South Central Bank Mortgage Rates, Fees & Info

GLASGOW, KY

LEI: 549300LPT41QBMAC7948

Tax ID: 61-0126170

5 stars - Updated: 6/9/24 - out of 5 stars, based on 36 reviews

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

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Mortgage Data

Review & Overview

South Central Bank is a smaller bank specializing in Home Purchase and Refi loans. South Central Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Elizabethtown, Bowling Green, Louisville, Glasgow, and Lexington among others. We have data for 44 markets. (Some data included below & more in-depth data is available with an active subscription.)

South Central 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. South Central 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 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
Home Equity Line of Credit (HELOC) 8.03% 6/9/24
30 Year Conventional Purchase 6.63% 6/9/24
30 Year Conventional Refi 6.56% 6/9/24
30 Year Cash-out Refi 6.87% 6/9/24
30 Year FHA Purchase 7.38% 6/9/24
30 Year FHA Refi 7.54% 6/9/24
30 Year VA Purchase 6.32% 6/9/24
30 Year VA Refi 6.26% 6/9/24
30 Year USDA Purchase 6.84% 6/9/24
15 Year Conventional Purchase 6.51% 6/9/24
15 Year Conventional Refi 6.12% 6/9/24
15 Year Cash-out Refi 6.12% 6/9/24
15 Year VA Purchase 5.68% 6/9/24
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.

South Central Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from South Central Bank. 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

1,294

Origination Dollar Volume (All Markets)

$229,120,000
Show all (15) awards

Relative Rate

South Central Bank's average 30 year fixed mortgage rate was 6.66%.

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

This yields a difference of 0.18%.

Relative Fees (Closing Costs)

South Central Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,736.

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
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 231 $48,845,000 $211,450 $5,080 7.05%
BOWLING GREEN, KY (FHA|USDA|VA) 322 $45,150,000 $140,217 $4,219 7.34%
LOUISVILLE, KY (FHA|USDA|VA) 84 $25,780,000 $306,905 $4,943 7.23%
Glasgow, KY (FHA|USDA|VA) 215 $24,925,000 $115,930 $2,830 7.66%
Outside of Metro Areas 164 $20,920,000 $127,561 $3,844 7.38%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 68 $16,660,000 $245,000 $4,237 7.51%
OWENSBORO, KY (FHA|USDA|VA) 73 $11,635,000 $159,384 $4,856 7.70%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 18 $4,940,000 $274,444 $2,947 7.63%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 7 $4,455,000 $636,429 $0 7.06%
Somerset, KY (FHA|USDA|VA) 25 $3,545,000 $141,800 $0 7.56%
Bardstown, KY (FHA|USDA|VA) 21 $3,525,000 $167,857 $4,054 7.12%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $2,485,000 $2,485,000 $0 7.50%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 6 $2,190,000 $365,000 $8,814 7.06%
EVANSVILLE, IN-KY (FHA|USDA|VA) 9 $1,935,000 $215,000 $2,780 7.39%
Richmond-Berea, KY (FHA|USDA|VA) 7 $1,795,000 $256,429 $5,498 6.64%
BLOOMINGTON, IN (FHA|USDA|VA) 2 $1,300,000 $650,000 $2,426 7.38%
London, KY (FHA|USDA|VA) 2 $1,290,000 $645,000 $0 7.75%
Frankfort, KY (FHA|USDA|VA) 5 $955,000 $191,000 $6,163 6.73%
Mount Sterling, KY (FHA|USDA|VA) 4 $780,000 $195,000 $2,318 8.34%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $695,000 $695,000 $0 7.50%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $575,000 $575,000 $0 7.00%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $455,000 $455,000 $0 6.25%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $395,000 $395,000 $5,356 5.63%
COLUMBUS, OH (FHA|USDA|VA) 2 $390,000 $195,000 $0 7.75%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $375,000 $375,000 $0 7.25%
Campbellsville, KY (FHA|USDA|VA) 3 $365,000 $121,667 $4,980 6.79%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $355,000 $355,000 $4,345 6.13%
Lake City, FL (FHA|USDA|VA) 1 $285,000 $285,000 $3,504 6.13%
Vincennes, IN (FHA|USDA|VA) 2 $240,000 $120,000 $0 7.75%
Shelbyville, TN (FHA|USDA|VA) 1 $205,000 $205,000 $0 8.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $205,000 $205,000 $0 6.50%
Danville, KY (FHA|USDA|VA) 1 $195,000 $195,000 $5,441 6.63%
Cullman, AL (FHA|USDA|VA) 2 $180,000 $90,000 $0 8.49%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $155,000 $155,000 $0 7.00%
Ardmore, OK (FHA|USDA|VA) 1 $145,000 $145,000 $3,678 7.50%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $145,000 $145,000 $7,434 7.25%
Mayfield, KY (FHA|USDA|VA) 1 $125,000 $125,000 $2,723 8.00%
Central City, KY (FHA|USDA|VA) 1 $105,000 $105,000 $4,646 6.63%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.00%
Big Stone Gap, VA (FHA|USDA|VA) 1 $95,000 $95,000 $4,509 6.63%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $75,000 $75,000 $2,201 5.88%
Madisonville, KY (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.75%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.25%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $35,000 $35,000 $0 7.50%
South Central Bank's top markets include Elizabethtown, Bowling Green, Louisville, Glasgow, and Lexington among others.

