Palmetto Citizens Federal Credit Union Mortgage Rates, Fees & Info

Columbia, SC

LEI: 5493004JGZVB2EPI6W51

Tax ID: 57-0314480

5 stars - out of 5 stars, based on 35 reviews

Latest/2022 | 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
  • Complaints
  • 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 and Home Improvement loans. Palmetto Citizens Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Columbia, Newberry, Augusta, Charlotte, and Greenville among others. We have data for 16 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 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 about average 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% 5/28/23
    30 Year Conventional Refi 6.17% 5/28/23
    30 Year FHA Purchase 6.27% 5/28/23
    30 Year FHA Refi 6.27% 5/28/23
    30 Year VA Purchase 6.25% 5/28/23
    30 Year VA Refi 6.27% 5/28/23
    30 Year USDA Purchase 6.45% 5/28/23
    15 Year Conventional Purchase 5.98% 5/28/23
    15 Year Conventional Refi 5.94% 5/28/23
    15 Year Cash-out Refi 5.94% 5/28/23
    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

    1,218

    Origination Dollar Volume (All Markets)

    $110,490,000

    Awards

    Palmetto Citizens Federal Credit Union 30 Year Conventional Loans bronze
    Show all (1) awards

    Relative Rate

    Palmetto Citizens Federal Credit Union's average 30 year fixed mortgage rate was 4.42%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.34%.

    Relative Fees (Closing Costs)

    Palmetto Citizens Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,176.

    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 $4,750.

    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) 1,145 $102,095,000 $89,166 $3,335 4.36%
    Newberry, SC (FHA|USDA|VA) 14 $1,880,000 $134,286 $4,336 3.71%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 11 $1,205,000 $109,545 $7,598 6.25%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 8 $1,100,000 $137,500 $6,834 4.42%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 5 $585,000 $117,000 $5,566 3.63%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 6 $580,000 $96,667 $0 0.00%
    Seneca, SC (FHA|USDA|VA) 3 $555,000 $185,000 $8,483 4.75%
    SUMTER, SC (FHA|USDA|VA) 3 $545,000 $181,667 $5,265 4.19%
    SPARTANBURG, SC (FHA|USDA|VA) 4 $400,000 $100,000 $3,436 4.75%
    FLORENCE, SC (FHA|USDA|VA) 5 $385,000 $77,000 $4,914 5.75%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $305,000 $101,667 $3,073 2.83%
    Orangeburg, SC (FHA|USDA|VA) 6 $230,000 $38,333 $1,961 6.38%
    FAYETTEVILLE, NC (FHA|USDA|VA) 1 $225,000 $225,000 $5,412 3.88%
    Greenwood, SC (FHA|USDA|VA) 1 $175,000 $175,000 $3,390 5.13%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 2 $170,000 $85,000 $0 0.00%
    Outside of Metro Areas 1 $55,000 $55,000 $0 0.00%
    Palmetto Citizens Federal Credit Union's top markets include Columbia, Newberry, Augusta, Charlotte, and Greenville among others.

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

    S. C. STATE FEDERAL CREDIT UNION
    Similarity Rank: 95
    Security Federal Bank
    Similarity Rank: 616
    Countybank
    Similarity Rank: 686
    Southern First Bank
    Similarity Rank: 871
    Arthur State Bank
    Similarity Rank: 1242
    Palmetto Citizens Federal Credit Union
    Similarity Rank: 1440
    First Community Bank
    Similarity Rank: 2002
    American Security Mortgage Corp.
    Similarity Rank: 3388
    First Palmetto Bank
    Similarity Rank: 4284
    TD Bank
    Similarity Rank: 5022

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 967 $68,115,000 $70,440 n/a 0.00%
    Conventional 246 $41,390,000 $168,252 $3,424 4.34%
    VA 4 $820,000 $205,000 $5,592 5.34%
    USDA 1 $165,000 $165,000 $6,217 2.75%

    For 2022, Palmetto Citizens Federal Credit Union's most frequently originated type of loan was HELOC, with 967 originations. Their 2nd most popular type was Conventional, with 246 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 636 $57,300,000 $90,094 $2,655 4.25%
    Home Improvement 501 $35,095,000 $70,050 $1,124 4.75%
    Home Purchase 76 $16,670,000 $219,342 $5,037 4.51%
    Other 5 $1,425,000 $285,000 $7,491 5.35%

    For 2022, Palmetto Citizens Federal Credit Union's most frequently cited loan purpose was Refi, with 636 originations. The 2nd most popular reason was Home Improvement, with 501 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 942 $68,010,000 $72,197 $2,270 2.52%
    30 Year 160 $27,640,000 $172,750 $4,176 4.42%
    15 Year 82 $9,840,000 $120,000 $2,361 4.39%
    20 Year 22 $3,180,000 $144,545 $3,602 4.02%
    10 Year 7 $395,000 $56,429 $1,029 4.31%
    30+ year 5 $1,425,000 $285,000 $7,491 5.35%

