Resource Financial Services Mortgage Rates, Fees & Info

COLUMBIA, SC

LEI: 549300916KMYQ118CX89

Tax ID: 57-1102490

5 stars - Updated: 5/20/24 - out of 5 stars, based on 26 reviews

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

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Mortgage Data

Review & Overview

Resource Financial Services is a smaller mortgage company specializing in Home Purchase loans. Resource Financial Services 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: Columbia, Sumter, Greenville, Raleigh, and Jacksonville among others. We have data for 56 markets. (Some data included below & more in-depth data is available with an active subscription.)

Resource Financial Services 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. Resource Financial Services 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 6.61% 5/20/24
30 Year Conventional Refi 6.74% 5/20/24
30 Year Cash-out Refi 6.88% 5/20/24
30 Year FHA Purchase 7.38% 5/20/24
30 Year FHA Refi 7.01% 5/20/24
30 Year VA Purchase 6.35% 5/20/24
30 Year VA Refi 5.80% 5/20/24
30 Year USDA Purchase 6.45% 5/20/24
15 Year Conventional Purchase 5.97% 5/20/24
15 Year Conventional Refi 5.97% 5/20/24
15 Year Cash-out Refi 5.97% 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.

Resource Financial Services Mortgage Calculator






Your Estimates

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

This is not an official calculator from Resource Financial Services. 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

673

Origination Dollar Volume (All Markets)

$182,835,000
Show all (6) awards

Relative Rate

Resource Financial Services's average 30 year fixed mortgage rate was 6.61%.

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

This yields a difference of 0.13%.

Relative Fees (Closing Costs)

Resource Financial Services's average total fees/closing costs for a 30 year fixed rate mortgage were $7,310.

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
COLUMBIA, SC (FHA|USDA|VA) 250 $64,340,000 $257,360 $7,553 6.48%
SUMTER, SC (FHA|USDA|VA) 90 $17,280,000 $192,000 $7,221 6.80%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 50 $13,000,000 $260,000 $6,335 6.83%
RALEIGH-CARY, NC (FHA|USDA|VA) 34 $12,430,000 $365,588 $5,490 6.59%
JACKSONVILLE, FL (FHA|USDA|VA) 33 $10,645,000 $322,576 $8,171 6.71%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 23 $10,155,000 $441,522 $8,321 6.71%
SPARTANBURG, SC (FHA|USDA|VA) 26 $5,600,000 $215,385 $6,192 6.79%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 16 $5,380,000 $336,250 $11,706 5.89%
Outside of Metro Areas 22 $4,920,000 $223,636 $6,519 6.56%
WILMINGTON, NC (FHA|USDA|VA) 12 $4,000,000 $333,333 $4,965 6.67%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 9 $3,565,000 $396,111 $5,532 6.80%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 10 $3,370,000 $337,000 $5,208 6.68%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 8 $3,320,000 $415,000 $8,727 6.91%
FLORENCE, SC (FHA|USDA|VA) 16 $3,290,000 $205,625 $8,822 6.36%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 4 $2,120,000 $530,000 $7,913 6.72%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 6 $1,410,000 $235,000 $5,917 7.00%
ASHEVILLE, NC (FHA|USDA|VA) 4 $1,380,000 $345,000 $6,112 6.44%
JACKSONVILLE, NC (FHA|USDA|VA) 5 $1,185,000 $237,000 $5,429 6.90%
WINSTON-SALEM, NC (FHA|USDA|VA) 4 $1,050,000 $262,500 $5,556 6.72%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 2 $770,000 $385,000 $7,520 7.13%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $745,000 $745,000 $4,003 7.63%
Boone, NC (FHA|USDA|VA) 1 $725,000 $725,000 $3,976 6.25%
OCALA, FL (FHA|USDA|VA) 2 $680,000 $340,000 $7,257 6.06%
Newberry, SC (FHA|USDA|VA) 4 $670,000 $167,500 $6,443 6.09%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $665,000 $665,000 $11,948 7.00%
Orangeburg, SC (FHA|USDA|VA) 3 $615,000 $205,000 $5,655 7.25%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $590,000 $295,000 $12,890 6.63%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $560,000 $280,000 $4,088 5.94%
SAVANNAH, GA (FHA|USDA|VA) 2 $510,000 $255,000 $5,445 6.69%
Gaffney, SC (FHA|USDA|VA) 3 $505,000 $168,333 $7,375 7.13%
Albemarle, NC (FHA|USDA|VA) 1 $435,000 $435,000 $3,806 6.50%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $425,000 $425,000 $10,115 9.13%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $415,000 $415,000 $7,776 6.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $415,000 $415,000 $0 8.13%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $405,000 $405,000 $7,306 5.63%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 2 $390,000 $195,000 $7,062 7.25%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $385,000 $385,000 $12,662 7.63%
Enterprise, AL (FHA|USDA|VA) 1 $375,000 $375,000 $16,334 5.75%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $375,000 $375,000 $4,837 7.13%
HINESVILLE, GA (FHA|USDA|VA) 1 $355,000 $355,000 $16,083 6.75%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $325,000 $325,000 $14,523 6.13%
FAYETTEVILLE, NC (FHA|USDA|VA) 2 $300,000 $150,000 $5,938 6.19%
Greenwood, SC (FHA|USDA|VA) 1 $285,000 $285,000 $8,734 7.13%
Sanford, NC (FHA|USDA|VA) 1 $275,000 $275,000 $15,123 5.75%
NEW BERN, NC (FHA|USDA|VA) 1 $275,000 $275,000 $11,359 6.63%
Union, SC (FHA|USDA|VA) 1 $245,000 $245,000 $3,906 6.13%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $235,000 $235,000 $4,053 6.99%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $205,000 $205,000 $8,645 6.13%
Washington, NC (FHA|USDA|VA) 1 $195,000 $195,000 $4,113 6.38%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $185,000 $185,000 $0 6.88%
KNOXVILLE, TN (FHA|USDA|VA) 1 $185,000 $185,000 $0 6.50%
Forest City, NC (FHA|USDA|VA) 1 $175,000 $175,000 $3,438 6.50%
Elizabeth City, NC (FHA|USDA|VA) 1 $165,000 $165,000 $4,207 7.63%
Brevard, NC (FHA|USDA|VA) 1 $135,000 $135,000 $3,796 6.75%
Wilson, NC (FHA|USDA|VA) 1 $125,000 $125,000 $3,253 6.13%
Bennettsville, SC (FHA|USDA|VA) 1 $75,000 $75,000 $3,129 6.25%
Resource Financial Services's top markets include Columbia, Sumter, Greenville, Raleigh, and Jacksonville among others.

