Piedmont Federal Savings Bank Mortgage Rates, Fees & Info

Winston Salem, NC

LEI: 549300DD6DH8XAGW3A86

Tax ID: 56-0358476

5 stars - out of 5 stars, based on 19 reviews

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

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Mortgage Data

  • SimulatedRates™
  • 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

    Piedmont Federal Savings Bank is a smaller bank specializing in loans. Piedmont Federal Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Winston, Charlotte, Greensboro, Boone, and North Wilkesboro among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Piedmont Federal Savings 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. Piedmont Federal Savings 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 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 6.02% 3/31/23
    30 Year Conventional Refi 6.04% 3/31/23
    30 Year Cash-out Refi 6.12% 3/31/23
    15 Year Conventional Purchase 5.52% 3/31/23
    15 Year Conventional Refi 5.55% 3/31/23
    15 Year Cash-out Refi 5.55% 3/31/23
    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.


    Originations

    364

    Origination Dollar Volume (All Markets)

    $90,520,000
    Show all (6) awards

    Relative Rate

    Piedmont Federal Savings Bank's average 30 year fixed mortgage rate was 4.04%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.72%.

    Relative Fees (Closing Costs)

    Piedmont Federal Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,011.

    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 $4,750.

    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
    WINSTON-SALEM, NC (FHA|USDA|VA) 251 $56,655,000 $225,717 $2,909 3.74%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 10 $6,930,000 $693,000 $5,939 3.41%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 29 $6,375,000 $219,828 $3,257 3.82%
    Boone, NC (FHA|USDA|VA) 18 $5,350,000 $297,222 $4,489 3.65%
    North Wilkesboro, NC (FHA|USDA|VA) 18 $3,510,000 $195,000 $3,356 3.72%
    Outside of Metro Areas 10 $3,210,000 $321,000 $4,919 3.79%
    Mount Airy, NC (FHA|USDA|VA) 9 $2,345,000 $260,556 $2,565 4.01%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 4 $1,720,000 $430,000 $4,774 3.59%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $920,000 $460,000 $7,842 5.00%
    GREENVILLE, NC (FHA|USDA|VA) 1 $855,000 $855,000 $0 5.15%
    WILMINGTON, NC (FHA|USDA|VA) 2 $700,000 $350,000 $4,031 4.63%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 4 $540,000 $135,000 $3,113 3.75%
    RALEIGH-CARY, NC (FHA|USDA|VA) 2 $410,000 $205,000 $1,936 3.75%
    SPARTANBURG, SC (FHA|USDA|VA) 2 $410,000 $205,000 $0 6.25%
    Brevard, NC (FHA|USDA|VA) 1 $405,000 $405,000 $6,590 5.75%
    FAYETTEVILLE, NC (FHA|USDA|VA) 1 $185,000 $185,000 $2,372 5.88%
    Piedmont Federal Savings Bank's top markets include Winston, Charlotte, Greensboro, Boone, and North Wilkesboro among others.

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

    • Similar Lenders

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

    First Community Bank
    Similarity Rank: 340
    Piedmont Federal Savings Bank
    Similarity Rank: 1248
    Uwharrie Bank
    Similarity Rank: 1320
    FirstBank
    Similarity Rank: 1684
    American National Bank and Trust Company
    Similarity Rank: 1728
    Corporate Investors Mortgage Group, Inc.
    Similarity Rank: 2044
    Bank of Tennessee
    Similarity Rank: 2200
    SHARONVIEW FEDERAL CREDIT UNION
    Similarity Rank: 3358
    MID AMERICA MORTGAGE, INC.
    Similarity Rank: 4368
    CAPITAL CENTER, L.L.C.
    Similarity Rank: 4464

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 364 $90,520,000 $248,681 $3,212 3.78%

    For 2022, Piedmont Federal Savings Bank's most frequently originated type of loan was Conventional, with 364 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 194 $56,800,000 $292,784 $3,784 4.26%
    Cash Out Refi 86 $17,490,000 $203,372 $2,515 3.18%
    Refi 68 $12,650,000 $186,029 $2,474 3.10%
    Other 9 $1,645,000 $182,778 $2,833 4.06%
    Home Improvement 7 $1,935,000 $276,429 $3,150 4.06%

    For 2022, Piedmont Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 194 originations. The 2nd most popular reason was Cash Out Refi, with 86 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 199 $47,445,000 $238,417 $3,011 4.04%
    15 Year 70 $13,570,000 $193,857 $2,686 3.25%
    20 Year 33 $7,015,000 $212,576 $2,414 3.22%
    30+ year 23 $8,505,000 $369,783 $6,610 4.05%
    10 Year 20 $5,280,000 $264,000 $1,849 3.10%
    Other 16 $8,090,000 $505,625 $7,225 4.06%
    5 Year 3 $615,000 $205,000 $0 5.88%