Their top states include:
  • Kentucky (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Similar Lenders

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

    SERVICE ONE
    Similarity Rank: 54
    The Cecilian Bank
    Similarity Rank: 78
    First Farmers and Merchants Bank
    Similarity Rank: 130
    First Federal Savings Bank
    Similarity Rank: 150
    Whitaker Bank
    Similarity Rank: 221
    The Peoples Bank
    Similarity Rank: 270
    Peoples Exchange Bank
    Similarity Rank: 333

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 576 $137,810,000 $239,253 $3,139 7.23%
    HELOC 572 $59,250,000 $103,584 n/a 7.69%
    FHA 95 $18,865,000 $198,579 $7,632 6.58%
    VA 40 $11,220,000 $280,500 $6,672 6.50%
    USDA 11 $1,975,000 $179,545 $5,205 6.63%

    For 2023, South Central Bank's most frequently originated type of loan was Conventional, with 576 originations. Their 2nd most popular type was HELOC, with 572 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 532 $125,350,000 $235,620 $4,853 7.09%
    Refi 295 $53,755,000 $182,220 $3,254 7.36%
    Home Improvement 230 $20,480,000 $89,043 $1,839 7.72%
    Other 180 $18,290,000 $101,611 $0 7.71%
    Cash Out Refi 57 $11,245,000 $197,281 $3,170 7.36%

    For 2023, South Central Bank's most frequently cited loan purpose was Home Purchase, with 532 originations. The 2nd most popular reason was Refi, with 295 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 511 $48,275,000 $94,472 $1,515 7.55%
    30 Year 414 $93,990,000 $227,029 $4,736 6.66%
    5 Year 142 $32,590,000 $229,507 $1,091 8.20%
    Other 73 $25,755,000 $352,808 $2,584 7.87%
    1 Year 56 $14,030,000 $250,536 $2,775 7.78%
    20 Year 37 $5,215,000 $140,946 $2,505 7.98%
    15 Year 33 $4,785,000 $145,000 $3,014 6.61%
    3 Year 28 $4,480,000 $160,000 $0 7.96%

    For 2023, South Central Bank's most frequently cited loan duration was 10 Year, with 511 originations. The 2nd most popular length was 30 Year, with 414 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 319 $70,625,000 $221,395
    $1k-2k 78 $18,180,000 $233,077
    $2k-3k 44 $9,090,000 $206,591
    $3k-4k 22 $5,480,000 $249,091
    $4k-5k 12 $3,220,000 $268,333
    $5k+ 12 $5,750,000 $479,167

    South Central Bank's average total fees were $4,736, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 319 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 541 $102,135,000 $188,789
    7-8% 388 $79,250,000 $204,253
    Over 8% 272 $27,530,000 $101,213
    5-6% 93 $20,205,000 $217,258

