Low Mortgage Rates Attract Home Buyers to South Carolina

By Joe Taylor Jr.
Local Lender Columnist
Feb 7, 2007
Mortgage rates in South Carolina have risen, just like mortgage rates throughout the rest of the country. Still, favorable tax rates and manageable prices have lured a rash of new homeowners to pleasant lakefront lots near the banking stronghold of Charlotte, NC, and to beachfront properties in SC towns like Myrtle Beach.

Mortgage analysts in Charlotte, the finance capital of the Southern United States, are eyeing fluctuating interest rates. Two of the world's largest banks call Charlotte home, and these employers have attracted talented workers from around the world. All those mortgage specialists, loan officers, and portfolio managers need retreats in which they can enjoy their downtime, so successful executives flock to the lakefront lifestyle of neighboring South Carolina.

Since bank employees frequently enjoy discounted closing costs in addition to favorable mortgage rates, homes in northern South Carolina counties have sold quickly. Homes in York and Rowan County, which boast large lots and lake views, are still much less expensive than comparable properties in other parts of the country.

Boomers Seek Beachfront Homes in South Carolina

Meanwhile, along the Atlantic coast, Baby Boomers who refinanced their homes to take advantage of low mortgage rates and rising prices are funneling their extra cash into second homes. Retirees and vacationers who would have once considered homes in Florida are instead heading to Myrtle Beach and other seaside towns less likely to bee ravaged by hurricanes.

Most national real estate markets are slowing, but South Carolina enjoys some of the steadiest growth in the country. An abundance of mortgage lenders and favorable interest rates make this beautiful state an attractive launching point for a new career, or to retire from an old one.

Sources
Emerald Bay Enterprises
Myrtle Beach Online

About the Author
Joe Taylor Jr. has covered business and finance news for Financial Times Television and CNBC. He coaches beginning mortgage brokers to provide better customer service and to understand creative financing opportunities.