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10 Best South Carolina Mortgage Lenders of 2020

NerdWalletJanuary 2, 2020

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Looking for a South Carolina mortgage lender? We've researched the state's top lenders, selecting the best for first-time home buyers, online experience and even home equity lines of credit, to help you choose the right mortgage lender today.

Finding the ideal South Carolina mortgage lender can feel like a massive task, but don’t worry — NerdWallet has done the homework for you.

We compared leading home loan providers in the Palmetto State and identified the best ones for a variety of borrower needs.

Whether you’re looking to buy a condo in Charleston, a cottage in Mount Pleasant or a classic ranch in Greenville, these lenders are a solid place to start your mortgage search.

Summary of Best South Carolina Mortgage Lenders of 2020

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at Rocket Mortgage

Rocket Mortgage by Quicken Loans: NMLS#3030

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Min. Credit Score

620

Min. Down Payment

3%

at Rocket Mortgage


Why we like it

Good for: borrowers who appreciate smartphone and online convenience for a fully digital home loan experience powered by Quicken Loans.

Pros

  • Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.

  • Estimates the loan amount you’ll qualify for within minutes.

  • Offers document and asset retrieval capabilities.

Cons

  • If you’re a “look me in the eye” type of customer, you’re out of luck.

  • Getting a customized interest rate requires a credit check, which can lower your credit score by a few points.

Read Full Review
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at loanDepot

loanDepot: NMLS#174457

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Min. Credit Score

620

Min. Down Payment

5%

at loanDepot


Why we like it

Ideal for borrowers looking to get a mortgage with help from a loan officer. Digital back-office operations are said to add efficiency to the loan process.

Pros

  • Offers digital income, asset and employment verification.

  • Offers multiple renovation loan options.

  • Has over 200 affiliated loan stores nationwide for customers who prefer face-to-face service.

Cons

  • Mortgage rates aren't available online; you'll need to contact a loan officer.

  • Does not offer home equity loans or lines of credit.

Read Full Review

SunTrust: NMLS#2915

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: first-time home buyers, doctors and other borrowers interested in low-down-payment mortgage options.

Pros

  • Offers a wide variety of loan options, including special programs for doctors, entrepreneurs and other professionals.

  • Offers a complete suite of online mortgage application tools and loan tracking.

  • Sample rates and fees are easy to find on the website.

Cons

  • Customized rates aren't available online without starting an application.

  • Branches are limited mostly to the Southeast.

Read Full Review

Guild Mortgage: NMLS#3274

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: first-time home buyers and others who may need the flexibility of a low-down-payment loan program.

Pros

  • Offers multiple online conveniences, including a full mortgage application, e-signatures and digital loan process tracking.

  • Offers a wide variety of loan products, including home improvement and manufactured home loans.

Cons

  • Does not offer home equity loan products.

  • Average interest rates and fees are higher than other lenders.

Read Full Review

Navy Federal: NMLS#399807

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National / Regional

National

Min. Down Payment

0%


Why we like it

Good for: Military members and their families looking for low-down-payment mortgages.

Pros

  • Offers a wide range of affordable mortgage products designed for military members.

  • Has an online application for preapproval.

  • Offers low rates compared with most lenders.

Cons

  • Website does not provide customized mortgage rates based on credit score or other factors before you apply.

  • Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.

Read Full Review

USAA: NMLS#8722

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Min. Credit Score

620

Min. Down Payment

0%


Why we like it

Good for: military members and their relatives who are interested in a VA loan.

Pros

  • VA loans are the bulk of USAA’s business, so it knows the ins and outs of eligibility.

  • Lots of experience assisting first-time home buyers.

  • You can submit loan documents online.

Cons

  • Doesn’t offer FHA or USDA loans, or second mortgages.

  • Limited mortgage rate information is on the USAA website — none of it customized. You'll have to call.

Read Full Review

Flagstar: NMLS#417490

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone.

Pros

  • Offers a wide range of loan types and products, including FHA, VA and USDA.

  • Has a full suite of online conveniences.

  • Does well with rate transparency, and monthly payment estimates add mortgage insurance, when applicable.

Cons

  • Doesn’t offer renovation loans at this time.

  • Home equity lending is geographically limited.

Read Full Review

BB&T: NMLS#399803

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for borrowers in the Southeast who want online tools with the option of face-to-face service. BB&T, now part of Truist Financial Corp., offers a full menu of home loans.

Pros

  • Offers a variety of low-down-payment mortgages as well as construction mortgages.

  • Website lets users estimate rates online by loan and property type, amount and location.

  • Has an online mortgage application.

Cons

  • Branches limited mostly to the Southeast region.

  • Does not offer FHA loans.

Read Full Review

Bank of America: NMLS#399802

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Ideal for borrowers who prefer a traditional bank. Bank of America offers a wide array of mortgages and online account management tools. It also has first-time home buyer loans with low down payments and no mandatory mortgage insurance.

Pros

  • Allows borrowers to apply entirely online.

  • Offers down payment and closing cost assistance programs.

  • May give existing customers a discount on mortgage lender origination fees.

Cons

  • Does not offer renovation loans.

Read Full Review

TD Bank: NMLS#399800

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Min. Credit Score

620

Min. Down Payment

3%


Why we like it

Good for: East Coast residents looking for low-down-payment mortgages, to work with state housing agencies or to get loans for building or remodeling a home.

Pros

  • Allows 3% down payment without borrower-paid mortgage insurance.

  • Offers specialty loans like construction-to-permanent mortgages and medical professional mortgages.

  • Among the best when it comes to online convenience, including loan process updates.

Cons

  • Available only in states on the East Coast.

  • You'll need to fill out a short form to see potential mortgage interest rates.

Read Full Review

Last updated on January 2, 2020

Methodology

NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best South Carolina Mortgage Lenders of 2020