First Reliance Bank Mortgage Rates, Fees & Info

Florence, SC

LEI: 549300SLZFPDLWNB0O94

Tax ID: 58-2463842

5 stars - Updated: 6/9/24 - out of 5 stars, based on 31 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.55% 6/9/24
30 Year Conventional Refi 6.36% 6/9/24
30 Year Cash-out Refi 6.62% 6/9/24
30 Year FHA Purchase 7.10% 6/9/24
30 Year FHA Refi 6.85% 6/9/24
30 Year VA Purchase 6.15% 6/9/24
30 Year USDA Purchase 6.48% 6/9/24
30 Year USDA Refi 6.27% 6/9/24
15 Year Conventional Purchase 6.06% 6/9/24
15 Year Conventional Refi 6.09% 6/9/24
15 Year Cash-out Refi 6.09% 6/9/24
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

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First Reliance Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

958

Origination Dollar Volume (All Markets)

$244,600,000
Show all (7) awards

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%
First Reliance Bank's top markets include Greenville, Columbia, Charleston, Florence, and Myrtle Beach among others.

Their top states include:
  • South Carolina (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 897 $227,885,000 $254,052 $4,690 6.72%
    VA 21 $8,615,000 $410,238 $9,386 6.43%
    USDA 21 $3,555,000 $169,286 $5,793 6.38%
    FHA 19 $4,545,000 $239,211 $8,454 6.37%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 802 $213,580,000 $266,309 $5,102 6.67%
    Cash Out Refi 65 $13,105,000 $201,615 $4,403 6.64%
    Refi 55 $10,955,000 $199,182 $3,540 7.12%
    Other 28 $6,270,000 $223,929 $3,490 6.68%
    Home Improvement 8 $690,000 $86,250 $3,422 7.38%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 845 $218,025,000 $258,018 $5,045 6.68%
    5 Year 33 $9,665,000 $292,879 $0 7.91%
    10 Year 25 $1,415,000 $56,600 $1,142 6.15%
    15 Year 23 $4,965,000 $215,870 $3,628 5.25%
    1 Year 15 $2,805,000 $187,000 $3,635 8.53%
    30+ year 8 $4,800,000 $600,000 $6,624 7.27%
    20 Year 6 $1,370,000 $228,333 $3,687 4.94%
    Other 2 $1,500,000 $750,000 $17,565 7.44%
    3 Year 1 $55,000 $55,000 $0 9.25%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 307 $90,615,000 $295,163
    $1k-2k 256 $49,960,000 $195,156
    $2k-3k 107 $22,545,000 $210,701
    $5k+ 89 $33,745,000 $379,157
    $3k-4k 70 $17,280,000 $246,857
    $4k-5k 34 $9,890,000 $290,882

    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

    Loan Rate Originations Total Value Average Loan
    6-7% 479 $124,235,000 $259,363
    7-8% 259 $70,305,000 $271,448
    5-6% 163 $39,455,000 $242,055
    Over 8% 47 $10,375,000 $220,745
    <2.5% 9 $55,000 $6,111
    4-5% 1 $175,000 $175,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 373 $57,295,000 $153,606 $4,033 6.57%
    $200k-400k 367 $99,245,000 $270,422 $5,497 6.79%
    $100,000 or less 95 $6,025,000 $63,421 $2,599 6.67%
    $400k-600k 70 $32,630,000 $466,143 $6,760 6.76%
    $600k-1MM 38 $27,420,000 $721,579 $7,717 6.98%
    $1MM+ 15 $21,985,000 $1,465,667 $7,116 6.74%

    2023 saw First Reliance Bank place emphasis on $100k-200k loans with 373 originations, totaling $57,295,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 209 $36,875,000 $176,435 $4,321 6.39%
    $100k-150k 187 $48,875,000 $261,364 $5,250 6.81%
    $50k or less 152 $19,790,000 $130,197 $3,742 6.39%
    $75k-100k 145 $32,845,000 $226,517 $4,784 6.67%
    $150k-250k 141 $43,835,000 $310,887 $5,698 6.88%
    $250k+ 89 $52,005,000 $584,326 $6,943 6.95%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 212 $54,250,000 $255,896 $4,772 6.71%
    30-36% 193 $46,625,000 $241,580 $4,857 6.60%
    <20% 77 $17,165,000 $222,922 $4,308 6.62%
    41% 39 $9,545,000 $244,744 $5,182 6.63%
    36% 39 $10,765,000 $276,026 $4,808 6.66%
    42% 37 $8,345,000 $225,541 $4,298 6.72%
    44% 37 $8,535,000 $230,676 $4,689 6.07%
    49% 35 $8,405,000 $240,143 $5,754 6.86%
    40% 31 $11,165,000 $360,161 $5,679 6.59%
    38% 30 $6,760,000 $225,333 $4,816 6.68%
    39% 28 $8,330,000 $297,500 $4,768 6.81%
    46% 28 $6,690,000 $238,929 $5,828 6.58%
    43% 27 $7,845,000 $290,556 $5,519 6.81%
    37% 26 $6,660,000 $256,154 $4,596 6.56%
    45% 25 $6,555,000 $262,200 $4,808 6.64%
    48% 24 $5,920,000 $246,667 $5,018 6.91%
    47% 20 $5,270,000 $263,500 $4,662 6.73%
    50-60% 15 $5,385,000 $359,000 $7,320 6.58%
    >60% 1 $105,000 $105,000 $0 8.00%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 757 $190,585,000 $251,764 $4,764 6.67%
    Not provided 91 $26,165,000 $287,527 $5,636 6.62%
    Black 49 $10,855,000 $221,531 $5,299 6.29%
    Not applicable 35 $10,375,000 $296,429 $0 8.02%
    Asian 24 $6,240,000 $260,000 $6,272 6.69%
    American Indian 2 $380,000 $190,000 $6,346 6.56%

    Approval Rates

    Total approvals of all applications
    94.38%

    First Reliance Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.10%

    First Reliance Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 958 $244,600,000 $255,324

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    958 $244,600,000 $255,324

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 87 $13,345,000 $153,391 $3,514 6.77%
    40-60% 143 $34,495,000 $241,224 $4,136 6.55%
    60-80% 310 $84,880,000 $273,806 $5,269 6.91%
    80-100% 391 $108,155,000 $276,611 $5,232 6.70%
    Over 100% 6 $2,360,000 $393,333 $16,278 6.48%
    Under 20% 21 $1,365,000 $65,000 $1,766 4.28%