Mortgage Lending | Charleston Mortgage Rates

Current Charleston Mortgage Rates:

Charleston Mortgage Place is your source for lending in Charleston SC.  Looking for the lowest possible interest rate on your next mortgage or refinance? Use our QUICK CONTACT to get someone working on a no-obligation, lowest rate comparison quote today.

The following interest rates are based on averages available for today. Actual interest rate offers may be higher or lower. Please use this information as a guide to trends in real estate mortgage rates in South Carolina.



The above estimates are an average of availability and do not reflect an exact interest rate you may be offered. Your actual interest rate may vary up or down based on many factors such as: the type of mortgage you qualify for, the type of property,  credit score, amount financed and loan to value among other factors.


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Consumers Expecting Higher Mortgage Rates – Fannie Mae Survey Says

A New survey out by Fannie Mae, (The Federal National Mortgage Association – FNMA) a leading source for residential mortgages and a big player in the secondary market plus they are a government-sponsored enterprise (GSE), was released this month and has revealed several trends in consumer expectations that may affect individuals seeking a mortgage in Charleston SC. If you are seeking a mortgage broker Charleston SC, now is a great time to give us a call or click.

Several new trends emerged:

  • Those who say it is a good time to buy a house fell three points to 65 percent.
  • Survey respondents that felt it as a good time to sell a home increased to 44 percent. This is a new all-time survey high.  This should help individuals on the fence about selling to get back to thinking now is the time and this will help increase inventory.
  • Consumers who think home prices will go up in the next 12 months lessened one point to 44 percent Hovering near the where the range has been since June of this year.
  • The segment expecting home prices will go down fell by only one point to 7 percent.
  • Home price rising expectations over the 12 months was 2.8 percent compared to 2.2 percent just 2 month ago.Mortgage-Rate

Expectations of higher mortgage rates had fallen back in September by five percentage points and consumers seem to feel that rate were to stabilize were also at 45 percent in September (rose by 5 percent) But this optimism was short lived because the new figures for October

In September the share of those expecting higher mortgages rates dropped by five percentage points while the share expecting rates to stabilize rose 5, the reaction representing 45 percent of respondents.

This optimism has been short lived and the October 2014 respondents have scaled back their expectation of stable rates and nearly half (48%) expect a rise in interest rates and only 38 percent felt they would stay flat (or lower). More skeptical indicators show that nearly half of the consumers polled felt it would be difficult for them to obtain financing today and that is a 2 point increase in in the last month.

What does all this mean for Mortgages in Charleston SC? National trends can affect expectation and housing sales in our local market, but interest rates should remain stable well into 2015 and consumer expectations have very little impact in the short-term. It’s still a great time to buy or refinance your home!

To read the full PDF report:

What Key Factors Affect Your Mortgage Rate

mortgage-rate-factorsA real estate purchase, mortgage loan, refinancing and second mortgage are all huge financial commitments and finding the best mortgage rate and terms can be a confusing and sometimes overwhelming process. First time home buyer can especially find the task very intimidating. Your Charleston Mortgage Place independent broker can help you all along the way but here are a few of the Key things to start considering:

What Type of Mortgage and terms might be best for you?

Mortgages come in two categories mainly:

Fixed Rate Mortgage – The fixed rate mortgage means exactly that: the interest rate is fixed for the full length of the loan term. Other factors such as insurance and taxes may fluctuate but your interest rate will remain the same. Most of the time a fixed rate mortgage will be at a slightly higher interest rate, but gives you the borrower the security of fixed principle and interest payments.

Adjustable Rate Mortgage – as you might guess the payments and interest on an adjustable rate mortgage (ARM) can and does fluctuate over the life of the loan. Most of these loans begin with a fixed period at the beginning of one to ten years that your mortgage interest rate is fixed. Then, the rate is subject to change based on a number of standardized indices such as the prime lending rate. Many buyers take advantage of the lower introductory rates that can help them budget for a larger home. Your lending professional can help you determine which might be best for your situation.

How much Should You put down (Down Payment) on your new property?

