Southeast Bank Mortgage Rates, Fees & Info

Farragut, TN

LEI: 54930089R5VSN6GVCK47

Tax ID: 62-1859961

5 stars - Updated: 5/26/24 - out of 5 stars, based on 18 reviews

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

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Mortgage Data

Review & Overview

Southeast Bank is a smaller bank specializing in Home Purchase loans. Southeast Bank has a high proportion of conventional loans. Their top markets by origination volume include: Knoxville, Myrtle Beach, Chattanooga, Dayton, and Cleveland among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

Southeast 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. Southeast Bank 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 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.

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Originations

340

Origination Dollar Volume (All Markets)

$110,340,000

Awards

SouthEast Bank 30 Year Conventional Loans gold SouthEast Bank 30 Year Conventional Loans gold SouthEast Bank 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

Southeast Bank's average 30 year fixed mortgage rate was 6.17%.

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

This yields a difference of -0.31%.

Relative Fees (Closing Costs)

Southeast Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,042.

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
KNOXVILLE, TN (FHA|USDA|VA) 139 $45,565,000 $327,806 $3,304 7.62%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $22,365,000 $22,365,000 $0 7.60%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 76 $18,730,000 $246,447 $4,169 8.02%
Dayton, TN (FHA|USDA|VA) 37 $4,985,000 $134,730 $1,184 7.87%
CLEVELAND, TN (FHA|USDA|VA) 18 $4,610,000 $256,111 $4,061 7.86%
Outside of Metro Areas 20 $3,090,000 $154,500 $3,746 8.01%
Cookeville, TN (FHA|USDA|VA) 19 $2,755,000 $145,000 $1,822 8.26%
Athens, TN (FHA|USDA|VA) 19 $2,455,000 $129,211 $1,810 7.80%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $21,443 8.25%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $1,725,000 $1,725,000 $16,130 8.25%
MORRISTOWN, TN (FHA|USDA|VA) 2 $830,000 $415,000 $0 8.38%
Sevierville, TN (FHA|USDA|VA) 2 $510,000 $255,000 $4,654 8.00%
ROME, GA (FHA|USDA|VA) 1 $185,000 $185,000 $0 8.50%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $155,000 $155,000 $0 8.50%
DALTON, GA (FHA|USDA|VA) 1 $135,000 $135,000 $0 8.50%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $135,000 $135,000 $1,882 7.50%
McMinnville, TN (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.25%
Southeast Bank's top markets include Knoxville, Myrtle Beach, Chattanooga, Dayton, and Cleveland among others.

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

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

    SouthEast Bank
    Similarity Rank: 68
    ENRICHMENT
    Similarity Rank: 230
    Home Federal Bank of Tennessee
    Similarity Rank: 282
    ORNL Federal Credit Union
    Similarity Rank: 378
    Countybank
    Similarity Rank: 648
    Community Trust Bank, Inc.
    Similarity Rank: 648
    Y-12 Federal Credit Union
    Similarity Rank: 784
    KNOXVILLE TVA EMPLOYEES CREDIT UNION
    Similarity Rank: 1024
    SmartBank
    Similarity Rank: 1104
    EASTMAN
    Similarity Rank: 3726

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 212 $32,350,000 $152,594 n/a 8.04%
    Conventional 128 $77,990,000 $609,297 $3,609 7.50%

    For 2023, Southeast Bank's most frequently originated type of loan was HELOC, with 212 originations. Their 2nd most popular type was Conventional, with 128 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 114 $77,710,000 $681,667 $4,474 7.50%
    Other 98 $13,650,000 $139,286 $1,331 8.09%
    Home Improvement 94 $12,230,000 $130,106 $1,922 8.09%
    Refi 34 $6,750,000 $198,529 $1,950 7.57%

    For 2023, Southeast Bank's most frequently cited loan purpose was Home Purchase, with 114 originations. The 2nd most popular reason was Other, with 98 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 208 $31,250,000 $150,240 $1,547 8.06%
    30 Year 48 $34,440,000 $717,500 $4,042 6.17%
    1 Year 36 $8,630,000 $239,722 $3,622 8.54%
    3 Year 21 $5,305,000 $252,619 $767 8.21%
    5 Year 13 $4,225,000 $325,000 $0 8.21%
    Other 7 $24,585,000 $3,512,143 $4,430 8.29%
    15 Year 5 $1,085,000 $217,000 $2,273 7.59%
    20 Year 2 $820,000 $410,000 $1,435 5.30%

