Refinancing in South Carolina
South Carolina is home to the quintessential southern mentality. “Hospitality, friendliness, tidiness, and politeness” may as well be a mantra that each resident recites. In addition to the great people, South Carolina has some of the most amazing beaches in the world. These beaches have been popular tourist destinations for years, and they are becoming increasingly popular as they years pass. South Carolina also has some of the most amazing weather in the country. Winters are mild, summers are moist and warm. Who would not want to live here throughout the entire year? Many of the residents of South Carolina feel the same way about their home state. They feel so attached to it, in fact, that they have been willing to continually pay too much for their mortgages each month. Fortunately, these people have the opportunity of making their homes more affordable while extracting a bit of money to pay for college or any other long-term investment. They can do this through the process of refinancing, which allows the homeowner to use a new loan to cover the remaining balance on his or her existing mortgage.
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Quick South Carolina Housing Facts:
- Percent of homeowners in South Carolina: 72.2%
- Percent of renters in South Carolina: 28.8%
- Median annual income in South Carolina: $38,579
- Average credit score in South Carolina: 665
- Best South Carolina city to live in: Charleston, SC
- Median South Carolina home value: $94,900
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When to Refinance in South Carolina
When it comes to enjoying the best that refinancing has to offer, one must pay careful attention to details. Start by reviewing the fine print of your current mortgage to see if there is any mention of fees or penalties for paying the loan off early. If so, see how much they are. Oftentimes, these penalties can cost thousands of dollars, which can frequently render the refinancing process futile. Also, be sure to pay careful attention to the current rates in the real estate market. Check to see if rates are below 1.5-2.0% lower than what you are paying today. If they are, then today is a great time to refinance. Finally, be sure to ask about closing costs associated with your new loan. This can be another surprising expense that can hurt your wallet substantially.
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