South Carolina HELOC Rates and Lenders
If you want to take out a HELOC in South Carolina, you have several great options from online lenders to local credit unions. Some local South Carolina HELOCs have very low introductory rates, which can be beneficial if you only need to borrow money for a short amount of time. South Carolina also has many […]
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If you want to take out a HELOC in South Carolina, you have several great options from online lenders to local credit unions. Some local South Carolina HELOCs have very low introductory rates, which can be beneficial if you only need to borrow money for a short amount of time.
South Carolina also has many consumer protections to shield you from predatory lending practices. Here are our top picks for lenders and everything you need to know about taking out a home equity line of credit in South Carolina.
Reviews of the best online HELOCs in South Carolina
A benefit of online lenders is faster loan disbursement. Some online lenders can close HELOCs in less than a month, while local banks tend to take longer. If you need access to cash quickly, an online lender can be a better option for this reason.
Sometimes, online lenders can also have lower interest rates, but it depends on many factors including your credit score.
Here are a few online HELOC options available to South Carolina residents.
Figure
Best overall
Why we picked it
Figure offers competitive HELOC options for South Carolina residents, known for its streamlined online application process and quick funding times.
Using blockchain technology, Figure ensures a secure and efficient experience, often funding loans within a few days.
Borrowers benefit from transparent terms and flexible repayment options, making it an attractive choice for those looking to tap into their home equity with minimal hassle.
- Fixed interest rates
- No in-person appraisal is needed
- Option to redraw up to 100% of funds
- Funding can be available in as few as 5 days
- Check your rate without affecting your credit score
Loan details
| Rates (APR) | 6.55% – 15.54% |
| Loan amounts | $15,000 – $400,000 |
| Draw period | 5 years |
| Repayment term | 5, 10, 15, or 30 years |
| Funding time | As few as 5 days |
| Properties | Primary home, second home, or investment property |
| Credit score | 640 |
LendingTree
Best marketplace
Why we picked it
LendingTree stands out as a top marketplace for HELOCs in South Carolina, providing a platform where homeowners can compare multiple offers from various lenders. This competitive environment allows borrowers to find the best rates and terms tailored to their needs.
LendingTree’s user-friendly interface and comprehensive comparison tools make navigating different options and selecting the most favorable HELOC easy, ensuring borrowers get the best possible deal.
- Access to multiple lenders
- Comprehensive comparison tools
- Competitive rates
- Customizable loan options
Loan details
| Rates (APR) | Starting at 6.24% |
| Loan amounts | $10,000 – $2 million |
| Draw period | 2 – 20 years |
| Repayment term | 5 – 30 years |
| Funding time | Varies |
| Properties | Varies |
| Credit score | Varies, 620 advisable |
Bethpage
Best for large HELOCs
Why we picked it
Bethpage offers a robust HELOC product for South Carolina residents, featuring competitive introductory rates and personalized customer service.
With a low fixed 12-month introductory rate for creditworthy borrowers, Bethpage provides an appealing option for homeowners looking to manage their finances effectively.
The credit union’s commitment to member satisfaction and community-oriented approach further enhances its appeal.
- Borrow $10,000 – $1 million
- No application, origination, or appraisal fees
- Convert part of your HELOC to a fixed-rate option
- 12-month fixed introductory rate for qualified borrowers
- $0 closing costs
Loan details
| Rates (APR) | 7.24% for 12 months, then variable |
| Loan amounts | $10,000 – $2 million |
| Draw period | 10 years |
| Repayment term | 5, 10, or 20 years |
| Funding time | 36 – 70 days, on average |
| Properties | Primary homes, second homes, or condos |
| Credit score | 670 |
Hitch
Best for flexible qualification
Why we picked it
Hitch provides a fast and efficient HELOC option for South Carolina homeowners, with an average funding time of 21 days. Known for its modern approach to lending, Hitch offers a straightforward online application process and transparent terms.
This lender’s focus on speed and simplicity makes it a compelling choice for those seeking quick access to their home equity without the lengthy wait times often associated with traditional lenders.
- Borrow $25,000 – $500,000
- Assigned a dedicated loan officer
- Access up to 95% of your home’s equity
- Prequalify in minutes without affecting your credit score
Loan details
| Rates (APR) | 8.25% – 13.00% |
| Loan amounts | $25,000 – $500,000 |
| Draw period | 10 years |
| Repayment term | 20 years |
| Funding time | 21 days on average |
| Properties | Most single-family homes, including apartments, condominiums, and houses |
| Credit score | 620 (640 preferred) |
Local HELOCs in South Carolina
Working with a local lender has several benefits, too. Many local lenders offer promotions and competitive interest rates. It’s also beneficial to be able to go into a branch if you have a question or a problem with your HELOC.
Many online HELOC lenders and FinTech apps are relatively new, and it can be comforting to work with a bank you already know has a long-standing reputation.
Here are a few local lending options in South Carolina.
| Company | Rates (APR) | Location |
| SCU State Credit Union | 4.5% for 12 months, then variable (currently 9.50%) | Numerous locations in South Carolina |
| South State Bank | 6.84% for 12 months, then variable (currently 8.50%) | Numerous locations in South Carolina |
| PNC Bank | 8.46% to 14.75% | 28 states, including South Carolina |
| CPM Federal Credit Union | 1.99% for 6 months, then variable (currently 8.25%-13.25%) | Numerous locations in South Carolina |
When comparing local lenders, consider rates, location, and whether the bank offers introductory rate promotions. It’s also a good idea to look up ratings to see whether the lender offers quality customer service.
