Carolina Financial Corporation Mortgage Rates, Fees & Info
Charleston, SCLEI: 549300PZXSGE8V4F6I85
Tax ID: 57-1118644
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Mortgage Data
Review & Overview
Carolina Financial Corporation is a smaller mortgage company specializing in Home Purchase loans. Carolina Financial Corporation has a high proportion of conventional loans. Their top markets by origination volume include: Myrtle Beach, Lumberton, Charleston, Wilmington, and Greenville among others. We have data for 32 markets. (Some data included below & more in-depth data is available with an active subscription.)Carolina Financial Corporation 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. Carolina Financial Corporation 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.
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Originations
840Origination Dollar Volume (All Markets)
$202,510,000Top 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 |
|---|---|---|---|---|---|
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 499 | $90,235,000 | $180,832 | $4,150 | 5.25% |
| Lumberton, NC (FHA|USDA|VA) | 17 | $25,455,000 | $1,497,353 | $3,821 | 5.46% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 53 | $20,205,000 | $381,226 | $4,441 | 5.07% |
| WILMINGTON, NC (FHA|USDA|VA) | 39 | $10,205,000 | $261,667 | $4,415 | 5.37% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 24 | $5,530,000 | $230,417 | $5,356 | 5.44% |
| Georgetown, SC (FHA|USDA|VA) | 11 | $5,205,000 | $473,182 | $4,784 | 5.01% |
| COLUMBIA, SC (FHA|USDA|VA) | 18 | $5,190,000 | $288,333 | $4,745 | 5.49% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 12 | $4,330,000 | $360,833 | $4,198 | 5.05% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 12 | $4,150,000 | $345,833 | $4,163 | 4.85% |
| GREENVILLE, NC (FHA|USDA|VA) | 17 | $3,885,000 | $228,529 | $4,182 | 5.12% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 16 | $3,830,000 | $239,375 | $3,813 | 5.33% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 18 | $3,550,000 | $197,222 | $3,950 | 4.92% |
| NEW BERN, NC (FHA|USDA|VA) | 23 | $3,455,000 | $150,217 | $3,343 | 5.04% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 4 | $2,700,000 | $675,000 | $6,843 | 5.61% |
| Morehead City, NC (FHA|USDA|VA) | 9 | $2,245,000 | $249,444 | $3,737 | 4.87% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 7 | $2,035,000 | $290,714 | $3,702 | 4.73% |
| Outside of Metro Areas | 15 | $1,725,000 | $115,000 | $3,425 | 4.95% |
| Washington, NC (FHA|USDA|VA) | 10 | $1,500,000 | $150,000 | $4,035 | 5.40% |
| Wilson, NC (FHA|USDA|VA) | 6 | $1,250,000 | $208,333 | $1,670 | 5.36% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $1,075,000 | $1,075,000 | $0 | 6.00% |
| SPARTANBURG, SC (FHA|USDA|VA) | 7 | $885,000 | $126,429 | $4,241 | 5.41% |
| ASHEVILLE, NC (FHA|USDA|VA) | 2 | $870,000 | $435,000 | $2,878 | 4.63% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 6 | $740,000 | $123,333 | $3,397 | 5.03% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 3 | $705,000 | $235,000 | $10,736 | 4.71% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $0 | 5.75% |
| Orangeburg, SC (FHA|USDA|VA) | 3 | $315,000 | $105,000 | $4,113 | 5.10% |
| Kinston, NC (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $3,350 | 5.81% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,613 | 4.38% |
| GOLDSBORO, NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 5.13% |
| Elizabeth City, NC (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,522 | 4.88% |
| BURLINGTON, NC (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.95% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $2,897 | 4.38% |
Similar Lenders
We use machine learning to identify the top lenders compared against Carolina Financial Corporation 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
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 840 | $202,510,000 | $241,083 | $4,146 | 5.22% |
For 2018, Carolina Financial Corporation's most frequently originated type of loan was Conventional, with 840 originations.
Loan Reason
For 2018, Carolina Financial Corporation's most frequently cited loan purpose was Home Purchase, with 720 originations. The 2nd most popular reason was Refi, with 66 originations.
Loan Duration/Length
For 2018, Carolina Financial Corporation's most frequently cited loan duration was 30 Year, with 232 originations. The 2nd most popular length was 15 Year, with 194 originations.
Origination Fees/Closing Costs
Carolina Financial Corporation's average total fees were $3,752, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 142 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 502 | $129,240,000 | $257,450 |
| 4-5% | 235 | $55,055,000 | $234,277 |
| 6-7% | 45 | $8,235,000 | $183,000 |
| 3-4% | 35 | $8,955,000 | $255,857 |
| 7-8% | 8 | $950,000 | $118,750 |
During 2018, Carolina Financial Corporation's average interest rate for loans was 4.94%, while their most frequently originated rate bucket for loans was 5-6%, with 502 originations.
Loan Sizing
2018 saw Carolina Financial Corporation place emphasis on $100,000 or less loans with 289 originations, totaling $19,765,000 in origination value.
Applicant Income
Carolina Financial Corporation lent most frequently to those with incomes in the $100k-150k range, with 183 originations. The second most popular income band? $150k-250k, with 146 originations.
Applicant Debt to Income Ratio
Carolina Financial Corporation lent most frequently to those with DTI ratios of 30-36%, with 155 originations. The next most common DTI ratio? 20-30%, with 154 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.02%
Carolina Financial Corporation has an average approval rate.
Pick Rate
Approvals leading to origination70.00%
Carolina Financial Corporation 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 | 840 | $202,510,000 | $241,083 |