Security Federal Bank Mortgage Rates, Fees & Info

Aiken, SC

LEI: 5493005ES4J6H2VR7264

Tax ID: 57-0113015

5 stars - Updated: 5/20/24 - out of 5 stars, based on 18 reviews

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

Jump to:

Mortgage Data

Review & Overview

Security Federal Bank is a smaller bank specializing in Home Purchase loans. Security Federal Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Augusta, Columbia, Newberry, Charlotte, and Charleston among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Security Federal Bank 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. Security Federal 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.

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 6.65% 5/20/24
30 Year Conventional Refi 6.62% 5/20/24
30 Year Cash-out Refi 6.47% 5/20/24
30 Year FHA Purchase 7.27% 5/20/24
30 Year FHA Refi 7.49% 5/20/24
30 Year VA Purchase 6.36% 5/20/24
30 Year USDA Purchase 6.69% 5/20/24
15 Year Conventional Purchase 5.80% 5/20/24
15 Year Conventional Refi 6.01% 5/20/24
15 Year Cash-out Refi 6.01% 5/20/24
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.

Security Federal Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Security Federal Bank. 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

323

Origination Dollar Volume (All Markets)

$83,505,000
Show all (9) awards

Relative Rate

Security Federal Bank's average 30 year fixed mortgage rate was 5.86%.

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

This yields a difference of -0.62%.

Relative Fees (Closing Costs)

Security Federal Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,939.

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
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 279 $69,255,000 $248,226 $5,498 6.09%
COLUMBIA, SC (FHA|USDA|VA) 26 $7,590,000 $291,923 $6,379 6.37%
Newberry, SC (FHA|USDA|VA) 5 $3,305,000 $661,000 $11,794 6.10%
Outside of Metro Areas 5 $1,255,000 $251,000 $5,859 6.70%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $615,000 $615,000 $9,384 6.63%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 3 $575,000 $191,667 $5,368 6.83%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $405,000 $405,000 $9,746 7.13%
Seneca, SC (FHA|USDA|VA) 1 $215,000 $215,000 $10,013 5.75%
Orangeburg, SC (FHA|USDA|VA) 1 $145,000 $145,000 $4,038 7.50%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $145,000 $145,000 $5,916 6.13%
Security Federal Bank's top markets include Augusta, Columbia, Newberry, Charlotte, and Charleston among others.

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

    We use machine learning to identify the top lenders compared against Security Federal Bank 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
    SRP Federal Credit Union
    Similarity Rank: 190
    Arthur State Bank
    Similarity Rank: 462
    AUGUSTA MORTGAGE CO.
    Similarity Rank: 464
    Associated Credit Union
    Similarity Rank: 714
    Security Federal Bank
    Similarity Rank: 780
    FIRST CHOICE MORTGAGE, INC.
    Similarity Rank: 940
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 962
    First Reliance Bank
    Similarity Rank: 1595

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 293 $75,575,000 $257,935 $5,355 6.14%
    FHA 17 $4,355,000 $256,176 $11,012 5.97%
    VA 12 $3,290,000 $274,167 $5,224 6.40%
    USDA 1 $285,000 $285,000 $12,587 5.88%

    For 2023, Security Federal Bank's most frequently originated type of loan was Conventional, with 293 originations. Their 2nd most popular type was FHA, with 17 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 263 $72,225,000 $274,620 $5,866 6.05%
    Cash Out Refi 36 $6,450,000 $179,167 $4,919 6.73%
    Refi 12 $3,310,000 $275,833 $6,054 5.89%
    Home Improvement 7 $935,000 $133,571 $4,303 7.27%
    Other 5 $585,000 $117,000 $2,952 5.60%

    For 2023, Security Federal Bank's most frequently cited loan purpose was Home Purchase, with 263 originations. The 2nd most popular reason was Cash Out Refi, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 232 $53,960,000 $232,586 $4,939 5.86%
    30+ year 46 $22,800,000 $495,652 $9,660 6.22%
    Other 14 $1,470,000 $105,000 $0 7.80%
    5 Year 12 $2,020,000 $168,333 $0 7.52%
    10 Year 7 $885,000 $126,429 $3,844 7.91%
    15 Year 6 $880,000 $146,667 $4,553 6.08%
    3 Year 4 $960,000 $240,000 $0 7.66%
    20 Year 1 $345,000 $345,000 $11,669 6.25%
    1 Year 1 $185,000 $185,000 $0 8.50%