Down payments or equity in your Real Estate is a big determining factor in the cost of your new loan. More equity; that is the amount you will owe verses the value of the home can help you get a better interest rate. Down payments of 20% typically put you in the best bargaining position but some lenders offer loans, that you might qualify for, with down payments as low as 0 to 5%. Equity positions (the value of the property less your down payment ) of less than 20% will usually require that you pay mortgage insurance and the will add to the overall cost of your mortgage payback. Paying as much down as you can but leaving enough savings for emergency situations, will usually afford you the best interest rate and loan terms.

Buying down the interest rate or paying points up front:

In mortgage terms, points are upfront fees paid to lower the ongoing interest rate by a fixed amount usually in increments of 1% (1 point) equal to a reduction in the interest rate of 0.125%. Points can make sense if you plan to own your home for a long period of time. But, currently the national average of 7 years will not make paying up-front points a good decision for most real estate buyers.

Other hidden factors to look out for:

We have lenders that vary in their requirements from borrowers and your Charleston Mortgage Place lending professional is experienced in sourcing the correct lender for your unique situation. But keep in mind that special conditions may exist that can affect the overall monthly costs of you home. The bank need to protect is investment in your property so they will look at factors such as: flood zone and the type of property: single-family homes, condominiums, Multifamily homes and manufactured homes. Loans are available for many different property types, but typically interest rate are lower for single family homes verses that for multifamily and other types. Higher risk properties will have a higher interest rate.

Occupancy of the home can also affect the risk assessment of the lender. If your loan is for the home you live in full-time, part-time or rent to others will and does affects the interest rate offered.  The best rates generally are given to owner-occupants who live in their homes full-time, vacation homes and investment properties can expect slightly higher interest rate offerings.

Is It Safe to Apply for an Online Charleston Mortgage?

Have you asked this question: Is it safe to apply for an online mortgage here in Charleston?

The short answer: For most people – Probably not!

Then why do we have an APPLY ONLINE BUTTON? Very good question and here is the answer.

A recent article in the New York Times reported that more and more people are applying for their mortgage loans online. We use the internet today to shop for everything and now many of our financial transactions that we traditionally conduct only in person are done at the computer screen. From Banking and insurance to ordering our groceries, more and more business transactions are being conducted online. Most of the time your data is safe even though recently news reports of information being hacked at some of the Nation’s largest banks and retailers give me pause when I say that.

But more than this, shopping for your Charleston mortgage online can become a very frustrating, confusing and even overwhelming ordeal if you’re not careful. So, for most people that apply online – they probably shouldn’t.

Charleston Mortgage Loan CashHere’s more about why not:

In a lot of cases individuals are applying for loans on the internet only to find out that they were not applying for a mortgage at all. In its place, they end up entering their personal information into a database for a company that has promised to give them an approval for an online mortgage but instead turns around and sells the information to other companies.

Instead of getting a call about their mortgage application from a Professional Mortgage Broker they are flooded now with calls and emails soliciting to help them obtain the loan. Even worse, often they receive solicitations from home improvement companies, credit repair companies, home insurance companies, and the list goes on and on. (more…)

Mortgage Lenders Guide to Flood Zones in Charleston SC

Individuals looking for a home mortgage in Charleston, SC and across the low country need to be aware of the impact that Flood Zones have on obtaining financing. Below is a guide prepared to explain the different zones and what they mean. (Thanks to Tom at: for this information)

The zone designations shown on the “FIRMs” are defined below.real-estate-charleston-flood-graphic

Zone A
Zone A is the flood insurance rate zone used for 1-percent-annual-chance (base flood) floodplains that are determined for the Flood Insurance Study (FIS) by approximate methods of analysis. Because detailed hydraulic analyses are not performed for such areas, no Base Flood Elevations (BFEs) or depths are shown in this zone. Mandatory flood insurance purchase requirements apply.

Zone AE and A1-A30
Zones AE and A1-A30 are the flood insurance rate zones used for the 1-percent-annual-chance floodplains that are determined for the FIS by detailed methods of analysis. In most instances, BFEs derived from the detailed hydraulic analyses are shown at selected intervals in this zone. Mandatory flood insurance purchase requirements apply. AE zones are areas of inundation by the 1-percent-annual-chance flood, including areas with the 2-percent wave runup, elevation less than 3.0 feet above the ground, and areas with wave heights less than 3.0 feet. These areas are subdivided into elevation zones with BFEs assigned. The AE zone will generally extend inland to the limit of the 1-percent-annual-chance Stillwater Flood Level (SWEL). (more…)