First Piedmont Federal Savings And Loan Association Of Gaffney Mortgage Rates, Fees & Info

Gaffney, SC

LEI: 549300JH8TVR84H1BL45

Tax ID: 57-0226455

1.5 stars - Updated: 12/3/24 - out of 5 stars, based on 23 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    First Piedmont Federal Savings And Loan Association Of Gaffney is a smaller mortgage company specializing in Home Purchase loans. First Piedmont Federal Savings And Loan Association Of Gaffney has a high proportion of conventional loans. Their top markets by origination volume include: Spartanburg, Gaffney, Greenville, Seneca, and Charlotte among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Piedmont Federal Savings And Loan Association Of Gaffney has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. First Piedmont Federal Savings And Loan Association Of Gaffney is typically a high 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.

    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 6.25% 12/3/24
    30 Year Conventional Refi 6.52% 12/3/24
    30 Year Cash-out Refi 6.58% 12/3/24
    15 Year Conventional Purchase 5.99% 12/3/24
    15 Year Conventional Refi 6.02% 12/3/24
    15 Year Cash-out Refi 6.02% 12/3/24
    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.

    First Piedmont Federal Savings And Loan Association Of Gaffney Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from First Piedmont Federal Savings And Loan Association Of Gaffney. 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

    520

    Origination Dollar Volume (All Markets)

    $131,060,000

    Awards

    First Piedmont Federal Savings and Loan Association of Gaffney 30 Year Conventional Loans gold First Piedmont Federal Savings and Loan Association of Gaffney 30 Year Conventional Loans gold First Piedmont Federal Savings and Loan Association of Gaffney 30 Year Conventional Loans gold First Piedmont Federal Savings and Loan Association of Gaffney 30 Year Conventional Loans gold
    Show all (4) awards

    Relative Rate

    First Piedmont Federal Savings And Loan Association Of Gaffney's average 30 year fixed mortgage rate was 5.83%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.65%.

    Relative Fees (Closing Costs)

    First Piedmont Federal Savings And Loan Association Of Gaffney's average total fees/closing costs for a 30 year fixed rate mortgage were $14,588.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

    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
    SPARTANBURG, SC (FHA|USDA|VA) 287 $85,485,000 $297,857 $9,924 6.12%
    Gaffney, SC (FHA|USDA|VA) 164 $23,600,000 $143,902 $4,848 6.14%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 59 $17,585,000 $298,051 $6,823 6.05%
    Seneca, SC (FHA|USDA|VA) 3 $2,335,000 $778,333 $431,928 5.83%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 3 $875,000 $291,667 $6,147 5.71%
    Newberry, SC (FHA|USDA|VA) 1 $595,000 $595,000 $9,145 5.50%
    Union, SC (FHA|USDA|VA) 3 $585,000 $195,000 $5,335 6.92%
    First Piedmont Federal Savings And Loan Association Of Gaffney's top markets include Spartanburg, Gaffney, Greenville, Seneca, and Charlotte among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against First Piedmont Federal Savings and Loan Association of Gaffney based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    GREENVILLE FEDERAL CREDIT UNION
    Similarity Rank: 376
    INSPIRE HOME LOANS INC.
    Similarity Rank: 832
    First Piedmont Federal Savings and Loan Association of Gaffney
    Similarity Rank: 1029
    Arthur State Bank
    Similarity Rank: 1148
    CPM Federal Credit Union
    Similarity Rank: 1562
    First Bank
    Similarity Rank: 1887
    First Palmetto Bank
    Similarity Rank: 2268
    SOUTH CAROLINA FEDERAL CREDIT UNION
    Similarity Rank: 3538
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 3589
    Countybank
    Similarity Rank: 4068

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 332 $109,690,000 $330,392 $13,441 6.00%
    HELOC 188 $21,370,000 $113,670 n/a 6.34%

    For 2023, First Piedmont Federal Savings And Loan Association Of Gaffney's most frequently originated type of loan was Conventional, with 332 originations. Their 2nd most popular type was HELOC, with 188 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 267 $92,605,000 $346,835 $12,326 5.98%
    Other 170 $16,110,000 $94,765 $0 6.28%
    Cash Out Refi 46 $15,010,000 $326,304 $21,784 6.16%
    Refi 36 $6,980,000 $193,889 $4,343 6.33%
    NA 1 $355,000 $355,000 $0 8.00%

    For 2023, First Piedmont Federal Savings And Loan Association Of Gaffney's most frequently cited loan purpose was Home Purchase, with 267 originations. The 2nd most popular reason was Other, with 170 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 221 $70,975,000 $321,154 $14,588 5.83%
    15 Year 215 $21,865,000 $101,698 $2,743 6.30%
    5 Year 52 $23,070,000 $443,654 $450 6.35%
    Other 12 $8,930,000 $744,167 $1,050 6.44%
    10 Year 10 $4,770,000 $477,000 $2,175 6.15%
    20 Year 8 $1,040,000 $130,000 $0 6.77%
    3 Year 2 $410,000 $205,000 $0 8.63%

