Carolina Alliance Bank Mortgage Rates, Fees & Info

SPARTANBURG, SC

LEI: 549300L6DJ4OOC5S2K66

Tax ID: 20-5778608

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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

    Carolina Alliance Bank is a smaller bank specializing in Home Purchase and Refi loans. Carolina Alliance Bank has a high proportion of conventional loans. Their top markets by origination volume include: Greenville, Spartanburg, Asheville, Brevard, and Myrtle Beach among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Carolina Alliance Bank 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. Carolina Alliance Bank 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 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.

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    Originations

    135

    Origination Dollar Volume (All Markets)

    $41,425,000

    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
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 55 $13,645,000 $248,091 $4,660 5.19%
    SPARTANBURG, SC (FHA|USDA|VA) 44 $13,090,000 $297,500 $4,345 5.36%
    ASHEVILLE, NC (FHA|USDA|VA) 14 $6,250,000 $446,429 $9,488 5.25%
    Brevard, NC (FHA|USDA|VA) 2 $2,040,000 $1,020,000 $2,986 5.58%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $1,710,000 $855,000 $4,721 4.80%
    Seneca, SC (FHA|USDA|VA) 4 $1,200,000 $300,000 $8,543 5.16%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $1,110,000 $555,000 $5,450 5.03%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 3 $715,000 $238,333 $0 5.27%
    Outside of Metro Areas 1 $535,000 $535,000 $9,047 4.90%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 4 $500,000 $125,000 $0 5.17%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $305,000 $305,000 $0 4.99%
    COLUMBIA, SC (FHA|USDA|VA) 1 $165,000 $165,000 $4,425 4.40%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $95,000 $95,000 $0 5.35%
    BRUNSWICK, GA (FHA|USDA|VA) 1 $65,000 $65,000 $1,994 5.40%
    Carolina Alliance Bank's top markets include Greenville, Spartanburg, Asheville, Brevard, and Myrtle Beach among others.

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

    • Similar Lenders

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

    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 363
    CPM Federal Credit Union
    Similarity Rank: 490
    First Piedmont Federal Savings and Loan Association of Gaffney
    Similarity Rank: 576
    SHARONVIEW FEDERAL CREDIT UNION
    Similarity Rank: 600
    HomeTrust Bank
    Similarity Rank: 943
    Allen Tate Mortgage Partners, LLC
    Similarity Rank: 972
    CAROLINA ALLIANCE BANK
    Similarity Rank: 1176
    Southern First Bank
    Similarity Rank: 1216
    STATE EMPLOYEES'
    Similarity Rank: 1785
    Countybank
    Similarity Rank: 1914

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 135 $41,425,000 $306,852 $5,176 5.24%

    For 2018, Carolina Alliance Bank's most frequently originated type of loan was Conventional, with 135 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 69 $25,795,000 $373,841 $5,781 5.17%
    Refi 45 $9,405,000 $209,000 $3,568 5.35%
    Cash Out Refi 15 $5,875,000 $391,667 $5,947 5.16%
    Home Improvement 5 $325,000 $65,000 $3,215 5.47%
    Other 1 $25,000 $25,000 $447 6.00%

    For 2018, Carolina Alliance Bank's most frequently cited loan purpose was Home Purchase, with 69 originations. The 2nd most popular reason was Refi, with 45 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 59 $12,475,000 $211,441 $1,994 5.40%
    30 Year 32 $8,490,000 $265,313 $4,863 5.00%
    Other 23 $12,355,000 $537,174 $0 5.40%
    30+ year 10 $3,850,000 $385,000 $7,076 4.98%
    20 Year 4 $1,400,000 $350,000 $3,848 5.00%
    1 Year 3 $565,000 $188,333 $0 5.00%
    15 Year 3 $2,265,000 $755,000 $8,063 4.74%
    10 Year 1 $25,000 $25,000 $447 6.00%

