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Current Mortgage Rates

For the past few years, the slow housing market and overall poor economy has helped keep mortgage rates extremely low. Today, the rates on new and refinanced are the lowest in mortgage rates history. Because of this, people in South Carolina, and in other markets across the country could benefit greatly by refinancing an existing mortgage. In fact, most people who are able to refinance could save hundreds of dollars per month through a reduced interest expense.

While South Carolina mortgage rates are extremely low today, and most people could save thousands of dollars per year through reduced mortgage payments, being able to take advantage of the historically low rates has become more difficult as most banks have drastically tightened their lending standards. In order to take advantage of the lowest rates in mortgage rates history, South Carolina residents will need to meet various pieces of financial criteria.

The first piece of criterion that a borrower will need to meet is having a good credit history. A few years ago, lenders in banks across the country were willing to provide borrowers with mortgages even if they had a less than perfect credit score. Since then, most lenders have found that people with poor credit histories have had a much higher rate of default than people that had a good credit history. Since this correlation exists, most banks will only offer the lowest South Carolina mortgage rates to borrowers have excellent credit scores. To get the best rates possible, a borrower will need a score of 740 or more. Those with a score of at least 660 will normally qualify for some mortgage product, but they will have to pay a higher rate.

Another factor that banks use when determining if a person qualifies for a new mortgage loan is their debt to income ratio. A debt to income ratio is calculated by dividing a person’s monthly housing payments by their gross monthly income. In general, banks prefer that their borrower have a debt to income ratio of 28% or less. Anything higher than this and a borrower may have a difficult time paying their housing payments on a monthly basis, which increases the risk of default.

4.25% 30 Year Fixed Rate
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