Trying to figure out how much cash you will need to close on a Myrtle Beach home? You are not alone. Closing costs can feel like a moving target, especially near the coast where insurance, flood zones, and HOA fees can change the numbers. In this guide, you will learn what buyer closing costs include, what is typical in Horry County, how coastal factors affect your total, and smart ways to reduce your cash to close. Let’s dive in.
What closing costs include
Closing costs are the one-time fees and prepaid amounts you pay at settlement in addition to your down payment. They are separate from your monthly mortgage. Most buyers should plan for about 2% to 5% of the purchase price for closing costs. For a $350,000 home, that is roughly $7,000 to $17,500.
Your lender will provide a Loan Estimate within three business days of application and a Closing Disclosure at least three business days before closing, which lays out final numbers. You can review how these forms work in the CFPB’s explanation of Loan Estimates and its guide to the Closing Disclosure.
Typical lender fees in Horry County
Lender-originated costs vary by lender and loan program. Expect some of the following line items:
- Loan origination or processing fee. Often 0.25% to 1.5% of the loan amount, or a flat few hundred to a few thousand dollars.
- Discount points. Optional, used to buy down your interest rate. One point equals 1% of the loan amount. Many buyers pay 0 to 2 points.
- Underwriting, application, and processing fees. Commonly $300 to $1,200 combined.
- Appraisal. Usually $400 to $800 for a single-family coastal property. Waterfront or complex homes can be higher.
- Credit report. About $25 to $50.
- Flood certification. About $15 to $50, common for coastal homes.
- Miscellaneous lender charges. Tax service or courier fees typically $50 to $200.
Tip: Ask each lender for a written Loan Estimate and compare the total costs, not only the rate. Small fee differences add up.
Title, settlement, and attorney costs
These are third-party fees that are not controlled by your lender.
- Title search and title insurance. This is often one of the larger non-lender costs and can range from the hundreds to the low thousands, based on price and coverage. A lender’s policy is usually required. An owner’s policy is optional but commonly recommended.
- Settlement or closing fee. Typically $300 to $800, paid to the title company or closing agent.
- Attorney involvement. South Carolina closings are often handled by title companies, closing attorneys, or both. Flat attorney fees can start around $150 to $500 and vary with complexity.
- Survey. If required, usually $300 to $1,000.
- Recording fees. Budget $50 to $500 depending on what is recorded. For local charges, check the Horry County Register of Deeds.
Because these fees vary by provider, it pays to get quotes from a few Horry County title companies or closing attorneys.
Prepaids and escrow deposits
Prepaid items are not fees. They are upfront funding of future bills you would pay as a homeowner.
- Homeowner’s insurance. Coastal and wind exposure can make premiums higher. Many buyers see $800 to $3,000 or more for the first year, depending on coverage.
- Flood insurance. If a property is in a Special Flood Hazard Area and financed by a federally regulated lender, flood insurance will be required. Premiums vary widely and may be collected at closing or escrowed.
- Property tax proration. You may reimburse the seller for county taxes the seller already paid for the period you will own the home this year. For details on local tax methods, review the Horry County Auditor.
- Prepaid interest. Interest from your closing date until your first payment. Closing later in the month can reduce this line item.
- Initial escrow deposits. Lenders often collect a few months of taxes and insurance to seed your escrow account.
HOA and condo-related costs
If your home is in an HOA or a condo building, there can be added costs at closing.
- HOA transfer, estoppel, setup, or move-in fees. These are often $100 to $500 or more.
- Coastal condos. Many buildings have higher monthly dues, robust reserves, or added documentation. Request HOA disclosures early so you understand both the monthly and any upfront fees.
Coastal factors that affect Myrtle Beach costs
Buying near the ocean brings a few extra variables that can nudge closing costs up or down.
- Flood zones and insurance. Many Myrtle Beach properties fall within FEMA flood zones such as AE or VE. Use the FEMA Flood Map Service Center and ask your lender for a flood determination early.
- Wind and hurricane coverage. Homeowner’s insurance premiums in coastal South Carolina can be higher due to wind exposure. It is smart to get quotes before you finalize your budget.
- Seasonality and availability. In peak times, appraisers and inspectors can book up fast. Rush or expedite fees can occur when timelines are tight.
- Condo and short-term rental use. If you plan to rent, some lenders require extra questionnaires or reviews. This can add processing time and, in some cases, fees.
