Charterbank Mortgage Rates, Fees & Info

West Point, GA

LEI: 549300J42PFPFWJKG874

Tax ID: 58-2657053

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

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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

    Charterbank is a smaller bank specializing in Home Purchase and Refi loans. Charterbank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Atlanta, Auburn, Lagrange, Pensacola, and Alexander City among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Charterbank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Charterbank 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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    Originations

    282

    Origination Dollar Volume (All Markets)

    $58,660,000

    Awards

    CharterBank 30 Year Conventional Loans silver CharterBank 30 Year Conventional Loans bronze CharterBank 30 Year Conventional Loans silver
    Show all (3) 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
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 71 $17,645,000 $248,521 $4,607 5.04%
    AUBURN-OPELIKA, AL (FHA|USDA|VA) 80 $16,730,000 $209,125 $2,546 4.68%
    LaGrange, GA-AL (FHA|USDA|VA) 76 $11,380,000 $149,737 $3,634 4.61%
    Outside of Metro Areas 5 $3,565,000 $713,000 $5,296 4.72%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 23 $3,285,000 $142,826 $3,477 4.75%
    Alexander City, AL (FHA|USDA|VA) 5 $1,625,000 $325,000 $2,680 4.62%
    COLUMBUS, GA-AL (FHA|USDA|VA) 9 $1,175,000 $130,556 $3,432 4.61%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 3 $905,000 $301,667 $3,648 5.01%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 4 $820,000 $205,000 $2,364 4.75%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $810,000 $405,000 $4,274 4.50%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $235,000 $235,000 $4,735 4.50%
    ANNISTON-OXFORD, AL (FHA|USDA|VA) 1 $175,000 $175,000 $2,442 4.63%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $155,000 $155,000 $2,105 4.63%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $155,000 $155,000 $0 4.75%
    Charterbank's top markets include Atlanta, Auburn, Lagrange, Pensacola, and Alexander City among others.

    Their top states include:
  • Georgia (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against CharterBank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    First National Bank of Griffin
    Similarity Rank: 592
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 614
    Hamilton State Bank
    Similarity Rank: 1194
    VICTORY MORTGAGE, L.L.C.
    Similarity Rank: 1495
    Trustmark National Bank
    Similarity Rank: 1638
    LGE COMMUNITY
    Similarity Rank: 1960
    Victory Community Bank
    Similarity Rank: 2030
    CREDIT UNION OF GEORGIA
    Similarity Rank: 2366
    East West Bank
    Similarity Rank: 3192
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 3450

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 280 $58,500,000 $208,929 $3,435 4.76%
    USDA 2 $160,000 $80,000 $3,334 4.06%

    For 2018, Charterbank's most frequently originated type of loan was Conventional, with 280 originations. Their 2nd most popular type was USDA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 180 $38,260,000 $212,556 $3,490 4.82%
    Refi 64 $13,620,000 $212,813 $3,211 4.74%
    Cash Out Refi 33 $5,275,000 $159,848 $3,255 4.50%
    Other 3 $1,135,000 $378,333 $6,876 4.49%
    Home Improvement 2 $370,000 $185,000 $2,299 4.44%

    For 2018, Charterbank's most frequently cited loan purpose was Home Purchase, with 180 originations. The 2nd most popular reason was Refi, with 64 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 166 $39,580,000 $238,434 $3,515 4.62%
    15 Year 34 $4,920,000 $144,706 $3,261 4.16%
    10 Year 27 $2,385,000 $88,333 $2,610 5.21%
    20 Year 26 $4,960,000 $190,769 $2,447 5.20%
    Other 17 $1,925,000 $113,235 $0 5.18%
    1 Year 8 $4,240,000 $530,000 $0 5.97%
    30+ year 2 $520,000 $260,000 $5,346 4.74%
    5 Year 2 $130,000 $65,000 $0 5.83%

    For 2018, Charterbank's most frequently cited loan duration was 30 Year, with 166 originations. The 2nd most popular length was 15 Year, with 34 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 103 $19,995,000 $194,126
    $1k-2k 60 $8,290,000 $138,167
    $2k-3k 15 $3,645,000 $243,000
    $3k-4k 13 $4,135,000 $318,077
    $5k+ 8 $5,510,000 $688,750
    $4k-5k 6 $2,730,000 $455,000

