First Reliance Bank Mortgage Rates, Fees & Info
Florence, SCLEI: 549300SLZFPDLWNB0O94
Tax ID: 58-2463842
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Mortgage Data
Review & Overview
First Reliance Bank is a smaller bank specializing in Home Purchase loans. First Reliance Bank has a high proportion of conventional 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: Greenville, Columbia, Charleston, Florence, and Myrtle Beach among others. We have data for 55 markets. (Some data included below & more in-depth data is available with an active subscription.)First Reliance 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. First Reliance 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.55% | 11/17/24 |
| 30 Year Conventional Refi | 6.36% | 11/17/24 |
| 30 Year Cash-out Refi | 6.62% | 11/17/24 |
| 30 Year FHA Purchase | 7.10% | 11/17/24 |
| 30 Year FHA Refi | 6.85% | 11/17/24 |
| 30 Year VA Purchase | 6.15% | 11/17/24 |
| 30 Year USDA Purchase | 6.48% | 11/17/24 |
| 30 Year USDA Refi | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 6.06% | 11/17/24 |
| 15 Year Conventional Refi | 6.09% | 11/17/24 |
| 15 Year Cash-out Refi | 6.09% | 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. | ||
First Reliance Bank Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
958Origination Dollar Volume (All Markets)
$244,600,000Awards
First Reliance Bank - 2023
First Reliance 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
First Reliance Bank's average 30 year fixed mortgage rate was
6.68%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.2%.
Relative Fees (Closing Costs)
First Reliance Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,045.
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 |
|---|---|---|---|---|---|
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 199 | $50,555,000 | $254,045 | $4,260 | 6.59% |
| COLUMBIA, SC (FHA|USDA|VA) | 169 | $43,875,000 | $259,615 | $4,438 | 6.60% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 41 | $23,835,000 | $581,341 | $4,868 | 6.80% |
| FLORENCE, SC (FHA|USDA|VA) | 108 | $21,500,000 | $199,074 | $4,050 | 6.75% |
| Outside of Metro Areas | 108 | $20,200,000 | $187,037 | $5,029 | 6.60% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 70 | $15,670,000 | $223,857 | $6,378 | 7.08% |
| SPARTANBURG, SC (FHA|USDA|VA) | 37 | $7,275,000 | $196,622 | $5,060 | 6.59% |
| Thomasville, GA (FHA|USDA|VA) | 33 | $6,835,000 | $207,121 | $5,405 | 6.37% |
| LYNCHBURG, VA (FHA|USDA|VA) | 29 | $6,035,000 | $208,103 | $4,571 | 6.87% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 12 | $5,400,000 | $450,000 | $6,941 | 6.76% |
| ROANOKE, VA (FHA|USDA|VA) | 17 | $4,755,000 | $279,706 | $3,641 | 6.76% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 5 | $4,055,000 | $811,000 | $7,289 | 7.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 8 | $3,450,000 | $431,250 | $6,391 | 6.79% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 17 | $3,445,000 | $202,647 | $4,551 | 7.05% |
| Mount Airy, NC (FHA|USDA|VA) | 12 | $2,540,000 | $211,667 | $4,952 | 6.16% |
| Georgetown, SC (FHA|USDA|VA) | 5 | $2,275,000 | $455,000 | $8,995 | 6.70% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 8 | $2,190,000 | $273,750 | $4,173 | 7.83% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 7 | $1,605,000 | $229,286 | $7,345 | 6.59% |
| Bluefield, WV-VA (FHA|USDA|VA) | 12 | $1,540,000 | $128,333 | $4,122 | 6.74% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 3 | $1,325,000 | $441,667 | $9,086 | 6.63% |
| RICHMOND, VA (FHA|USDA|VA) | 4 | $1,200,000 | $300,000 | $7,304 | 6.66% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $1,090,000 | $545,000 | $6,495 | 6.56% |
| Newberry, SC (FHA|USDA|VA) | 4 | $1,090,000 | $272,500 | $8,374 | 7.03% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $1,085,000 | $1,085,000 | $6,001 | 7.25% |
| SAVANNAH, GA (FHA|USDA|VA) | 2 | $970,000 | $485,000 | $17,903 | 7.56% |
| Cullowhee, NC (FHA|USDA|VA) | 2 | $870,000 | $435,000 | $15,487 | 7.13% |
| Orangeburg, SC (FHA|USDA|VA) | 4 | $850,000 | $212,500 | $3,098 | 7.47% |
| ASHEVILLE, NC (FHA|USDA|VA) | 2 | $840,000 | $420,000 | $12,230 | 6.81% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 5 | $835,000 | $167,000 | $3,778 | 6.70% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $3,674 | 5.75% |
| Moultrie, GA (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $9,861 | 6.50% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $19,715 | 6.50% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $5,229 | 6.88% |
| Seneca, SC (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $5,486 | 6.50% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $5,930 | 6.56% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $6,890 | 8.13% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $8,778 | 6.13% |
| North Wilkesboro, NC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $7,010 | 6.75% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,443 | 6.88% |
| Gaffney, SC (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $4,916 | 6.63% |
| Greenwood, SC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,161 | 6.88% |
| SUMTER, SC (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $2,035 | 8.03% |
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,694 | 7.50% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,729 | 7.13% |
| Albemarle, NC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,255 | 6.38% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $6,764 | 7.00% |
| BECKLEY, WV (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $3,909 | 6.63% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,464 | 6.13% |
| Boone, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $7,240 | 6.63% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,578 | 6.00% |
| Henderson, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $6,003 | 5.63% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,130 | 7.13% |
| Shelby, NC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 8.00% |
| Dublin, GA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,563 | 6.00% |
| AUBURN-OPELIKA, AL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,452 | 7.13% |
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Product Mix
For 2023, First Reliance Bank's most frequently originated type of loan was Conventional, with 897 originations. Their 2nd most popular type was VA, with 21 originations.
Loan Reason
For 2023, First Reliance Bank's most frequently cited loan purpose was Home Purchase, with 802 originations. The 2nd most popular reason was Cash Out Refi, with 65 originations.
Loan Duration/Length
For 2023, First Reliance Bank's most frequently cited loan duration was 30 Year, with 845 originations. The 2nd most popular length was 5 Year, with 33 originations.
Origination Fees/Closing Costs
First Reliance Bank's average total fees were $5,045, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 307 originations.
Interest Rates
During 2023, First Reliance Bank's average interest rate for loans was 6.68%, while their most frequently originated rate bucket for loans was 6-7%, with 479 originations.
Loan Sizing
2023 saw First Reliance Bank place emphasis on $100k-200k loans with 373 originations, totaling $57,295,000 in origination value.
Applicant Income
First Reliance Bank lent most frequently to those with incomes in the $50k-75k range, with 209 originations. The second most popular income band? $100k-150k, with 187 originations.
Applicant Debt to Income Ratio
First Reliance Bank lent most frequently to those with DTI ratios of 20-30%, with 212 originations. The next most common DTI ratio? 30-36%, with 193 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.38%
First Reliance Bank has an average approval rate.
Pick Rate
Approvals leading to origination88.10%
First Reliance Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 958 | $244,600,000 | $255,324 |