Their top states include:
  • South Carolina (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 408 $113,190,000 $277,426 $5,851 6.60%
    FHA 127 $30,285,000 $238,465 $9,797 6.66%
    VA 126 $36,890,000 $292,778 $9,161 6.61%
    USDA 12 $2,470,000 $205,833 $6,637 6.43%

    For 2023, Resource Financial Services's most frequently originated type of loan was Conventional, with 408 originations. Their 2nd most popular type was FHA, with 127 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 625 $169,645,000 $271,432 $7,257 6.61%
    Refi 48 $13,190,000 $274,792 $7,408 6.70%

    For 2023, Resource Financial Services's most frequently cited loan purpose was Home Purchase, with 625 originations. The 2nd most popular reason was Refi, with 48 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 661 $180,575,000 $273,185 $7,310 6.61%
    15 Year 7 $1,355,000 $193,571 $3,683 6.27%
    20 Year 3 $735,000 $245,000 $6,956 6.63%
    10 Year 1 $75,000 $75,000 $5,638 5.13%
    1 Year 1 $95,000 $95,000 $0 10.50%

    For 2023, Resource Financial Services's most frequently cited loan duration was 30 Year, with 661 originations. The 2nd most popular length was 15 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 221 $53,555,000 $242,330
    $2k-3k 123 $28,535,000 $231,992
    $5k+ 110 $41,910,000 $381,000
    $3k-4k 97 $23,945,000 $246,856
    $<1k 63 $18,795,000 $298,333
    $4k-5k 51 $14,225,000 $278,922

    Resource Financial Services's average total fees were $7,310, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 221 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 351 $89,275,000 $254,345
    7-8% 173 $48,825,000 $282,225
    5-6% 100 $28,270,000 $282,700
    4-5% 27 $9,545,000 $353,519
    Over 8% 20 $6,890,000 $344,500
    <2.5% 2 $30,000 $15,000

