Primesouth Bank Mortgage Rates, Fees & Info

Blackshear, GA

LEI: 549300C4YZ9QY31U5912

Tax ID: 58-0163257

1 stars - Updated: 3/28/24 - 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

Primesouth Bank is a smaller bank specializing in Home Purchase and Refi loans. Primesouth Bank has a high proportion of conventional loans. Their top markets by origination volume include: Brunswick, Waycross, Jacksonville, Jesup, and St. Marys among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

Primesouth Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Primesouth Bank is typically a high 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 6.88% 3/28/24
30 Year Conventional Refi 6.90% 3/28/24
30 Year FHA Purchase 6.27% 3/28/24
30 Year VA Purchase 6.27% 3/28/24
15 Year Conventional Purchase 6.98% 3/28/24
15 Year Conventional Refi 6.80% 3/28/24
15 Year Cash-out Refi 6.80% 3/28/24
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.

Primesouth Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Primesouth 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

328

Origination Dollar Volume (All Markets)

$85,620,000

Relative Rate

Primesouth Bank's average 30 year fixed mortgage rate was 6.88%.

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

This yields a difference of 0.4%.

Relative Fees (Closing Costs)

Primesouth Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $46,704.

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
BRUNSWICK, GA (FHA|USDA|VA) 74 $42,470,000 $573,919 $9,223 7.74%
Waycross, GA (FHA|USDA|VA) 130 $12,760,000 $98,154 $2,211 8.39%
JACKSONVILLE, FL (FHA|USDA|VA) 22 $9,050,000 $411,364 $97,533 7.32%
Jesup, GA (FHA|USDA|VA) 61 $9,035,000 $148,115 $1,160 8.53%
Outside of Metro Areas 12 $4,060,000 $338,333 $8,600 7.77%
St. Marys, GA (FHA|USDA|VA) 12 $3,490,000 $290,833 $7,393 7.46%
SAVANNAH, GA (FHA|USDA|VA) 3 $1,185,000 $395,000 $6,182 7.71%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $955,000 $955,000 $0 7.15%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $905,000 $905,000 $15,009 6.50%
HINESVILLE, GA (FHA|USDA|VA) 1 $585,000 $585,000 $0 8.00%
ASHEVILLE, NC (FHA|USDA|VA) 1 $325,000 $325,000 $6,850 7.13%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $215,000 $215,000 $0 7.25%
VALDOSTA, GA (FHA|USDA|VA) 2 $160,000 $80,000 $1,847 7.75%
Milledgeville, GA (FHA|USDA|VA) 1 $135,000 $135,000 $0 8.75%
Fitzgerald, GA (FHA|USDA|VA) 2 $110,000 $55,000 $575 7.75%
Vidalia, GA (FHA|USDA|VA) 1 $85,000 $85,000 $0 8.13%
Douglas, GA (FHA|USDA|VA) 2 $70,000 $35,000 $706 7.69%
Eufaula, AL-GA (FHA|USDA|VA) 1 $25,000 $25,000 $0 8.75%
Primesouth Bank's top markets include Brunswick, Waycross, Jacksonville, Jesup, and St. Marys among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 328 $85,620,000 $261,037 $16,039 8.11%

    For 2023, Primesouth Bank's most frequently originated type of loan was Conventional, with 328 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 152 $61,830,000 $406,776 $34,213 7.89%
    Refi 120 $20,490,000 $170,750 $2,851 8.33%
    Home Improvement 37 $2,015,000 $54,459 $1,487 8.26%
    Other 19 $1,285,000 $67,632 $1,519 8.16%

    For 2023, Primesouth Bank's most frequently cited loan purpose was Home Purchase, with 152 originations. The 2nd most popular reason was Refi, with 120 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 126 $14,420,000 $114,444 $1,394 8.56%
    30 Year 51 $29,685,000 $582,059 $46,704 6.88%
    15 Year 41 $4,065,000 $99,146 $2,309 8.34%
    20 Year 35 $6,595,000 $188,429 $797 8.14%
    1 Year 26 $6,590,000 $253,462 $3,470 8.39%
    5 Year 19 $1,815,000 $95,526 $1,113 8.32%
    30+ year 17 $21,135,000 $1,243,235 $16,170 6.84%
    10 Year 12 $1,060,000 $88,333 $974 8.51%
    3 Year 1 $255,000 $255,000 $0 8.50%

