First Reliance Bank Mortgage Rates, Fees & Info

Florence, SC

LEI: 549300SLZFPDLWNB0O94

Tax ID: 58-2463842

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    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: Columbia, Greenville, Charlotte, Florence, and Charleston among others. We have data for 61 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 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.

    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% 12/16/24
    30 Year Conventional Refi 6.36% 12/16/24
    30 Year Cash-out Refi 6.62% 12/16/24
    30 Year FHA Purchase 7.10% 12/16/24
    30 Year FHA Refi 6.85% 12/16/24
    30 Year VA Purchase 6.15% 12/16/24
    30 Year USDA Purchase 6.48% 12/16/24
    30 Year USDA Refi 6.27% 12/16/24
    15 Year Conventional Purchase 6.06% 12/16/24
    15 Year Conventional Refi 6.09% 12/16/24
    15 Year Cash-out Refi 6.09% 12/16/24
    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

    1,082

    Origination Dollar Volume (All Markets)

    $299,560,000
    Show all (14) 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
    COLUMBIA, SC (FHA|USDA|VA) 173 $49,995,000 $288,988 $4,608 4.71%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 184 $45,610,000 $247,880 $3,738 4.63%
    Outside of Metro Areas 158 $33,770,000 $213,734 $4,657 4.68%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 52 $33,290,000 $640,192 $5,187 4.42%
    FLORENCE, SC (FHA|USDA|VA) 147 $27,085,000 $184,252 $4,247 4.84%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 54 $27,020,000 $500,370 $4,224 4.29%
    ROANOKE, VA (FHA|USDA|VA) 55 $15,805,000 $287,364 $3,470 4.57%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 42 $10,730,000 $255,476 $5,278 4.66%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 15 $5,805,000 $387,000 $3,681 5.13%
    WINSTON-SALEM, NC (FHA|USDA|VA) 23 $5,105,000 $221,957 $3,426 5.03%
    SPARTANBURG, SC (FHA|USDA|VA) 20 $4,870,000 $243,500 $4,085 4.46%
    RICHMOND, VA (FHA|USDA|VA) 17 $4,695,000 $276,176 $3,615 4.60%
    Mount Airy, NC (FHA|USDA|VA) 18 $3,070,000 $170,556 $4,430 4.28%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 6 $2,660,000 $443,333 $5,767 4.98%
    RALEIGH-CARY, NC (FHA|USDA|VA) 7 $2,645,000 $377,857 $3,611 4.57%
    Seneca, SC (FHA|USDA|VA) 8 $2,640,000 $330,000 $7,380 4.83%
    Georgetown, SC (FHA|USDA|VA) 6 $2,620,000 $436,667 $3,888 5.19%
    Cullowhee, NC (FHA|USDA|VA) 7 $2,435,000 $347,857 $8,008 5.84%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 9 $1,445,000 $160,556 $4,671 5.15%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 6 $1,420,000 $236,667 $6,950 5.04%
    ASHEVILLE, NC (FHA|USDA|VA) 4 $1,290,000 $322,500 $3,263 3.78%
    SUMTER, SC (FHA|USDA|VA) 7 $1,235,000 $176,429 $3,480 5.35%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 4 $1,140,000 $285,000 $3,612 5.41%
    LYNCHBURG, VA (FHA|USDA|VA) 6 $1,120,000 $186,667 $3,911 5.08%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 4.75%
    North Wilkesboro, NC (FHA|USDA|VA) 4 $920,000 $230,000 $5,314 4.50%
    Henderson, NC (FHA|USDA|VA) 3 $635,000 $211,667 $3,648 3.75%
    Gaffney, SC (FHA|USDA|VA) 2 $630,000 $315,000 $3,288 4.31%
    Newberry, SC (FHA|USDA|VA) 1 $585,000 $585,000 $5,184 3.88%
    Albemarle, NC (FHA|USDA|VA) 2 $560,000 $280,000 $4,617 3.19%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $495,000 $495,000 $3,346 3.13%
    Thomasville, GA (FHA|USDA|VA) 3 $415,000 $138,333 $3,702 5.63%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $415,000 $415,000 $5,926 4.13%
    Boone, NC (FHA|USDA|VA) 1 $395,000 $395,000 $3,621 7.25%
    HARRISONBURG, VA (FHA|USDA|VA) 2 $370,000 $185,000 $2,315 4.81%
    Bluefield, WV-VA (FHA|USDA|VA) 3 $365,000 $121,667 $3,140 6.54%
    NEW BERN, NC (FHA|USDA|VA) 1 $365,000 $365,000 $5,179 5.88%
    MACON-BIBB COUNTY, GA (FHA|USDA|VA) 3 $315,000 $105,000 $3,059 5.71%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $315,000 $315,000 $7,459 5.50%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,322 5.38%
    Dublin, GA (FHA|USDA|VA) 3 $305,000 $101,667 $3,860 3.75%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $285,000 $285,000 $3,332 5.50%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $285,000 $285,000 $3,355 2.75%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $275,000 $275,000 $3,830 5.25%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $265,000 $265,000 $3,795 5.63%
    BURLINGTON, NC (FHA|USDA|VA) 1 $265,000 $265,000 $2,886 4.25%
    STAUNTON, VA (FHA|USDA|VA) 1 $225,000 $225,000 $3,254 4.25%
    Orangeburg, SC (FHA|USDA|VA) 2 $210,000 $105,000 $4,347 6.31%
    Shelby, NC (FHA|USDA|VA) 1 $205,000 $205,000 $5,298 6.13%
    COLUMBUS, GA-AL (FHA|USDA|VA) 1 $205,000 $205,000 $7,900 6.63%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $195,000 $195,000 $3,037 5.88%
    WILMINGTON, NC (FHA|USDA|VA) 1 $195,000 $195,000 $0 6.00%
    MORRISTOWN, TN (FHA|USDA|VA) 1 $175,000 $175,000 $2,187 5.50%
    Big Stone Gap, VA (FHA|USDA|VA) 1 $175,000 $175,000 $2,842 5.50%
    DOTHAN, AL (FHA|USDA|VA) 1 $165,000 $165,000 $2,895 3.88%
    Bennettsville, SC (FHA|USDA|VA) 1 $145,000 $145,000 $6,147 4.25%
    Danville, VA (FHA|USDA|VA) 1 $105,000 $105,000 $2,473 4.88%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $85,000 $85,000 $3,231 5.00%
    Forest City, NC (FHA|USDA|VA) 1 $85,000 $85,000 $4,921 5.50%
    Statesboro, GA (FHA|USDA|VA) 1 $65,000 $65,000 $3,588 5.88%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $55,000 $55,000 $2,597 4.25%
    First Reliance Bank's top markets include Columbia, Greenville, Charlotte, Florence, and Charleston among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against First Reliance Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    HENRICO Federal Credit Union
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    Similarity Rank: 440
    Barley Mortgage, LLC
    Similarity Rank: 444
    Colony Bank
    Similarity Rank: 480
    ROBINS FINANCIAL
    Similarity Rank: 552
    GREENVILLE FEDERAL CREDIT UNION
    Similarity Rank: 588

