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. 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: Elizabethtown, Bowling Green, Louisville, Glasgow, and Nashville among others. We have data for 46 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 a low 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 8.03% | 4/21/24 |
| 30 Year Conventional Purchase | 6.63% | 4/21/24 |
| 30 Year Conventional Refi | 6.56% | 4/21/24 |
| 30 Year Cash-out Refi | 6.87% | 4/21/24 |
| 30 Year FHA Purchase | 7.38% | 4/21/24 |
| 30 Year FHA Refi | 7.54% | 4/21/24 |
| 30 Year VA Purchase | 6.32% | 4/21/24 |
| 30 Year VA Refi | 6.26% | 4/21/24 |
| 30 Year USDA Purchase | 6.84% | 4/21/24 |
| 15 Year Conventional Purchase | 6.51% | 4/21/24 |
| 15 Year Conventional Refi | 6.12% | 4/21/24 |
| 15 Year Cash-out Refi | 6.12% | 4/21/24 |
| 15 Year VA Purchase | 5.68% | 4/21/24 |
| 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
1,531Origination Dollar Volume (All Markets)
$294,185,000Awards
SOUTH CENTRAL BANK - 2022
SOUTH CENTRAL BANK is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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) | 288 | $61,830,000 | $214,688 | $4,706 | 4.83% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 345 | $55,045,000 | $159,551 | $3,421 | 4.78% |
| LOUISVILLE, KY (FHA|USDA|VA) | 132 | $38,500,000 | $291,667 | $3,416 | 4.85% |
| Outside of Metro Areas | 227 | $33,355,000 | $146,938 | $3,548 | 5.07% |
| Glasgow, KY (FHA|USDA|VA) | 228 | $30,380,000 | $133,246 | $2,912 | 5.10% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 45 | $18,185,000 | $404,111 | $4,301 | 5.15% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 65 | $16,015,000 | $246,385 | $4,334 | 4.69% |
| OWENSBORO, KY (FHA|USDA|VA) | 95 | $14,605,000 | $153,737 | $3,100 | 5.10% |
| Somerset, KY (FHA|USDA|VA) | 30 | $4,460,000 | $148,667 | $2,961 | 5.57% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 5 | $3,695,000 | $739,000 | $0 | 3.90% |
| Bardstown, KY (FHA|USDA|VA) | 13 | $2,875,000 | $221,154 | $3,951 | 5.42% |
| Sevierville, TN (FHA|USDA|VA) | 2 | $1,430,000 | $715,000 | $0 | 4.75% |
| MOBILE, AL (FHA|USDA|VA) | 1 | $1,145,000 | $1,145,000 | $0 | 3.55% |
| Richmond-Berea, KY (FHA|USDA|VA) | 3 | $785,000 | $261,667 | $2,758 | 4.38% |
| Danville, KY (FHA|USDA|VA) | 4 | $760,000 | $190,000 | $5,224 | 4.69% |
| KNOXVILLE, TN (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $0 | 5.13% |
| Frankfort, KY (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $3,535 | 4.73% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 6 | $670,000 | $111,667 | $4,293 | 4.35% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $5,470 | 4.75% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $5,254 | 5.53% |
| Campbellsville, KY (FHA|USDA|VA) | 4 | $570,000 | $142,500 | $3,655 | 3.75% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $2,877 | 4.75% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $0 | 5.50% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $3,460 | 4.99% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $4,491 | 3.88% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $11,744 | 5.13% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $4,605 | 6.50% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $3,641 | 4.44% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $4,666 | 5.00% |
| Scottsburg, IN (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $4,764 | 5.63% |
| Tullahoma-Manchester, TN (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $3,244 | 4.50% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,005 | 3.13% |
| Lewisburg, TN (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,981 | 3.50% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $0 | 4.25% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 4.50% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,280 | 5.63% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,756 | 4.13% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 3.75% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 4.00% |
| MACON-BIBB COUNTY, GA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,729 | 5.38% |
| Cullman, AL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 4.99% |
| Central City, KY (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,267 | 5.88% |
| Mayfield, KY (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.00% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.50% |
| London, KY (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.50% |
| Crossville, TN (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $1,731 | 6.25% |
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 2022, South Central Bank's most frequently originated type of loan was Conventional, with 803 originations. Their 2nd most popular type was HELOC, with 521 originations.
Loan Reason
For 2022, South Central Bank's most frequently cited loan purpose was Home Purchase, with 660 originations. The 2nd most popular reason was Refi, with 334 originations.
Loan Duration/Length
For 2022, South Central Bank's most frequently cited loan duration was 30 Year, with 587 originations. The 2nd most popular length was 10 Year, with 474 originations.
Origination Fees/Closing Costs
South Central Bank's average total fees were $4,104, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 611 originations.
Interest Rates
During 2022, South Central Bank's average interest rate for loans was 4.78%, while their most frequently originated rate bucket for loans was 3-4%, with 510 originations.
Loan Sizing
2022 saw South Central Bank place emphasis on $100,000 or less loans with 524 originations, totaling $28,170,000 in origination value.
Applicant Income
South Central Bank lent most frequently to those with incomes in the $50k-75k range, with 327 originations. The second most popular income band? $50k or less, with 310 originations.
Applicant Debt to Income Ratio
South Central Bank lent most frequently to those with DTI ratios of 20-30%, with 313 originations. The next most common DTI ratio? 30-36%, with 241 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.01%
South Central Bank has an average approval rate.
Pick Rate
Approvals leading to origination82.63%
South Central Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,531 | $294,185,000 | $192,152 |