different lenders offer varying rates for the same loan types. Carolina Bank & Trust Company's average APR is 3.8%, whereas PNC Bank's is 10%.
MoneyGeek examined 27 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 loan rates.
This data is accurate as of November 2024.
Current Home Equity Loan Rates in South Carolina
The current average APR for a 15-year home equity loan in South Carolina is 8.1%, but several factors might affect what lenders offer. For instance, having a higher credit score can often result in a lower APR, while opting for a larger loan amount might lead to a higher rate. Repayment terms also play a role in determining your APR. Check out the table below to compare the current home equity loan rates in South Carolina across different loan terms.
10Year | 7.8% |
15Year | 8.1% |
5Year | 7.5% |
Interest rates for a home equity loan change daily. Keeping track of these changes can help you pay less in interest over the life of the loan, saving you money. If you have high-interest debts, a lower rate can also help you consolidate those debts and reduce your overall interest payments.
For example, a $50,000 home equity loan with a 15-year term at an 8% APR results in a monthly payment of $478 and a total interest of $36,009. In contrast, a 10-year loan with a 7.8% APR has a monthly payment of $601 and a total interest of $22,164. Monitoring rates and choosing the right term can lead to significant savings.
Home equity loans and HELOCs are popular choices. Home equity loans and home equity lines of credit (HELOC) can be used by homeowners to tap into their home's equity.
Home equity loans have fixed rates, averaging 7.8%, while HELOC rates in South Carolina are variable, averaging 8.3%. This highlights the difference between home equity loans, which have fixed rates and provide stability, and HELOCs, which offer variable rates that can fluctuate.
Home Equity Loan Rates by LTV Ratio
The rate you qualify for depends on your loan-to-value ratio, which is the amount you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For example, if your home is valued at $300,000 and you owe $240,000 on your mortgage, your LTV ratio is 80%.
A higher LTV ratio means greater risk to lenders, leading to higher rates. Currently, the average APR of a 15-year equity loan in South Carolina with an LTV ratio of 80% is 8%, compared to 8.3% for an LTV ratio of 90%. Use the table to see what rates you might qualify for based on your LTV ratio.
- 10Year
- 15Year
- 5Year
7.8% | 8.0% |
Home Equity Loan Rates by City in South Carolina
Average APRs also vary between cities in South Carolina. Cities with higher home values or rapid appreciation often have lower rates because the loans are seen as less risky. Additionally, cities with higher living costs may see slightly higher rates, as lenders face increased operational expenses.
In South Carolina, Fort Mill has an average APR of 6.5%, while Hilton Head Island has an average APR of 9.6%. Below is a table showing the average home equity loan rates across South Carolina cities for different terms.
- Abbeville
- Aiken
- Anderson
- Batesburg-Leesville
- Beaufort
- Beech Island
- Bishopville
- Bluffton
- Blythewood
- Boiling Springs
- Camden
- Cayce
- Charleston
- Clearwater
- Columbia
- Conway
- Duncan
- Easley
- Florence
- Fort Mill
- Fountain Inn
- Gaffney
- Georgetown
- Goose Creek
- Graniteville
- Greenville
- Greenwood
- Greer
- Hartsville
- Hilton Head Island
- Honea Path
- Inman
- Irmo
- Johns Island
- Laurens
- Lexington
- Little River
- Loris
- Lugoff
- Manning
- Mauldin
- Moncks Corner
- Mount Pleasant
- Murrells Inlet
- Myrtle Beach
- Newberry
- Ninety Six
- North Augusta
- North Charleston
- North Myrtle Beach
- Orangeburg
- Parris Island
- Pendleton
- Pickens
- Ridge Spring
- Rock Hill
- Saluda
- Seneca
- Shaw AFB
- Simpsonville
- Spartanburg
- Starr
- Summerville
- Sumter
- Taylors
- Travelers Rest
- Wagener
- Warrenville
- West Columbia
- Williamston
- Winnsboro
10Year | 8.3% |
15Year | 8.4% |
5Year | 8.5% |
Home Equity Loan Lenders in South Carolina
Home equity loan rates in South Carolina vary significantly between lenders due to differences in policies, risk assessments, and market strategies. For instance, Carolina Bank & Trust Company offers the lowest average APR at 3.8%, while PNC Bank has the highest at 10.0%.
Comparing rates and terms from different lenders is essential to securing the best deal. Explore the interactive table below to find lenders offering the lowest home equity loan rates in your city.