    For 2023, Security Federal Bank's most frequently cited loan duration was 30 Year, with 232 originations. The 2nd most popular length was 30+ year, with 46 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 110 $17,060,000 $155,091
    $5k+ 69 $38,005,000 $550,797
    $3k-4k 35 $8,075,000 $230,714
    $2k-3k 32 $5,160,000 $161,250
    $4k-5k 24 $7,450,000 $310,417
    $1k-2k 10 $1,550,000 $155,000

    Security Federal Bank's average total fees were $4,939, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 110 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 171 $37,645,000 $220,146
    6-7% 83 $25,635,000 $308,855
    7-8% 42 $12,210,000 $290,714
    Over 8% 18 $3,690,000 $205,000
    4-5% 8 $4,190,000 $523,750
    3-4% 1 $135,000 $135,000

    During 2023, Security Federal Bank's average interest rate for loans was 5.86%, while their most frequently originated rate bucket for loans was 5-6%, with 171 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 125 $18,975,000 $151,800 $3,276 5.99%
    $200k-400k 102 $27,730,000 $271,863 $6,317 6.10%
    $100,000 or less 40 $2,680,000 $67,000 $2,096 6.39%
    $400k-600k 35 $16,455,000 $470,143 $9,514 6.32%
    $600k-1MM 17 $12,105,000 $712,059 $12,209 6.32%
    $1MM+ 4 $5,560,000 $1,390,000 $18,088 6.75%

    2023 saw Security Federal Bank place emphasis on $100k-200k loans with 125 originations, totaling $18,975,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 85 $15,585,000 $183,353 $3,488 5.63%
    $100k-150k 55 $16,795,000 $305,364 $7,827 6.41%
    $50k or less 54 $6,110,000 $113,148 $2,509 5.63%
    $150k-250k 39 $16,635,000 $426,538 $9,098 6.45%
    $75k-100k 39 $8,795,000 $225,513 $6,109 6.17%
    $250k+ 23 $15,595,000 $678,043 $11,473 6.32%

    Security Federal Bank lent most frequently to those with incomes in the $50k-75k range, with 85 originations. The second most popular income band? $100k-150k, with 55 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 64 $14,320,000 $223,750 $4,984 5.89%
    20-30% 52 $11,570,000 $222,500 $5,082 5.79%
    <20% 22 $6,700,000 $304,545 $5,591 5.73%
    39% 18 $4,480,000 $248,889 $4,515 5.68%
    42% 15 $5,455,000 $363,667 $7,570 6.48%
    38% 15 $3,465,000 $231,000 $4,262 5.74%
    41% 14 $4,450,000 $317,857 $5,961 6.17%
    43% 13 $3,385,000 $260,385 $5,804 5.84%
    49% 12 $3,800,000 $316,667 $7,754 6.49%
    44% 11 $3,995,000 $363,182 $8,130 6.38%
    48% 8 $3,420,000 $427,500 $9,328 6.30%
    40% 8 $1,670,000 $208,750 $3,799 5.70%
    36% 7 $2,015,000 $287,857 $5,953 5.98%
    37% 7 $1,685,000 $240,714 $3,858 5.48%
    50-60% 6 $2,700,000 $450,000 $7,545 6.40%
    45% 6 $2,050,000 $341,667 $8,017 5.96%
    47% 5 $1,555,000 $311,000 $6,487 6.30%
    46% 5 $1,685,000 $337,000 $8,109 6.13%

    Security Federal Bank lent most frequently to those with DTI ratios of 30-36%, with 64 originations. The next most common DTI ratio? 20-30%, with 52 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 207 $57,445,000 $277,512 $5,845 5.99%
    Black 59 $13,685,000 $231,949 $4,851 5.82%
    Not provided 24 $7,120,000 $296,667 $6,870 6.40%
    Not applicable 25 $3,475,000 $139,000 $0 7.70%
    Asian Indian 2 $670,000 $335,000 $5,543 6.56%
    American Indian 2 $560,000 $280,000 $5,554 5.88%
    Asian 4 $550,000 $137,500 $5,286 7.26%

    Approval Rates

    Total approvals of all applications
    89.98%

    Security Federal Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    70.59%

    Security Federal Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 323 $83,505,000 $258,529

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    323 $83,505,000 $258,529

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 26 $3,590,000 $138,077 $4,216 6.37%
    40-60% 43 $10,305,000 $239,651 $6,239 6.46%
    60-80% 87 $29,245,000 $336,149 $8,071 6.44%
    80-100% 160 $39,460,000 $246,625 $4,910 5.81%
    Over 100% 3 $715,000 $238,333 $8,361 6.42%
    Under 20% 4 $190,000 $47,500 $2,138 7.31%