    During 2023, South Central Bank's average interest rate for loans was 6.66%, while their most frequently originated rate bucket for loans was 6-7%, with 541 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 517 $27,945,000 $54,052 $2,559 7.75%
    $100k-200k 363 $52,435,000 $144,449 $3,999 7.17%
    $200k-400k 328 $86,610,000 $264,055 $4,915 7.01%
    $400k-600k 54 $25,820,000 $478,148 $5,091 7.04%
    $600k-1MM 20 $14,060,000 $703,000 $8,518 7.24%
    $1MM+ 12 $22,250,000 $1,854,167 $7,403 7.21%

    2023 saw South Central Bank place emphasis on $100,000 or less loans with 517 originations, totaling $27,945,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 255 $34,485,000 $135,235 $4,661 7.17%
    $75k-100k 230 $33,360,000 $145,043 $4,248 7.40%
    $100k-150k 222 $36,350,000 $163,739 $4,599 7.28%
    $50k or less 210 $18,650,000 $88,810 $3,457 7.37%
    $150k-250k 134 $29,970,000 $223,657 $4,506 7.41%
    $250k+ 81 $26,195,000 $323,395 $5,598 7.19%

    South Central Bank lent most frequently to those with incomes in the $50k-75k range, with 255 originations. The second most popular income band? $75k-100k, with 230 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 260 $32,210,000 $123,885 $3,416 7.33%
    30-36% 170 $25,340,000 $149,059 $4,408 7.31%
    <20% 168 $17,440,000 $103,810 $2,973 7.29%
    50-60% 47 $10,885,000 $231,596 $6,443 7.41%
    40% 42 $6,850,000 $163,095 $4,404 7.45%
    39% 41 $7,395,000 $180,366 $4,310 7.05%
    43% 39 $6,455,000 $165,513 $4,769 7.46%
    42% 36 $4,630,000 $128,611 $3,929 7.45%
    36% 35 $4,965,000 $141,857 $3,788 7.08%
    37% 33 $4,765,000 $144,394 $5,380 7.27%
    41% 32 $5,820,000 $181,875 $3,807 7.53%
    44% 31 $6,745,000 $217,581 $4,715 7.06%
    38% 30 $3,520,000 $117,333 $3,419 7.55%
    47% 22 $5,770,000 $262,273 $3,952 6.70%
    46% 21 $4,465,000 $212,619 $6,375 6.74%
    49% 21 $5,395,000 $256,905 $5,227 6.74%
    >60% 20 $8,520,000 $426,000 $3,541 7.51%
    45% 19 $4,575,000 $240,789 $5,091 6.73%
    48% 17 $3,865,000 $227,353 $6,199 6.82%

    South Central Bank lent most frequently to those with DTI ratios of 20-30%, with 260 originations. The next most common DTI ratio? 30-36%, with 170 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,060 $160,610,000 $151,519 $4,171 7.34%
    Not applicable 154 $47,680,000 $309,610 $0 7.76%
    Not provided 24 $7,820,000 $325,833 $6,861 7.03%
    Black 28 $4,890,000 $174,643 $4,364 6.89%
    Asian 12 $3,500,000 $291,667 $6,661 6.42%
    Other Asian 3 $1,375,000 $458,333 $7,605 7.58%
    Asian Indian 3 $1,315,000 $438,333 $4,508 7.04%
    American Indian 5 $745,000 $149,000 $3,734 6.95%
    Korean 2 $640,000 $320,000 $4,071 7.00%
    Other Pacific Islander 1 $245,000 $245,000 $7,371 6.63%
    Filipino 1 $215,000 $215,000 $8,057 7.25%
    Chinese 1 $85,000 $85,000 $0 7.00%

    Approval Rates

    Total approvals of all applications
    94.05%

    South Central Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.40%

    South Central Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,294 $229,120,000 $177,063

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,294 $229,120,000 $177,063

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 277 $28,135,000 $101,570 $2,554 7.52%
    40-60% 162 $29,890,000 $184,506 $2,892 7.24%
    60-80% 221 $58,625,000 $265,271 $3,800 7.17%
    80-100% 383 $96,335,000 $251,527 $5,088 7.10%
    Over 100% 12 $4,780,000 $398,333 $11,638 6.41%
    Under 20% 239 $11,355,000 $47,510 $1,603 7.90%