Security Federal Bank Mortgage Rates, Fees & Info

Aiken, SC

LEI: 5493005ES4J6H2VR7264

Tax ID: 57-0113015

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

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  • 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

    Security Federal Bank is a smaller bank specializing in Home Purchase loans. Security Federal Bank 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Augusta, Columbia, Newberry, Orangeburg, and Charleston among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Security Federal 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. 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 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 6.65% 12/16/24
    30 Year Conventional Refi 6.62% 12/16/24
    30 Year Cash-out Refi 6.47% 12/16/24
    30 Year FHA Purchase 7.27% 12/16/24
    30 Year FHA Refi 7.49% 12/16/24
    30 Year VA Purchase 6.36% 12/16/24
    30 Year USDA Purchase 6.69% 12/16/24
    15 Year Conventional Purchase 5.80% 12/16/24
    15 Year Conventional Refi 6.01% 12/16/24
    15 Year Cash-out Refi 6.01% 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.

    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

    406

    Origination Dollar Volume (All Markets)

    $120,530,000
    Show all (5) 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
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 328 $96,130,000 $293,079 $6,425 4.53%
    COLUMBIA, SC (FHA|USDA|VA) 62 $18,130,000 $292,419 $6,446 4.81%
    Newberry, SC (FHA|USDA|VA) 7 $4,015,000 $573,571 $9,810 5.21%
    Outside of Metro Areas 4 $780,000 $195,000 $5,034 4.94%
    Orangeburg, SC (FHA|USDA|VA) 2 $620,000 $310,000 $4,359 4.88%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $315,000 $315,000 $0 6.00%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $295,000 $295,000 $6,242 5.38%
    ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $245,000 $245,000 $5,836 5.00%
    Security Federal Bank's top markets include Augusta, Columbia, Newberry, Orangeburg, and Charleston 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 Security Federal Bank 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: 266
    FIRST CHOICE MORTGAGE, INC.
    Similarity Rank: 370
    Palmetto Citizens Federal Credit Union
    Similarity Rank: 624
    Coastal Carolina National Bank
    Similarity Rank: 840
    Deere Employees Credit Union
    Similarity Rank: 954
    AUGUSTA MORTGAGE CO.
    Similarity Rank: 1025
    Arthur State Bank
    Similarity Rank: 1116
    SRP Federal Credit Union
    Similarity Rank: 1498
    Security Federal Bank
    Similarity Rank: 1592
    Grow Financial Federal Credit Union
    Similarity Rank: 1702

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 355 $107,765,000 $303,563 $6,266 4.66%
    FHA 28 $5,540,000 $197,857 $8,438 4.17%
    VA 14 $5,740,000 $410,000 $6,655 4.39%
    USDA 9 $1,485,000 $165,000 $6,559 3.68%

    For 2022, Security Federal Bank's most frequently originated type of loan was Conventional, with 355 originations. Their 2nd most popular type was FHA, with 28 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 292 $88,460,000 $302,945 $6,960 4.71%
    Refi 57 $18,215,000 $319,561 $5,238 4.07%
    Cash Out Refi 44 $11,630,000 $264,318 $5,180 4.38%
    Home Improvement 10 $1,610,000 $161,000 $4,860 5.53%
    Other 3 $615,000 $205,000 $4,741 4.13%

    For 2022, Security Federal Bank's most frequently cited loan purpose was Home Purchase, with 292 originations. The 2nd most popular reason was Refi, with 57 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 230 $63,960,000 $278,087 $6,086 4.54%
    30+ year 85 $35,345,000 $415,824 $8,390 4.87%
    5 Year 46 $14,460,000 $314,348 $0 4.91%
    Other 21 $2,845,000 $135,476 $3,875 4.86%
    15 Year 16 $3,130,000 $195,625 $4,054 3.18%
    10 Year 4 $60,000 $15,000 $460 2.25%
    20 Year 3 $525,000 $175,000 $5,220 4.21%
    1 Year 1 $205,000 $205,000 $0 8.25%

    For 2022, Security Federal Bank's most frequently cited loan duration was 30 Year, with 230 originations. The 2nd most popular length was 30+ year, with 85 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 91 $44,945,000 $493,901
    $2k-3k 69 $10,725,000 $155,435
    $3k-4k 65 $16,155,000 $248,538
    $4k-5k 54 $17,450,000 $323,148
    $<1k 39 $9,025,000 $231,410
    $1k-2k 18 $4,690,000 $260,556

