15-Year Fixed Mortgage Refinance Interest Rates in Florence, SC
Explore 15-year fixed mortgage refinance rates in Florence, SC over time.
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Daily refinance averages provided by the Mortgage Research Center.
Compare mortgage rates in Florence, South Carolina
Showing results for: 15-Year Fixed refinance offers for Single Family or Townhome properties in SC, total loan amount of $228,000.
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Rate data provided by RateUpdate.com. Displayed by Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Rates and fees are estimates and subject to change without notice. Payments do not include taxes and insurance premiums. Actual payments may be higher. Not all lenders participate in this marketplace. Loan availability and terms may vary by state and lender. Lender offers, including badges like “Lowest APR” or “Lowest Payment,” are based only on results displayed here and may not reflect the absolute lowest offer available in the market. Rate and product details
Should I Refinance from 30-Year to 15-Year in Florence?
In Florence's hot market with 17.6% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $167,360 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $1,113 to $1,458/month-a $345increase. However, you'll save $138k in interest over the loan's life and build equity twice as fast. Combined with Florence's rapid appreciation, this strategy maximizes wealth building for homeowners who can afford higher payments.
How Much More Will My Payments Be with a 15-Year Refi in Florence?
Refinancing $167,360 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $345/month. Including Florence's $99/month property tax at 0.57%, your total PITI jumps from approximately $1,362 to $1,707. Can you afford the increase? If your Florence home appreciated from $209,200 to $240,580, refinancing to 15-year builds equity even faster, compounding with market growth.
How Fast Will I Build Equity with a 15-Year Refi in Florence?
Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $9,205 of your $1,458 monthly payment goes to principal -versus only $3,347 monthly on a 30-year. Add Florence's 17.6% appreciation ($36,819/year on median homes), and your total equity grows $147,277 in year one. By year 5: over $736k in combined equity.
What Are 15-Year Refinance Closing Costs in Florence?
Expect $3,347-$5,021 (2-3% of loan amount) for 15-year refinancing in Florence. On a $167,360loan, that's approximately $4,184. While the monthly payment increase is $345, you're not "losing" that money-it goes to principal, building equity. The true benefit: $138k interest savings over the loan's life. With Florence's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.
Accelerate Equity with a 15-Year Refinance in Florence
Let’s talk about that incredible 17.6% appreciation rate. Your Loan-to-Value (LTV) measures how much you owe versus what the home is worth.
If you bought your Florence home with a small down payment, you are likely paying Private Mortgage Insurance (PMI) every single month. Because your home's value has skyrocketed so quickly, your equity has naturally grown. Refinancing into a Conventional loan now lets you use that new equity to drop your LTV below 80% and eliminate that PMI payment entirely.
Property Tax Tip for Florence Homeowners
A sub-$1,200 tax bill keeps your escrow very low. Focus your refinance strategy entirely on securing the lowest possible interest rate or using a cash-out refinance to consolidate high-interest debt.
State & Local Assistance in Florence
Leverage SC Housing. Their programs are designed to help you cover the upfront costs of securing a better, more affordable long-term fixed rate in the Pee Dee region.