Palmetto Citizens Federal Credit Union Mortgage Rates, Fees & Info

Columbia, SC

LEI: 5493004JGZVB2EPI6W51

Tax ID: 57-0314480

5 stars - Updated: 12/16/24 - out of 5 stars, based on 29 reviews

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Palmetto Citizens Federal Credit Union is a smaller credit union specializing in Refi, Home Improvement, and Home Purchase loans. Palmetto Citizens Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Columbia, Greenville, Augusta, Newberry, and Sumter among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Palmetto Citizens Federal 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. Palmetto Citizens Federal Credit Union 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.

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

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.13% 12/16/24
    30 Year Conventional Refi 6.17% 12/16/24
    30 Year FHA Purchase 6.27% 12/16/24
    30 Year FHA Refi 6.27% 12/16/24
    30 Year VA Purchase 6.25% 12/16/24
    30 Year VA Refi 6.27% 12/16/24
    30 Year USDA Purchase 6.45% 12/16/24
    15 Year Conventional Purchase 5.98% 12/16/24
    15 Year Conventional Refi 5.94% 12/16/24
    15 Year Cash-out Refi 5.94% 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.

    Palmetto Citizens Federal Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Palmetto Citizens Federal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    860

    Origination Dollar Volume (All Markets)

    $81,710,000

    Awards

    Palmetto Citizens Federal Credit Union 30 Year Conventional Loans gold Palmetto Citizens Federal Credit Union 30 Year Conventional Loans silver
    Show all (2) awards

    Relative Rate

    Palmetto Citizens Federal Credit Union's average 30 year fixed mortgage rate was 6.35%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.13%.

    Relative Fees (Closing Costs)

    Palmetto Citizens Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,776.

    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
    COLUMBIA, SC (FHA|USDA|VA) 807 $73,655,000 $91,270 $3,997 7.93%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 7 $1,375,000 $196,429 $4,396 7.15%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 6 $1,130,000 $188,333 $8,966 6.90%
    Outside of Metro Areas 5 $875,000 $175,000 $5,255 6.50%
    Newberry, SC (FHA|USDA|VA) 10 $860,000 $86,000 $2,187 7.10%
    SUMTER, SC (FHA|USDA|VA) 4 $850,000 $212,500 $4,621 6.56%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 3 $605,000 $201,667 $6,896 7.75%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 7 $575,000 $82,143 $0 7.36%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $510,000 $255,000 $5,320 6.99%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $460,000 $230,000 $5,036 6.25%
    SPARTANBURG, SC (FHA|USDA|VA) 2 $410,000 $205,000 $6,063 6.94%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $200,000 $100,000 $3,102 6.88%
    Orangeburg, SC (FHA|USDA|VA) 1 $155,000 $155,000 $0 8.00%
    FLORENCE, SC (FHA|USDA|VA) 1 $35,000 $35,000 $1,659 7.00%
    Greenwood, SC (FHA|USDA|VA) 1 $15,000 $15,000 $0 12.25%
    Palmetto Citizens Federal Credit Union's top markets include Columbia, Greenville, Augusta, Newberry, and Sumter among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Palmetto Citizens Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SAFE FEDERAL CREDIT UNION
    Similarity Rank: 80
    Security Federal Bank
    Similarity Rank: 150
    Arthur State Bank
    Similarity Rank: 462
    Palmetto Citizens Federal Credit Union
    Similarity Rank: 615
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 962
    First Reliance Bank
    Similarity Rank: 1595
    TD Bank
    Similarity Rank: 2197
    First Community Bank
    Similarity Rank: 2450
    STATE EMPLOYEES'
    Similarity Rank: 2522
    INTERCOASTAL MORTGAGE COMPANY
    Similarity Rank: 2583

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 693 $52,515,000 $75,779 n/a 8.16%
    Conventional 161 $27,665,000 $171,832 $3,926 6.76%
    FHA 3 $675,000 $225,000 $9,824 6.42%
    VA 3 $855,000 $285,000 $8,710 6.29%

    For 2023, Palmetto Citizens Federal Credit Union's most frequently originated type of loan was HELOC, with 693 originations. Their 2nd most popular type was Conventional, with 161 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 407 $34,085,000 $83,747 $2,548 7.94%
    Home Improvement 377 $28,375,000 $75,265 $0 8.14%
    Home Purchase 72 $18,000,000 $250,000 $5,938 6.26%
    Other 4 $1,250,000 $312,500 $7,943 6.89%

    For 2023, Palmetto Citizens Federal Credit Union's most frequently cited loan purpose was Refi, with 407 originations. The 2nd most popular reason was Home Improvement, with 377 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 676 $52,300,000 $77,367 $2,159 8.14%
    30 Year 96 $19,460,000 $202,708 $5,776 6.35%
    15 Year 60 $5,550,000 $92,500 $2,156 7.55%
    20 Year 16 $2,850,000 $178,125 $4,041 6.77%
    10 Year 4 $180,000 $45,000 $1,279 7.70%
    30+ year 4 $1,250,000 $312,500 $7,943 6.89%
    5 Year 4 $120,000 $30,000 $1,034 5.63%