    For 2022, Palmetto Citizens Federal Credit Union's most frequently cited loan duration was Other, with 942 originations. The 2nd most popular length was 30 Year, with 160 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 83 $10,625,000 $128,012
    $<1k 79 $7,915,000 $100,190
    $2k-3k 57 $12,925,000 $226,754
    $3k-4k 21 $6,235,000 $296,905
    $4k-5k 6 $2,390,000 $398,333
    $5k+ 4 $2,130,000 $532,500

    Palmetto Citizens Federal Credit Union's average total fees were $4,176, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 83 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 78 $13,510,000 $173,205
    3-4% 74 $13,060,000 $176,486
    5-6% 35 $4,775,000 $136,429
    2.5-3% 33 $5,935,000 $179,848
    6-7% 20 $3,720,000 $186,000
    <2.5% 7 $655,000 $93,571
    Over 8% 3 $145,000 $48,333
    7-8% 1 $575,000 $575,000

    During 2022, Palmetto Citizens Federal Credit Union's average interest rate for loans was 4.42%, while their most frequently originated rate bucket for loans was 4-5%, with 78 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 829 $44,565,000 $53,758 $1,791 4.52%
    $100k-200k 295 $39,775,000 $134,831 $3,106 4.19%
    $200k-400k 86 $22,180,000 $257,907 $5,164 4.39%
    $400k-600k 8 $3,970,000 $496,250 $7,148 4.16%

    2022 saw Palmetto Citizens Federal Credit Union place emphasis on $100,000 or less loans with 829 originations, totaling $44,565,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 298 $29,980,000 $100,604 $4,214 4.55%
    $50k-75k 274 $22,020,000 $80,365 $2,997 4.25%
    $75k-100k 263 $23,235,000 $88,346 $3,890 4.34%
    $50k or less 193 $13,365,000 $69,249 $2,718 4.10%
    $150k-250k 128 $14,540,000 $113,594 $3,934 4.73%
    $250k+ 37 $4,835,000 $130,676 $3,873 5.03%

    Palmetto Citizens Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 298 originations. The second most popular income band? $50k-75k, with 274 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 290 $25,300,000 $87,241 $2,891 4.37%
    30-36% 193 $20,495,000 $106,192 $4,234 4.51%
    <20% 135 $12,495,000 $92,556 $3,393 3.95%
    50-60% 125 $8,695,000 $69,560 $1,427 5.94%
    >60% 94 $7,890,000 $83,936 $2,007 4.75%
    36% 41 $4,075,000 $99,390 $3,826 4.21%
    39% 33 $2,465,000 $74,697 $3,389 4.44%
    37% 31 $3,155,000 $101,774 $4,382 4.63%
    42% 27 $2,495,000 $92,407 $4,520 4.59%
    43% 27 $2,925,000 $108,333 $3,504 3.92%
    44% 25 $2,815,000 $112,600 $2,280 3.85%
    45% 24 $2,470,000 $102,917 $4,531 4.48%
    40% 24 $1,900,000 $79,167 $5,553 4.35%
    48% 23 $1,755,000 $76,304 $1,719 5.54%
    49% 22 $1,860,000 $84,545 $2,039 3.88%
    46% 21 $1,685,000 $80,238 $3,611 3.95%
    38% 20 $1,850,000 $92,500 $3,025 4.19%
    41% 20 $1,800,000 $90,000 $2,692 3.37%
    47% 18 $1,850,000 $102,778 $3,641 4.26%

    Palmetto Citizens Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 290 originations. The next most common DTI ratio? 30-36%, with 193 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 844 $78,920,000 $93,507 $3,521 4.27%
    Black 281 $21,045,000 $74,893 $3,281 4.42%
    Not provided 76 $8,520,000 $112,105 $3,406 4.61%
    Asian 14 $1,850,000 $132,143 $4,055 4.22%
    American Indian 3 $155,000 $51,667 $0 0.00%

    Approval Rates

    Total approvals of all applications
    83.18%

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

    Pick Rate

    Approvals leading to origination
    84.32%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,218 $110,490,000 $90,714

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,218 $110,490,000 $90,714

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 430 $35,360,000 $82,233 $1,937 4.18%
    40-60% 104 $12,360,000 $118,846 $2,906 4.11%
    60-80% 118 $22,830,000 $193,475 $3,994 4.13%
    80-100% 67 $14,635,000 $218,433 $4,936 4.59%
    Over 100% 1 $255,000 $255,000 $10,464 6.25%
    Under 20% 459 $24,505,000 $53,388 $1,044 5.12%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    PLANET HOME LENDING, LLC Conventional home mortgage Trouble during payment process 1 50.0%
    PLANET HOME LENDING, LLC FHA mortgage Trouble during payment process 1 50.0%