Mortgage rates can change regularly, and the rate offered to one buyer may not be the rate offered to another. Loan type, down payment, credit profile, loan term, and other details can affect an individual quote. This page is a starting point for understanding the questions to ask as you plan a home purchase in South Carolina.
Why Mortgage Rates Can Vary
National rate averages are useful for seeing general trends, but they are not a personalized offer. A lender can explain how your loan program, financial profile, property type, down payment, and rate-lock timing may affect your available options and estimated payment.
Interest Rate Versus APR
The interest rate is the cost of borrowing the loan amount. APR is a broader measure that includes the interest rate and certain loan charges, such as points and fees. When comparing mortgage offers, make sure you understand both figures and compare similar loan types and terms.
How to Compare Mortgage Offers
Once you apply, lenders provide a Loan Estimate that outlines the estimated interest rate, payment, closing costs, and other important terms. Requesting Loan Estimates for the same type of loan can help you compare options more clearly. Ask questions about the rate lock, loan term, estimated cash to close, and any features that could affect future payments.
Where to Check Current National Rate Trends
For an up-to-date view of national mortgage-rate averages, visit Freddie Mac’s Mortgage Market Survey. These are national averages, not a quote for a specific borrower or property. For help understanding the documents you receive from a lender, review the CFPB Loan Estimate explainer.
Talk with Our In-House Lender
For questions about current mortgage options, rates, or Loan Estimates, use the lender contact information below.
Quentin Hardy
Senior Loan Officer | NMLS ID: 420639
Phone: (516) 614-4088
Email: Quentin.Hardy@ccm.com
Website: https://ccm.com/lp/DowningxCCM
With decades of experience in mortgage lending, Quentin has built a reputation for delivering exceptional service and results. As a nationally recognized top producer, he ranks among the top 1% of mortgage lenders in the US.
Prospective buyers are free to use any lender of their choosing and are not required to obtain financing through CrossCountry Mortgage, LLC to purchase a home or work with The Downing Group. All loans subject to underwriting approval. Certain restrictions apply. Call for details. This is not a commitment to lend.
