Carolina Trust Federal Credit Union Mortgage Rates, Fees & Info

Myrtle Beach, SC

LEI: 549300G2G5WIECTLPX95

Tax ID: 57-0385048

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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

    Carolina Trust Federal Credit Union is a smaller credit union specializing in Cash Out Refi, Home Purchase, and Refi loans. Carolina Trust Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Myrtle Beach, Charleston, Florence, Georgetown, and Greensboro among others. We have data for 8 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 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.27% 11/21/24
    30 Year Conventional Refi 6.27% 11/21/24
    30 Year Cash-out Refi 6.27% 11/21/24
    30 Year FHA Purchase 6.27% 11/21/24
    30 Year FHA Refi 6.27% 11/21/24
    30 Year VA Purchase 6.27% 11/21/24
    30 Year USDA Purchase 6.27% 11/21/24
    15 Year Conventional Purchase 5.68% 11/21/24
    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

    239

    Origination Dollar Volume (All Markets)

    $44,695,000

    Awards

    CAROLINA TRUST FEDERAL CREDIT UNION 30 Year Conventional Loans gold
    Show all (1) awards

    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) 211 $38,575,000 $182,820 $2,789 3.40%
    Outside of Metro Areas 19 $3,885,000 $204,474 $2,936 3.27%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $695,000 $695,000 $5,235 3.30%
    FLORENCE, SC (FHA|USDA|VA) 3 $565,000 $188,333 $2,991 3.03%
    Georgetown, SC (FHA|USDA|VA) 2 $400,000 $200,000 $3,108 2.94%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $215,000 $215,000 $1,738 2.80%
    SPARTANBURG, SC (FHA|USDA|VA) 1 $195,000 $195,000 $2,775 4.13%
    FAYETTEVILLE, NC (FHA|USDA|VA) 1 $165,000 $165,000 $3,069 5.99%
    Carolina Trust Federal Credit Union's top markets include Myrtle Beach, Charleston, Florence, Georgetown, and Greensboro 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.

    Corporate Investors Mortgage Group, Inc.
    Similarity Rank: 924
    CAROLINA TRUST FEDERAL CREDIT UNION
    Similarity Rank: 1248
    Allen Tate Mortgage Partners, LLC
    Similarity Rank: 1406
    North State Bank
    Similarity Rank: 1887
    EXCITE Credit Union
    Similarity Rank: 2376
    Southern First Bank
    Similarity Rank: 2560
    C & F Mortgage Corporation
    Similarity Rank: 3216
    Coastal Carolina National Bank
    Similarity Rank: 3380
    Uwharrie Bank
    Similarity Rank: 3634
    ALLIED MORTGAGE GROUP, INC.
    Similarity Rank: 3876

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 239 $44,695,000 $187,008 $2,813 3.39%

    For 2020, Carolina Trust Federal Credit Union's most frequently originated type of loan was Conventional, with 239 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 112 $19,800,000 $176,786 $2,701 3.36%
    Home Purchase 70 $14,890,000 $212,714 $3,122 3.73%
    Refi 57 $10,005,000 $175,526 $2,652 3.03%

    For 2020, Carolina Trust Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 112 originations. The 2nd most popular reason was Home Purchase, with 70 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 154 $32,250,000 $209,416 $2,880 3.44%
    15 Year 50 $6,740,000 $134,800 $2,690 3.05%
    20 Year 30 $5,450,000 $181,667 $2,754 3.46%
    Other 5 $255,000 $51,000 $2,342 4.74%

    For 2020, Carolina Trust Federal Credit Union's most frequently cited loan duration was 30 Year, with 154 originations. The 2nd most popular length was 15 Year, with 50 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 236 $42,940,000 $181,949
    $1k-2k 1 $695,000 $695,000
    $2k-3k 1 $885,000 $885,000

    Carolina Trust Federal Credit Union's average total fees were $2,880, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 236 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 102 $20,640,000 $202,353
    2.5-3% 100 $18,550,000 $185,500
    4-5% 26 $4,010,000 $154,231
    5-6% 11 $1,495,000 $135,909

    During 2020, Carolina Trust Federal Credit Union's average interest rate for loans was 3.44%, while their most frequently originated rate bucket for loans was 3-4%, with 102 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 111 $17,155,000 $154,550 $2,729 3.43%
    $200k-400k 80 $20,470,000 $255,875 $2,910 3.21%
    $100,000 or less 41 $2,995,000 $73,049 $2,646 3.63%
    $400k-600k 4 $1,730,000 $432,500 $3,351 3.26%
    $600k-1MM 3 $2,345,000 $781,667 $4,877 3.76%

    2020 saw Carolina Trust Federal Credit Union place emphasis on $100k-200k loans with 111 originations, totaling $17,155,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 83 $13,555,000 $163,313 $2,754 3.49%
    $100k-150k 45 $9,165,000 $203,667 $2,782 3.29%
    $75k-100k 45 $8,725,000 $193,889 $2,757 3.32%
    $50k or less 43 $5,595,000 $130,116 $2,818 3.42%
    $150k-250k 19 $5,645,000 $297,105 $3,006 3.30%
    $250k+ 4 $2,010,000 $502,500 $4,046 3.41%

    Carolina Trust Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 83 originations. The second most popular income band? $100k-150k, with 45 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 62 $11,710,000 $188,871 $2,750 3.22%
    30-36% 52 $9,110,000 $175,192 $2,812 3.36%
    <20% 23 $4,105,000 $178,478 $2,798 3.12%
    43% 15 $2,905,000 $193,667 $2,821 4.00%
    44% 12 $2,750,000 $229,167 $3,014 3.84%
    47% 8 $1,710,000 $213,750 $2,839 3.02%
    39% 8 $2,230,000 $278,750 $2,939 3.32%
    40% 8 $1,320,000 $165,000 $2,756 3.70%
    42% 7 $1,445,000 $206,429 $2,794 3.28%
    37% 7 $1,115,000 $159,286 $2,854 3.71%
    41% 7 $1,245,000 $177,857 $2,920 3.69%
    45% 7 $995,000 $142,143 $2,623 3.35%
    46% 6 $1,030,000 $171,667 $2,835 3.15%
    36% 6 $940,000 $156,667 $2,827 3.40%
    38% 5 $1,215,000 $243,000 $3,061 3.10%
    50-60% 3 $455,000 $151,667 $2,987 4.41%
    >60% 2 $300,000 $150,000 $2,535 3.78%
    48% 1 $115,000 $115,000 $2,782 3.30%

    Carolina Trust Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 62 originations. The next most common DTI ratio? 30-36%, with 52 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 216 $39,980,000 $185,093 $2,802 3.38%
    Black 10 $2,450,000 $245,000 $2,922 3.65%
    Not provided 7 $1,375,000 $196,429 $2,833 3.46%
    Asian 3 $475,000 $158,333 $2,928 3.35%
    American Indian 3 $415,000 $138,333 $3,043 3.02%

    Approval Rates

    Total approvals of all applications
    50.45%

    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
    87.87%

    Carolina Trust Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 239 $44,695,000 $187,008

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 239 $44,695,000 $187,008

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $1,185,000 $79,000 $2,512 3.66%
    40-60% 30 $3,750,000 $125,000 $2,713 3.09%
    60-80% 57 $10,305,000 $180,789 $2,752 3.21%
    80-100% 134 $29,130,000 $217,388 $2,896 3.49%
    Under 20% 2 $100,000 $50,000 $2,580 4.62%