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 Refi and Home Purchase loans. Spc Credit Union has a high proportion of conventional loans. Their top two markets are Florence and Bennettsville .Spc Credit Union 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. They typically have about average 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
87Origination Dollar Volume (All Markets)
$13,125,000Top 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 |
|---|---|---|---|---|---|
| FLORENCE, SC (FHA|USDA|VA) | 65 | $9,385,000 | $144,385 | $1,535 | 2.66% |
| Outside of Metro Areas | 17 | $3,385,000 | $199,118 | $0 | 2.83% |
| Bennettsville, SC (FHA|USDA|VA) | 5 | $355,000 | $71,000 | $0 | 2.78% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 87 | $13,125,000 | $150,862 | $1,535 | 2.70% |
For 2021, Spc Credit Union's most frequently originated type of loan was Conventional, with 87 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 61 | $9,735,000 | $159,590 | $2,359 | 2.65% |
| Home Purchase | 26 | $3,390,000 | $130,385 | $712 | 2.84% |
For 2021, Spc Credit Union's most frequently cited loan purpose was Refi, with 61 originations. The 2nd most popular reason was Home Purchase, with 26 originations.
Loan Duration/Length
For 2021, Spc Credit Union's most frequently cited loan duration was 15 Year, with 35 originations. The 2nd most popular length was 30 Year, with 31 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 8 | $520,000 | $65,000 |
| $1k-2k | 6 | $930,000 | $155,000 |
| $5k+ | 3 | $1,315,000 | $438,333 |
| $2k-3k | 1 | $105,000 | $105,000 |
Spc Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 8 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 38 | $6,040,000 | $158,947 |
| <2.5% | 32 | $4,910,000 | $153,438 |
| 3-4% | 8 | $1,470,000 | $183,750 |
| 5-6% | 1 | $65,000 | $65,000 |
During 2021, Spc Credit Union's average interest rate for loans was 2.81%, while their most frequently originated rate bucket for loans was 2.5-3%, with 38 originations.
Loan Sizing
2021 saw Spc Credit Union place emphasis on $100k-200k loans with 39 originations, totaling $5,465,000 in origination value.
Applicant Income
Spc Credit Union lent most frequently to those with incomes in the $50k-75k range, with 21 originations. The second most popular income band? $100k-150k, with 20 originations.
Applicant Debt to Income Ratio
Spc Credit Union lent most frequently to those with DTI ratios of <20%, with 35 originations. The next most common DTI ratio? 20-30%, with 24 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications83.65%
Spc Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination60.92%
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 |
|---|---|---|---|
| 1020.0 | 1 | $105,000 | $105,000 |
| 1179.0 | 1 | $115,000 | $115,000 |
| 1200.0 | 1 | $105,000 | $105,000 |
| 1320.0 | 1 | $215,000 | $215,000 |
| 1420.0 | 1 | $125,000 | $125,000 |
| 15.0 | 4 | $420,000 | $105,000 |
| 1860.0 | 1 | $165,000 | $165,000 |
| 20.0 | 5 | $725,000 | $145,000 |
| 2046.0 | 1 | $205,000 | $205,000 |
| 25.0 | 2 | $660,000 | $330,000 |
| 2572.0 | 1 | $105,000 | $105,000 |
| 30.0 | 1 | $105,000 | $105,000 |
| 5119.38 | 1 | $185,000 | $185,000 |
| 5275.0 | 1 | $755,000 | $755,000 |
| 550.0 | 1 | $35,000 | $35,000 |
| 570.0 | 1 | $35,000 | $35,000 |
| 620.0 | 1 | $45,000 | $45,000 |
| 652.0 | 1 | $95,000 | $95,000 |
| 723.75 | 1 | $45,000 | $45,000 |
| 7432.5 | 1 | $375,000 | $375,000 |
| 930.0 | 1 | $105,000 | $105,000 |
| 969.38 | 1 | $55,000 | $55,000 |
| NA | 57 | $8,345,000 | $146,404 |