Piedmont Federal Savings Bank Mortgage Rates, Fees & Info

Winston Salem, NC

LEI: 549300DD6DH8XAGW3A86

Tax ID: 56-0358476

5 stars - Updated: 12/7/24 - out of 5 stars, based on 13 reviews

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

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Mortgage Data

Review & Overview

Piedmont Federal Savings Bank is a smaller bank specializing in Home Purchase loans. Piedmont Federal Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Winston, Greensboro, Boone, Myrtle Beach, and Charlotte among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Piedmont Federal Savings 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. 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 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 6.02% 12/7/24
30 Year Conventional Refi 6.04% 12/7/24
30 Year Cash-out Refi 6.12% 12/7/24
15 Year Conventional Purchase 5.52% 12/7/24
15 Year Conventional Refi 5.55% 12/7/24
15 Year Cash-out Refi 5.55% 12/7/24
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.

Piedmont Federal Savings Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Piedmont Federal Savings 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

169

Origination Dollar Volume (All Markets)

$40,915,000

Awards

Piedmont Federal Savings Bank 30 Year Conventional Loans silver Piedmont Federal Savings Bank 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Piedmont Federal Savings Bank's average 30 year fixed mortgage rate was 6.51%.

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

This yields a difference of 0.03%.

Relative Fees (Closing Costs)

Piedmont Federal Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,591.

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
WINSTON-SALEM, NC (FHA|USDA|VA) 110 $24,540,000 $223,091 $3,203 6.57%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 17 $4,065,000 $239,118 $3,682 6.64%
Boone, NC (FHA|USDA|VA) 11 $3,365,000 $305,909 $5,151 6.94%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 4 $2,010,000 $502,500 $5,474 7.41%
Outside of Metro Areas 6 $1,250,000 $208,333 $3,585 6.46%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 4 $1,220,000 $305,000 $4,682 6.72%
North Wilkesboro, NC (FHA|USDA|VA) 7 $1,115,000 $159,286 $2,728 5.95%
Mount Airy, NC (FHA|USDA|VA) 3 $955,000 $318,333 $4,843 6.33%
RALEIGH-CARY, NC (FHA|USDA|VA) 2 $920,000 $460,000 $3,866 6.50%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 3 $745,000 $248,333 $2,822 6.50%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $605,000 $605,000 $9,751 5.50%
BURLINGTON, NC (FHA|USDA|VA) 1 $125,000 $125,000 $3,298 7.00%
Piedmont Federal Savings Bank's top markets include Winston, Greensboro, Boone, Myrtle Beach, and Charlotte among others.

Their top states include:
  • North 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.

    Bank of Tennessee
    Similarity Rank: 630
    Piedmont Federal Savings Bank
    Similarity Rank: 720
    EAGLE HOME MORTGAGE, LLC
    Similarity Rank: 798
    COASTAL Federal Credit Union
    Similarity Rank: 1887
    JET HOMELOANS, LLC
    Similarity Rank: 1980
    LATINO COMMUNITY CREDIT UNION
    Similarity Rank: 2176
    First Bank
    Similarity Rank: 3060
    STATE EMPLOYEES'
    Similarity Rank: 3395

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 166 $40,410,000 $243,434 $3,544 6.55%
    HELOC 3 $505,000 $168,333 n/a 8.50%

    For 2023, Piedmont Federal Savings Bank's most frequently originated type of loan was Conventional, with 166 originations. Their 2nd most popular type was HELOC, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 126 $34,340,000 $272,540 $3,730 6.59%
    Cash Out Refi 16 $3,070,000 $191,875 $2,988 6.62%
    Refi 13 $1,185,000 $91,154 $2,324 6.34%
    Other 10 $1,860,000 $186,000 $3,052 6.54%
    Home Improvement 4 $460,000 $115,000 $2,231 7.03%

    For 2023, Piedmont Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 126 originations. The 2nd most popular reason was Cash Out Refi, with 16 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 101 $27,555,000 $272,822 $3,591 6.51%
    15 Year 31 $5,115,000 $165,000 $2,445 6.16%
    30+ year 11 $4,065,000 $369,545 $6,570 8.10%
    20 Year 10 $2,300,000 $230,000 $3,189 6.40%
    10 Year 6 $320,000 $53,333 $1,929 5.38%
    5 Year 4 $360,000 $90,000 $0 8.04%
    Other 4 $800,000 $200,000 $4,786 7.45%
    1 Year 2 $400,000 $200,000 $0 8.50%

