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
Updated: November 19, 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 8.6% for a 90% LTV.
HELOC rates vary by city in South Carolina. Blythewood has an average APR of 7.3%, whereas Johns Island'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
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 | 9.2% |
| $50,000 | 9.2% |
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% |
| Empeople Credit Union | 6.6% |
| Palmetto Citizens Federal Credit Union | 7.0% |
| Market USA Federal Credit Union | 7.5% |
| SPC 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
| State Department Federal Credit Union | Credit Union | 7.5% |
| First National Bank of Pennsylvania | Commercial Bank | 7.9% |
| United Community Bank | Commercial Bank | 8.0% |
| South Atlantic Bank | Commercial Bank | 8.0% |
| Synovus Bank | Commercial Bank | 8.0% |
| First Bank | Commercial Bank | 8.5% |
| United Bank | Commercial Bank | 8.5% |
| TD Bank | Commercial Bank | 9.0% |
| SouthState Bank | Commercial Bank | 9.0% |
| South Carolina Federal Credit Union | Credit Union | 9.0% |
| Navy Federal Credit Union | Credit Union | 9.1% |
| Rev Federal Credit Union | Credit Union | 9.5% |
| Truist Bank | Commercial Bank | 10.1% |
| PNC Bank | Commercial Bank | 10.3% |
| 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. Commercial banks often have higher rates, with the best rate in South Carolina currently averaging 8.9%. In contrast, credit unions, which are not-for-profit institutions, offer lower rates, averaging 8.1%.
When deciding between the two, consider more than just rates. Banks may provide convenience and a wider range of services, while credit unions often offer personalized customer service and lower fees. Check membership requirements for credit unions and be aware of any hidden fees or rate adjustment clauses with both lenders.
Ask the experts:
What advice do you have for homeowners who are considering a HELOC in today’s economic climate — should they act now or wait for more favorable conditions?
Credit & Mortgage Expert
As with anything there are pros and cons. Even though rates may be higher right now, the home values are also high. This could lead to you getting approved for more of a HELOC compared to if rates are lower but housing values decrease (not saying they will). In my opinion, it’s better to get a HELOC now and have it for when you need it. Also, HELOC rates are variable — so if rates go down, so will the rate on your HELOC.
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.
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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 8.4%, while home equity loan rates are slightly lower at 7.8%. This difference arises because HELOCs have variable rates, which can increase in rising interest rate environments, unlike the fixed rates of home equity loans.
- HELOCs are flexible, revolving credit lines with variable rates that can rise, potentially increasing costs for homeowners over time.
- Home equity loans provide a lump sum at a fixed rate, offering stability and predictability, making them preferable for those seeking financial certainty.
When deciding between these options, consider whether you prioritize the flexibility of accessing funds as needed or the predictability of stable payments. Also, assess your home's equity to ensure you are making the most informed decision.
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?
The average HELOC rate in South Carolina is 8.4%, which is the same as the national average.
What fees are commonly associated with HELOCs in South Carolina?
Common fees include application fees, appraisal fees, annual fees, and early closure fees, but specifics vary by lender.
How do HELOC rates in South Carolina compare to home equity loan rates?
South Carolina's HELOC rates average 8.4%, while home equity loan rates are lower at 7.8%, making them a better option for 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 8.9%, while credit unions offer lower rates at 8.1%.
What's the best HELOC rate in Charleston? How does it compare to the current HELOC rate in South Carolina?
Charleston's rates average 9.2%, which is higher than the South Carolina average of 8.4%.
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 November 15, 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.