Should I Refinance? Calculate Your Savings
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Full Loan Comparison
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Disclaimer: Results are estimates for educational purposes only and do not constitute financial advice. Actual savings depend on your credit score, lender fees, prepaid interest, and local costs. Consult a licensed mortgage professional before refinancing.
South Carolina Refinance Breakdown
Refinancing a mortgage in South Carolina is an increasingly active pursuit for homeowners in Charleston, Columbia, Greenville, Myrtle Beach, and throughout the Palmetto State as the region has experienced some of the strongest population and home price growth in the Southeast. Average South Carolina mortgage balances reached approximately $196,000 in 2024. Strong in-migration from the Northeast and Midwest has accelerated appreciation across the state, and many homeowners who purchased before 2022 are now sitting on far more equity than they may have anticipated.
Refinance Closing Costs in South Carolina
South Carolina refinance closing costs typically range from 2% to 4% of the loan amount, with a state average near $4,100. South Carolina is an attorney state, legally requiring a licensed attorney to conduct real estate closings, including refinances. The attorney reviews title, prepares all closing documents, and certifies the transaction. Attorney flat fees for a standard South Carolina refinance typically run $600 to $1,200. South Carolina does not impose a mortgage recording tax, which helps moderate the overall cost burden.
Cash-Out Refinance Rules in South Carolina
South Carolina homeowners follow standard national guidelines for cash-out refinances, with conventional loans capped at 80% LTV of the appraised home value. There are no South Carolina-specific constitutional restrictions on cash-out amounts. The state's strong appreciation in coastal markets like Hilton Head Island, Kiawah, and the greater Charleston area has created particularly significant equity for homeowners in those communities. FHA cash-out allows 85% LTV and VA loans offer higher thresholds for eligible veterans.
Local Refinance Assistance Programs
The South Carolina State Housing Finance and Development Authority (SC Housing) administers the SC Housing Homebuyer Program with competitive rates and the SC Housing Forgivable Down Payment Assistance program, primarily for purchases. SC Housing also manages the Palmetto Home Advantage program for income-qualifying homebuyers. Veterans should explore VA IRRRL streamline refinance opportunities, which are particularly well-supported among lenders serving the Myrtle Beach, Columbia, and Charleston military communities.