South Carolina Purchasing Cost Estimate
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Closing costs typically range from 3%6% of the home's purchase price. 1 Thus, if you buy a $200,000 house, your closing costs could range from $6,000 to $12,000. Closing fees vary depending on your state, loan type, and mortgage lender, so it's important to pay close attention to these fees.
Closing costs are paid according to the terms of the purchase contract made between the buyer and seller. Usually the buyer pays for most of the closing costs, but there are instances when the seller may have to pay some fees at closing too.
South Carolina closing costs. The typical closing cost for a home purchase in South Carolina is also around $3000. The typical closing cost for a cash-out refinance in South Carolina is around $4000. The typical closing costs in South Carolina ranges from around 2% percent to 5% percent, based on the loan amount.
According to Bankrate, the average closing costs for the state of South Carolina are around $2,200. However, they don't include variable costs like title insurance, title search, taxes, other government fees, escrow fees, and discount points.
On that day, you'll sign a number of documents, as well as pay a few fees, which are known as closing costs. South Carolina's closing costs average 1.66% to 4.94% of a home's value, with this variance depending on a number of factors, including location, services used and lender.
How much are seller closing costs in South Carolina? In South Carolina, closing costs usually amount to around 0.9% of a home's sale price, not including realtor fees. With a median home value of $268,531, sellers can expect to pay around $2,334 at closing.
Your mortgage lender will pay the remaining balance. Typically, mortgage lenders in South Carolina want you to contribute 20% of the purchase price as a down payment. That would be $53,706 for a $268,531 home the typical home value in South Carolina. However, you have options to lower your down payment amount.
SC Housing offers FHA, VA, USDA, and Conventional loan programs. Make a down payment of at least 3% 5%. Your minimum required down payment is dependent on the type of loan you choose.
Home Property Values and Costs in South CarolinaAverage home values in the state are currently about $158,900. As for home appreciation, values have increased 5.9% over the past year, and are expected to rise another 7.1% in 2019. Homes are listed on the market for around $244,990, and are closing for about $173,400.