    For 2023, First Piedmont Federal Savings And Loan Association Of Gaffney's most frequently cited loan duration was 30 Year, with 221 originations. The 2nd most popular length was 15 Year, with 215 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 72 $15,840,000 $220,000
    $3k-4k 52 $14,980,000 $288,077
    $5k+ 39 $23,975,000 $614,744
    $4k-5k 35 $13,785,000 $393,857
    $1k-2k 26 $2,920,000 $112,308
    $<1k 19 $1,595,000 $83,947

    First Piedmont Federal Savings And Loan Association Of Gaffney's average total fees were $14,588, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 72 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 318 $92,670,000 $291,415
    6-7% 137 $24,325,000 $177,555
    7-8% 41 $10,125,000 $246,951
    Over 8% 19 $1,995,000 $105,000
    4-5% 5 $1,945,000 $389,000

    During 2023, First Piedmont Federal Savings And Loan Association Of Gaffney's average interest rate for loans was 5.83%, while their most frequently originated rate bucket for loans was 5-6%, with 318 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 168 $9,610,000 $57,202 $2,326 6.34%
    $200k-400k 168 $45,970,000 $273,631 $10,479 5.96%
    $100k-200k 117 $16,825,000 $143,803 $4,046 6.24%
    $400k-600k 39 $19,205,000 $492,436 $8,202 5.70%
    $600k-1MM 19 $13,945,000 $733,947 $10,669 5.74%
    $1MM+ 9 $25,505,000 $2,833,889 $645,547 6.14%

    2023 saw First Piedmont Federal Savings And Loan Association Of Gaffney place emphasis on $100,000 or less loans with 168 originations, totaling $9,610,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 121 $27,745,000 $229,298 $14,529 6.03%
    $50k-75k 104 $13,650,000 $131,250 $4,496 6.16%
    $75k-100k 80 $16,690,000 $208,625 $5,553 5.96%
    $150k-250k 66 $19,810,000 $300,152 $7,727 6.11%
    $50k or less 42 $3,960,000 $94,286 $3,661 6.11%
    $250k+ 27 $10,535,000 $390,185 $98,150 5.92%

    First Piedmont Federal Savings And Loan Association Of Gaffney lent most frequently to those with incomes in the $100k-150k range, with 121 originations. The second most popular income band? $50k-75k, with 104 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 114 $20,710,000 $181,667 $14,484 6.04%
    30-36% 93 $20,875,000 $224,462 $28,405 6.12%
    <20% 40 $6,240,000 $156,000 $4,765 6.07%
    40% 22 $4,940,000 $224,545 $6,707 6.11%
    43% 22 $6,390,000 $290,455 $6,227 5.66%
    38% 21 $4,775,000 $227,381 $6,419 5.93%
    45% 20 $5,450,000 $272,500 $6,733 6.11%
    42% 19 $4,145,000 $218,158 $7,428 6.10%
    44% 19 $3,555,000 $187,105 $5,267 6.05%
    36% 16 $3,350,000 $209,375 $5,712 6.17%
    39% 13 $3,505,000 $269,615 $7,006 6.09%
    37% 11 $2,255,000 $205,000 $6,029 6.27%
    41% 10 $2,750,000 $275,000 $6,539 5.83%
    50-60% 6 $280,000 $46,667 $3,276 5.67%
    46% 4 $1,250,000 $312,500 $6,031 6.41%
    48% 3 $565,000 $188,333 $7,456 7.38%
    49% 3 $455,000 $151,667 $5,740 6.42%
    >60% 2 $310,000 $155,000 $0 6.13%
    47% 1 $315,000 $315,000 $6,417 5.88%

    First Piedmont Federal Savings And Loan Association Of Gaffney lent most frequently to those with DTI ratios of 20-30%, with 114 originations. The next most common DTI ratio? 30-36%, with 93 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 414 $85,750,000 $207,126 $14,526 6.09%
    Not applicable 67 $37,235,000 $555,746 $0 6.45%
    Not provided 15 $3,985,000 $265,667 $5,208 5.57%
    Black 15 $2,005,000 $133,667 $4,207 6.23%
    Asian 7 $1,445,000 $206,429 $5,659 5.93%
    American Indian 2 $640,000 $320,000 $8,697 6.44%

    Approval Rates

    Total approvals of all applications
    96.68%

    First Piedmont Federal Savings And Loan Association Of Gaffney has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    93.85%

    First Piedmont Federal Savings And Loan Association Of Gaffney has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 520 $131,060,000 $252,038

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    520 $131,060,000 $252,038

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 99 $10,495,000 $106,010 $3,067 6.40%
    40-60% 78 $17,490,000 $224,231 $5,102 6.27%
    60-80% 166 $69,110,000 $416,325 $24,894 6.06%
    80-100% 87 $28,335,000 $325,690 $6,290 5.70%
    Under 20% 90 $5,630,000 $62,556 $1,798 6.20%