Progress Bank And Trust Mortgage Rates, Fees & Info

Huntsville, AL

LEI: 549300E2RDLPC5BL1Z93

Tax ID: 26-1740755

3.1 stars - Updated: 2/19/24 - out of 5 stars, based on 36 reviews

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

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Mortgage Data

Review & Overview

Progress Bank And Trust is a smaller bank specializing in Home Purchase loans. Progress Bank And Trust has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Crestview, Huntsville, Tuscaloosa, Birmingham, and Florence among others. We have data for 47 markets. (Some data included below & more in-depth data is available with an active subscription.)

Progress Bank And Trust 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. Progress Bank And Trust 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 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
Home Equity Line of Credit (HELOC) 5.68% 2/19/24
30 Year Conventional Purchase 6.36% 2/19/24
30 Year Conventional Refi 6.22% 2/19/24
30 Year Cash-out Refi 6.55% 2/19/24
30 Year FHA Purchase 7.12% 2/19/24
30 Year VA Purchase 6.02% 2/19/24
30 Year VA Refi 5.61% 2/19/24
30 Year USDA Purchase 6.48% 2/19/24
15 Year Conventional Purchase 5.93% 2/19/24
15 Year Conventional Refi 5.99% 2/19/24
15 Year Cash-out Refi 5.99% 2/19/24
15 Year VA Purchase 5.71% 2/19/24
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.

Progress Bank And Trust Mortgage Calculator






Your Estimates

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

This is not an official calculator from Progress Bank And Trust. 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

1,268

Origination Dollar Volume (All Markets)

$493,120,000
Show all (10) awards

Relative Rate

Progress Bank And Trust's average 30 year fixed mortgage rate was 4.72%.

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

This yields a difference of -0.04%.

Relative Fees (Closing Costs)

Progress Bank And Trust's average total fees/closing costs for a 30 year fixed rate mortgage were $8,542.

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
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 365 $201,505,000 $552,068 $12,265 4.87%
HUNTSVILLE, AL (FHA|USDA|VA) 297 $93,915,000 $316,212 $6,636 4.67%
TUSCALOOSA, AL (FHA|USDA|VA) 59 $31,665,000 $536,695 $4,963 4.65%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 117 $28,615,000 $244,573 $4,573 4.99%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 93 $20,405,000 $219,409 $4,983 5.08%
PANAMA CITY, FL (FHA|USDA|VA) 54 $20,080,000 $371,852 $8,456 5.08%
DECATUR, AL (FHA|USDA|VA) 71 $16,835,000 $237,113 $5,534 4.65%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 49 $10,885,000 $222,143 $5,283 3.44%
Troy, AL (FHA|USDA|VA) 2 $9,570,000 $4,785,000 $0 4.11%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 23 $8,255,000 $358,913 $9,126 4.56%
MOBILE, AL (FHA|USDA|VA) 47 $7,495,000 $159,468 $5,665 4.72%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $6,465,000 $6,465,000 $0 4.50%
Outside of Metro Areas 15 $5,385,000 $359,000 $6,300 4.27%
Albertville, AL (FHA|USDA|VA) 14 $4,120,000 $294,286 $4,431 4.80%
Scottsboro, AL (FHA|USDA|VA) 9 $3,845,000 $427,222 $7,375 4.33%
JACKSON, MS (FHA|USDA|VA) 1 $2,855,000 $2,855,000 $10,468 7.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 5 $2,395,000 $479,000 $7,174 4.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $2,165,000 $2,165,000 $0 4.00%
Cullman, AL (FHA|USDA|VA) 2 $2,120,000 $1,060,000 $8,610 3.69%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 6 $1,870,000 $311,667 $4,945 4.73%
MONTGOMERY, AL (FHA|USDA|VA) 5 $1,245,000 $249,000 $6,644 4.05%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 2 $1,200,000 $600,000 $0 5.00%
Jasper, AL (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 4.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $860,000 $430,000 $4,049 4.56%
Sevierville, TN (FHA|USDA|VA) 2 $710,000 $355,000 $9,015 5.13%
Talladega-Sylacauga, AL (FHA|USDA|VA) 1 $635,000 $635,000 $2,902 5.50%
Alexander City, AL (FHA|USDA|VA) 2 $610,000 $305,000 $0 4.00%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $595,000 $595,000 $0 4.00%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 2 $590,000 $295,000 $0 4.88%
Key West, FL (FHA|USDA|VA) 1 $565,000 $565,000 $0 5.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $535,000 $535,000 $0 6.13%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $505,000 $505,000 $2,905 4.50%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $505,000 $505,000 $4,850 4.25%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $455,000 $455,000 $0 4.00%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $395,000 $395,000 $14,341 4.63%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $385,000 $385,000 $9,511 4.95%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $355,000 $355,000 $7,849 4.95%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 2 $290,000 $145,000 $3,616 4.50%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $265,000 $265,000 $1,450 3.63%
Fort Payne, AL (FHA|USDA|VA) 1 $195,000 $195,000 $3,912 3.38%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $175,000 $175,000 $0 6.25%
COLUMBUS, GA-AL (FHA|USDA|VA) 1 $155,000 $155,000 $0 5.35%
DOTHAN, AL (FHA|USDA|VA) 1 $135,000 $135,000 $0 2.88%
Oxford, MS (FHA|USDA|VA) 1 $125,000 $125,000 $0 7.13%
LOUISVILLE, KY (FHA|USDA|VA) 1 $95,000 $95,000 $2,910 5.00%
Lawrenceburg, TN (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.25%
GADSDEN, AL (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.00%
Progress Bank And Trust's top markets include Crestview, Huntsville, Tuscaloosa, Birmingham, and Florence among others.

