Piedmont Advantage Credit Union Mortgage Rates, Fees & Info
Winston-Salem, NCLEI: 5493002BRQ8SVQPCV108
Tax ID: 56-6048494
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Mortgage Data
Review & Overview
Piedmont Advantage Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Piedmont Advantage Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Winston, Charlotte, Greensboro, Hickory, and Raleigh among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)Piedmont Advantage Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Piedmont Advantage Credit Union 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 about average rates.
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Originations
80Origination Dollar Volume (All Markets)
$9,930,000Top 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 |
|---|---|---|---|---|---|
| WINSTON-SALEM, NC (FHA|USDA|VA) | 32 | $3,810,000 | $119,063 | $715 | 2.98% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 26 | $3,520,000 | $135,385 | $752 | 2.92% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 9 | $845,000 | $93,889 | $571 | 3.00% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $687 | 2.75% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,634 | 2.88% |
| Outside of Metro Areas | 2 | $260,000 | $130,000 | $687 | 3.63% |
| WILMINGTON, NC (FHA|USDA|VA) | 3 | $175,000 | $58,333 | $574 | 2.75% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $347 | 2.75% |
| North Wilkesboro, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $687 | 2.75% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $681 | 2.75% |
| Mount Airy, NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $341 | 2.75% |
| SPARTANBURG, SC (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $866 | 2.75% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $565 | 5.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 79 | $9,765,000 | $123,608 | $706 | 2.98% |
| VA | 1 | $165,000 | $165,000 | $4,697 | 2.63% |
For 2020, Piedmont Advantage Credit Union's most frequently originated type of loan was Conventional, with 79 originations. Their 2nd most popular type was VA, with 1 originations.
Loan Reason
For 2020, Piedmont Advantage Credit Union's most frequently cited loan purpose was Refi, with 42 originations. The 2nd most popular reason was Cash Out Refi, with 21 originations.
Loan Duration/Length
For 2020, Piedmont Advantage Credit Union's most frequently cited loan duration was 10 Year, with 42 originations. The 2nd most popular length was Other, with 31 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $2k-3k | 1 | $165,000 | $165,000 |
| $3k-4k | 1 | $305,000 | $305,000 |
Piedmont Advantage Credit Union's average total fees were $5,165, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 68 | $8,890,000 | $130,735 |
| 3-4% | 6 | $730,000 | $121,667 |
| 4-5% | 4 | $220,000 | $55,000 |
| 5-6% | 2 | $90,000 | $45,000 |
During 2020, Piedmont Advantage Credit Union's average interest rate for loans was 2.75%, while their most frequently originated rate bucket for loans was 2.5-3%, with 68 originations.
Loan Sizing
2020 saw Piedmont Advantage Credit Union place emphasis on $100k-200k loans with 40 originations, totaling $5,550,000 in origination value.
Applicant Income
Piedmont Advantage Credit Union lent most frequently to those with incomes in the $50k-75k range, with 19 originations. The second most popular income band? $100k-150k, with 18 originations.
Applicant Debt to Income Ratio
Piedmont Advantage Credit Union lent most frequently to those with DTI ratios of 20-30%, with 27 originations. The next most common DTI ratio? <20%, with 21 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.71%
Piedmont Advantage Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination90.00%
Piedmont Advantage Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 80 | $9,930,000 | $124,125 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 80 | $9,930,000 | $124,125 |