Carolina Financial Corporation Mortgage Rates, Fees & Info

Charleston, SC

LEI: 549300PZXSGE8V4F6I85

Tax ID: 57-1118644

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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 Financial Corporation is a smaller mortgage company specializing in Home Purchase loans. Carolina Financial Corporation has a high proportion of conventional 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: Myrtle Beach, Greenville, Wilmington, Charleston, and Georgetown among others. We have data for 29 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.

    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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    Originations

    853

    Origination Dollar Volume (All Markets)

    $218,805,000

    Awards

    Carolina Financial Corporation FHA Loans bronze Carolina Financial Corporation FHA Loans gold
    Show all (2) awards

    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
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 470 $84,320,000 $179,404 $3,969 5.31%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 45 $39,695,000 $882,111 $4,562 5.42%
    WILMINGTON, NC (FHA|USDA|VA) 44 $26,800,000 $609,091 $3,972 5.47%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 65 $16,895,000 $259,923 $4,412 4.67%
    Georgetown, SC (FHA|USDA|VA) 9 $5,515,000 $612,778 $5,135 4.57%
    Kill Devil Hills, NC (FHA|USDA|VA) 9 $4,865,000 $540,556 $4,536 5.31%
    COLUMBIA, SC (FHA|USDA|VA) 13 $4,455,000 $342,692 $4,209 4.54%
    Morehead City, NC (FHA|USDA|VA) 13 $4,205,000 $323,462 $3,843 4.56%
    NEW BERN, NC (FHA|USDA|VA) 22 $3,440,000 $156,364 $3,385 4.66%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 13 $3,275,000 $251,923 $3,706 5.21%
    ROCKY MOUNT, NC (FHA|USDA|VA) 15 $3,115,000 $207,667 $2,385 4.57%
    GREENVILLE, NC (FHA|USDA|VA) 20 $3,110,000 $155,500 $2,892 5.05%
    Washington, NC (FHA|USDA|VA) 22 $2,770,000 $125,909 $3,026 3.30%
    Lumberton, NC (FHA|USDA|VA) 21 $2,685,000 $127,857 $2,926 4.15%
    FAYETTEVILLE, NC (FHA|USDA|VA) 15 $2,535,000 $169,000 $3,048 4.51%
    Outside of Metro Areas 15 $2,425,000 $161,667 $3,547 5.18%
    RALEIGH-CARY, NC (FHA|USDA|VA) 8 $1,580,000 $197,500 $3,280 5.17%
    SPARTANBURG, SC (FHA|USDA|VA) 9 $1,105,000 $122,778 $4,732 4.76%
    Seneca, SC (FHA|USDA|VA) 1 $1,075,000 $1,075,000 $5,232 4.75%
    JACKSONVILLE, NC (FHA|USDA|VA) 4 $1,060,000 $265,000 $4,023 4.31%
    FLORENCE, SC (FHA|USDA|VA) 1 $995,000 $995,000 $0 5.85%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 4 $700,000 $175,000 $3,067 4.37%
    Wilson, NC (FHA|USDA|VA) 4 $550,000 $137,500 $2,967 4.92%
    Sanford, NC (FHA|USDA|VA) 2 $480,000 $240,000 $5,209 4.63%
    GOLDSBORO, NC (FHA|USDA|VA) 2 $290,000 $145,000 $5,190 4.06%
    WINSTON-SALEM, NC (FHA|USDA|VA) 3 $275,000 $91,667 $1,825 3.88%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $255,000 $255,000 $3,345 5.25%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $205,000 $205,000 $4,582 4.75%
    Kinston, NC (FHA|USDA|VA) 2 $130,000 $65,000 $1,945 2.81%
    Carolina Financial Corporation's top markets include Myrtle Beach, Greenville, Wilmington, Charleston, and Georgetown among others.

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

    • 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.

    Barley Mortgage, LLC
    Similarity Rank: 48
    CAROLINA TRUST FEDERAL CREDIT UNION
    Similarity Rank: 265
    GREENVILLE FEDERAL CREDIT UNION
    Similarity Rank: 402
    Corporate Investors Mortgage Group, Inc.
    Similarity Rank: 560
    CORNING
    Similarity Rank: 606
    REV FEDERAL CREDIT UNION
    Similarity Rank: 928
    North State Bank
    Similarity Rank: 952
    BLMC, INC
    Similarity Rank: 1266
    First Piedmont Federal Savings and Loan Association of Gaffney
    Similarity Rank: 1533
    S. C. STATE FEDERAL CREDIT UNION
    Similarity Rank: 1598

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 831 $214,605,000 $258,249 $3,781 5.12%
    FHA 13 $2,325,000 $178,846 $5,557 3.66%
    VA 8 $1,790,000 $223,750 $3,529 3.45%
    HELOC 1 $85,000 $85,000 n/a 5.50%

    For 2019, Carolina Financial Corporation's most frequently originated type of loan was Conventional, with 831 originations. Their 2nd most popular type was FHA, with 13 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 708 $189,010,000 $266,963 $3,939 5.10%
    Refi 62 $15,940,000 $257,097 $3,519 5.10%
    Cash Out Refi 62 $10,270,000 $165,645 $3,482 4.79%
    Other 13 $1,495,000 $115,000 $3,011 5.07%
    Home Improvement 7 $1,925,000 $275,000 $4,809 5.50%
    NA 1 $165,000 $165,000 $0 5.42%