Their top states include:
  • Florida (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Similar Lenders

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

    HARVESTERS FEDERAL CREDIT UNION
    Similarity Rank: 140
    TVA Community Credit Union
    Similarity Rank: 152
    Liberty Mortgage Corporation
    Similarity Rank: 315
    Gulf Winds Credit Union
    Similarity Rank: 324
    MORTGAGE ONE OF THE SOUTH, INC.
    Similarity Rank: 476
    Eglin Federal Credit Union
    Similarity Rank: 477
    Independent Bank
    Similarity Rank: 608
    Listerhill Credit Union
    Similarity Rank: 832
    Jefferson Credit Union
    Similarity Rank: 1125
    Eco Credit Union
    Similarity Rank: 1330

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 795 $370,375,000 $465,881 $7,925 4.77%
    HELOC 323 $68,745,000 $212,833 n/a 4.85%
    VA 96 $41,490,000 $432,188 $10,898 4.26%
    FHA 49 $11,315,000 $230,918 $8,332 4.68%
    USDA 5 $1,195,000 $239,000 $7,050 4.08%

    For 2022, Progress Bank And Trust's most frequently originated type of loan was Conventional, with 795 originations. Their 2nd most popular type was HELOC, with 323 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 758 $347,440,000 $458,364 $8,773 4.77%
    Other 177 $38,015,000 $214,774 $1,856 4.92%
    Refi 131 $52,445,000 $400,344 $6,482 4.59%
    Home Improvement 101 $18,915,000 $187,277 $0 4.91%
    Cash Out Refi 101 $36,305,000 $359,455 $7,008 4.33%

    For 2022, Progress Bank And Trust's most frequently cited loan purpose was Home Purchase, with 758 originations. The 2nd most popular reason was Other, with 177 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 741 $309,075,000 $417,105 $8,542 4.72%
    Other 342 $98,780,000 $288,830 $13,085 4.82%
    5 Year 91 $36,075,000 $396,429 $5,624 5.02%
    15 Year 48 $19,830,000 $413,125 $5,592 4.04%
    1 Year 22 $8,150,000 $370,455 $6,140 5.23%
    20 Year 12 $4,830,000 $402,500 $4,829 4.84%
    10 Year 9 $14,825,000 $1,647,222 $3,459 4.19%
    3 Year 3 $1,555,000 $518,333 $3,771 4.75%

    For 2022, Progress Bank And Trust's most frequently cited loan duration was 30 Year, with 741 originations. The 2nd most popular length was Other, with 342 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 212 $161,030,000 $759,575
    $<1k 148 $51,810,000 $350,068
    $2k-3k 110 $28,240,000 $256,727
    $3k-4k 104 $34,170,000 $328,558
    $4k-5k 88 $33,480,000 $380,455
    $1k-2k 70 $15,590,000 $222,714

    Progress Bank And Trust's average total fees were $8,542, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 212 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 430 $204,530,000 $475,651
    3-4% 345 $135,575,000 $392,971
    5-6% 288 $102,250,000 $355,035
    6-7% 113 $28,895,000 $255,708
    <2.5% 44 $9,790,000 $222,500
    7-8% 28 $4,840,000 $172,857
    2.5-3% 17 $6,775,000 $398,529
    Over 8% 3 $465,000 $155,000