    Charterbank's average total fees were $3,515, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 103 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 184 $39,890,000 $216,793
    5-6% 55 $10,235,000 $186,091
    3-4% 35 $6,355,000 $181,571
    6-7% 7 $1,805,000 $257,857

    During 2018, Charterbank's average interest rate for loans was 4.62%, while their most frequently originated rate bucket for loans was 4-5%, with 184 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 89 $12,865,000 $144,551 $2,843 4.67%
    $100,000 or less 83 $5,405,000 $65,120 $2,589 4.95%
    $200k-400k 83 $23,745,000 $286,084 $3,694 4.62%
    $400k-600k 18 $8,290,000 $460,556 $4,669 4.82%
    $600k-1MM 7 $4,795,000 $685,000 $9,741 4.96%
    $1MM+ 2 $3,560,000 $1,780,000 $9,719 5.25%

    2018 saw Charterbank place emphasis on $100k-200k loans with 89 originations, totaling $12,865,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 54 $12,960,000 $240,000 $3,167 4.59%
    $50k or less 51 $5,175,000 $101,471 $2,581 4.56%
    $75k-100k 43 $8,255,000 $191,977 $3,221 4.60%
    $50k-75k 34 $4,940,000 $145,294 $3,030 4.62%
    $250k+ 29 $12,795,000 $441,207 $5,797 4.81%
    $150k-250k 24 $7,870,000 $327,917 $4,832 4.63%

    Charterbank lent most frequently to those with incomes in the $100k-150k range, with 54 originations. The second most popular income band? $50k or less, with 51 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 64 $12,220,000 $190,938 $3,094 4.48%
    30-36% 42 $8,910,000 $212,143 $3,212 4.54%
    <20% 23 $4,995,000 $217,174 $3,970 4.48%
    40% 13 $3,065,000 $235,769 $4,475 4.45%
    41% 11 $3,295,000 $299,545 $4,192 4.62%
    42% 9 $2,245,000 $249,444 $3,332 4.82%
    39% 8 $1,870,000 $233,750 $3,255 4.65%
    43% 7 $1,645,000 $235,000 $3,663 4.43%
    36% 5 $1,055,000 $211,000 $4,049 4.75%
    45% 5 $1,325,000 $265,000 $2,857 4.83%
    37% 5 $1,025,000 $205,000 $2,192 4.40%
    38% 4 $890,000 $222,500 $3,272 4.68%
    49% 4 $750,000 $187,500 $3,416 4.63%
    44% 3 $955,000 $318,333 $5,952 4.00%
    47% 3 $625,000 $208,333 $3,031 4.29%
    46% 3 $625,000 $208,333 $2,747 4.75%
    50-60% 1 $235,000 $235,000 $4,735 4.50%
    >60% 1 $185,000 $185,000 $1,916 4.50%

    Charterbank lent most frequently to those with DTI ratios of 20-30%, with 64 originations. The next most common DTI ratio? 30-36%, with 42 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 214 $48,820,000 $228,131 $3,430 4.63%
    Not applicable 47 $6,665,000 $141,809 $0 5.44%
    Asian 9 $1,425,000 $158,333 $3,199 4.32%
    Black 8 $1,060,000 $132,500 $3,910 4.36%
    Not provided 4 $690,000 $172,500 $2,900 5.53%

    Approval Rates

    Total approvals of all applications
    94.82%

    Charterbank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.60%

    Charterbank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 282 $58,660,000 $208,014

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $980,000 $245,000
    Single Family (1-4 Units):Site-Built 278 $57,680,000 $207,482

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $4,170,000 $260,625 $2,736 4.78%
    40-60% 41 $6,475,000 $157,927 $2,963 4.78%
    60-80% 120 $25,890,000 $215,750 $3,714 4.85%
    80-100% 100 $21,600,000 $216,000 $3,402 4.63%
    Over 100% 1 $35,000 $35,000 $0 5.00%
    Under 20% 4 $490,000 $122,500 $1,295 4.84%