Mid Carolina Credit Union Mortgage Rates, Fees & Info
Lugoff, SCLEI: 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, Sumter, and Charleston 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. They have an 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.75% | 12/4/24 |
| 15 Year Conventional Refi | 5.68% | 12/4/24 |
| 15 Year Cash-out Refi | 5.68% | 12/4/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
49Origination Dollar Volume (All Markets)
$5,115,000Top 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) | 45 | $4,775,000 | $106,111 | $3,812 | 4.26% |
| SUMTER, SC (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $4,108 | 6.00% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,382 | 4.25% |
| Outside of Metro Areas | 1 | $25,000 | $25,000 | $0 | 3.25% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 34 | $2,390,000 | $70,294 | n/a | 3.98% |
| Conventional | 15 | $2,725,000 | $181,667 | $3,803 | 5.06% |
For 2022, Mid Carolina Credit Union's most frequently originated type of loan was HELOC, with 34 originations. Their 2nd most popular type was Conventional, with 15 originations.
Loan Reason
For 2022, 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 13 originations.
Loan Duration/Length
For 2022, Mid Carolina Credit Union's most frequently cited loan duration was 10 Year, with 25 originations. The 2nd most popular length was Other, with 10 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 8 | $870,000 | $108,750 |
| $2k-3k | 3 | $525,000 | $175,000 |
| $<1k | 2 | $240,000 | $120,000 |
| $4k-5k | 1 | $505,000 | $505,000 |
| $5k+ | 1 | $585,000 | $585,000 |
Mid Carolina Credit Union's average total fees were $4,108, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 8 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 19 | $1,965,000 | $103,421 |
| 4-5% | 10 | $960,000 | $96,000 |
| 5-6% | 8 | $790,000 | $98,750 |
| 2.5-3% | 7 | $535,000 | $76,429 |
| 6-7% | 5 | $865,000 | $173,000 |
During 2022, Mid Carolina Credit Union's average interest rate for loans was 6.50%, while their most frequently originated rate bucket for loans was 3-4%, with 19 originations.
Loan Sizing
2022 saw Mid Carolina Credit Union place emphasis on $100,000 or less loans with 29 originations, totaling $1,745,000 in origination value.
Applicant Income
Mid Carolina Credit Union lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $50k-75k, with 11 originations.
Applicant Debt to Income Ratio
Mid Carolina Credit Union lent most frequently to those with DTI ratios of <20%, with 14 originations. The next most common DTI ratio? 20-30%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications83.08%
Mid Carolina Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination91.84%
Mid Carolina Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 49 | $5,115,000 | $104,388 |