    During 2022, Progress Bank And Trust's average interest rate for loans was 4.72%, while their most frequently originated rate bucket for loans was 4-5%, with 430 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 450 $130,340,000 $289,644 $6,424 4.66%
    $100k-200k 258 $37,380,000 $144,884 $4,440 4.82%
    $400k-600k 224 $107,760,000 $481,071 $9,199 4.75%
    $100,000 or less 163 $9,935,000 $60,951 $2,773 5.02%
    $600k-1MM 113 $82,695,000 $731,814 $12,454 4.62%
    $1MM+ 60 $125,010,000 $2,083,500 $23,843 4.58%

    2022 saw Progress Bank And Trust place emphasis on $200k-400k loans with 450 originations, totaling $130,340,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 278 $179,270,000 $644,856 $13,891 4.86%
    $150k-250k 261 $94,235,000 $361,054 $8,391 4.74%
    $100k-150k 237 $68,885,000 $290,654 $6,943 4.75%
    $75k-100k 147 $35,605,000 $242,211 $7,270 4.54%
    $50k-75k 119 $24,625,000 $206,933 $5,210 4.60%
    $50k or less 78 $12,630,000 $161,923 $4,862 4.60%

    Progress Bank And Trust lent most frequently to those with incomes in the $250k+ range, with 278 originations. The second most popular income band? $150k-250k, with 261 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 245 $82,795,000 $337,939 $7,802 4.62%
    30-36% 213 $78,505,000 $368,568 $8,635 4.77%
    <20% 149 $54,755,000 $367,483 $9,035 4.64%
    42% 52 $20,250,000 $389,423 $9,030 4.59%
    40% 49 $22,105,000 $451,122 $10,554 4.77%
    50-60% 44 $15,410,000 $350,227 $9,223 4.72%
    41% 43 $20,355,000 $473,372 $9,585 4.94%
    39% 42 $16,270,000 $387,381 $8,133 4.91%
    38% 39 $13,615,000 $349,103 $8,409 4.41%
    37% 38 $15,480,000 $407,368 $9,375 4.72%
    36% 37 $14,015,000 $378,784 $7,653 5.04%
    44% 29 $10,765,000 $371,207 $8,056 5.02%
    43% 29 $10,475,000 $361,207 $6,591 4.87%
    46% 27 $7,685,000 $284,630 $6,183 4.81%
    45% 26 $8,300,000 $319,231 $5,453 4.86%
    >60% 24 $8,620,000 $359,167 $6,044 4.77%
    49% 23 $8,955,000 $389,348 $8,546 4.79%
    48% 21 $7,045,000 $335,476 $6,749 4.37%
    47% 11 $3,245,000 $295,000 $7,523 4.61%

    Progress Bank And Trust lent most frequently to those with DTI ratios of 20-30%, with 245 originations. The next most common DTI ratio? 30-36%, with 213 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 962 $348,900,000 $362,682 $8,156 4.72%
    Not applicable 126 $74,220,000 $589,048 $0 4.95%
    Not provided 102 $40,400,000 $396,078 $10,480 4.77%
    Black 40 $14,440,000 $361,000 $7,145 4.58%
    Asian 25 $9,795,000 $391,800 $10,714 5.11%
    American Indian 8 $2,520,000 $315,000 $4,939 4.87%
    Other Asian 2 $1,490,000 $745,000 $13,295 5.25%
    Asian Indian 2 $710,000 $355,000 $6,662 4.13%
    Native Hawaiian or Islander 1 $645,000 $645,000 $6,605 3.13%

    Approval Rates

    Total approvals of all applications
    98.01%

    Progress Bank And Trust 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
    83.44%

    Progress Bank And Trust has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,268 $493,120,000 $388,896

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,268 $493,120,000 $388,896

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 148 $41,290,000 $278,986 $4,454 4.72%
    40-60% 146 $62,740,000 $429,726 $8,515 4.62%
    60-80% 425 $202,435,000 $476,318 $9,064 4.77%
    80-100% 377 $147,345,000 $390,836 $7,357 4.69%
    Over 100% 25 $23,105,000 $924,200 $20,864 4.35%
    Under 20% 147 $16,205,000 $110,238 $4,588 5.05%