Piedmont Advantage Credit Union Mortgage Rates, Fees & Info

Winston-Salem, NC

LEI: 5493002BRQ8SVQPCV108

Tax ID: 56-6048494

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Piedmont Advantage Credit Union is a smaller credit union specializing in Refi, Cash Out Refi, and Home Improvement loans. Piedmont Advantage Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Charlotte, Winston, North Wilkesboro, Greensboro, and Wilmington among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Piedmont Advantage Credit Union has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.

    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.

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    Originations

    69

    Origination Dollar Volume (All Markets)

    $7,225,000

    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
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 39 $4,365,000 $111,923 $678 3.66%
    WINSTON-SALEM, NC (FHA|USDA|VA) 24 $2,100,000 $87,500 $569 3.60%
    North Wilkesboro, NC (FHA|USDA|VA) 1 $265,000 $265,000 $687 2.50%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 2 $200,000 $100,000 $684 3.00%
    WILMINGTON, NC (FHA|USDA|VA) 1 $155,000 $155,000 $687 2.50%
    Outside of Metro Areas 1 $125,000 $125,000 $681 2.50%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $15,000 $15,000 $347 5.00%
    Piedmont Advantage Credit Union's top markets include Charlotte, Winston, North Wilkesboro, Greensboro, and Wilmington among others.

    Their top states include:
  • North Carolina (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 69 $7,225,000 $104,710 $636 3.59%

    For 2022, Piedmont Advantage Credit Union's most frequently originated type of loan was Conventional, with 69 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 24 $3,080,000 $128,333 $716 2.54%
    Cash Out Refi 18 $1,690,000 $93,889 $633 3.50%
    Home Improvement 16 $1,520,000 $95,000 $657 4.20%
    Other 11 $935,000 $85,000 $436 5.14%

    For 2022, Piedmont Advantage Credit Union's most frequently cited loan purpose was Refi, with 24 originations. The 2nd most popular reason was Cash Out Refi, with 18 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 45 $5,555,000 $123,444 $751 2.72%
    20 Year 16 $1,430,000 $89,375 $394 5.52%
    10 Year 5 $135,000 $27,000 $474 4.90%
    5 Year 2 $50,000 $25,000 $514 3.75%
    15 Year 1 $55,000 $55,000 $373 5.00%

    For 2022, Piedmont Advantage Credit Union's most frequently cited loan duration was Other, with 45 originations. The 2nd most popular length was 20 Year, with 16 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 41 $5,155,000 $125,732
    4-5% 17 $1,245,000 $73,235
    5-6% 5 $465,000 $93,000
    3-4% 3 $235,000 $78,333
    6-7% 3 $125,000 $41,667

    During 2022, Piedmont Advantage Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was <2.5%, with 41 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 40 $2,110,000 $52,750 $569 3.93%
    $100k-200k 20 $2,720,000 $136,000 $647 3.10%
    $200k-400k 9 $2,395,000 $266,111 $911 3.17%

    2022 saw Piedmont Advantage Credit Union place emphasis on $100,000 or less loans with 40 originations, totaling $2,110,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 20 $2,060,000 $103,000 $634 3.60%
    $50k or less 16 $1,160,000 $72,500 $601 3.28%
    $50k-75k 14 $1,240,000 $88,571 $636 3.25%
    $75k-100k 9 $1,065,000 $118,333 $864 3.64%
    $150k-250k 6 $840,000 $140,000 $526 4.08%
    $250k+ 4 $860,000 $215,000 $440 5.13%

    Piedmont Advantage Credit Union lent most frequently to those with incomes in the $100k-150k range, with 20 originations. The second most popular income band? $50k or less, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 26 $2,260,000 $86,923 $642 3.34%
    20-30% 16 $1,480,000 $92,500 $566 3.94%
    30-36% 12 $1,140,000 $95,000 $578 4.04%
    37% 3 $345,000 $115,000 $683 2.50%
    47% 2 $180,000 $90,000 $370 5.50%
    42% 2 $240,000 $120,000 $681 2.50%
    43% 2 $610,000 $305,000 $1,474 4.25%
    >60% 1 $255,000 $255,000 $687 2.50%
    36% 1 $165,000 $165,000 $687 2.50%
    38% 1 $115,000 $115,000 $681 2.50%
    40% 1 $155,000 $155,000 $681 2.50%
    41% 1 $105,000 $105,000 $681 5.00%
    49% 1 $175,000 $175,000 $681 2.50%

    Piedmont Advantage Credit Union lent most frequently to those with DTI ratios of <20%, with 26 originations. The next most common DTI ratio? 20-30%, with 16 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 55 $6,285,000 $114,273 $644 3.52%
    Black 12 $860,000 $71,667 $601 3.46%
    Not provided 1 $45,000 $45,000 $567 6.75%
    Other Pacific Islander 1 $35,000 $35,000 $666 6.00%

    Approval Rates

    Total approvals of all applications
    77.78%

    Piedmont Advantage Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    91.30%

    Piedmont Advantage Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 69 $7,225,000 $104,710

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    69 $7,225,000 $104,710

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $2,895,000 $107,222 $611 3.39%
    40-60% 12 $2,360,000 $196,667 $910 2.58%
    60-80% 1 $165,000 $165,000 $687 2.50%
    80-100% 3 $345,000 $115,000 $685 2.50%
    Under 20% 26 $1,460,000 $56,154 $527 4.43%