    For 2018, Carolina Alliance Bank's most frequently cited loan duration was 5 Year, with 59 originations. The 2nd most popular length was 30 Year, with 32 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 12 $3,040,000 $253,333
    $2k-3k 11 $2,185,000 $198,636
    $3k-4k 8 $2,020,000 $252,500
    $1k-2k 7 $745,000 $106,429
    $5k+ 6 $3,930,000 $655,000
    $4k-5k 4 $1,680,000 $420,000

    Carolina Alliance Bank's average total fees were $4,863, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 12 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 92 $23,140,000 $251,522
    4-5% 40 $17,740,000 $443,500
    6-7% 2 $40,000 $20,000
    3-4% 1 $505,000 $505,000

    During 2018, Carolina Alliance Bank's average interest rate for loans was 5.00%, while their most frequently originated rate bucket for loans was 5-6%, with 92 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 45 $2,645,000 $58,778 $2,712 5.42%
    $100k-200k 36 $5,180,000 $143,889 $3,902 5.24%
    $200k-400k 25 $6,955,000 $278,200 $5,649 5.14%
    $400k-600k 13 $6,445,000 $495,769 $6,379 5.12%
    $1MM+ 8 $14,200,000 $1,775,000 $9,948 5.11%
    $600k-1MM 8 $6,000,000 $750,000 $9,053 4.94%

    2018 saw Carolina Alliance Bank place emphasis on $100,000 or less loans with 45 originations, totaling $2,645,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 20 $3,980,000 $199,000 $6,422 5.39%
    $250k+ 14 $5,710,000 $407,857 $6,213 5.07%
    $50k-75k 13 $2,085,000 $160,385 $4,339 5.14%
    $150k-250k 11 $1,835,000 $166,818 $3,361 5.16%
    $75k-100k 9 $1,725,000 $191,667 $5,992 5.11%
    $50k or less 7 $2,155,000 $307,857 $3,796 5.04%

    Carolina Alliance Bank lent most frequently to those with incomes in the $100k-150k range, with 20 originations. The second most popular income band? $250k+, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 12 $3,300,000 $275,000 $5,245 4.97%
    30-36% 10 $3,270,000 $327,000 $6,183 4.90%
    <20% 8 $2,050,000 $256,250 $4,985 4.96%
    44% 6 $1,020,000 $170,000 $3,838 5.27%
    >60% 2 $640,000 $320,000 $2,599 5.28%
    36% 2 $1,100,000 $550,000 $6,764 5.03%
    37% 2 $460,000 $230,000 $4,870 5.15%
    41% 1 $125,000 $125,000 $4,435 5.15%
    42% 1 $355,000 $355,000 $2,836 5.15%
    39% 1 $505,000 $505,000 $8,543 5.15%
    45% 1 $265,000 $265,000 $4,238 4.95%
    48% 1 $275,000 $275,000 $6,785 4.90%
    38% 1 $235,000 $235,000 $5,452 5.15%

    Carolina Alliance Bank lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? 30-36%, with 10 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 60 $23,450,000 $390,833 $0 5.32%
    White 69 $17,215,000 $249,493 $5,267 5.20%
    Asian 1 $265,000 $265,000 $5,781 5.15%
    Not provided 3 $265,000 $88,333 $2,213 5.05%
    Asian Indian 1 $185,000 $185,000 $0 5.03%
    Black 1 $45,000 $45,000 $3,417 5.15%

    Approval Rates

    Total approvals of all applications
    90.73%

    Carolina Alliance Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    62.96%

    Carolina Alliance Bank 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 135 $41,425,000 $306,852

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 15 $14,935,000 $995,667
    Single Family (1-4 Units):Site-Built 120 $26,490,000 $220,750

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $2,485,000 $130,789 $4,203 5.40%
    40-60% 23 $6,235,000 $271,087 $5,483 5.27%
    60-80% 59 $20,165,000 $341,780 $5,811 5.17%
    80-100% 28 $12,190,000 $435,357 $4,922 5.20%
    Under 20% 6 $350,000 $58,333 $1,221 5.56%