Best South Carolina Mortgage Lenders & Current Mortgage Rates

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Is a home purchase in the Palmetto State on your mind? If so, you should have many choices to consider. South Carolina has just over 2.3 million housing units and a homeownership rate of about 69%, according to the U.S. Census Bureau’s 2018 American Community Survey.

South Carolina’s median housing value is $170,800, which is considerably less than the national median value of $229,700. Certain areas of South Carolina have higher housing prices, while lower housing prices can be found in other areas.

U.S. News conducted an in-depth review of leading direct mortgage lenders. Research was based on program availability and customer satisfaction ratings. Because each consumer has different needs, the top finishers in several key areas were chosen.

What Are the Mortgage Rates in South Carolina?

The average interest rate for a 30-year fixed-rate conforming mortgage in South Carolina is 2.96%. Home interest rates range from 2.38% to 4% in South Carolina.

What Are Today’s Mortgage Rates?

Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.







Loan Types

This Week’s Rate

Last Week’s Rate

30-year fixed-rate mortgage 3.03% 3.02%
15-year fixed-rate mortgage 2.56% 2.55%
30-year fixed-rate jumbo mortgage 3.09% 3.06%
5/1 ARM 3.06% 3.1%
5/1 jumbo ARM 2.87% 2.94%

*Rates as of Oct. 21, 2020

U.S. News’ Best South Carolina Mortgage Lenders

Methodology: U.S. News conducted an in-depth review of leading direct mortgage lenders in South Carolina. Research was based on program availability, customer satisfaction ratings and qualification requirements. Because each consumer has different needs, the top finishers in several key areas were chosen.

Best for VA loans

Veterans United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, D.C., and specializes in VA loans. In 2019, Veterans United Home Loans generated the largest number of VA loans in the nation.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, refinance, USDA and VA
  • Minimum FICO credit score: 660
  • Maximum loan amount: $1.5 million
  • Better Business Bureau rating: A+

Best Features

  • Requires no military service

  • Sets no minimum loan amount

See full profile

Best for large loan amounts

Bank of America serves roughly 66 million customers in all 50 states. The lender offers conventional, Federal Housing Administration, Department of Veterans Affairs and jumbo loans, as well as home equity lines of credit and mortgage refinancing.

Lender Highlights

  • Mortgage types: ARMs, conventional, FHA, first-time homebuyer program, home equity lines of credit, refinancing, VA
  • Minimum FICO credit score: 600
  • Maximum loan amount: $5 million
  • Better Business Bureau rating: A+

Best Features

  • Wide variety of mortgages

  • Annual percentage rate or closing cost discounts for qualifying Bank of America and Merrill Lynch clients

  • No closing costs and no annual, balance transfer and cash advance fees for HELOCs

See full profile

Best for online service

Caliber Home Loans of Coppell, Texas, offers mortgages nationwide, including conventional, refinance, jumbo and adjustable-rate loans. Government-backed options are FHA, USDA and VA. Caliber has been in business since 2008 and is solely focused on home loans.

Before You Apply

  • Mortgage types: conventional, FHA, jumbo, refinance, USDA and VA
  • Minimum FICO credit score: 580
  • Maximum loan amount: $3 million
  • Better Business Bureau rating: A

Best Features

  • Offers a first-time homebuyer program

  • Accepts mortgage applicants with FICO credit scores as low as 580

See full profile

Best for product selection

Guild Mortgage, founded in 1960, specializes in home loans and serves borrowers nationwide. The lender’s full suite of products includes conventional and government-backed mortgages and home equity loans.

Before You Apply

  • Mortgage types: ARMs, conventional, FHA, jumbo, manufactured home, refinance, reverse, USDA and VA
  • Minimum FICO credit score: 600
  • Maximum loan amount: varies
  • Better Business Bureau rating: A+

Best Features

  • Receives strong customer service ratings from the Better Business Bureau

  • Offers a broad range of mortgage products

  • Provides special mortgage programs for first-time buyers and manufactured homebuyers

See full profile

Best for customer service

LoanDepot was established in 2010 and since then has financed more than $70 billion in mortgages. It offers FHA, conventional and other mortgage options. Borrowers may qualify for a loan with a FICO credit score as low as 580.

Highlights:

  • Mortgage types offered: Conventional, FHA, VA, ARM, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Home equity loans
  • Minimum FICO credit score: 500 with conditions
  • Maximum debt-to-income ratio: 43% for FHA
  • Maximum combined loan-to-value ratio: 90%
  • J.D. Power satisfaction rating: Four out of five

Best Features

  • LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing loanDepot loan, the company will waive the lender fees and reimburse appraisal fees.

See full profile

Best for online service

PrimeLending is a Dallas-based mortgage lender with several mortgage loan options, including conventional loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.

Highlights:

  • Loan types: conventional, FHA, VA, USDA, ARM, refinancing
  • Minimum FICO Score: 600
  • Maximum loan-to-value ratio: not disclosed
  • Maximum debt-to-income ratio: 43%
  • Total closing costs: 2% to 6% of loan amount
  • Equity required: not disclosed
  • J.D. Power Satisfaction rating: not rated

Best Features

  • Offers a wide variety of mortgage loans.

  • Provides mortgage loans nationwide.

  • Helps with closing costs.

See full profile

Best for product availability

Quicken Loans is a nationwide mortgage lender with several mortgage options. Known for customer service, the lender has an A+ Better Business Bureau rating and received a rating of five (among the best) in the 2018 U.S. Primary Mortgage Origination Satisfaction Study.

Highlights:

  • Mortgage types offered: ARM, FHA, VA, Refinancing (FHA), USDA, Conventional, Refinancing (conventional)
  • Minimum FICO credit score: 580 (FHA), other loans vary
  • Maximum debt-to-income ratio: 60%
  • J.D. Power satisfaction rating: Five out of five

Best Features

  • Complete loan process available online.

  • Wide variety of mortgage products.

  • Good customer service ratings.

See full profile

Mortgage Calculator

Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.

What Are Some South Carolina Homebuyer Programs?

SC Housing offers a homeownership assistance program to help eligible South Carolina homebuyers afford a home. The program offers down payment and/or closing cost loans and reduced mortgage insurance on certain loan types.

  • Available to: Eligible South Carolina homebuyers.
  • Income limits: Vary by county (see income limits).
  • First-time homebuyers only? Yes for non-targeted counties.
  • Benefits: Reduced mortgage insurance requirements for certain loans as well as down payment and/or closing cost assistance of up to $6,000 in the form of a 10- or 20-year forgivable second mortgage with no monthly payments and a 0% interest rate.

  • Available to: Eligible South Carolina homebuyers.
  • Income limits: Vary by county (see income limits).
  • First-time homebuyers only? Yes for non-targeted counties.
  • Benefits: Federal tax credit may reduce your income tax liability each year by an amount equal to 50% of the mortgage interest paid or $2,000, whichever is less.

  • Available to: Eligible South Carolina homebuyers.
  • Income limits: Vary by county (see income limits).
  • First-time homebuyers only? No.
  • Benefits: Down payment as low as 3%, down payment assistance with a 0% interest forgivable second mortgage.

Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.



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