Home Equity Loan Rates in South Carolina

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.

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.

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.

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.

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.

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.

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.