Palmetto Citizens Federal Credit Union Mortgage Rates, Fees & Info

Columbia, SC

LEI: 5493004JGZVB2EPI6W51

Tax ID: 57-0314480

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 Cash Out Refi 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, Charleston, and Hilton Head Island 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.13% 4/21/24
    30 Year Conventional Refi 6.17% 4/21/24
    30 Year FHA Purchase 6.27% 4/21/24
    30 Year FHA Refi 6.27% 4/21/24
    30 Year VA Purchase 6.25% 4/21/24
    30 Year VA Refi 6.27% 4/21/24
    30 Year USDA Purchase 6.45% 4/21/24
    15 Year Conventional Purchase 5.98% 4/21/24
    15 Year Conventional Refi 5.94% 4/21/24
    15 Year Cash-out Refi 5.94% 4/21/24
    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

    923

    Origination Dollar Volume (All Markets)

    $68,485,000

    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) 872 $64,290,000 $73,727 $3,047 4.25%
    Newberry, SC (FHA|USDA|VA) 14 $940,000 $67,143 $2,778 4.63%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 9 $865,000 $96,111 $3,263 4.66%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 8 $510,000 $63,750 $3,624 3.64%
    Outside of Metro Areas 3 $365,000 $121,667 $5,247 6.50%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 2 $340,000 $170,000 $6,128 4.88%
    BATON ROUGE, LA (FHA|USDA|VA) 1 $255,000 $255,000 $6,130 4.00%
    Orangeburg, SC (FHA|USDA|VA) 2 $200,000 $100,000 $3,134 4.63%
    ASHEVILLE, NC (FHA|USDA|VA) 1 $145,000 $145,000 $4,455 3.88%
    SPARTANBURG, SC (FHA|USDA|VA) 1 $135,000 $135,000 $3,962 4.38%
    SUMTER, SC (FHA|USDA|VA) 2 $130,000 $65,000 $0 0.00%
    Georgetown, SC (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $75,000 $75,000 $2,581 4.38%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $70,000 $35,000 $0 0.00%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $40,000 $20,000 $0 0.00%
    FLORENCE, SC (FHA|USDA|VA) 2 $20,000 $10,000 $0 0.00%
    Palmetto Citizens Federal Credit Union's top markets include Columbia, Newberry, Augusta, Charleston, and Hilton Head Island among others.

    Their top states include:
  • South Carolina (FHA|USDA|VA)
  • Louisiana (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: 952
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 961
    Palmetto Citizens Federal Credit Union
    Similarity Rank: 1008
    Grow Financial Federal Credit Union
    Similarity Rank: 1368
    SOUTH CAROLINA FEDERAL CREDIT UNION
    Similarity Rank: 1628
    First Community Bank
    Similarity Rank: 3224
    MID AMERICA MORTGAGE, INC.
    Similarity Rank: 3458
    STATE EMPLOYEES'
    Similarity Rank: 3608
    TD Bank
    Similarity Rank: 5215
    First Reliance Bank
    Similarity Rank: 5504

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 689 $33,385,000 $48,454 n/a 6.63%
    Conventional 226 $32,980,000 $145,929 $2,973 4.28%
    VA 6 $1,800,000 $300,000 $6,990 3.48%
    USDA 2 $320,000 $160,000 $5,034 3.50%

    For 2019, Palmetto Citizens Federal Credit Union's most frequently originated type of loan was HELOC, with 689 originations. Their 2nd most popular type was Conventional, with 226 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 462 $23,930,000 $51,797 $2,656 4.11%
    Cash Out Refi 249 $24,665,000 $99,056 $2,819 4.25%
    Home Improvement 130 $6,980,000 $53,692 $341 5.78%
    Home Purchase 80 $12,730,000 $159,125 $3,870 4.29%
    Other 2 $180,000 $90,000 $3,081 5.38%

    For 2019, Palmetto Citizens Federal Credit Union's most frequently cited loan purpose was Refi, with 462 originations. The 2nd most popular reason was Cash Out Refi, with 249 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 629 $33,625,000 $53,458 $2,619 3.26%
    30 Year 227 $28,415,000 $125,176 $3,675 4.31%
    15 Year 46 $4,800,000 $104,348 $2,157 4.42%
    20 Year 10 $1,030,000 $103,000 $3,083 3.88%
    10 Year 6 $190,000 $31,667 $790 4.62%
    5 Year 3 $115,000 $38,333 $812 4.75%
    30+ year 2 $310,000 $155,000 $5,247 6.50%

    For 2019, Palmetto Citizens Federal Credit Union's most frequently cited loan duration was Other, with 629 originations. The 2nd most popular length was 30 Year, with 227 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 76 $9,200,000 $121,053
    $2k-3k 36 $7,100,000 $197,222
    $<1k 25 $1,835,000 $73,400
    $3k-4k 12 $3,270,000 $272,500
    $4k-5k 4 $1,780,000 $445,000
    $5k+ 1 $425,000 $425,000

    Palmetto Citizens Federal Credit Union's average total fees were $3,675, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 76 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 110 $17,290,000 $157,182
    4-5% 99 $15,345,000 $155,000
    5-6% 17 $1,655,000 $97,353
    6-7% 7 $685,000 $97,857
    Over 8% 2 $80,000 $40,000
    7-8% 1 $95,000 $95,000