    For 2022, Piedmont Federal Savings Bank's most frequently cited loan duration was 30 Year, with 199 originations. The 2nd most popular length was 15 Year, with 70 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 197 $40,465,000 $205,406
    $1k-2k 66 $10,280,000 $155,758
    $2k-3k 33 $9,555,000 $289,545
    $3k-4k 32 $11,150,000 $348,438
    $5k+ 13 $7,745,000 $595,769
    $4k-5k 9 $4,035,000 $448,333

    Piedmont Federal Savings Bank's average total fees were $3,011, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 197 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 99 $25,705,000 $259,646
    3-4% 97 $25,975,000 $267,784
    5-6% 65 $15,615,000 $240,231
    4-5% 46 $11,860,000 $257,826
    <2.5% 43 $7,635,000 $177,558
    6-7% 14 $3,730,000 $266,429

    During 2022, Piedmont Federal Savings Bank's average interest rate for loans was 4.04%, while their most frequently originated rate bucket for loans was 2.5-3%, with 99 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 134 $36,450,000 $272,015 $3,567 3.92%
    $100k-200k 133 $19,805,000 $148,910 $2,367 3.72%
    $100,000 or less 46 $3,260,000 $70,870 $1,740 3.52%
    $400k-600k 40 $19,120,000 $478,000 $5,836 3.78%
    $600k-1MM 7 $5,015,000 $716,429 $4,948 4.31%
    $1MM+ 4 $6,870,000 $1,717,500 $10,349 3.22%

    2022 saw Piedmont Federal Savings Bank place emphasis on $200k-400k loans with 134 originations, totaling $36,450,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 88 $23,160,000 $263,182 $3,491 3.53%
    $50k-75k 70 $11,020,000 $157,429 $2,365 4.19%
    $75k-100k 64 $12,440,000 $194,375 $2,835 3.62%
    $150k-250k 63 $19,005,000 $301,667 $3,881 4.05%
    $50k or less 40 $4,540,000 $113,500 $2,056 3.46%
    $250k+ 24 $12,450,000 $518,750 $6,394 3.52%

    Piedmont Federal Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 88 originations. The second most popular income band? $50k-75k, with 70 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 125 $28,285,000 $226,280 $3,228 3.72%
    30-36% 91 $19,875,000 $218,407 $3,052 4.01%
    <20% 67 $14,875,000 $222,015 $3,150 3.44%
    39% 24 $8,870,000 $369,583 $3,935 3.62%
    36% 16 $3,910,000 $244,375 $3,644 3.63%
    38% 13 $3,125,000 $240,385 $2,874 4.16%
    37% 10 $3,050,000 $305,000 $3,808 3.94%
    40% 6 $1,060,000 $176,667 $1,555 3.27%
    41% 1 $165,000 $165,000 $3,366 3.00%
    42% 1 $385,000 $385,000 $5,541 5.25%
    >60% 1 $75,000 $75,000 $1,434 6.63%

    Piedmont Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 125 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 306 $71,610,000 $234,020 $3,271 3.76%
    Not provided 25 $7,455,000 $298,200 $3,420 3.80%
    Not applicable 9 $6,845,000 $760,556 $0 4.71%
    Black 16 $2,180,000 $136,250 $1,792 3.47%
    Asian 3 $875,000 $291,667 $4,104 4.63%
    Asian Indian 1 $755,000 $755,000 $3,949 3.00%
    Korean 2 $460,000 $230,000 $1,976 3.81%
    Other Asian 1 $175,000 $175,000 $1,780 6.13%
    American Indian 1 $165,000 $165,000 $3,388 3.25%

    Approval Rates

    Total approvals of all applications
    90.23%

    Piedmont Federal Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.16%

    Piedmont Federal Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 364 $90,520,000 $248,681

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    364 $90,520,000 $248,681

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 48 $6,210,000 $129,375 $2,319 3.35%
    40-60% 91 $18,815,000 $206,758 $3,031 3.39%
    60-80% 131 $37,155,000 $283,626 $3,788 3.84%
    80-100% 83 $22,635,000 $272,711 $3,224 4.34%
    Over 100% 4 $5,300,000 $1,325,000 $0 3.75%
    Under 20% 7 $405,000 $57,857 $1,237 4.11%