    For 2019, Carolina Financial Corporation's most frequently cited loan purpose was Home Purchase, with 708 originations. The 2nd most popular reason was Refi, with 62 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 283 $54,195,000 $191,502 $3,799 4.66%
    5 Year 182 $40,190,000 $220,824 $1,593 5.69%
    15 Year 180 $19,100,000 $106,111 $2,574 4.85%
    20 Year 92 $15,380,000 $167,174 $3,630 5.43%
    30+ year 55 $18,615,000 $338,455 $5,392 4.78%
    Other 29 $61,045,000 $2,105,000 $5,236 5.29%
    1 Year 18 $8,210,000 $456,111 $0 6.56%
    10 Year 10 $760,000 $76,000 $2,781 4.90%
    3 Year 4 $1,310,000 $327,500 $0 6.06%

    For 2019, Carolina Financial Corporation's most frequently cited loan duration was 30 Year, with 283 originations. The 2nd most popular length was 5 Year, with 182 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 140 $22,860,000 $163,286
    $<1k 139 $22,765,000 $163,777
    $2k-3k 81 $21,795,000 $269,074
    $5k+ 8 $5,540,000 $692,500
    $3k-4k 5 $1,165,000 $233,000
    $4k-5k 2 $890,000 $445,000

    Carolina Financial Corporation's average total fees were $3,799, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 140 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 442 $120,820,000 $273,348
    4-5% 213 $65,895,000 $309,366
    3-4% 108 $22,270,000 $206,204
    6-7% 64 $8,570,000 $133,906
    <2.5% 17 $85,000 $5,000
    7-8% 9 $1,165,000 $129,444

    During 2019, Carolina Financial Corporation's average interest rate for loans was 4.66%, while their most frequently originated rate bucket for loans was 5-6%, with 442 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 338 $47,590,000 $140,799 $3,643 5.14%
    $100,000 or less 271 $18,545,000 $68,432 $2,591 5.10%
    $200k-400k 156 $41,880,000 $268,462 $4,215 4.90%
    $400k-600k 50 $23,990,000 $479,800 $5,937 4.91%
    $600k-1MM 27 $20,565,000 $761,667 $7,924 5.36%
    $1MM+ 11 $66,235,000 $6,021,364 $10,799 5.08%

    2019 saw Carolina Financial Corporation place emphasis on $100k-200k loans with 338 originations, totaling $47,590,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 123 $22,195,000 $180,447 $4,129 5.14%
    $50k or less 116 $12,300,000 $106,034 $2,995 4.31%
    $50k-75k 115 $15,555,000 $135,261 $3,584 4.73%
    $75k-100k 114 $16,120,000 $141,404 $3,765 5.06%
    $150k-250k 110 $23,170,000 $210,636 $4,264 5.07%
    $250k+ 83 $29,505,000 $355,482 $6,057 5.17%

    Carolina Financial Corporation lent most frequently to those with incomes in the $100k-150k range, with 123 originations. The second most popular income band? $50k or less, with 116 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 137 $24,305,000 $177,409 $3,556 4.89%
    30-36% 134 $21,910,000 $163,507 $3,799 4.86%
    42% 57 $9,665,000 $169,561 $3,680 5.14%
    <20% 55 $12,225,000 $222,273 $3,741 4.80%
    37% 39 $6,015,000 $154,231 $3,558 4.54%
    39% 34 $6,420,000 $188,824 $4,076 4.79%
    41% 32 $6,720,000 $210,000 $4,465 5.05%
    40% 32 $6,100,000 $190,625 $4,013 5.01%
    36% 19 $4,465,000 $235,000 $4,018 5.24%
    38% 18 $2,740,000 $152,222 $3,960 4.76%
    45% 16 $3,120,000 $195,000 $4,945 4.88%
    43% 14 $2,440,000 $174,286 $3,484 4.36%
    44% 13 $2,495,000 $191,923 $3,954 4.83%
    50-60% 13 $1,625,000 $125,000 $3,923 4.89%
    47% 10 $1,410,000 $141,000 $4,014 4.45%
    49% 8 $2,280,000 $285,000 $5,045 4.01%
    46% 8 $1,210,000 $151,250 $4,539 5.13%
    48% 7 $1,215,000 $173,571 $3,394 4.41%
    >60% 6 $1,130,000 $188,333 $0 5.88%

    Carolina Financial Corporation lent most frequently to those with DTI ratios of 20-30%, with 137 originations. The next most common DTI ratio? 30-36%, with 134 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 615 $117,455,000 $190,984 $3,911 4.94%
    Not applicable 166 $90,840,000 $547,229 $0 5.75%
    Black 27 $3,545,000 $131,296 $2,410 4.46%
    Asian 17 $3,125,000 $183,824 $4,429 4.51%
    Not provided 20 $3,070,000 $153,500 $3,385 5.36%
    American Indian 7 $725,000 $103,571 $3,012 4.32%
    Native Hawaiian or Islander 1 $45,000 $45,000 $3,133 6.13%

    Approval Rates

    Total approvals of all applications
    88.94%

    Carolina Financial Corporation has an average approval rate.

    Pick Rate

    Approvals leading to origination
    68.46%

    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 853 $218,805,000 $256,512

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 6 $2,670,000 $445,000
    Multifamily:Site-Built 30 $62,140,000 $2,071,333
    Single Family (1-4 Units):Manufactured 16 $1,530,000 $95,625
    Single Family (1-4 Units):Site-Built 801 $152,465,000 $190,343

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 50 $12,130,000 $242,600 $3,531 5.10%
    40-60% 116 $54,880,000 $473,103 $4,102 5.19%
    60-80% 507 $116,875,000 $230,523 $3,949 5.32%
    80-100% 150 $33,010,000 $220,067 $4,176 4.78%
    Over 100% 3 $1,035,000 $345,000 $8,363 4.23%
    Under 20% 27 $875,000 $32,407 $645 1.90%