    For 2023, Piedmont Federal Savings Bank's most frequently cited loan duration was 30 Year, with 101 originations. The 2nd most popular length was 15 Year, with 31 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 82 $17,170,000 $209,390
    $1k-2k 28 $4,650,000 $166,071
    $2k-3k 25 $8,125,000 $325,000
    $3k-4k 11 $4,095,000 $372,273
    $5k+ 7 $4,405,000 $629,286
    $4k-5k 2 $850,000 $425,000

    Piedmont Federal Savings Bank's average total fees were $3,591, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 82 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 94 $22,620,000 $240,638
    5-6% 31 $6,865,000 $221,452
    7-8% 18 $4,720,000 $262,222
    Over 8% 18 $5,270,000 $292,778
    <2.5% 4 $650,000 $162,500
    4-5% 3 $715,000 $238,333
    3-4% 1 $75,000 $75,000

    During 2023, Piedmont Federal Savings Bank's average interest rate for loans was 6.51%, while their most frequently originated rate bucket for loans was 6-7%, with 94 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 72 $19,740,000 $274,167 $3,708 6.64%
    $100k-200k 49 $7,235,000 $147,653 $2,707 6.47%
    $100,000 or less 26 $1,520,000 $58,462 $1,842 6.36%
    $400k-600k 11 $5,095,000 $463,182 $5,218 7.22%
    $600k-1MM 11 $7,325,000 $665,909 $7,207 6.61%

    2023 saw Piedmont Federal Savings Bank place emphasis on $200k-400k loans with 72 originations, totaling $19,740,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 34 $8,980,000 $264,118 $3,469 6.73%
    $50k-75k 33 $5,435,000 $164,697 $3,026 6.66%
    $75k-100k 29 $5,605,000 $193,276 $2,886 6.61%
    $150k-250k 26 $8,320,000 $320,000 $4,336 6.58%
    $250k+ 19 $9,345,000 $491,842 $5,478 6.72%
    $50k or less 15 $1,725,000 $115,000 $2,398 5.75%

    Piedmont Federal Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 34 originations. The second most popular income band? $50k-75k, with 33 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 50 $13,010,000 $260,200 $3,235 6.51%
    30-36% 35 $9,585,000 $273,857 $4,290 6.80%
    <20% 20 $4,520,000 $226,000 $3,187 6.49%
    38% 17 $4,925,000 $289,706 $3,974 6.46%
    39% 9 $2,625,000 $291,667 $4,138 7.21%
    36% 9 $1,445,000 $160,556 $2,720 5.83%
    37% 8 $1,580,000 $197,500 $2,940 6.77%
    42% 5 $1,365,000 $273,000 $3,735 6.35%
    40% 2 $290,000 $145,000 $1,548 7.00%
    41% 1 $85,000 $85,000 $1,903 6.25%
    44% 1 $265,000 $265,000 $4,698 6.25%
    >60% 1 $55,000 $55,000 $0 8.41%

    Piedmont Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 50 originations. The next most common DTI ratio? 30-36%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 139 $35,005,000 $251,835 $3,595 6.73%
    Not provided 10 $2,890,000 $289,000 $3,718 6.29%
    Not applicable 11 $1,165,000 $105,909 $0 6.50%
    Black 6 $1,140,000 $190,000 $2,396 4.21%
    Chinese 1 $265,000 $265,000 $2,354 6.25%
    American Indian 1 $235,000 $235,000 $1,938 5.88%
    Asian 1 $215,000 $215,000 $4,650 5.75%

    Approval Rates

    Total approvals of all applications
    89.35%

    Piedmont Federal Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.17%

    Piedmont Federal Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 169 $40,915,000 $242,101

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    169 $40,915,000 $242,101

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $2,035,000 $119,706 $2,618 6.64%
    40-60% 36 $6,690,000 $185,833 $3,577 6.69%
    60-80% 63 $18,335,000 $291,032 $4,342 6.58%
    80-100% 43 $13,215,000 $307,326 $3,198 6.51%
    Under 20% 10 $640,000 $64,000 $1,625 6.44%