Mid Carolina Credit Union Mortgage Rates, Fees & Info

Lugoff, SC

LEI: 549300GB84TJEK0SHQ79

Tax ID: 57-0421351

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
  • 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

    Mid Carolina Credit Union is a smaller credit union specializing in Cash Out Refi loans. Mid Carolina Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Columbia, Florence, Charlotte, and Sumter among others. We have data for 5 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. They have a below average pick rate when compared to similar 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.

    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 5.75% 10/29/24
    15 Year Conventional Refi 5.68% 10/29/24
    15 Year Cash-out Refi 5.68% 10/29/24
    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

    93

    Origination Dollar Volume (All Markets)

    $6,155,000

    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) 85 $5,665,000 $66,647 $1,800 4.19%
    Outside of Metro Areas 5 $235,000 $47,000 $1,226 3.79%
    FLORENCE, SC (FHA|USDA|VA) 1 $135,000 $135,000 $3,429 4.25%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $65,000 $65,000 $890 2.99%
    SUMTER, SC (FHA|USDA|VA) 1 $55,000 $55,000 $1,928 4.75%
    Mid Carolina Credit Union's top markets include Columbia, Florence, Charlotte, and Sumter among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 71 $4,955,000 $69,789 $1,770 4.34%
    HELOC 22 $1,200,000 $54,545 n/a 3.60%

    For 2018, Mid Carolina Credit Union's most frequently originated type of loan was Conventional, with 71 originations. Their 2nd most popular type was HELOC, with 22 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 67 $4,135,000 $61,716 $1,549 4.20%
    Home Purchase 11 $1,085,000 $98,636 $2,719 4.39%
    Other 10 $480,000 $48,000 $0 3.64%
    Home Improvement 2 $120,000 $60,000 $0 3.62%
    Refi 2 $310,000 $155,000 $3,203 4.38%
    NA 1 $25,000 $25,000 $0 5.50%

    For 2018, Mid Carolina Credit Union's most frequently cited loan purpose was Cash Out Refi, with 67 originations. The 2nd most popular reason was Home Purchase, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 31 $2,425,000 $78,226 $2,576 4.60%
    Other 31 $1,655,000 $53,387 $666 4.04%
    10 Year 23 $1,185,000 $51,522 $906 3.78%
    20 Year 4 $290,000 $72,500 $4,060 3.97%
    30 Year 3 $565,000 $188,333 $3,312 3.88%
    5 Year 1 $35,000 $35,000 $2,088 5.00%

    For 2018, Mid Carolina Credit Union's most frequently cited loan duration was 15 Year, with 31 originations. The 2nd most popular length was Other, with 31 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 19 $1,785,000 $93,947
    $<1k 14 $620,000 $44,286
    $2k-3k 3 $555,000 $185,000
    $3k-4k 1 $335,000 $335,000

    Mid Carolina Credit Union's average total fees were $3,312, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 19 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 42 $2,920,000 $69,524
    2.5-3% 30 $1,770,000 $59,000
    5-6% 13 $565,000 $43,462
    3-4% 8 $900,000 $112,500

    During 2018, Mid Carolina Credit Union's average interest rate for loans was 3.88%, while their most frequently originated rate bucket for loans was 4-5%, with 42 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 80 $4,100,000 $51,250 $1,465 4.20%
    $100k-200k 10 $1,270,000 $127,000 $3,206 3.87%
    $200k-400k 3 $785,000 $261,667 $4,319 4.21%

    2018 saw Mid Carolina Credit Union place emphasis on $100,000 or less loans with 80 originations, totaling $4,100,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 33 $1,685,000 $51,061 $1,615 4.14%
    $50k-75k 23 $1,705,000 $74,130 $1,877 4.37%
    $75k-100k 18 $1,080,000 $60,000 $1,353 3.95%
    $100k-150k 13 $1,455,000 $111,923 $2,529 3.76%
    $150k-250k 2 $50,000 $25,000 $878 5.13%
    $250k+ 2 $120,000 $60,000 $1,986 4.88%

    Mid Carolina Credit Union lent most frequently to those with incomes in the $50k or less range, with 33 originations. The second most popular income band? $50k-75k, with 23 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 22 $1,310,000 $59,545 $2,239 4.27%
    30-36% 20 $1,770,000 $88,500 $2,018 4.31%
    20-30% 15 $1,015,000 $67,667 $1,713 3.78%
    37% 6 $270,000 $45,000 $815 4.71%
    44% 4 $170,000 $42,500 $1,555 4.25%
    38% 3 $185,000 $61,667 $999 4.41%
    39% 3 $155,000 $51,667 $486 4.50%
    36% 3 $175,000 $58,333 $1,193 4.25%
    40% 2 $150,000 $75,000 $2,543 4.75%
    42% 2 $170,000 $85,000 $3,429 3.62%
    50-60% 2 $170,000 $85,000 $0 4.12%
    41% 1 $75,000 $75,000 $2,173 5.50%
    46% 1 $35,000 $35,000 $0 2.99%
    >60% 1 $35,000 $35,000 $398 5.25%
    43% 1 $35,000 $35,000 $905 5.00%

    Mid Carolina Credit Union lent most frequently to those with DTI ratios of <20%, with 22 originations. The next most common DTI ratio? 30-36%, with 20 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 79 $5,405,000 $68,418 $1,780 4.13%
    Black 11 $605,000 $55,000 $1,871 4.27%
    Asian 1 $75,000 $75,000 $2,502 4.25%
    Other Pacific Islander 2 $70,000 $35,000 $660 5.00%

    Approval Rates

    Total approvals of all applications
    71.02%

    Mid Carolina Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    67.74%

    Mid Carolina 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 93 $6,155,000 $66,183

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 12 $740,000 $61,667
    Single Family (1-4 Units):Site-Built 81 $5,415,000 $66,852

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 30 $1,440,000 $48,000 $748 4.15%
    40-60% 17 $1,195,000 $70,294 $2,074 4.01%
    60-80% 11 $855,000 $77,727 $2,623 4.31%
    80-100% 15 $1,705,000 $113,667 $2,746 4.52%
    Under 20% 10 $340,000 $34,000 $692 4.40%