South Carolina Conventional Mortgages

When buying a home in South Carolina, your choice of mortgage is just as important as the home itself. The right choice will make it very easy for you to make your mortgage payments. The problem is there is no one-fits-all type of solution. You just have to shop around to find the mortgage that suits your particular needs and situation. While some South Carolina homebuyers opt for government-backed loans (FHA, VA, and USDA), others find conventional loans more suitable.

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Simply put, a conventional mortgage is a loan that is not insured by the federal government but conforms to the guidelines set by Fannie Mae and Freddie Mac. Most lenders usually have their own custom-made conventional mortgages for different types of borrowers. And contrary to popular belief, they are actually very affordable. Currently, South Carolina conventional mortgage rates are:

Daily South Carolina Conventional Mortgage Rates for 4.14.24

30 Yr. Fixed 7.000% APR 7.515%
15 Yr. Fixed 6.375% APR 6.873%
Rates as of April, 14 2024 See All Rates | See Rate Assumptions

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If you look at South Carolina’s historical interest rates you will see that there has hardly been a better time to get a South Carolina conventional mortgage than now. So if you are thinking of applying for a mortgage, it is worth considering, be sure to contact Moreira Team for the very latest South Carolina conventional mortgage rates and quotes of how much house you can afford in the current market that is very suitable for homebuyers.

Other than low-interest rates, conventional mortgages have little to no mortgage insurance (depending on your amount of down payment), relaxed appraisal standards and very flexible lending terms. After all, they are created by lenders themselves. If you need help in shopping for the best conventional mortgage in South Carolina talk to Moreira Team today.

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