Srp Federal Credit Union Mortgage Rates, Fees & Info

North Augusta, SC

LEI: 549300K80E72C24ZOJ37

Tax ID: 57-0621127

5 stars - Updated: 5/20/24 - out of 5 stars, based on 25 reviews

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

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Mortgage Data

Review & Overview

Srp Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Srp Federal Credit Union has an average proportion of conventional loans. Srp Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Augusta, Savannah, Columbia, Atlanta, and Greenville among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Srp Federal 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. Srp Federal Credit Union is typically an average 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.46% 5/20/24
30 Year Conventional Refi 6.33% 5/20/24
30 Year Cash-out Refi 6.76% 5/20/24
30 Year FHA Purchase 7.41% 5/20/24
30 Year VA Purchase 6.17% 5/20/24
30 Year VA Refi 6.00% 5/20/24
15 Year Conventional Purchase 6.77% 5/20/24
15 Year Conventional Refi 6.45% 5/20/24
15 Year Cash-out Refi 6.45% 5/20/24
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.

Srp Federal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Srp Federal 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

629

Origination Dollar Volume (All Markets)

$75,945,000

Awards

SRP Federal Credit Union 30 Year Conventional Loans silver SRP Federal Credit Union 30 Year Conventional Loans silver SRP Federal Credit Union 30 Year Conventional Loans bronze
Show all (3) awards

Relative Rate

Srp Federal Credit Union's average 30 year fixed mortgage rate was 6.33%.

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

This yields a difference of -0.15%.

Relative Fees (Closing Costs)

Srp Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,448.

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
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 571 $65,445,000 $114,615 $4,885 6.89%
SAVANNAH, GA (FHA|USDA|VA) 2 $2,570,000 $1,285,000 $0 6.25%
Outside of Metro Areas 30 $2,540,000 $84,667 $4,381 6.46%
COLUMBIA, SC (FHA|USDA|VA) 10 $2,260,000 $226,000 $5,731 6.51%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 6 $1,330,000 $221,667 $6,566 6.47%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 4 $840,000 $210,000 $5,887 6.38%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $270,000 $135,000 $5,493 6.13%
MACON-BIBB COUNTY, GA (FHA|USDA|VA) 1 $265,000 $265,000 $6,427 5.63%
FLORENCE, SC (FHA|USDA|VA) 1 $235,000 $235,000 $5,411 6.38%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 2 $190,000 $95,000 $5,567 5.63%
Srp Federal Credit Union's top markets include Augusta, Savannah, Columbia, Atlanta, and Greenville among others.

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

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

    SRP Federal Credit Union
    Similarity Rank: 190
    AUGUSTA MORTGAGE CO.
    Similarity Rank: 464
    Security Federal Bank
    Similarity Rank: 630
    Associated Credit Union
    Similarity Rank: 714
    FBC MORTGAGE, LLC
    Similarity Rank: 768
    FIRST CHOICE MORTGAGE, INC.
    Similarity Rank: 940
    First Community Bank
    Similarity Rank: 1150
    DHI MORTGAGE COMPANY, LTD.
    Similarity Rank: 3178
    TD Bank
    Similarity Rank: 3211

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 339 $21,085,000 $62,198 $0 0.00%
    Conventional 277 $51,265,000 $185,072 $4,645 6.87%
    FHA 9 $2,055,000 $228,333 $9,840 6.15%
    VA 4 $1,540,000 $385,000 $11,134 6.22%

    For 2023, Srp Federal Credit Union's most frequently originated type of loan was Conventional, with 339 originations. Their 2nd most popular type was Conventional, with 277 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 186 $11,590,000 $62,312 $2,362 9.52%
    Home Purchase 166 $37,830,000 $227,892 $5,771 6.28%
    Home Improvement 144 $8,750,000 $60,764 $2,541 10.75%
    Cash Out Refi 108 $13,040,000 $120,741 $4,088 7.07%
    Refi 25 $4,735,000 $189,400 $3,733 6.67%

    For 2023, Srp Federal Credit Union's most frequently cited loan purpose was Other, with 186 originations. The 2nd most popular reason was Home Purchase, with 166 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 351 $25,355,000 $72,236 $0 6.41%
    30 Year 187 $37,955,000 $202,968 $5,448 6.33%
    15 Year 65 $6,705,000 $103,154 $3,491 8.30%
    5 Year 17 $5,205,000 $306,176 $2,379 6.94%
    10 Year 9 $725,000 $80,556 $2,861 7.23%

