South Atlantic Bank Mortgage Rates, Fees & Info
Myrtle Beach, SCLEI: 5493003I223S7AP6XL58
Tax ID: 26-1366826
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Mortgage Data
Review & Overview
South Atlantic Bank is a smaller bank specializing in Home Purchase loans. South Atlantic Bank has a high proportion of conventional loans. Their top markets by origination volume include: Myrtle Beach, Charleston, Hilton Head Island, Georgetown, and Orangeburg among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)South Atlantic Bank 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. South Atlantic 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.64% | 12/16/24 |
| 30 Year Conventional Refi | 6.45% | 12/16/24 |
| 30 Year Cash-out Refi | 6.63% | 12/16/24 |
| 30 Year FHA Purchase | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 6.11% | 12/16/24 |
| 15 Year Conventional Refi | 5.96% | 12/16/24 |
| 15 Year Cash-out Refi | 5.96% | 12/16/24 |
| 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. | ||
South Atlantic Bank Mortgage Calculator
Your Estimates
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This is not an official calculator from South Atlantic Bank. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
204Origination Dollar Volume (All Markets)
$155,310,000Awards
South Atlantic Bank - 2023
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For 2023, less than of lenders were eligible for this award.
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Relative Rate
South Atlantic Bank's average 30 year fixed mortgage rate was
7.21%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.73%.
Relative Fees (Closing Costs)
South Atlantic Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,676.
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 |
|---|---|---|---|---|---|
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 103 | $64,525,000 | $626,456 | $5,624 | 7.34% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 25 | $43,335,000 | $1,733,400 | $4,278 | 7.42% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 34 | $27,780,000 | $817,059 | $8,717 | 7.32% |
| Georgetown, SC (FHA|USDA|VA) | 30 | $16,210,000 | $540,333 | $5,703 | 7.35% |
| Outside of Metro Areas | 1 | $795,000 | $795,000 | $0 | 7.25% |
| Orangeburg, SC (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $4,812 | 6.81% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $0 | 6.75% |
| SUMTER, SC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 7.62% |
| Cullowhee, NC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,566 | 7.88% |
| SPARTANBURG, SC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,523 | 6.50% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $8,309 | 6.38% |
| FLORENCE, SC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,651 | 6.63% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,611 | 6.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,105 | 7.25% |
| Statesboro, GA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 8.12% |
Similar Lenders
We use machine learning to identify the top lenders compared against South Atlantic Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 204 | $155,310,000 | $761,324 | $6,056 | 7.33% |
For 2023, South Atlantic Bank's most frequently originated type of loan was Conventional, with 204 originations.
Loan Reason
For 2023, South Atlantic Bank's most frequently cited loan purpose was Home Purchase, with 169 originations. The 2nd most popular reason was Refi, with 18 originations.
Loan Duration/Length
For 2023, South Atlantic Bank's most frequently cited loan duration was 30 Year, with 154 originations. The 2nd most popular length was 5 Year, with 27 originations.
Origination Fees/Closing Costs
South Atlantic Bank's average total fees were $5,676, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 72 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 93 | $81,595,000 | $877,366 |
| 6-7% | 63 | $32,985,000 | $523,571 |
| Over 8% | 33 | $35,145,000 | $1,065,000 |
| 5-6% | 15 | $5,585,000 | $372,333 |
During 2023, South Atlantic Bank's average interest rate for loans was 7.21%, while their most frequently originated rate bucket for loans was 7-8%, with 93 originations.
Loan Sizing
2023 saw South Atlantic Bank place emphasis on $200k-400k loans with 70 originations, totaling $20,390,000 in origination value.
Applicant Income
South Atlantic Bank lent most frequently to those with incomes in the $250k+ range, with 51 originations. The second most popular income band? $150k-250k, with 45 originations.
Applicant Debt to Income Ratio
South Atlantic Bank lent most frequently to those with DTI ratios of 30-36%, with 34 originations. The next most common DTI ratio? 20-30%, with 32 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.70%
South Atlantic Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination75.00%
South Atlantic Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 204 | $155,310,000 | $761,324 |