South Central Bank Mortgage Rates, Fees & Info
GLASGOW, KYLEI: 549300LPT41QBMAC7948
Tax ID: 61-0126170
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 8.03% | 11/17/24 |
| 30 Year Conventional Purchase | 6.63% | 11/17/24 |
| 30 Year Conventional Refi | 6.56% | 11/17/24 |
| 30 Year Cash-out Refi | 6.87% | 11/17/24 |
| 30 Year FHA Purchase | 7.38% | 11/17/24 |
| 30 Year FHA Refi | 7.54% | 11/17/24 |
| 30 Year VA Purchase | 6.32% | 11/17/24 |
| 30 Year VA Refi | 6.26% | 11/17/24 |
| 30 Year USDA Purchase | 6.84% | 11/17/24 |
| 15 Year Conventional Purchase | 6.51% | 11/17/24 |
| 15 Year Conventional Refi | 6.12% | 11/17/24 |
| 15 Year Cash-out Refi | 6.12% | 11/17/24 |
| 15 Year VA Purchase | 5.68% | 11/17/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,294Origination Dollar Volume (All Markets)
$229,120,000Awards
SOUTH CENTRAL BANK - 2023
SOUTH CENTRAL BANK is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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.
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Product Mix
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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications94.05%
South Central Bank has an average approval rate.
Pick Rate
Approvals leading to origination86.40%
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 |