How to lower your cash to close
You have options to reduce out-of-pocket costs while keeping your long-term goals in view.
- Shop and compare lenders. Request Loan Estimates from two or three lenders. Compare rate, total closing costs, and any points.
- Negotiate seller concessions. Many loan programs allow the seller to contribute toward your closing costs, within limits. FHA commonly allows up to 6%, while conventional limits vary by down payment and program. Confirm specifics with your lender.
- Ask about lender credits. You can accept a slightly higher rate in exchange for credits that reduce closing costs. Weigh the monthly payment change against the upfront savings.
- Finance allowable costs. Some costs can be rolled into the loan if permitted by the program and appraisal. Your lender will outline what is allowed.
- Request credits after inspections. If the inspection reveals repair items, you can negotiate credits from the seller that reduce your cash at closing.
- Look into assistance programs. South Carolina offers programs that may help with down payment or closing costs if you qualify. Review options with South Carolina Housing.
- Time your closing date. Closing later in the month can reduce prepaid interest. Your agent and lender can help you plan the calendar.
Step-by-step: Get an accurate local estimate
Use this checklist to dial in a Horry County–specific number for your purchase.
Request Loan Estimates. Contact two or three local lenders and ask for Loan Estimates tailored to the property and your finances. Review each fee line and the total cash to close.
Get title and closing quotes. Ask one or more Horry County title companies or closing attorneys for estimates, including lender’s and owner’s title policies, settlement fees, and recording estimates.
Confirm appraisal and inspections. Ask lenders for appraisal quotes and whether coastal properties require any extra inspections.
Check flood risk and price insurance. Look up the property on the FEMA Flood Map Service Center and request flood insurance quotes from both NFIP and private carriers.
Price homeowner’s insurance. Get a quote that includes wind coverage typical for coastal South Carolina.
Request HOA documents early. Ask for transfer fees, estoppel letters, and any pending assessments so you can budget for them.
Verify local taxes and proration. Your title company will estimate the proration. You can also review county resources via the Horry County Auditor.
Explore assistance options. If eligible, connect with South Carolina Housing for any current down payment or closing cost assistance.
Compare numbers. Study the Loan Estimate totals, including points, prepaids, and escrow deposits, then evaluate the trade-off between up-front costs and the interest rate.
Review the Closing Disclosure. Expect it at least three business days before closing. Use the CFPB’s guide to the Closing Disclosure to double-check each line and ask questions right away.
Quick example: A $350,000 purchase
As a simple starting point, 2% to 5% of $350,000 is about $7,000 to $17,500 in closing costs. Where you land in that range depends on your loan fees, title and recording charges, insurance, flood zone, escrow deposits, and any HOA transfer costs. If the seller contributes, lender credits apply, or you close late in the month, your cash to close can be lower. Always use a property-specific estimate from your lender and closing agent to plan your funds.
Work with a local guide you trust
Closing costs in Myrtle Beach are manageable when you have clear numbers early. You deserve a team that will help you price insurance, confirm flood details, and negotiate credits that fit your goals. Our team pairs local coastal knowledge with attentive, step-by-step guidance from offer to closing. If you want a clear estimate for your short list of homes and a plan to reduce your cash to close, reach out to McNeely Real Estate. We are here to help you buy with confidence along the Grand Strand.
FAQs
How much should a Myrtle Beach buyer budget for closing costs?
- Plan for about 2% to 5% of the purchase price, with coastal items like flood insurance and HOA fees potentially pushing you toward the upper end.
Will my lender require flood insurance in Myrtle Beach?
- If the home is in a FEMA Special Flood Hazard Area and your lender follows federal rules, flood insurance will be required. Even outside those zones, consider coverage based on risk.
Can a seller pay my closing costs in Horry County?
- Often yes. Many loan programs allow seller concessions, with limits that depend on the loan type and your down payment. Confirm the exact cap with your lender.
What is the difference between lender’s and owner’s title insurance?
- The lender’s policy protects the lender’s interest in the property. The owner’s policy protects your ownership and equity. The owner’s policy is optional but commonly recommended.
How do Horry County property taxes affect my closing?
- Taxes are prorated based on your closing date, and you may also fund an escrow account for future tax payments. Your title company and the county auditor provide guidance on amounts.
