Advertising Disclosure

Today's Mortgage Rates in South Carolina

Today’s mortgage and refinance rates plus current home buying and refinance advice for South Carolina residents

Buying a home in South Carolina

In South Carolina, home sellers must provide potential buyers with a disclosure agreement. The law of the state requires that disclosure contains information on the following:
  • History of infestations of wood-destroying insects
  • Building codes, zoning laws, or boundary disputes
  • Water supply and sewage disposal
  • Roof, foundation, basement, floors, and chimneys
  • Electrical, plumbing, and heating systems
  • Asbestos, lead-based paint, radon gas or other toxic material
  • Rental or any other lease agreements there may be on the property
All of this information can be found in a sample form that is freely available from the South Carolina Real Estate Commission. The SC Disclosure of Real Estate Brokerage Relationships states that until a buyer enters into a written agreement with a broker, the buyer is regarded as a customer. And, as a customer, you cannot expect a broker (or brokerage company) to promote your best interests or maintain the confidentiality of any information you provide. So, when dealing with a broker, be careful up until the time you sign an agreement.

Refinancing a home in South Carolina

In South Carolina, you’ll be assumed to be "flipping" your mortgage if you refinance within 42 months of your current loan being closed. Don’t worry. As long as you’re getting one of the obvious benefits of a refinance, this shouldn’t trip you up. Allowable benefits of a refinance include things like:
  • Lowering your mortgage rate
  • Paying off the home faster (by shortening the loan term)
  • Tapping your equity with a cash-out refinance
  • Lowering your monthly payment
In addition, according to South Carolina law, you must use an attorney for almost all real estate and property transactions. And that includes mortgage refinances. Some will think this is an imposition: Lawyers making work for other lawyers. But South Carolina’s body of real estate law is quite complicated and having an expert on your side may prove a wise investment. Although your attorney should check your title, you shouldn’t confuse him or her with your title insurance company. South Carolina is different from many other states in that those two are regarded as distinct entities in real estate transactions. Don’t believe anyone who tells you that you must use a particular attorney to suit another party. You’re entirely free to choose your own. By all means, get recommendations from friends and colleagues. But also shop around for the best deal. Don’t necessarily go for the cheapest. You want one that has in-depth expertise and a solid reputation. Cost is an important but secondary consideration.

Buying a home doesn't need to be stressful—or expensive.

Let us make your dream home a reality!