Southpoint Bank Mortgage Rates, Fees & Info

Birmingham, AL

LEI: 254900E9QYJ6OX8QXL76

Tax ID: 65-1260993

5 stars - Updated: 6/9/24 - out of 5 stars, based on 26 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Southpoint Bank is a smaller bank specializing in Home Purchase loans. Southpoint Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Birmingham, Lafayette, Decatur, Daphne, and Anniston among others. We have data for 36 markets. (Some data included below & more in-depth data is available with an active subscription.)

Southpoint Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Southpoint Bank is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.72% 6/9/24
30 Year Conventional Refi 6.51% 6/9/24
30 Year Cash-out Refi 6.80% 6/9/24
30 Year FHA Purchase 7.24% 6/9/24
30 Year FHA Refi 6.83% 6/9/24
30 Year VA Purchase 6.16% 6/9/24
30 Year VA Refi 6.27% 6/9/24
30 Year USDA Purchase 6.68% 6/9/24
15 Year Conventional Purchase 6.27% 6/9/24
15 Year Conventional Refi 7.12% 6/9/24
15 Year Cash-out Refi 7.12% 6/9/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Southpoint Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Southpoint Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

699

Origination Dollar Volume (All Markets)

$209,805,000
Show all (16) awards

Relative Rate

Southpoint Bank's average 30 year fixed mortgage rate was 6.45%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.03%.

Relative Fees (Closing Costs)

Southpoint Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $5,779.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 345 $112,085,000 $324,884 $5,936 6.64%
LAFAYETTE, LA (FHA|USDA|VA) 1 $14,445,000 $14,445,000 $0 7.25%
DECATUR, AL (FHA|USDA|VA) 61 $12,325,000 $202,049 $5,270 6.76%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 31 $10,215,000 $329,516 $6,085 6.37%
ANNISTON-OXFORD, AL (FHA|USDA|VA) 51 $9,655,000 $189,314 $4,008 6.38%
Cullman, AL (FHA|USDA|VA) 35 $7,395,000 $211,286 $4,923 6.55%
MONTGOMERY, AL (FHA|USDA|VA) 25 $5,495,000 $219,800 $5,598 6.62%
PANAMA CITY, FL (FHA|USDA|VA) 14 $5,300,000 $378,571 $8,444 6.59%
Talladega-Sylacauga, AL (FHA|USDA|VA) 21 $4,875,000 $232,143 $4,769 6.88%
HUNTSVILLE, AL (FHA|USDA|VA) 15 $3,685,000 $245,667 $5,215 6.27%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 8 $3,640,000 $455,000 $9,499 6.48%
TUSCALOOSA, AL (FHA|USDA|VA) 12 $3,130,000 $260,833 $5,750 6.49%
GADSDEN, AL (FHA|USDA|VA) 21 $2,805,000 $133,571 $2,529 6.60%
Albertville, AL (FHA|USDA|VA) 9 $2,635,000 $292,778 $8,500 6.39%
Outside of Metro Areas 9 $2,195,000 $243,889 $5,811 6.15%
Atmore, AL (FHA|USDA|VA) 3 $1,085,000 $361,667 $8,709 6.50%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 4 $990,000 $247,500 $7,634 6.25%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 5 $975,000 $195,000 $3,974 6.90%
Alexander City, AL (FHA|USDA|VA) 3 $925,000 $308,333 $9,650 7.50%
Fort Payne, AL (FHA|USDA|VA) 6 $850,000 $141,667 $3,514 6.46%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $820,000 $410,000 $5,734 6.38%
COLUMBUS, GA-AL (FHA|USDA|VA) 1 $525,000 $525,000 $6,013 7.13%
MOBILE, AL (FHA|USDA|VA) 1 $475,000 $475,000 $0 7.75%
Somerset, KY (FHA|USDA|VA) 1 $455,000 $455,000 $635 6.63%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $415,000 $415,000 $7,202 7.25%
WILMINGTON, NC (FHA|USDA|VA) 1 $395,000 $395,000 $6,527 6.88%
GAINESVILLE, FL (FHA|USDA|VA) 2 $360,000 $180,000 $5,303 6.88%
Jasper, AL (FHA|USDA|VA) 2 $340,000 $170,000 $2,917 5.50%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $225,000 $225,000 $0 7.50%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $225,000 $225,000 $2,532 5.88%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $205,000 $205,000 $6,710 7.63%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $185,000 $185,000 $1,325 6.50%
LaGrange, GA-AL (FHA|USDA|VA) 1 $175,000 $175,000 $2,493 7.38%
Selma, AL (FHA|USDA|VA) 2 $140,000 $70,000 $2,642 7.38%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $115,000 $115,000 $3,846 7.25%
Scottsboro, AL (FHA|USDA|VA) 1 $45,000 $45,000 $3,244 7.63%
Southpoint Bank's top markets include Birmingham, Lafayette, Decatur, Daphne, and Anniston among others.

