South Atlantic Bank Mortgage Rates, Fees & Info

Myrtle Beach, SC

LEI: 5493003I223S7AP6XL58

Tax ID: 26-1366826

Latest/2024 | 2023 Data | 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
  • Similar Lenders
  • 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

    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 a low 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    204

    Origination Dollar Volume (All Markets)

    $155,310,000

    Awards

    South Atlantic Bank 30 Year Conventional Loans gold
    Show all (1) awards

    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%
    South Atlantic Bank's top markets include Myrtle Beach, Charleston, Hilton Head Island, Georgetown, and Orangeburg among others.

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

    • 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.

    CAROLINA TRUST FEDERAL CREDIT UNION
    Similarity Rank: 414
    Barley Mortgage, LLC
    Similarity Rank: 420
    SHELTER LENDING SERVICES, L.L.C.
    Similarity Rank: 588
    COASTAL Federal Credit Union
    Similarity Rank: 663
    LOCAL GOVERNMENT FEDERAL CREDIT UNION
    Similarity Rank: 671
    The Bank of South Carolina
    Similarity Rank: 812
    CPM Federal Credit Union
    Similarity Rank: 814
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 925
    North State Bank
    Similarity Rank: 1140
    Anderson Brothers Bank
    Similarity Rank: 1320

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 169 $122,075,000 $722,337 $6,415 7.34%
    Refi 18 $27,680,000 $1,537,778 $3,468 7.58%
    Cash Out Refi 10 $3,150,000 $315,000 $4,198 7.11%
    Other 7 $2,405,000 $343,571 $3,942 6.75%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 154 $76,280,000 $495,325 $5,676 7.21%
    5 Year 27 $29,705,000 $1,100,185 $0 7.96%
    1 Year 9 $8,415,000 $935,000 $13,795 7.39%
    Other 8 $38,840,000 $4,855,000 $0 8.04%
    15 Year 5 $1,855,000 $371,000 $4,816 6.50%
    20 Year 1 $215,000 $215,000 $5,442 7.25%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 72 $25,480,000 $353,889
    $1k-2k 44 $36,440,000 $828,182
    $2k-3k 15 $4,575,000 $305,000
    $5k+ 12 $11,010,000 $917,500
    $3k-4k 9 $3,835,000 $426,111
    $4k-5k 7 $3,115,000 $445,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 70 $20,390,000 $291,286 $4,622 7.15%
    $100k-200k 36 $5,830,000 $161,944 $3,819 7.31%
    $400k-600k 32 $16,040,000 $501,250 $6,269 7.38%
    $600k-1MM 30 $21,760,000 $725,333 $7,681 7.21%
    $1MM+ 28 $90,700,000 $3,239,286 $11,228 7.59%
    $100,000 or less 8 $590,000 $73,750 $3,464 8.33%

    2023 saw South Atlantic Bank place emphasis on $200k-400k loans with 70 originations, totaling $20,390,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 51 $47,975,000 $940,686 $8,381 7.45%
    $150k-250k 45 $19,585,000 $435,222 $6,240 7.27%
    $100k-150k 38 $12,440,000 $327,368 $4,923 7.13%
    $75k-100k 19 $4,455,000 $234,474 $4,434 7.01%
    $50k-75k 14 $2,880,000 $205,714 $4,121 6.69%
    $50k or less 4 $440,000 $110,000 $3,231 7.47%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 34 $17,180,000 $505,294 $5,540 7.21%
    20-30% 32 $12,300,000 $384,375 $4,611 6.93%
    <20% 13 $5,295,000 $407,308 $7,170 7.19%
    42% 11 $3,715,000 $337,727 $4,871 7.06%
    41% 10 $6,350,000 $635,000 $6,775 7.59%
    49% 8 $4,180,000 $522,500 $6,681 7.47%
    40% 8 $4,540,000 $567,500 $5,197 7.48%
    46% 8 $4,850,000 $606,250 $5,964 6.98%
    43% 8 $4,680,000 $585,000 $8,246 7.11%
    44% 7 $3,205,000 $457,857 $9,748 7.18%
    47% 7 $4,475,000 $639,286 $6,549 7.36%
    37% 6 $2,780,000 $463,333 $6,102 7.88%
    48% 5 $2,295,000 $459,000 $6,829 7.08%
    45% 5 $3,475,000 $695,000 $7,049 7.27%
    36% 4 $2,330,000 $582,500 $6,227 7.25%
    38% 3 $1,555,000 $518,333 $5,825 7.08%
    39% 2 $1,600,000 $800,000 $4,615 7.19%
    >60% 1 $3,005,000 $3,005,000 $14,493 8.00%
    50-60% 1 $555,000 $555,000 $7,183 8.50%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 167 $81,295,000 $486,796 $5,945 7.21%
    Not applicable 30 $66,200,000 $2,206,667 $0 7.99%
    Not provided 5 $5,295,000 $1,059,000 $10,767 7.85%
    Black 1 $2,315,000 $2,315,000 $11,436 6.88%
    Asian 1 $205,000 $205,000 $3,611 6.00%

    Approval Rates

    Total approvals of all applications
    97.70%

    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 origination
    75.00%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    204 $155,310,000 $761,324

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $10,635,000 $393,889 $4,732 7.14%
    40-60% 48 $73,320,000 $1,527,500 $5,991 7.42%
    60-80% 98 $54,790,000 $559,082 $6,621 7.35%
    80-100% 29 $15,275,000 $526,724 $5,677 7.30%
    Under 20% 2 $1,290,000 $645,000 $3,364 7.06%