- Abbeville
- Aiken
- Anderson
- Batesburg-Leesville
- Beaufort
- Beech Island
- Bishopville
- Bluffton
- Blythewood
- Boiling Springs
- Camden
- Cayce
- Charleston
- Clearwater
- Columbia
- Conway
- Duncan
- Easley
- Florence
- Fort Mill
- Fountain Inn
- Gaffney
- Georgetown
- Goose Creek
- Graniteville
- Greenville
- Greenwood
- Greer
- Hartsville
- Hilton Head Island
- Honea Path
- Inman
- Irmo
- Johns Island
- Laurens
- Lexington
- Little River
- Loris
- Lugoff
- Manning
- Mauldin
- Moncks Corner
- Mount Pleasant
- Murrells Inlet
- Myrtle Beach
- Newberry
- Ninety Six
- North Augusta
- North Charleston
- North Myrtle Beach
- Orangeburg
- Parris Island
- Pendleton
- Pickens
- Ridge Spring
- Rock Hill
- Saluda
- Seneca
- Shaw AFB
- Simpsonville
- Spartanburg
- Starr
- Summerville
- Sumter
- Taylors
- Travelers Rest
- Wagener
- Warrenville
- West Columbia
- Williamston
- Winnsboro
First National Bank of Pennsylvania | 6.3% |
Navy Federal Credit Union | 7.6% |
United Community Bank | 8.2% |
South Carolina Federal Credit Union | 8.6% |
PNC Bank | 10.0% |
State Department Federal Credit Union | |
Including credit unions in your lender options can be beneficial due to their competitive rates. In South Carolina, commercial banks offer an average APR of 8.5%, whereas credit unions provide a lower rate of 7.6%. Be aware that credit unions often have stricter membership requirements. Considering credit unions can lead to better home equity loan rates in South Carolina, but ensure you meet their criteria.
How to Get the Best Home Equity Loan Rate in South Carolina
Getting the best possible home equity interest rates can lower your monthly payments and reduce total borrowing costs, freeing up funds for other financial goals. This can make a significant difference in your financial flexibility. To secure the best home equity loan rates in South Carolina, consider these strategies:
Compare lenders
Lenders may offer different APRs for the same loan amount and credit profile. For instance, Neighbors United Federal Credit Union advertises an average APR of 6%, while Security Federal Bank offers 9.3%. Comparing different home equity loan lenders in South Carolina can help you find better rates.
Increase your home's equity
Having more equity in your home can result in more competitive rates from lenders. South Carolina homeowners can increase their home's equity by adding screened porches or hurricane-proofing.
Improve your credit score
Increasing your credit score can lead to more competitive home equity loan rates. Pay bills on time and reduce credit card debt to improve your credit score. The average credit score in South Carolina is 699, according to Experian.
Decrease debt-to-income ratio
A lower debt-to-income (DTI) ratio — the percentage of your monthly income that goes toward paying debts — can lead to better rates as lenders see you as a less risky borrower.
Debt-to-Income Ratio Calculator
Provide your income and recurring payments to calculate your DTI.
Monthly Income Before Taxes
Recurring Monthly Debts
Enter all applicable payments to ensure accurate results.
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FAQ About Home Equity Loan Rates in South Carolina
MoneyGeek addresses common homeowner questions about home equity loan rates in South Carolina. We provide clear, factual information to help you understand how these rates work and what factors may influence them. By offering reliable insights, MoneyGeek ensures you can make informed decisions about your home equity options.
What is the interest rate on a home equity loan in South Carolina?
As of November 2024, the average APRs for home equity loans in South Carolina are 7.5% for a 5-year term, 7.8% for a 10-year term, and 8.1% for a 15-year term. Keep in mind that the rate you qualify for may vary based on factors like your credit score.
How do you calculate your home equity in South Carolina?
To calculate your home equity, subtract your outstanding mortgage balance from your home's current market value. Understanding home equity requirements can help you determine how much you can borrow.
Do home equity loan rates vary between cities in South Carolina?
Yes, home equity loan rates can vary by city. For example, Fort Mill has an average APR of 6.5%, while Hilton Head Island has a rate of 9.6%.
Does a home equity loan in South Carolina have tax benefits?
Home equity loan interest may be tax-deductible if the funds are used for home improvements. Consult a tax advisor for specific guidance.
What are possible drawbacks of securing a home equity loan in South Carolina?
Potential drawbacks include the risk of foreclosure if you fail to make payments and the possibility of owing more than your home is worth if property values decline.
How long does it take to get a home equity loan in South Carolina?
The process typically takes two to six weeks, depending on the lender and your financial situation.
How do you get a home equity loan in South Carolina?
To get a home equity loan, assess your eligibility for a home equity loan by reviewing your finances and credit score requirements. Then, apply through a lender.
What can I use my funds for? Are there any home equity loan use restrictions in South Carolina?
Funds from a home equity loan can be used for home improvements, debt consolidation, or education expenses, but some lenders may impose restrictions.
Can you only take out a home equity loan in South Carolina on your primary residence?
You can apply for a home equity loan on a primary residence, but some lenders also allow loans on secondary properties. Consider a cash-out refinance as an alternative.
What other home equity products can you consider if you want to tap into your home's equity in South Carolina?
Besides home equity loans, consider a HELOC or a cash-out refinance as another type of loan to access your home's equity.
What's the difference between a HELOC and a home equity loan?
A HELOC offers a revolving credit line with a draw period and may have an annual fee, while a home equity loan provides a lump sum with fixed interest rates.
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.
sources
- Experian. "What Is the Average Credit Score in the U.S.?." Accessed November 26, 2024.
- TransUnion. "Home Equity Trends Report — Q4 2023." Accessed November 26, 2024.