Their top states include:
  • Alabama (FHA|USDA|VA)
  • Louisiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 496 $160,680,000 $323,952 $5,294 6.60%
    FHA 153 $34,835,000 $227,680 $6,399 6.65%
    VA 30 $9,920,000 $330,667 $6,529 6.57%
    USDA 20 $4,370,000 $218,500 $3,914 6.43%

    For 2023, Southpoint Bank's most frequently originated type of loan was Conventional, with 496 originations. Their 2nd most popular type was FHA, with 153 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 632 $188,780,000 $298,703 $5,377 6.58%
    Refi 30 $8,960,000 $298,667 $7,343 6.93%
    Cash Out Refi 20 $7,240,000 $362,000 $7,681 6.51%
    Home Improvement 13 $4,085,000 $314,231 $9,213 7.34%
    Other 4 $740,000 $185,000 $6,233 7.00%

    For 2023, Southpoint Bank's most frequently cited loan purpose was Home Purchase, with 632 originations. The 2nd most popular reason was Refi, with 30 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 610 $176,430,000 $289,230 $5,779 6.45%
    5 Year 27 $21,335,000 $790,185 $0 7.94%
    10 Year 23 $165,000 $7,174 $0 7.16%
    1 Year 22 $5,240,000 $238,182 $0 8.17%
    Other 8 $3,710,000 $463,750 $2,429 8.41%
    15 Year 6 $1,770,000 $295,000 $5,444 6.58%
    20 Year 1 $195,000 $195,000 $0 8.75%
    30+ year 1 $555,000 $555,000 $11,703 5.25%
    3 Year 1 $405,000 $405,000 $0 6.00%

    For 2023, Southpoint Bank's most frequently cited loan duration was 30 Year, with 610 originations. The 2nd most popular length was 5 Year, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 256 $59,270,000 $231,523
    $5k+ 149 $68,785,000 $461,644
    $1k-2k 72 $13,040,000 $181,111
    $2k-3k 66 $13,030,000 $197,424
    $3k-4k 51 $11,365,000 $222,843
    $4k-5k 46 $13,170,000 $286,304

    Southpoint Bank's average total fees were $5,779, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 256 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 319 $78,295,000 $245,439
    5-6% 169 $59,215,000 $350,385
    7-8% 147 $53,465,000 $363,707
    Over 8% 40 $9,180,000 $229,500
    4-5% 24 $9,650,000 $402,083

    During 2023, Southpoint Bank's average interest rate for loans was 6.45%, while their most frequently originated rate bucket for loans was 6-7%, with 319 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 298 $83,470,000 $280,101 $6,156 6.63%
    $100k-200k 207 $32,165,000 $155,386 $3,637 6.63%
    $400k-600k 85 $40,515,000 $476,647 $8,218 6.33%
    $100,000 or less 65 $3,415,000 $52,538 $1,765 6.97%
    $600k-1MM 38 $28,180,000 $741,579 $10,482 6.33%
    $1MM+ 6 $22,060,000 $3,676,667 $18,679 6.21%

    2023 saw Southpoint Bank place emphasis on $200k-400k loans with 298 originations, totaling $83,470,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 149 $43,345,000 $290,906 $6,358 6.59%
    $50k-75k 142 $25,950,000 $182,746 $4,102 6.57%
    $75k-100k 100 $24,490,000 $244,900 $5,369 6.57%
    $50k or less 98 $12,630,000 $128,878 $3,301 6.39%
    $150k-250k 97 $39,915,000 $411,495 $6,924 6.44%
    $250k+ 58 $32,500,000 $560,345 $9,186 6.22%

    Southpoint Bank lent most frequently to those with incomes in the $100k-150k range, with 149 originations. The second most popular income band? $50k-75k, with 142 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 118 $32,760,000 $277,627 $5,010 6.48%
    20-30% 74 $17,880,000 $241,622 $5,274 6.57%
    42% 45 $14,755,000 $327,889 $6,143 6.52%
    50-60% 42 $11,750,000 $279,762 $7,684 6.56%
    38% 39 $10,075,000 $258,333 $4,711 6.35%
    41% 38 $11,190,000 $294,474 $6,219 6.30%
    40% 35 $10,435,000 $298,143 $5,528 6.39%
    37% 34 $9,060,000 $266,471 $5,297 6.35%
    43% 33 $9,995,000 $302,879 $5,293 6.44%
    44% 32 $7,090,000 $221,563 $4,023 6.65%
    47% 24 $7,800,000 $325,000 $6,510 6.76%
    39% 23 $6,565,000 $285,435 $6,147 6.58%
    <20% 21 $5,555,000 $264,524 $5,296 6.36%
    49% 21 $4,875,000 $232,143 $3,501 6.36%
    48% 19 $5,125,000 $269,737 $7,040 6.55%
    45% 18 $6,640,000 $368,889 $7,940 6.60%
    36% 17 $4,105,000 $241,471 $6,347 6.69%
    46% 13 $3,125,000 $240,385 $4,573 6.73%
    >60% 1 $695,000 $695,000 $1,441 5.75%

    Southpoint Bank lent most frequently to those with DTI ratios of 30-36%, with 118 originations. The next most common DTI ratio? 20-30%, with 74 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 498 $136,530,000 $274,157 $5,589 6.45%
    Not applicable 52 $30,330,000 $583,269 $0 7.98%
    Black 82 $21,620,000 $263,659 $5,291 6.59%
    Not provided 42 $12,900,000 $307,143 $5,921 6.64%
    Asian 13 $5,195,000 $399,615 $6,279 6.71%
    American Indian 9 $2,005,000 $222,778 $5,131 6.96%
    Other Asian 1 $495,000 $495,000 $0 6.25%
    Vietnamese 1 $405,000 $405,000 $13,137 6.88%
    Asian Indian 1 $325,000 $325,000 $560 6.88%

    Approval Rates

    Total approvals of all applications
    88.38%

    Southpoint Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    71.39%

    Southpoint Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 699 $209,805,000 $300,150

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    699 $209,805,000 $300,150

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $3,880,000 $161,667 $4,615 6.66%
    40-60% 53 $13,675,000 $258,019 $5,425 6.46%
    60-80% 161 $66,785,000 $414,814 $6,361 6.67%
    80-100% 425 $122,445,000 $288,106 $5,613 6.56%
    Over 100% 9 $2,515,000 $279,444 $10,231 6.56%
    Under 20% 27 $505,000 $18,704 $239 7.18%