Mortgage in Myrtle Beach, SC (2026)

Find the best mortgage rates in Myrtle Beach, SC. Whether you are purchasing a starter home or refinancing in Myrtle Beach, comparing mortgage lenders can save tens of thousands over the loan term.

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Myrtle Beach Overview

Myrtle Beach is a key market in South Carolina with a population of 281,180 and a median household income of $48,000. The median home price stands at $240,000, shaping the local borrowing landscape.

Rates & Terms

Adjustable-rate mortgages in SC start 0.5% to 1% lower than fixed rates but carry reset risk after the initial fixed period.

Borrowers in Myrtle Beach with credit scores above 760 and 20% down payments qualify for the best conventional mortgage rates.

Requirements in Myrtle Beach

Conventional mortgages in Myrtle Beach typically require a minimum credit score of 620, a debt-to-income ratio below 43%, and stable employment history.

FHA loans in SC accept credit scores as low as 580 with 3.5% down, or 500-579 with 10% down.

South Carolina Regulations

South Carolina regulates payday lending with specific amount and fee caps.

  • Usury Limit: 8.75% (non-licensed)
  • Payday Lending: Legal, max $550, 15% fee

Local Market Insights

Local mortgage brokers in Myrtle Beach, SC can access wholesale rates from multiple lenders, often beating retail bank offerings.

Property taxes in SC should be factored into your total monthly housing budget alongside principal, interest, and insurance.

Borrowing Tips for Myrtle Beach

  • Consider a 15-year mortgage if you can afford the higher payment; you will save massive interest over the loan life.
  • Get pre-approved, not just pre-qualified; a pre-approval letter strengthens your offer in competitive Myrtle Beach markets.
  • Lock your mortgage rate once you have a signed purchase agreement; rates can change daily and cost you thousands.

Frequently Asked Questions

How much down payment do I need for a house in Myrtle Beach?

Conventional loans require 3-20% down, FHA loans require 3.5%, and VA loans require 0% down. The median down payment in Myrtle Beach is approximately 10-15% of the purchase price.

What is the current average mortgage rate in SC?

As of 2026, average 30-year fixed mortgage rates in SC range from 6.5% to 7.5%, while 15-year fixed rates range from 5.75% to 6.75%. Rates vary by lender and borrower profile.

How long does mortgage approval take in Myrtle Beach?

Most lenders can issue a conditional approval within 3-5 business days. Full loan approval and clear-to-close typically take 30-45 days from application.

Should I choose a fixed or adjustable-rate mortgage?

Choose a fixed-rate mortgage if you plan to stay in the home long-term and want payment stability. An ARM may save money if you plan to sell or refinance within 5-7 years.

Important Disclaimer

LoanMatchers is not a lender and does not make credit decisions. We connect consumers with licensed lending partners. All loan terms, rates, and fees are determined by the lender and are subject to credit approval. APRs range from 5.99% to 35.99%. Not all applicants will qualify for the lowest rates. This website provides general information and does not constitute financial, legal, or tax advice. Consult a qualified professional before making financial decisions. Rates and terms are accurate as of 2026 but subject to change without notice.