Safe Federal Credit Union Mortgage Rates, Fees & Info

Sumter, SC

LEI: 549300BLQQL5GPC6OJ66

Tax ID: 57-0374874

5 stars - Updated: 12/16/24 - 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

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Safe Federal Credit Union is a smaller credit union specializing in Home Purchase and Other loans. Safe Federal Credit Union has a high proportion of conventional loans. Safe Federal Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: Columbia, Sumter, Florence, Charlotte, and Newberry among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Safe 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. Safe 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 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.

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    Originations

    701

    Origination Dollar Volume (All Markets)

    $99,545,000
    Show all (8) awards

    Relative Rate

    Safe Federal Credit Union's average 30 year fixed mortgage rate was 5.94%.

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

    This yields a difference of -0.54%.

    Relative Fees (Closing Costs)

    Safe Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,030.

    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) 320 $44,660,000 $139,563 $2,238 6.74%
    SUMTER, SC (FHA|USDA|VA) 255 $33,415,000 $131,039 $2,114 6.65%
    FLORENCE, SC (FHA|USDA|VA) 54 $8,090,000 $149,815 $2,484 6.29%
    Outside of Metro Areas 29 $4,195,000 $144,655 $2,936 6.78%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 6 $1,500,000 $250,000 $4,074 6.48%
    Newberry, SC (FHA|USDA|VA) 5 $1,275,000 $255,000 $3,604 7.25%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 3 $995,000 $331,667 $3,424 5.54%
    Orangeburg, SC (FHA|USDA|VA) 4 $990,000 $247,500 $2,987 7.13%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 3 $915,000 $305,000 $2,243 5.54%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 3 $875,000 $291,667 $6,353 7.25%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 7 $725,000 $103,571 $1,611 6.67%
    SPARTANBURG, SC (FHA|USDA|VA) 3 $555,000 $185,000 $2,993 5.92%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $485,000 $161,667 $6,503 7.38%
    Bennettsville, SC (FHA|USDA|VA) 3 $475,000 $158,333 $3,703 5.04%
    Georgetown, SC (FHA|USDA|VA) 2 $330,000 $165,000 $5,399 7.13%
    Gaffney, SC (FHA|USDA|VA) 1 $65,000 $65,000 $1,894 6.63%
    Safe Federal Credit Union's top markets include Columbia, Sumter, Florence, Charlotte, and Newberry among others.

    Their top states include:
  • South Carolina (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against SAFE FEDERAL CREDIT UNION 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: 144
    Security Federal Bank
    Similarity Rank: 150
    Arthur State Bank
    Similarity Rank: 462
    Palmetto Citizens Federal Credit Union
    Similarity Rank: 615
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 962
    INSPIRE HOME LOANS INC.
    Similarity Rank: 1976
    First Reliance Bank
    Similarity Rank: 2035
    TD Bank
    Similarity Rank: 2197
    First Community Bank
    Similarity Rank: 2450
    STATE EMPLOYEES'
    Similarity Rank: 2522

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 574 $92,050,000 $160,366 $2,324 6.65%
    Conventional 127 $7,495,000 $59,016 $0 0.00%

    For 2023, Safe Federal Credit Union's most frequently originated type of loan was Conventional, with 574 originations. Their 2nd most popular type was Conventional, with 127 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 228 $45,430,000 $199,254 $2,759 6.15%
    Cash Out Refi 184 $16,260,000 $88,370 $1,178 7.13%
    Home Improvement 136 $10,690,000 $78,603 $1,285 6.94%
    Other 126 $23,950,000 $190,079 $5,390 6.80%
    Refi 27 $3,215,000 $119,074 $1,449 6.67%

    For 2023, Safe Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 228 originations. The 2nd most popular reason was Cash Out Refi, with 184 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 261 $54,565,000 $209,061 $3,030 5.94%
    15 Year 164 $11,030,000 $67,256 $728 7.72%
    Other 148 $9,630,000 $65,068 $1,093 6.59%
    30+ year 67 $20,575,000 $307,090 $5,336 6.83%
    10 Year 50 $2,520,000 $50,400 $614 6.68%
    20 Year 11 $1,225,000 $111,364 $1,147 6.58%