    For 2023, Southeast Bank's most frequently cited loan duration was 10 Year, with 208 originations. The 2nd most popular length was 30 Year, with 48 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 45 $25,485,000 $566,333
    $1k-2k 8 $1,630,000 $203,750
    $5k+ 8 $9,580,000 $1,197,500
    $2k-3k 6 $1,410,000 $235,000
    $3k-4k 5 $2,005,000 $401,000
    $4k-5k 1 $855,000 $855,000

    Southeast Bank's average total fees were $4,042, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 45 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 192 $39,130,000 $203,802
    7-8% 71 $39,315,000 $553,732
    6-7% 54 $8,830,000 $163,519
    4-5% 20 $19,650,000 $982,500
    3-4% 2 $3,310,000 $1,655,000
    5-6% 1 $105,000 $105,000

    During 2023, Southeast Bank's average interest rate for loans was 6.17%, while their most frequently originated rate bucket for loans was Over 8%, with 192 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 100 $5,280,000 $52,800 $1,123 8.05%
    $100k-200k 100 $13,650,000 $136,500 $2,042 8.08%
    $200k-400k 81 $21,775,000 $268,827 $3,779 8.03%
    $400k-600k 30 $14,040,000 $468,000 $3,673 7.65%
    $1MM+ 17 $46,085,000 $2,710,882 $7,239 5.91%
    $600k-1MM 12 $9,510,000 $792,500 $3,952 5.95%

    2023 saw Southeast Bank place emphasis on $100,000 or less loans with 100 originations, totaling $5,280,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 65 $11,985,000 $184,385 $3,133 7.93%
    $250k+ 64 $38,720,000 $605,000 $5,644 7.22%
    $150k-250k 57 $13,605,000 $238,684 $3,414 7.76%
    $75k-100k 47 $6,135,000 $130,532 $4,318 8.06%
    $50k or less 32 $2,960,000 $92,500 $1,675 7.82%
    $50k-75k 29 $2,775,000 $95,690 $1,207 8.07%

    Southeast Bank lent most frequently to those with incomes in the $100k-150k range, with 65 originations. The second most popular income band? $250k+, with 64 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 77 $14,805,000 $192,273 $2,327 7.86%
    30-36% 52 $14,980,000 $288,077 $5,099 7.62%
    <20% 48 $15,470,000 $322,292 $3,933 7.30%
    37% 12 $3,150,000 $262,500 $2,387 7.46%
    50-60% 12 $4,490,000 $374,167 $4,400 6.99%
    40% 11 $2,865,000 $260,455 $2,875 7.67%
    39% 8 $910,000 $113,750 $2,733 8.25%
    38% 7 $3,265,000 $466,429 $4,774 7.64%
    36% 7 $925,000 $132,143 $0 7.50%
    45% 6 $1,860,000 $310,000 $2,891 8.46%
    43% 5 $605,000 $121,000 $1,890 7.90%
    46% 5 $1,595,000 $319,000 $4,908 8.29%
    >60% 4 $1,050,000 $262,500 $2,614 7.34%
    47% 2 $410,000 $205,000 $3,133 8.50%
    48% 2 $350,000 $175,000 $2,940 8.50%
    42% 2 $170,000 $85,000 $2,522 8.88%
    41% 2 $1,590,000 $795,000 $6,899 6.88%
    44% 1 $105,000 $105,000 $0 9.00%

    Southeast Bank lent most frequently to those with DTI ratios of 20-30%, with 77 originations. The next most common DTI ratio? 30-36%, with 52 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 293 $77,245,000 $263,635 $3,704 7.76%
    Not applicable 33 $31,025,000 $940,152 $0 8.36%
    Not provided 5 $975,000 $195,000 $1,615 7.90%
    Black 7 $865,000 $123,571 $982 8.57%
    Asian 1 $205,000 $205,000 $0 7.25%
    Other Asian 1 $25,000 $25,000 $0 8.25%

    Approval Rates

    Total approvals of all applications
    86.40%

    Southeast Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.12%

    Southeast Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 340 $110,340,000 $324,529

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    340 $110,340,000 $324,529

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 96 $18,130,000 $188,854 $1,495 7.91%
    40-60% 51 $21,245,000 $416,569 $3,312 7.42%
    60-80% 59 $47,325,000 $802,119 $5,029 7.70%
    80-100% 32 $14,650,000 $457,813 $5,777 7.87%
    Over 100% 1 $365,000 $365,000 $6,621 8.50%
    Under 20% 100 $8,240,000 $82,400 $1,319 8.06%