    During 2019, Palmetto Citizens Federal Credit Union's average interest rate for loans was 4.31%, while their most frequently originated rate bucket for loans was 3-4%, with 110 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 686 $29,260,000 $42,653 $1,960 4.54%
    $100k-200k 184 $24,050,000 $130,707 $3,168 4.18%
    $200k-400k 44 $11,280,000 $256,364 $4,437 4.09%
    $400k-600k 9 $3,895,000 $432,778 $9,568 4.04%

    2019 saw Palmetto Citizens Federal Credit Union place emphasis on $100,000 or less loans with 686 originations, totaling $29,260,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 255 $16,565,000 $64,961 $2,767 4.13%
    $75k-100k 179 $12,365,000 $69,078 $3,030 4.34%
    $50k or less 175 $10,995,000 $62,829 $2,685 4.57%
    $100k-150k 174 $14,520,000 $83,448 $3,374 4.11%
    $150k-250k 114 $11,250,000 $98,684 $5,496 4.26%
    $250k+ 13 $1,945,000 $149,615 $3,522 4.46%

    Palmetto Citizens Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 255 originations. The second most popular income band? $75k-100k, with 179 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 262 $22,540,000 $86,031 $2,956 4.17%
    30-36% 150 $10,940,000 $72,933 $3,316 4.31%
    <20% 141 $10,175,000 $72,163 $2,878 4.08%
    50-60% 59 $3,025,000 $51,271 $7,612 4.00%
    37% 36 $2,490,000 $69,167 $2,751 4.65%
    42% 32 $2,790,000 $87,188 $3,206 5.03%
    39% 29 $2,525,000 $87,069 $2,943 4.09%
    40% 26 $2,160,000 $83,077 $3,399 4.03%
    36% 25 $2,295,000 $91,800 $3,354 4.37%
    38% 23 $1,085,000 $47,174 $2,242 4.15%
    41% 23 $2,025,000 $88,043 $3,238 4.58%
    43% 23 $1,495,000 $65,000 $6,101 5.25%
    47% 19 $1,075,000 $56,579 $4,028 4.63%
    49% 14 $890,000 $63,571 $0 0.00%
    46% 12 $560,000 $46,667 $0 0.00%
    44% 11 $535,000 $48,636 $3,517 4.00%
    45% 10 $320,000 $32,000 $0 0.00%
    48% 9 $545,000 $60,556 $4,455 3.88%
    >60% 3 $145,000 $48,333 $0 0.00%

    Palmetto Citizens Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 262 originations. The next most common DTI ratio? 30-36%, with 150 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 727 $55,725,000 $76,651 $3,077 4.26%
    Black 162 $10,290,000 $63,519 $3,362 4.38%
    Asian 13 $1,095,000 $84,231 $3,110 3.85%
    Not provided 8 $790,000 $98,750 $2,843 4.28%
    Asian Indian 2 $210,000 $105,000 $0 0.00%
    American Indian 4 $180,000 $45,000 $0 0.00%
    Not applicable 3 $65,000 $21,667 $0 0.00%
    Vietnamese 1 $55,000 $55,000 $0 0.00%
    Korean 1 $55,000 $55,000 $0 0.00%
    Native Hawaiian or Islander 2 $20,000 $10,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    86.36%

    Palmetto Citizens Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.48%

    Palmetto Citizens Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 923 $68,485,000 $74,198

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 19 $915,000 $48,158
    Single Family (1-4 Units):Site-Built 904 $67,570,000 $74,746

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 257 $15,975,000 $62,160 $1,871 4.18%
    40-60% 72 $5,570,000 $77,361 $2,560 4.19%
    60-80% 127 $17,005,000 $133,898 $3,294 4.17%
    80-100% 97 $17,425,000 $179,639 $3,695 4.36%
    Over 100% 2 $560,000 $280,000 $12,772 3.50%
    Under 20% 279 $10,705,000 $38,369 $1,227 4.43%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    PLANET HOME LENDING, LLC Conventional home mortgage Closing on a mortgage 1 2.1%
    PLANET HOME LENDING, LLC Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 1 2.1%
    PLANET HOME LENDING, LLC Conventional home mortgage Struggling to pay mortgage 9 18.8%
    PLANET HOME LENDING, LLC Conventional home mortgage Trouble during payment process 13 27.1%
    PLANET HOME LENDING, LLC FHA mortgage Closing on a mortgage 1 2.1%
    PLANET HOME LENDING, LLC FHA mortgage Incorrect information on your report 1 2.1%
    PLANET HOME LENDING, LLC FHA mortgage Struggling to pay mortgage 5 10.4%
    PLANET HOME LENDING, LLC FHA mortgage Trouble during payment process 3 6.3%
    PLANET HOME LENDING, LLC Other type of mortgage Struggling to pay mortgage 2 4.2%
    PLANET HOME LENDING, LLC Other type of mortgage Trouble during payment process 1 2.1%
    PLANET HOME LENDING, LLC VA mortgage Closing on a mortgage 1 2.1%
    PLANET HOME LENDING, LLC VA mortgage Problem with a credit reporting company's investigation into an existing problem 1 2.1%
    PLANET HOME LENDING, LLC VA mortgage Struggling to pay mortgage 2 4.2%
    PLANET HOME LENDING, LLC VA mortgage Trouble during payment process 7 14.6%