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

Jump to:

  • 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 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, Charleston, Greenville, 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 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

    101

    Origination Dollar Volume (All Markets)

    $19,935,000

    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

    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 $18,580,000 $197,660 $3,145 5.08%
    Georgetown, SC (FHA|USDA|VA) 2 $540,000 $270,000 $3,358 4.13%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $285,000 $285,000 $3,307 5.00%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $215,000 $215,000 $3,063 7.63%
    Outside of Metro Areas 2 $200,000 $100,000 $2,994 5.00%
    FLORENCE, SC (FHA|USDA|VA) 1 $115,000 $115,000 $3,912 6.00%
    Carolina Trust Federal Credit Union's top markets include Myrtle Beach, Georgetown, Charleston, Greenville, 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.

    CAROLINA TRUST FEDERAL CREDIT UNION
    Similarity Rank: 420
    LOCAL GOVERNMENT FEDERAL CREDIT UNION
    Similarity Rank: 1344
    South Atlantic Bank
    Similarity Rank: 1716
    COASTAL Federal Credit Union
    Similarity Rank: 1736
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 1755
    Coastal Carolina National Bank
    Similarity Rank: 2020
    Stifel Bank and Trust
    Similarity Rank: 2060
    CAROLINAS TELCO FEDERAL CREDIT UNION
    Similarity Rank: 2226
    CAPITAL CENTER, L.L.C.
    Similarity Rank: 2232
    First Palmetto Bank
    Similarity Rank: 2576

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 101 $19,935,000 $197,376 $3,155 5.09%

    For 2022, Carolina Trust Federal Credit Union's most frequently originated type of loan was Conventional, with 101 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 60 $14,790,000 $246,500 $3,409 4.93%
    Cash Out Refi 40 $4,880,000 $122,000 $2,778 5.38%
    Refi 1 $265,000 $265,000 $2,960 2.75%

    For 2022, Carolina Trust Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 60 originations. The 2nd most popular reason was Cash Out Refi, with 40 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 78 $18,340,000 $235,128 $3,302 4.84%
    15 Year 22 $1,430,000 $65,000 $2,611 6.03%
    20 Year 1 $165,000 $165,000 $3,641 3.75%

    For 2022, Carolina Trust Federal Credit Union's most frequently cited loan duration was 30 Year, with 78 originations. The 2nd most popular length was 15 Year, with 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 100 $19,630,000 $196,300
    $3k-4k 1 $305,000 $305,000

    Carolina Trust Federal Credit Union's average total fees were $3,302, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 100 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 33 $5,765,000 $174,697
    4-5% 29 $5,825,000 $200,862
    3-4% 23 $5,955,000 $258,913
    6-7% 9 $1,535,000 $170,556
    7-8% 5 $505,000 $101,000
    2.5-3% 1 $265,000 $265,000
    Over 8% 1 $85,000 $85,000

    During 2022, Carolina Trust Federal Credit Union's average interest rate for loans was 4.84%, while their most frequently originated rate bucket for loans was 5-6%, with 33 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 37 $10,315,000 $278,784 $3,452 4.98%
    $100,000 or less 29 $1,715,000 $59,138 $2,662 5.59%
    $100k-200k 26 $3,830,000 $147,308 $3,108 5.10%
    $400k-600k 8 $3,470,000 $433,750 $3,636 3.94%
    $600k-1MM 1 $605,000 $605,000 $3,819 3.88%

    2022 saw Carolina Trust Federal Credit Union place emphasis on $200k-400k loans with 37 originations, totaling $10,315,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 24 $5,120,000 $213,333 $3,134 5.22%
    $50k or less 23 $2,985,000 $129,783 $3,057 4.85%
    $50k-75k 22 $3,960,000 $180,000 $3,158 5.14%
    $100k-150k 19 $4,115,000 $216,579 $3,186 5.27%
    $150k-250k 10 $2,940,000 $294,000 $3,314 4.96%
    $250k+ 3 $815,000 $271,667 $3,319 4.83%

    Carolina Trust Federal Credit Union lent most frequently to those with incomes in the $75k-100k range, with 24 originations. The second most popular income band? $50k or less, with 23 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 17 $3,005,000 $176,765 $3,121 5.17%
    30-36% 13 $2,395,000 $184,231 $3,124 5.38%
    47% 11 $2,305,000 $209,545 $3,288 4.81%
    43% 8 $1,450,000 $181,250 $3,146 4.94%
    45% 7 $1,595,000 $227,857 $3,067 5.02%
    41% 7 $865,000 $123,571 $3,049 5.14%
    44% 7 $1,695,000 $242,143 $3,376 4.52%
    <20% 6 $960,000 $160,000 $2,926 4.65%
    38% 4 $800,000 $200,000 $3,017 4.59%
    39% 4 $1,010,000 $252,500 $3,235 5.47%
    40% 4 $960,000 $240,000 $3,122 6.41%
    37% 3 $455,000 $151,667 $3,093 4.79%
    42% 2 $300,000 $150,000 $2,831 5.44%
    48% 2 $910,000 $455,000 $5,123 4.31%
    49% 2 $230,000 $115,000 $2,815 6.13%
    50-60% 1 $195,000 $195,000 $3,486 5.75%
    >60% 1 $135,000 $135,000 $2,235 4.50%

    Carolina Trust Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 17 originations. The next most common DTI ratio? 30-36%, with 13 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 86 $17,050,000 $198,256 $3,161 5.10%
    Black 7 $1,575,000 $225,000 $3,310 4.93%
    Not provided 5 $645,000 $129,000 $2,838 5.30%
    Native Hawaiian or Islander 1 $345,000 $345,000 $2,878 5.50%
    Asian 1 $235,000 $235,000 $3,378 4.50%
    American Indian 1 $85,000 $85,000 $3,184 4.75%

    Approval Rates

    Total approvals of all applications
    45.36%

    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
    64.36%

    Carolina Trust Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 101 $19,935,000 $197,376

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    101 $19,935,000 $197,376

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $895,000 $81,364 $2,860 6.00%
    40-60% 9 $935,000 $103,889 $2,626 4.58%
    60-80% 10 $2,940,000 $294,000 $3,359 4.62%
    80-100% 59 $14,585,000 $247,203 $3,393 4.93%
    Under 20% 12 $580,000 $48,333 $2,481 5.79%