    For 2023, Palmetto Citizens Federal Credit Union's most frequently cited loan duration was Other, with 676 originations. The 2nd most popular length was 30 Year, with 96 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 46 $3,150,000 $68,478
    $1k-2k 45 $5,825,000 $129,444
    $2k-3k 33 $7,225,000 $218,939
    $3k-4k 30 $8,130,000 $271,000
    $4k-5k 8 $2,580,000 $322,500
    $5k+ 4 $2,130,000 $532,500

    Palmetto Citizens Federal Credit Union's average total fees were $5,776, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 46 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 354 $30,340,000 $85,706
    Over 8% 288 $20,600,000 $71,528
    6-7% 133 $16,935,000 $127,331
    5-6% 58 $13,150,000 $226,724
    4-5% 6 $300,000 $50,000
    <2.5% 2 $60,000 $30,000

    During 2023, Palmetto Citizens Federal Credit Union's average interest rate for loans was 6.35%, while their most frequently originated rate bucket for loans was 7-8%, with 354 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 576 $31,380,000 $54,479 $1,854 8.13%
    $100k-200k 206 $28,520,000 $138,447 $3,962 7.73%
    $200k-400k 71 $18,325,000 $258,099 $6,212 6.55%
    $400k-600k 6 $2,880,000 $480,000 $5,759 6.23%
    $600k-1MM 1 $605,000 $605,000 $8,879 5.38%

    2023 saw Palmetto Citizens Federal Credit Union place emphasis on $100,000 or less loans with 576 originations, totaling $31,380,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 225 $18,765,000 $83,400 $3,538 7.92%
    $100k-150k 205 $22,245,000 $108,512 $4,487 7.72%
    $75k-100k 152 $13,110,000 $86,250 $5,007 8.04%
    $50k or less 143 $9,515,000 $66,538 $2,858 8.22%
    $150k-250k 108 $14,320,000 $132,593 $5,021 7.51%
    $250k+ 26 $3,750,000 $144,231 $6,769 7.66%

    Palmetto Citizens Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 225 originations. The second most popular income band? $100k-150k, with 205 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 153 $17,055,000 $111,471 $4,890 7.47%
    >60% 118 $9,740,000 $82,542 $2,406 8.62%
    30-36% 117 $11,295,000 $96,538 $4,008 7.90%
    50-60% 109 $8,045,000 $73,807 $3,021 8.28%
    <20% 56 $6,190,000 $110,536 $3,830 7.10%
    40% 28 $2,760,000 $98,571 $4,168 7.68%
    39% 26 $2,320,000 $89,231 $4,421 7.48%
    38% 23 $2,205,000 $95,870 $4,102 8.08%
    37% 22 $1,970,000 $89,545 $3,250 7.66%
    46% 22 $1,930,000 $87,727 $6,762 7.88%
    45% 21 $2,205,000 $105,000 $4,642 7.32%
    49% 21 $2,145,000 $102,143 $4,522 7.99%
    44% 20 $2,710,000 $135,500 $4,481 7.09%
    43% 20 $2,120,000 $106,000 $4,310 8.71%
    42% 19 $1,705,000 $89,737 $2,415 7.28%
    41% 19 $2,365,000 $124,474 $5,201 7.75%
    36% 18 $1,230,000 $68,333 $3,133 8.12%
    47% 15 $975,000 $65,000 $2,794 8.21%
    48% 10 $970,000 $97,000 $0 7.83%

    Palmetto Citizens Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 153 originations. The next most common DTI ratio? >60%, with 118 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 567 $53,065,000 $93,589 $4,146 7.73%
    Black 216 $18,230,000 $84,398 $3,969 8.46%
    Not provided 61 $8,905,000 $145,984 $4,200 7.24%
    Asian 11 $965,000 $87,727 $4,035 7.33%
    American Indian 4 $490,000 $122,500 $0 8.63%
    Native Hawaiian or Islander 1 $55,000 $55,000 $0 7.50%

    Approval Rates

    Total approvals of all applications
    81.75%

    Palmetto Citizens Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    80.81%

    Palmetto Citizens Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 860 $81,710,000 $95,012

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    860 $81,710,000 $95,012

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 320 $27,950,000 $87,344 $2,410 8.00%
    40-60% 66 $8,120,000 $123,030 $3,404 8.26%
    60-80% 69 $13,205,000 $191,377 $4,723 7.24%
    80-100% 57 $14,125,000 $247,807 $6,283 6.46%
    Over 100% 1 $195,000 $195,000 $10,443 6.63%
    Under 20% 326 $17,810,000 $54,632 $1,559 8.02%