    Security Federal Bank's average total fees were $6,086, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 91 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 135 $37,965,000 $281,222
    5-6% 114 $31,390,000 $275,351
    3-4% 83 $31,895,000 $384,277
    2.5-3% 27 $7,795,000 $288,704
    6-7% 26 $7,410,000 $285,000
    <2.5% 16 $3,130,000 $195,625
    7-8% 3 $695,000 $231,667
    Over 8% 2 $250,000 $125,000

    During 2022, Security Federal Bank's average interest rate for loans was 4.54%, while their most frequently originated rate bucket for loans was 4-5%, with 135 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 151 $43,245,000 $286,391 $6,562 4.66%
    $100k-200k 121 $17,735,000 $146,570 $4,879 4.47%
    $400k-600k 68 $32,850,000 $483,088 $8,023 4.61%
    $100,000 or less 43 $2,805,000 $65,233 $2,435 4.72%
    $600k-1MM 19 $12,455,000 $655,526 $11,151 4.60%
    $1MM+ 4 $11,440,000 $2,860,000 $10,857 4.89%

    2022 saw Security Federal Bank place emphasis on $200k-400k loans with 151 originations, totaling $43,245,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 82 $27,370,000 $333,780 $6,928 4.57%
    $50k-75k 80 $15,210,000 $190,125 $5,324 4.31%
    $150k-250k 65 $29,525,000 $454,231 $7,965 4.70%
    $75k-100k 60 $16,240,000 $270,667 $6,255 4.55%
    $50k or less 40 $5,340,000 $133,500 $4,640 4.57%
    $250k+ 19 $9,385,000 $493,947 $10,340 5.06%

    Security Federal Bank lent most frequently to those with incomes in the $100k-150k range, with 82 originations. The second most popular income band? $50k-75k, with 80 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 71 $21,885,000 $308,239 $6,338 4.72%
    20-30% 56 $15,620,000 $278,929 $5,405 4.44%
    43% 27 $7,705,000 $285,370 $7,198 4.27%
    39% 20 $7,250,000 $362,500 $6,585 4.86%
    <20% 18 $3,830,000 $212,778 $5,358 4.15%
    37% 18 $4,900,000 $272,222 $5,399 4.08%
    42% 17 $5,565,000 $327,353 $6,461 4.45%
    36% 17 $4,175,000 $245,588 $5,985 4.31%
    40% 15 $5,255,000 $350,333 $7,005 4.22%
    38% 15 $4,065,000 $271,000 $6,841 4.59%
    41% 14 $4,280,000 $305,714 $6,421 4.50%
    44% 12 $4,580,000 $381,667 $8,335 4.58%
    46% 10 $3,240,000 $324,000 $7,864 4.86%
    45% 8 $3,380,000 $422,500 $8,809 4.95%
    47% 7 $1,815,000 $259,286 $6,802 5.30%
    48% 6 $1,750,000 $291,667 $7,772 4.71%
    50-60% 6 $1,990,000 $331,667 $8,478 4.71%
    49% 5 $2,395,000 $479,000 $7,983 4.98%

    Security Federal Bank lent most frequently to those with DTI ratios of 30-36%, with 71 originations. The next most common DTI ratio? 20-30%, with 56 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 256 $77,090,000 $301,133 $6,354 4.47%
    Not applicable 52 $15,570,000 $299,423 $0 5.00%
    Black 55 $15,225,000 $276,818 $6,774 4.64%
    Not provided 27 $9,025,000 $334,259 $7,091 4.64%
    Asian 11 $2,095,000 $190,455 $5,751 5.07%
    American Indian 3 $595,000 $198,333 $5,978 5.08%
    Chinese 1 $475,000 $475,000 $8,060 6.13%
    Korean 1 $455,000 $455,000 $8,226 4.88%

    Approval Rates

    Total approvals of all applications
    91.37%

    Security Federal Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    70.44%

    Security Federal Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 406 $120,530,000 $296,872

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    406 $120,530,000 $296,872

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $3,350,000 $186,111 $4,438 4.81%
    40-60% 62 $13,400,000 $216,129 $5,579 4.27%
    60-80% 153 $52,645,000 $344,085 $6,785 4.63%
    80-100% 165 $50,425,000 $305,606 $6,824 4.73%
    Over 100% 2 $520,000 $260,000 $9,210 3.25%
    Under 20% 6 $190,000 $31,667 $676 3.40%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Security National Financial Corp Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 1 100.0%