Home Equity Loan Rates in South Carolina (January 2025)

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 — 7.9% 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.

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, a higher credit score can lead to a lower APR, while a larger loan amount might result in a higher rate. Repayment terms also play a role in determining loan rates. Compare the current home equity loan rates in South Carolina across different loan terms to find the best fit for your financial needs.

Interest rates for home equity loans change daily. Monitoring these changes can help you save money, as a lower rate means you'll pay less in interest over the life of the loan. Additionally, with favorable rates, financing renovations or repairs becomes more affordable.

For instance, a 15-year home equity loan with an 8.1% APR results in a monthly payment of $481 and a total interest of $36,529. On the other hand, a 10-year loan with a 7.9% APR has a monthly payment of $604 and a total interest of $22,480. Keeping an eye on current rates can guide you in choosing the right loan term for your financial needs.

The rate you qualify for depends on your loan-to-value ratio, which measures how much 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 presents greater risk to lenders, leading to higher interest rates. In South Carolina, the average APR for a 15-year equity loan with an 80% LTV is 8%, compared to 8.4% for a 90% LTV. Use the table below to explore average home equity loan rates you might qualify for based on your LTV ratio.

Average APRs also vary between cities in South Carolina. Cities with higher living costs may see slightly higher rates, as lenders face increased operational expenses. Additionally, differences in property taxes or local fees can influence rates, affecting overall borrowing costs.

In South Carolina, Johns Island has an average APR of 6.1%, while Hilton Head Island has an average APR of 10.0%. Below is a table showing the cities in South Carolina and their average APRs for home equity loans with different terms.

Home equity loan rates in South Carolina vary significantly between lenders, influenced by each lender's 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%.

Comparing rates and terms from different lenders is the best way to secure the lowest home equity loan rates. Explore the interactive table below to see which lenders offer the lowest rates in your city.

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:

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.