    For 2023, Safe Federal Credit Union's most frequently cited loan duration was 30 Year, with 261 originations. The 2nd most popular length was 15 Year, with 164 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 508 $72,290,000 $142,303
    $1k-2k 61 $18,605,000 $305,000
    $2k-3k 2 $400,000 $200,000
    $5k+ 2 $520,000 $260,000
    $4k-5k 1 $235,000 $235,000

    Safe Federal Credit Union's average total fees were $3,030, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 508 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 218 $38,240,000 $175,413
    7-8% 137 $15,575,000 $113,686
    5-6% 98 $17,960,000 $183,265
    4-5% 61 $15,945,000 $261,393
    Over 8% 60 $4,330,000 $72,167

    During 2023, Safe Federal Credit Union's average interest rate for loans was 5.94%, while their most frequently originated rate bucket for loans was 6-7%, with 218 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 344 $17,950,000 $52,180 $888 7.26%
    $100k-200k 167 $24,255,000 $145,240 $2,531 6.43%
    $200k-400k 164 $44,730,000 $272,744 $3,825 6.06%
    $400k-600k 23 $10,585,000 $460,217 $4,714 6.07%
    $600k-1MM 3 $2,025,000 $675,000 $5,737 6.71%

    2023 saw Safe Federal Credit Union place emphasis on $100,000 or less loans with 344 originations, totaling $17,950,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 193 $31,015,000 $160,699 $2,523 6.72%
    $50k-75k 162 $17,640,000 $108,889 $1,957 6.72%
    $75k-100k 144 $20,620,000 $143,194 $2,443 6.61%
    $50k or less 105 $9,115,000 $86,810 $1,924 6.46%
    $150k-250k 83 $18,635,000 $224,518 $3,057 6.59%
    $250k+ 14 $2,520,000 $180,000 $1,905 7.48%

    Safe Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 193 originations. The second most popular income band? $50k-75k, with 162 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 127 $7,495,000 $59,016 $0 0.00%
    20-30% 117 $18,115,000 $154,829 $2,471 6.55%
    30-36% 117 $18,675,000 $159,615 $2,337 6.69%
    42% 45 $7,985,000 $177,444 $2,456 6.62%
    <20% 43 $4,715,000 $109,651 $1,800 6.44%
    44% 41 $5,805,000 $141,585 $1,851 7.10%
    39% 29 $4,395,000 $151,552 $2,597 6.93%
    43% 29 $4,445,000 $153,276 $2,234 6.79%
    37% 28 $5,300,000 $189,286 $2,882 6.50%
    40% 27 $4,285,000 $158,704 $1,795 6.89%
    41% 25 $3,685,000 $147,400 $2,031 6.74%
    38% 25 $3,915,000 $156,600 $1,964 6.32%
    36% 19 $3,015,000 $158,684 $2,009 6.68%
    46% 9 $3,235,000 $359,444 $4,138 6.39%
    47% 7 $1,755,000 $250,714 $3,547 6.54%
    45% 7 $1,545,000 $220,714 $2,785 5.86%
    48% 4 $910,000 $227,500 $3,472 6.31%
    49% 1 $195,000 $195,000 $4,466 6.38%
    >60% 1 $75,000 $75,000 $659 8.50%

    Safe Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 127 originations. The next most common DTI ratio? 20-30%, with 117 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 510 $72,910,000 $142,961 $2,296 6.66%
    Black 135 $17,735,000 $131,370 $2,342 6.73%
    Not provided 36 $5,320,000 $147,778 $2,640 6.64%
    Asian 8 $2,160,000 $270,000 $2,771 5.20%
    American Indian 8 $830,000 $103,750 $1,800 6.80%
    Native Hawaiian or Islander 2 $430,000 $215,000 $3,473 7.19%
    Filipino 1 $135,000 $135,000 $189 6.68%
    Other Pacific Islander 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    71.85%

    Safe Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    59.77%

    Safe Federal Credit Union 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
    Exempt 127 $7,495,000 $59,016
    NA 574 $92,050,000 $160,366

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    701 $99,545,000 $142,004

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 100 $7,110,000 $71,100 $815 7.28%
    40-60% 62 $8,180,000 $131,935 $2,374 6.68%
    60-80% 125 $23,505,000 $188,040 $3,099 6.31%
    80-100% 190 $48,740,000 $256,526 $3,504 6.07%
    Under 20% 97 $4,515,000 $46,546 $540 7.57%