    During 2023, Resource Financial Services's average interest rate for loans was 6.61%, while their most frequently originated rate bucket for loans was 6-7%, with 351 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 334 $91,770,000 $274,760 $7,777 6.61%
    $100k-200k 200 $31,910,000 $159,550 $5,637 6.67%
    $400k-600k 81 $38,435,000 $474,506 $9,358 6.49%
    $100,000 or less 33 $2,505,000 $75,909 $4,045 6.36%
    $600k-1MM 23 $15,735,000 $684,130 $9,650 6.75%
    $1MM+ 2 $2,480,000 $1,240,000 $20,367 8.13%

    2023 saw Resource Financial Services place emphasis on $200k-400k loans with 334 originations, totaling $91,770,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 180 $38,080,000 $211,556 $6,827 6.59%
    $75k-100k 139 $35,175,000 $253,058 $7,567 6.63%
    $100k-150k 134 $40,830,000 $304,701 $8,071 6.49%
    $150k-250k 91 $34,315,000 $377,088 $7,469 6.68%
    $50k or less 83 $12,705,000 $153,072 $5,639 6.56%
    $250k+ 45 $21,615,000 $480,333 $8,416 6.95%

    Resource Financial Services lent most frequently to those with incomes in the $50k-75k range, with 180 originations. The second most popular income band? $75k-100k, with 139 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 98 $27,780,000 $283,469 $6,732 6.44%
    30-36% 91 $24,255,000 $266,538 $6,752 6.51%
    50-60% 53 $15,415,000 $290,849 $10,546 6.66%
    43% 44 $11,210,000 $254,773 $6,705 6.85%
    49% 41 $10,885,000 $265,488 $7,392 6.75%
    44% 39 $11,625,000 $298,077 $8,383 6.60%
    45% 35 $10,035,000 $286,714 $7,015 6.45%
    42% 33 $7,955,000 $241,061 $7,238 6.66%
    41% 31 $10,115,000 $326,290 $8,265 6.62%
    <20% 28 $7,760,000 $277,143 $5,813 6.77%
    39% 28 $6,790,000 $242,500 $6,208 6.58%
    38% 25 $6,945,000 $277,800 $6,678 6.53%
    46% 25 $6,615,000 $264,600 $6,389 6.68%
    47% 22 $5,000,000 $227,273 $6,949 6.70%
    48% 20 $4,860,000 $243,000 $7,874 6.78%
    36% 19 $5,895,000 $310,263 $6,249 6.47%
    37% 19 $4,645,000 $244,474 $7,433 6.39%
    40% 18 $4,250,000 $236,111 $6,756 6.69%
    >60% 1 $145,000 $145,000 $0 8.63%

    Resource Financial Services lent most frequently to those with DTI ratios of 20-30%, with 98 originations. The next most common DTI ratio? 30-36%, with 91 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 489 $135,305,000 $276,697 $7,080 6.58%
    Not provided 77 $20,535,000 $266,688 $7,358 6.61%
    Black 69 $16,505,000 $239,203 $8,739 6.82%
    Asian 29 $8,165,000 $281,552 $6,894 6.72%
    American Indian 4 $940,000 $235,000 $5,750 6.47%
    Asian Indian 1 $505,000 $505,000 $11,515 5.75%
    Not applicable 2 $390,000 $195,000 $6,963 6.56%
    Filipino 1 $325,000 $325,000 $4,612 6.62%
    Native Hawaiian or Islander 1 $165,000 $165,000 $6,386 8.13%

    Approval Rates

    Total approvals of all applications
    96.10%

    Resource Financial Services has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    64.64%

    Resource Financial Services has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 673 $182,835,000 $271,672

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    673 $182,835,000 $271,672

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $3,670,000 $152,917 $4,197 6.50%
    40-60% 44 $10,740,000 $244,091 $5,986 6.58%
    60-80% 154 $40,550,000 $263,312 $5,957 6.69%
    80-100% 408 $117,310,000 $287,525 $7,665 6.64%
    Over 100% 36 $10,090,000 $280,278 $12,182 6.50%
    Under 20% 7 $475,000 $67,857 $3,152 4.62%