Spc Credit Union Mortgage Rates, Fees & Info
Hartsville, SCLEI: 5493003CWPNX7EZ46462
Tax ID: 57-6020340
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Mortgage Data
Review & Overview
Spc Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Spc Credit Union has a high proportion of conventional loans. Their top two markets are Florence and Bennettsville .Spc Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. They typically have relatively high rates.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/23/24 |
| 30 Year Conventional Refi | 6.27% | 11/23/24 |
| 30 Year Cash-out Refi | 6.27% | 11/23/24 |
| 15 Year Conventional Purchase | 5.68% | 11/23/24 |
| 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. | ||
Spc Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
19Origination Dollar Volume (All Markets)
$2,305,000Relative Rate
Spc Credit Union's average 30 year fixed mortgage rate was
6.13%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.36%.
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 |
|---|---|---|---|---|---|
| FLORENCE, SC (FHA|USDA|VA) | 13 | $1,575,000 | $121,154 | $0 | 6.26% |
| Bennettsville, SC (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $0 | 6.13% |
| Outside of Metro Areas | 3 | $265,000 | $88,333 | $0 | 5.92% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 19 | $2,305,000 | $121,316 | $0 | 6.18% |
For 2023, Spc Credit Union's most frequently originated type of loan was Conventional, with 19 originations.
Loan Reason
For 2023, Spc Credit Union's most frequently cited loan purpose was Home Purchase, with 8 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.
Loan Duration/Length
For 2023, Spc Credit Union's most frequently cited loan duration was 30 Year, with 10 originations. The 2nd most popular length was 15 Year, with 6 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 8 | $1,190,000 | $148,750 |
| 6-7% | 6 | $590,000 | $98,333 |
| 7-8% | 3 | $445,000 | $148,333 |
| 2.5-3% | 1 | $35,000 | $35,000 |
| Over 8% | 1 | $45,000 | $45,000 |
During 2023, Spc Credit Union's average interest rate for loans was 6.13%, while their most frequently originated rate bucket for loans was 5-6%, with 8 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 9 | $485,000 | $53,889 | $0 | 6.15% |
| $100k-200k | 7 | $965,000 | $137,857 | $0 | 6.09% |
| $200k-400k | 3 | $855,000 | $285,000 | $0 | 6.50% |
2023 saw Spc Credit Union place emphasis on $100,000 or less loans with 9 originations, totaling $485,000 in origination value.
Applicant Income
Spc Credit Union lent most frequently to those with incomes in the $50k-75k range, with 8 originations. The second most popular income band? $100k-150k, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 18 | $2,270,000 | $126,111 | $0 | 6.38% |
| Black | 1 | $35,000 | $35,000 | $0 | 2.63% |
Approval Rates
Total approvals of all applications93.90%
Spc Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination-5.26%
Spc Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 19 | $2,305,000 | $121,316 |