Carolina Trust Federal Credit Union Mortgage Rates, Fees & Info

Myrtle Beach, SC

LEI: 549300G2G5WIECTLPX95

Tax ID: 57-0385048

5 stars - Updated: 7/20/24 - out of 5 stars, based on 10 reviews

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

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Mortgage Data

Review & Overview

Carolina Trust Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Carolina Trust Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Myrtle Beach, Georgetown, Columbia, Winston, and Florence among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

Carolina Trust Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Carolina Trust 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.

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 6.27% 7/20/24
30 Year Conventional Refi 6.27% 7/20/24
30 Year Cash-out Refi 6.27% 7/20/24
30 Year FHA Purchase 6.27% 7/20/24
30 Year FHA Refi 6.27% 7/20/24
30 Year VA Purchase 6.27% 7/20/24
30 Year USDA Purchase 6.27% 7/20/24
15 Year Conventional Purchase 5.68% 7/20/24
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.

Carolina Trust Federal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Carolina Trust Federal Credit Union. 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

103

Origination Dollar Volume (All Markets)

$17,395,000

Awards

CAROLINA TRUST FEDERAL CREDIT UNION 30 Year Conventional Loans gold CAROLINA TRUST FEDERAL CREDIT UNION 30 Year Conventional Loans bronze
Show all (2) awards

Relative Rate

Carolina Trust Federal Credit Union's average 30 year fixed mortgage rate was 6.92%.

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

This yields a difference of 0.44%.

Relative Fees (Closing Costs)

Carolina Trust Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,567.

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
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 94 $15,680,000 $166,809 $3,226 7.14%
Georgetown, SC (FHA|USDA|VA) 3 $845,000 $281,667 $3,722 7.17%
Outside of Metro Areas 3 $455,000 $151,667 $3,297 8.50%
COLUMBIA, SC (FHA|USDA|VA) 1 $205,000 $205,000 $3,553 6.13%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $155,000 $155,000 $3,077 6.38%
FLORENCE, SC (FHA|USDA|VA) 1 $55,000 $55,000 $3,244 6.00%
Carolina Trust Federal Credit Union's top markets include Myrtle Beach, Georgetown, Columbia, Winston, and Florence among others.

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

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

    COASTAL Federal Credit Union
    Similarity Rank: 663
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 925
    North State Bank
    Similarity Rank: 1140
    Anderson Brothers Bank
    Similarity Rank: 1320
    STATE EMPLOYEES'
    Similarity Rank: 1552
    Coastal Carolina National Bank
    Similarity Rank: 1880
    South Atlantic Bank
    Similarity Rank: 1965
    CORNING
    Similarity Rank: 2331

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 103 $17,395,000 $168,883 $3,245 7.15%

    For 2023, Carolina Trust Federal Credit Union's most frequently originated type of loan was Conventional, with 103 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 52 $12,390,000 $238,269 $3,669 7.06%
    Cash Out Refi 50 $4,820,000 $96,400 $2,791 7.27%
    Refi 1 $185,000 $185,000 $3,811 6.38%

    For 2023, Carolina Trust Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 52 originations. The 2nd most popular reason was Cash Out Refi, with 50 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 65 $14,475,000 $222,692 $3,567 6.92%
    15 Year 32 $2,460,000 $76,875 $2,610 7.65%
    20 Year 6 $460,000 $76,667 $3,131 7.06%

    For 2023, Carolina Trust Federal Credit Union's most frequently cited loan duration was 30 Year, with 65 originations. The 2nd most popular length was 15 Year, with 32 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 74 $14,870,000 $200,946
    $<1k 29 $2,525,000 $87,069

    Carolina Trust Federal Credit Union's average total fees were $3,567, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 74 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 42 $9,090,000 $216,429
    7-8% 39 $5,765,000 $147,821
    Over 8% 15 $1,765,000 $117,667
    5-6% 7 $775,000 $110,714

    During 2023, Carolina Trust Federal Credit Union's average interest rate for loans was 6.92%, while their most frequently originated rate bucket for loans was 6-7%, with 42 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 37 $2,075,000 $56,081 $2,659 7.45%
    $200k-400k 35 $9,395,000 $268,429 $3,598 7.02%
    $100k-200k 26 $3,800,000 $146,154 $3,387 7.05%
    $400k-600k 5 $2,125,000 $425,000 $4,360 6.48%

    2023 saw Carolina Trust Federal Credit Union place emphasis on $100,000 or less loans with 37 originations, totaling $2,075,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 30 $3,840,000 $128,000 $3,118 7.23%
    $100k-150k 24 $5,680,000 $236,667 $3,467 7.32%
    $75k-100k 21 $2,955,000 $140,714 $3,216 6.87%
    $50k or less 12 $1,430,000 $119,167 $2,995 7.09%
    $150k-250k 11 $2,225,000 $202,273 $3,181 7.23%
    $250k+ 5 $1,265,000 $253,000 $3,798 7.08%

    Carolina Trust Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 30 originations. The second most popular income band? $100k-150k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 15 $2,465,000 $164,333 $3,348 7.19%
    30-36% 12 $2,980,000 $248,333 $3,412 6.54%
    <20% 11 $1,275,000 $115,909 $3,167 6.51%
    41% 10 $1,000,000 $100,000 $2,813 8.00%
    44% 8 $1,030,000 $128,750 $3,043 7.06%
    43% 7 $1,575,000 $225,000 $3,430 7.11%
    38% 6 $1,090,000 $181,667 $3,079 7.26%
    46% 6 $1,090,000 $181,667 $3,473 7.00%
    37% 5 $455,000 $91,000 $3,210 7.50%
    42% 3 $555,000 $185,000 $3,075 7.96%
    36% 3 $505,000 $168,333 $3,367 8.25%
    40% 3 $265,000 $88,333 $3,157 7.62%
    45% 3 $795,000 $265,000 $3,864 6.63%
    39% 3 $335,000 $111,667 $2,904 7.04%
    47% 3 $585,000 $195,000 $3,439 6.92%
    48% 3 $925,000 $308,333 $3,703 7.42%
    >60% 1 $105,000 $105,000 $3,232 7.75%

    Carolina Trust Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 15 originations. The next most common DTI ratio? 30-36%, with 12 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 91 $15,375,000 $168,956 $3,237 7.17%
    Not provided 8 $1,120,000 $140,000 $3,033 7.29%
    Asian 2 $520,000 $260,000 $3,950 6.38%
    Black 2 $380,000 $190,000 $3,707 6.50%

    Approval Rates

    Total approvals of all applications
    46.90%

    Carolina Trust Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    82.52%

    Carolina Trust Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 103 $17,395,000 $168,883

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    103 $17,395,000 $168,883

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 22 $2,290,000 $104,091 $3,136 7.08%
    40-60% 11 $1,615,000 $146,818 $3,449 7.06%
    60-80% 15 $3,925,000 $261,667 $3,738 6.59%
    80-100% 30 $7,950,000 $265,000 $3,662 7.24%
    Under 20% 25 $1,615,000 $64,600 $2,453 7.49%