What’s the difference between online and local HELOCs in South Carolina?
Some online lenders have faster loan approval and funding times than local lenders. However, some online lenders are not available in all states.
Many local lenders offer competitive interest rates and promotions on HELOCs. Consumers who want face-to-face interactions will likely prefer applying for a HELOC at a local bank or credit union. Additionally, if borrowers already have a relationship with a local bank, it might make them feel more comfortable to apply for a HELOC with an institution they know and trust.
Whether or not borrowers go with online or local lenders, comparing at least three to five lenders before choosing one is important.
Ask the expert
When choosing a HELOC lender, I recommend a reputable lender with attractive terms. This means looking at online, local, and national lenders to provide an individual with options. The final decision typically depends on what you are comfortable with, as some individuals do not want to use an online lender and/or want to be able to walk into their local bank to talk directly with a representative and vice versa.
How do South Carolina HELOC rates compare to other states?
HELOC rates are consistent when comparing average HELOC rates in different states. The difference is that some online lenders are only available in select states. For example, Figure is available in South Carolina, which means borrowers have a broader range of options when comparing local and online lenders.
The Wall Street Journal reports the average HELOC rate is 8.61% as of May 2024. Many of the lenders on this list offer HELOC rates above and below the average. Some, like Figure, have interest rates starting at 6.55% for qualified borrowers.
What consumers need to know
The growth of HELOCs in South Carolina shows that the practice is common among lenders in the state. This might also be a result of a tight housing market, where homeowners are utilizing HELOCs to renovate instead of buying new homes.
Always do your due diligence to ensure you can afford HELOC payments, especially after promotional rates end, and your interest rates become variable.
How to get the best HELOC rates in South Carolina
To qualify for a HELOC, many lenders set minimum credit requirements. For some lenders, that’s a 620 credit score, while others require a 670 or higher. Typically, borrowers with excellent credit qualify for the most competitive interest rates.
To get the lowest HELOC rate in South Carolina, first, ensure you have an eligible credit score and at least 15 to 20% equity in your home. Lenders will also likely verify your employment and calculate your debt-to-income ratio to determine whether or not you can afford your HELOC payment.
Before selecting a HELOC, shop around for the right lender. Many lenders offer promotional rates and variable rates thereafter. Comparing lender’s rates, terms, and fees can help ensure you get a HELOC with the best terms for you.
Are there any South Carolina-specific requirements or regulations?
South Carolina consumers have legal protections against predatory lending. South Carolina laws limit high-cost home loans, including second mortgages. Mortgage brokers in South Carolina must disclose all fees. If they don’t, consumers can sue for damages.
Additionally, in a legal case before the Supreme Court of South Carolina in 2015, the court ruled in favor of consumers, reinforcing protections consumers have with open-ended mortgages, which have similar characteristics as HELOCs. Each state is different regarding real estate laws and which mortgage takes seniority when selling a house and paying it off.
Borrowers must notify their lenders when securing a second mortgage. Additionally, when buying a home, it’s prudent for potential buyers to hire an attorney. In fact, in South Carolina, a South Carolina licensed attorney must be the one to perform a title search, closing, and recording documents.
Overall, borrowers in South Carolina have numerous laws to protect them from predatory lending on their primary and second mortgages.
FAQ
What credit score do you need for a South Carolina HELOC?
Lenders generally look for a credit score of at least 620. However, a higher score can help you secure a better interest rate. Some lenders may offer products tailored to a broader range of credit profiles, so it’s wise to shop around.
What are the typical fees for a South Carolina HELOC?
Typical fees for a South Carolina HELOC can include application, appraisal, and annual fees. Expect to pay between $500 to $1,000 for these initial charges. Some lenders may waive certain fees as part of a promotional offer, so asking about any current incentives is beneficial.
Are there any special programs or incentives for South Carolina HELOCs?
Yes, some lenders may offer special programs or incentives for South Carolina HELOCs. These can include limited-time promotions such as reduced introductory rates, fee waivers, or discounts for setting up automatic payments. Always check with the lender for the most up-to-date information on available offers.
How we chose the best HELOC lenders in South Carolina
LendEDU evaluates HELOC lenders to help readers find the best HELOC loans. Accessibility is important to this evaluation, so our editorial ratings system primarily focuses on companies available in most U.S. states. That’s why the lenders we selected in the online section have editorial ratings. They’ve gone through an extensive review process and were determined to offer superior products compared to other lenders. We’ve also independently verified that these companies are available in South Carolina.
Since most local lenders aren’t available outside state lines, they haven’t gone through the same review process as the online lenders. Instead, we found them through separate research and determined that each offered solutions worthy of consideration by readers.
How we chose the best HELOCs in South Carolina
Since 2018, LendEDU has evaluated home equity companies to help readers find the best home equity loans and HELOCs. Our latest analysis reviewed 850 data points from 34 lenders and financial institutions, with 25 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.
These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.
Recap of South Carolina HELOC rates and lenders
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