Mid Carolina Credit Union Mortgage Rates, Fees & Info

Lugoff, SC

LEI: 549300GB84TJEK0SHQ79

Tax ID: 57-0421351

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Mortgage Data

Review & Overview

Mid Carolina Credit Union is a smaller credit union specializing in Other and Cash Out Refi loans. Mid Carolina Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Columbia, Spartanburg, and Charlotte among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Mid Carolina Credit Union has an average approval rate when compared to the average across all lenders. Mid Carolina 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 5.75% 10/31/24
15 Year Conventional Refi 5.68% 10/31/24
15 Year Cash-out Refi 5.68% 10/31/24
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.

Mid Carolina Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Mid Carolina 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

72

Origination Dollar Volume (All Markets)

$5,000,000

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
COLUMBIA, SC (FHA|USDA|VA) 65 $4,355,000 $67,000 $3,525 2.72%
Outside of Metro Areas 4 $450,000 $112,500 $2,885 4.28%
SPARTANBURG, SC (FHA|USDA|VA) 1 $105,000 $105,000 $0 1.99%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $90,000 $45,000 $2,487 2.00%
Mid Carolina Credit Union's top markets include Columbia, Spartanburg, and Charlotte among others.

Their top states include:
  • South Carolina (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 51 $2,295,000 $45,000 n/a 2.37%
    Conventional 21 $2,705,000 $128,810 $3,345 3.77%

    For 2020, Mid Carolina Credit Union's most frequently originated type of loan was HELOC, with 51 originations. Their 2nd most popular type was Conventional, with 21 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 32 $1,520,000 $47,500 $0 2.27%
    Cash Out Refi 31 $2,255,000 $72,742 $3,064 3.23%
    Home Purchase 5 $905,000 $181,000 $4,348 3.30%
    Home Improvement 2 $80,000 $40,000 $0 1.99%
    Refi 2 $240,000 $120,000 $3,310 3.25%

    For 2020, Mid Carolina Credit Union's most frequently cited loan purpose was Other, with 32 originations. The 2nd most popular reason was Cash Out Refi, with 31 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 35 $1,595,000 $45,571 $2,634 2.49%
    15 Year 13 $1,215,000 $93,462 $2,995 3.87%
    20 Year 9 $415,000 $46,111 $0 1.99%
    Other 9 $485,000 $53,889 $0 2.72%
    30 Year 6 $1,290,000 $215,000 $4,283 3.31%

    For 2020, Mid Carolina Credit Union's most frequently cited loan duration was 10 Year, with 35 originations. The 2nd most popular length was 15 Year, with 13 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 9 $915,000 $101,667
    $<1k 6 $290,000 $48,333
    $2k-3k 4 $880,000 $220,000
    $3k-4k 2 $620,000 $310,000

    Mid Carolina Credit Union's average total fees were $4,283, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 9 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 38 $1,810,000 $47,632
    3-4% 20 $1,430,000 $71,500
    2.5-3% 6 $1,070,000 $178,333
    4-5% 6 $560,000 $93,333
    5-6% 2 $130,000 $65,000

    During 2020, Mid Carolina Credit Union's average interest rate for loans was 3.31%, while their most frequently originated rate bucket for loans was <2.5%, with 38 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 62 $2,980,000 $48,065 $2,479 2.70%
    $100k-200k 6 $860,000 $143,333 $3,681 3.04%
    $200k-400k 4 $1,160,000 $290,000 $5,308 3.53%

    2020 saw Mid Carolina Credit Union place emphasis on $100,000 or less loans with 62 originations, totaling $2,980,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 18 $910,000 $50,556 $2,517 2.48%
    $100k-150k 15 $655,000 $43,667 $2,788 2.48%
    $50k or less 11 $695,000 $63,182 $2,729 3.70%
    $75k-100k 11 $655,000 $59,545 $2,965 2.47%
    $150k-250k 10 $850,000 $85,000 $3,913 2.72%
    $250k+ 7 $1,235,000 $176,429 $5,003 3.27%

    Mid Carolina Credit Union lent most frequently to those with incomes in the $50k-75k range, with 18 originations. The second most popular income band? $100k-150k, with 15 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 25 $1,495,000 $59,800 $2,935 2.79%
    <20% 22 $1,970,000 $89,545 $4,073 2.41%
    30-36% 12 $800,000 $66,667 $3,148 3.06%
    39% 3 $155,000 $51,667 $0 2.83%
    40% 3 $95,000 $31,667 $0 2.41%
    43% 2 $210,000 $105,000 $2,853 4.25%
    36% 2 $110,000 $55,000 $0 2.62%
    41% 2 $120,000 $60,000 $2,698 3.75%
    37% 1 $45,000 $45,000 $0 3.25%

    Mid Carolina Credit Union lent most frequently to those with DTI ratios of 20-30%, with 25 originations. The next most common DTI ratio? <20%, with 22 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 68 $4,760,000 $70,000 $3,483 2.75%
    1 $105,000 $105,000 $0 1.99%
    Black 2 $90,000 $45,000 $2,107 4.38%
    Not provided 1 $45,000 $45,000 $0 1.99%

    Approval Rates

    Total approvals of all applications
    85.71%

    Mid Carolina Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 72 $5,000,000 $69,444

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 7 $495,000 $70,714
    Single Family (1-4 Units):Site-Built 65 $4,505,000 $69,308

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $1,285,000 $47,593 $2,638 2.31%
    40-60% 7 $595,000 $85,000 $2,823 3.71%
    60-80% 8 $1,050,000 $131,250 $3,511 3.54%
    80-100% 6 $1,090,000 $181,667 $4,023 3.56%
    Under 20% 24 $980,000 $40,833 $0 2.58%