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,027 $287,045,000 $279,499 $4,179 4.72%
    USDA 23 $3,755,000 $163,261 $5,127 3.95%
    FHA 22 $4,880,000 $221,818 $7,675 4.48%
    VA 10 $3,880,000 $388,000 $9,359 5.09%

    For 2022, First Reliance Bank's most frequently originated type of loan was Conventional, with 1,027 originations. Their 2nd most popular type was USDA, with 23 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 750 $216,130,000 $288,173 $4,689 4.86%
    Cash Out Refi 164 $40,940,000 $249,634 $3,668 4.32%
    Refi 124 $32,630,000 $263,145 $3,536 4.18%
    Other 38 $7,750,000 $203,947 $3,364 4.77%
    Home Improvement 6 $2,110,000 $351,667 $4,128 5.62%

    For 2022, First Reliance Bank's most frequently cited loan purpose was Home Purchase, with 750 originations. The 2nd most popular reason was Cash Out Refi, with 164 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 803 $218,935,000 $272,646 $4,421 4.80%
    15 Year 99 $23,225,000 $234,596 $3,736 3.65%
    1 Year 42 $7,530,000 $179,286 $3,403 6.23%
    5 Year 35 $11,065,000 $316,143 $0 5.12%
    30+ year 35 $24,115,000 $689,000 $6,850 4.35%
    20 Year 30 $4,820,000 $160,667 $2,926 3.30%
    10 Year 25 $5,325,000 $213,000 $2,808 4.41%
    Other 12 $4,040,000 $336,667 $2,949 4.67%
    3 Year 1 $505,000 $505,000 $0 5.75%

    For 2022, First Reliance Bank's most frequently cited loan duration was 30 Year, with 803 originations. The 2nd most popular length was 15 Year, with 99 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 503 $144,235,000 $286,750
    $1k-2k 188 $36,780,000 $195,638
    $2k-3k 125 $42,415,000 $339,320
    $5k+ 67 $28,425,000 $424,254
    $3k-4k 47 $10,125,000 $215,426
    $4k-5k 32 $9,890,000 $309,063