    For 2023, Srp Federal Credit Union's most frequently cited loan duration was Other, with 351 originations. The 2nd most popular length was 30 Year, with 187 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 80 $13,880,000 $173,500
    $1k-2k 78 $6,810,000 $87,308
    $3k-4k 56 $15,210,000 $271,607
    $<1k 27 $2,245,000 $83,148
    $4k-5k 14 $4,960,000 $354,286
    $5k+ 3 $1,895,000 $631,667

    Srp Federal Credit Union's average total fees were $5,448, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 80 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 120 $27,370,000 $228,083
    5-6% 87 $17,795,000 $204,540
    Over 8% 40 $2,950,000 $73,750
    7-8% 38 $5,360,000 $141,053
    4-5% 5 $1,385,000 $277,000

    During 2023, Srp Federal Credit Union's average interest rate for loans was 6.33%, while their most frequently originated rate bucket for loans was 6-7%, with 120 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 378 $20,730,000 $54,841 $2,941 7.95%
    $100k-200k 146 $20,900,000 $143,151 $4,665 6.53%
    $200k-400k 93 $24,755,000 $266,183 $6,250 6.26%
    $400k-600k 8 $3,480,000 $435,000 $8,799 6.28%
    $1MM+ 2 $4,730,000 $2,365,000 $0 6.35%
    $600k-1MM 2 $1,350,000 $675,000 $15,987 6.00%

    2023 saw Srp Federal Credit Union place emphasis on $100,000 or less loans with 378 originations, totaling $20,730,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 150 $17,510,000 $116,733 $5,401 7.11%
    $50k-75k 141 $13,555,000 $96,135 $4,600 6.86%
    $75k-100k 138 $14,620,000 $105,942 $4,879 6.91%
    $50k or less 87 $6,575,000 $75,575 $3,795 6.64%
    $150k-250k 67 $10,385,000 $155,000 $7,008 6.75%
    $250k+ 13 $2,745,000 $211,154 $6,889 7.00%

    Srp Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 150 originations. The second most popular income band? $50k-75k, with 141 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 339 $21,085,000 $62,198 $0 0.00%
    20-30% 63 $11,555,000 $183,413 $4,996 6.49%
    30-36% 53 $9,915,000 $187,075 $5,316 6.68%
    <20% 21 $3,315,000 $157,857 $4,567 6.35%
    36% 15 $2,275,000 $151,667 $4,801 6.76%
    42% 14 $2,920,000 $208,571 $5,214 6.73%
    40% 13 $1,535,000 $118,077 $3,783 7.81%
    37% 12 $2,480,000 $206,667 $6,681 7.01%
    44% 12 $1,840,000 $153,333 $4,544 6.36%
    43% 9 $1,725,000 $191,667 $5,416 6.96%
    46% 9 $1,385,000 $153,889 $4,413 7.67%
    48% 7 $705,000 $100,714 $2,998 8.95%
    38% 7 $1,345,000 $192,143 $5,036 6.25%
    41% 7 $1,095,000 $156,429 $5,021 7.07%
    47% 6 $630,000 $105,000 $4,847 8.15%
    39% 6 $1,100,000 $183,333 $4,917 6.75%
    45% 4 $850,000 $212,500 $5,415 7.94%
    49% 3 $355,000 $118,333 $4,149 9.46%
    50-60% 1 $255,000 $255,000 $4,948 4.75%
    >60% 1 $75,000 $75,000 $1,912 10.75%

    Srp Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 339 originations. The next most common DTI ratio? 20-30%, with 63 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 427 $49,545,000 $116,030 $4,858 6.81%
    Black 119 $10,445,000 $87,773 $5,146 7.16%
    Not applicable 23 $8,845,000 $384,565 $0 6.45%
    Not provided 42 $4,260,000 $101,429 $5,565 6.83%
    American Indian 12 $1,620,000 $135,000 $5,024 6.77%
    Asian 5 $1,185,000 $237,000 $6,384 6.38%
    Native Hawaiian 1 $45,000 $45,000 $1,524 9.50%

    Approval Rates

    Total approvals of all applications
    84.41%

    Srp Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.17%

    Srp Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 339 $21,085,000 $62,198
    NA 290 $54,860,000 $189,172

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    629 $75,945,000 $120,739

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 37 $3,605,000 $97,432 $3,353 7.96%
    40-60% 38 $5,470,000 $143,947 $4,321 6.77%
    60-80% 87 $18,465,000 $212,241 $4,926 6.38%
    80-100% 102 $25,610,000 $251,078 $6,106 6.23%
    Over 100% 1 $185,000 $185,000 $10,376 6.25%
    Under 20% 25 $1,525,000 $61,000 $2,452 9.37%