    For 2023, Primesouth Bank's most frequently cited loan duration was Other, with 126 originations. The 2nd most popular length was 30 Year, with 51 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 94 $7,290,000 $77,553
    $5k+ 40 $41,760,000 $1,044,000
    $3k-4k 13 $5,215,000 $401,154
    $1k-2k 5 $645,000 $129,000
    $2k-3k 4 $1,320,000 $330,000
    $4k-5k 4 $1,180,000 $295,000

    Primesouth Bank's average total fees were $46,704, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 94 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 181 $16,575,000 $91,575
    7-8% 89 $23,825,000 $267,697
    6-7% 47 $32,545,000 $692,447
    5-6% 11 $12,675,000 $1,152,273

    During 2023, Primesouth Bank's average interest rate for loans was 6.88%, while their most frequently originated rate bucket for loans was Over 8%, with 181 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 175 $8,615,000 $49,229 $1,217 8.53%
    $100k-200k 56 $7,670,000 $136,964 $3,157 8.22%
    $200k-400k 42 $11,850,000 $282,143 $6,675 7.71%
    $1MM+ 20 $36,190,000 $1,809,500 $126,093 6.79%
    $400k-600k 19 $9,465,000 $498,158 $9,720 7.18%
    $600k-1MM 16 $11,830,000 $739,375 $11,234 6.85%

    2023 saw Primesouth Bank place emphasis on $100,000 or less loans with 175 originations, totaling $8,615,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 63 $5,365,000 $85,159 $1,766 8.49%
    $50k or less 52 $5,970,000 $114,808 $1,823 8.51%
    $250k+ 41 $40,075,000 $977,439 $63,073 6.85%
    $100k-150k 39 $4,655,000 $119,359 $2,955 8.29%
    $75k-100k 34 $3,020,000 $88,824 $2,348 8.07%
    $150k-250k 30 $8,450,000 $281,667 $7,220 7.70%

    Primesouth Bank lent most frequently to those with incomes in the $50k-75k range, with 63 originations. The second most popular income band? $50k or less, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 62 $15,960,000 $257,419 $5,057 8.05%
    <20% 51 $15,255,000 $299,118 $7,555 8.17%
    30-36% 42 $11,360,000 $270,476 $4,590 8.12%
    44% 16 $4,630,000 $289,375 $6,623 7.23%
    38% 11 $2,015,000 $183,182 $4,718 8.06%
    >60% 10 $1,070,000 $107,000 $0 8.66%
    41% 10 $1,490,000 $149,000 $3,837 8.03%
    39% 9 $1,775,000 $197,222 $339,876 8.22%
    36% 9 $4,085,000 $453,889 $7,213 7.74%
    43% 7 $3,735,000 $533,571 $10,096 7.41%
    45% 5 $1,445,000 $289,000 $6,520 7.78%
    50-60% 5 $605,000 $121,000 $0 9.20%
    47% 4 $550,000 $137,500 $2,995 8.22%
    42% 4 $150,000 $37,500 $1,730 8.41%
    37% 4 $1,300,000 $325,000 $7,683 8.03%
    40% 3 $1,655,000 $551,667 $11,773 7.17%
    49% 3 $115,000 $38,333 $1,418 8.38%
    48% 2 $190,000 $95,000 $0 9.00%
    46% 2 $150,000 $75,000 $1,572 7.63%

    Primesouth Bank lent most frequently to those with DTI ratios of 20-30%, with 62 originations. The next most common DTI ratio? <20%, with 51 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 238 $64,470,000 $270,882 $16,903 8.03%
    Not applicable 63 $16,995,000 $269,762 $0 8.38%
    Black 17 $1,925,000 $113,235 $3,330 8.13%
    American Indian 4 $750,000 $187,500 $5,666 7.84%
    Not provided 2 $720,000 $360,000 $12,065 8.00%
    Asian 3 $485,000 $161,667 $0 8.25%
    Native Hawaiian or Islander 1 $275,000 $275,000 $0 9.00%

    Approval Rates

    Total approvals of all applications
    96.95%

    Primesouth Bank 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
    93.29%

    Primesouth Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 328 $85,620,000 $261,037

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    328 $85,620,000 $261,037

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 62 $5,640,000 $90,968 $2,519 8.44%
    40-60% 75 $19,125,000 $255,000 $5,951 8.12%
    60-80% 113 $36,675,000 $324,558 $40,010 8.01%
    80-100% 39 $22,555,000 $578,333 $10,774 7.74%
    Under 20% 38 $1,570,000 $41,316 $1,373 8.18%