    First Reliance Bank's average total fees were $4,421, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 503 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 321 $89,155,000 $277,741
    5-6% 260 $72,980,000 $280,692
    4-5% 252 $78,060,000 $309,762
    6-7% 134 $30,360,000 $226,567
    2.5-3% 67 $19,375,000 $289,179
    7-8% 32 $7,220,000 $225,625
    <2.5% 14 $2,250,000 $160,714
    Over 8% 2 $160,000 $80,000

    During 2022, First Reliance Bank's average interest rate for loans was 4.80%, while their most frequently originated rate bucket for loans was 3-4%, with 321 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 411 $114,705,000 $279,088 $4,573 4.72%
    $100k-200k 386 $58,050,000 $150,389 $3,557 4.68%
    $400k-600k 112 $55,870,000 $498,839 $5,475 4.54%
    $100,000 or less 102 $7,410,000 $72,647 $2,886 4.99%
    $600k-1MM 52 $36,220,000 $696,538 $6,771 4.37%
    $1MM+ 19 $27,305,000 $1,437,105 $7,028 4.84%

    2022 saw First Reliance Bank place emphasis on $200k-400k loans with 411 originations, totaling $114,705,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 223 $41,295,000 $185,179 $4,030 4.70%
    $100k-150k 206 $61,240,000 $297,282 $4,749 4.64%
    $50k or less 179 $25,735,000 $143,771 $3,668 4.49%
    $75k-100k 158 $39,350,000 $249,051 $4,062 4.75%
    $150k-250k 156 $58,170,000 $372,885 $4,842 4.67%
    $250k+ 93 $56,375,000 $606,183 $5,301 4.53%

    First Reliance Bank lent most frequently to those with incomes in the $50k-75k range, with 223 originations. The second most popular income band? $100k-150k, with 206 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 237 $59,135,000 $249,515 $3,977 4.54%
    30-36% 196 $57,610,000 $293,929 $4,348 4.63%
    <20% 116 $29,280,000 $252,414 $3,648 4.23%
    40% 44 $15,110,000 $343,409 $4,506 4.73%
    41% 40 $14,220,000 $355,500 $4,421 4.66%
    44% 40 $10,710,000 $267,750 $4,782 4.80%
    36% 38 $10,610,000 $279,211 $3,762 4.61%
    37% 38 $9,540,000 $251,053 $4,094 4.55%
    38% 36 $8,790,000 $244,167 $4,470 4.71%
    42% 35 $10,645,000 $304,143 $4,603 5.11%
    43% 35 $8,965,000 $256,143 $4,675 4.95%
    39% 31 $8,935,000 $288,226 $4,038 4.85%
    49% 30 $7,190,000 $239,667 $4,556 5.03%
    46% 25 $8,295,000 $331,800 $5,277 4.41%
    47% 25 $5,975,000 $239,000 $4,885 4.72%
    45% 24 $6,690,000 $278,750 $5,347 5.25%
    48% 16 $7,010,000 $438,125 $5,953 4.46%
    50-60% 12 $4,010,000 $334,167 $9,584 5.09%
    >60% 2 $860,000 $430,000 $4,130 6.25%

    First Reliance Bank lent most frequently to those with DTI ratios of 20-30%, with 237 originations. The next most common DTI ratio? 30-36%, with 196 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 896 $248,960,000 $277,857 $4,315 4.63%
    Not provided 58 $16,140,000 $278,276 $5,017 4.90%
    Not applicable 62 $15,980,000 $257,742 $0 5.72%
    Black 36 $8,630,000 $239,722 $4,036 4.62%
    Asian 18 $6,460,000 $358,889 $4,321 4.12%
    Asian Indian 5 $1,585,000 $317,000 $3,294 4.48%
    American Indian 3 $885,000 $295,000 $3,438 4.67%
    Vietnamese 2 $500,000 $250,000 $3,939 6.81%
    Other Pacific Islander 1 $305,000 $305,000 $2,908 4.13%
    Other Asian 1 $115,000 $115,000 $3,567 3.88%

    Approval Rates

    Total approvals of all applications
    92.73%

    First Reliance Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.35%

    First Reliance Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,082 $299,560,000 $276,858

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,082 $299,560,000 $276,858

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 66 $12,690,000 $192,273 $3,295 4.54%
    40-60% 178 $42,720,000 $240,000 $3,781 4.49%
    60-80% 416 $128,160,000 $308,077 $4,434 4.81%
    80-100% 396 $113,100,000 $285,606 $4,704 4.76%
    Over 100% 2 $900,000 $450,000 $16,404 4.94%
    Under 20% 24 $1,990,000 $82,917 $2,302 3.72%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST CITIZENS BANCSHARES, INC. Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 100.0%