Carter Bank & Trust Mortgage Rates, Fees & Info

Martinsville, VA

LEI: 549300SO0M022D8D8358

Tax ID: 20-5539935

5 stars - out of 5 stars, based on 20 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Carter Bank & Trust is a smaller bank specializing in Home Purchase and Refi loans. Carter Bank & Trust has a high proportion of conventional loans. Their top markets by origination volume include: Charlotte, Richmond, Fayetteville, Spartanburg, and Sumter among others. We have data for 32 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Carter Bank & Trust has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Carter Bank & Trust 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 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
    Home Equity Line of Credit (HELOC) 5.25% 3/31/23
    30 Year Conventional Purchase 6.98% 3/31/23
    30 Year Conventional Refi 7.00% 3/31/23
    15 Year Conventional Purchase 6.90% 3/31/23
    15 Year Conventional Refi 6.37% 3/31/23
    15 Year Cash-out Refi 6.37% 3/31/23
    15 Year VA Refi 5.68% 3/31/23
    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.


    Originations

    405

    Origination Dollar Volume (All Markets)

    $251,505,000

    Awards

    Carter Bank & Trust 30 Year Conventional Loans silver
    Show all (1) awards

    Relative Rate

    Carter Bank & Trust's average 30 year fixed mortgage rate was 4.67%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.09%.

    Relative Fees (Closing Costs)

    Carter Bank & Trust's average total fees/closing costs for a 30 year fixed rate mortgage were $4,764.

    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 $4,750.

    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
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 115 $66,545,000 $578,652 $2,443 4.65%
    RICHMOND, VA (FHA|USDA|VA) 5 $33,405,000 $6,681,000 $0 4.95%
    FAYETTEVILLE, NC (FHA|USDA|VA) 4 $27,980,000 $6,995,000 $3,381 4.53%
    SPARTANBURG, SC (FHA|USDA|VA) 1 $24,005,000 $24,005,000 $0 5.25%
    SUMTER, SC (FHA|USDA|VA) 1 $15,005,000 $15,005,000 $0 4.15%
    ROANOKE, VA (FHA|USDA|VA) 35 $12,985,000 $371,000 $3,662 4.25%
    Henderson, NC (FHA|USDA|VA) 1 $10,875,000 $10,875,000 $0 4.75%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 5 $8,125,000 $1,625,000 $3,166 4.03%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 42 $7,510,000 $178,810 $4,083 4.98%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 5 $6,825,000 $1,365,000 $5,472 4.38%
    LYNCHBURG, VA (FHA|USDA|VA) 25 $6,825,000 $273,000 $4,220 4.46%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 10 $6,420,000 $642,000 $0 3.87%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 13 $5,525,000 $425,000 $5,414 4.53%
    Outside of Metro Areas 41 $4,595,000 $112,073 $4,682 4.51%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 22 $4,350,000 $197,727 $3,162 4.66%
    Danville, VA (FHA|USDA|VA) 19 $2,855,000 $150,263 $2,243 5.17%
    Martinsville, VA (FHA|USDA|VA) 27 $1,935,000 $71,667 $3,429 4.98%
    WINSTON-SALEM, NC (FHA|USDA|VA) 4 $730,000 $182,500 $0 5.09%
    Mount Airy, NC (FHA|USDA|VA) 6 $660,000 $110,000 $0 4.46%
    Kill Devil Hills, NC (FHA|USDA|VA) 3 $635,000 $211,667 $0 5.42%
    COLUMBIA, SC (FHA|USDA|VA) 1 $545,000 $545,000 $4,670 5.00%
    Greenwood, SC (FHA|USDA|VA) 1 $505,000 $505,000 $0 4.00%
    RALEIGH-CARY, NC (FHA|USDA|VA) 3 $505,000 $168,333 $0 5.92%
    Sanford, NC (FHA|USDA|VA) 5 $475,000 $95,000 $0 4.00%
    JACKSONVILLE, NC (FHA|USDA|VA) 1 $385,000 $385,000 $3,455 3.13%
    ASHEVILLE, NC (FHA|USDA|VA) 2 $340,000 $170,000 $3,742 6.00%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 2 $310,000 $155,000 $0 3.50%
    Boone, NC (FHA|USDA|VA) 1 $245,000 $245,000 $0 3.25%
    Forest City, NC (FHA|USDA|VA) 2 $130,000 $65,000 $0 6.38%
    STAUNTON, VA (FHA|USDA|VA) 1 $125,000 $125,000 $0 5.25%
    Morehead City, NC (FHA|USDA|VA) 1 $115,000 $115,000 $3,195 5.38%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.50%
    Carter Bank & Trust's top markets include Charlotte, Richmond, Fayetteville, Spartanburg, and Sumter among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 296 $38,300,000 $129,392 n/a 4.64%
    Conventional 109 $213,205,000 $1,956,009 $3,902 4.71%

    For 2022, Carter Bank & Trust's most frequently originated type of loan was HELOC, with 296 originations. Their 2nd most popular type was Conventional, with 109 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 145 $20,085,000 $138,517 $2,727 4.54%
    Home Improvement 99 $9,755,000 $98,535 $3,225 4.79%
    Home Purchase 89 $162,585,000 $1,826,798 $4,727 4.89%
    Refi 72 $59,080,000 $820,556 $2,611 4.42%

    For 2022, Carter Bank & Trust's most frequently cited loan purpose was Other, with 145 originations. The 2nd most popular reason was Home Improvement, with 99 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 294 $38,010,000 $129,286 $0 4.63%
    10 Year 49 $105,525,000 $2,153,571 $0 4.95%
    30 Year 25 $10,775,000 $431,000 $4,764 4.67%
    15 Year 15 $1,865,000 $124,333 $2,626 4.11%
    5 Year 8 $64,850,000 $8,106,250 $0 4.57%
    1 Year 5 $1,065,000 $213,000 $0 5.20%
    Other 5 $21,505,000 $4,301,000 $0 4.69%
    3 Year 3 $7,825,000 $2,608,333 $0 4.38%
    30+ year 1 $85,000 $85,000 $2,359 3.75%

    For 2022, Carter Bank & Trust's most frequently cited loan duration was 20 Year, with 294 originations. The 2nd most popular length was 10 Year, with 49 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 37 $12,155,000 $328,514
    $<1k 3 $445,000 $148,333

    Carter Bank & Trust's average total fees were $4,764, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 37 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 152 $35,400,000 $232,895
    5-6% 104 $111,270,000 $1,069,904
    4-5% 74 $63,470,000 $857,703
    6-7% 42 $33,230,000 $791,190
    2.5-3% 23 $6,885,000 $299,348
    7-8% 8 $880,000 $110,000
    Over 8% 1 $55,000 $55,000
    <2.5% 1 $315,000 $315,000

    During 2022, Carter Bank & Trust's average interest rate for loans was 4.67%, while their most frequently originated rate bucket for loans was 3-4%, with 152 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 142 $7,950,000 $55,986 $2,835 4.86%
    $100k-200k 139 $19,025,000 $136,871 $2,994 4.51%
    $200k-400k 70 $18,300,000 $261,429 $3,554 4.60%
    $1MM+ 21 $186,375,000 $8,875,000 $7,433 4.78%
    $400k-600k 19 $9,025,000 $475,000 $6,039 4.65%
    $600k-1MM 14 $10,830,000 $773,571 $0 4.03%

    2022 saw Carter Bank & Trust place emphasis on $100,000 or less loans with 142 originations, totaling $7,950,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 67 $9,275,000 $138,433 $4,519 4.74%
    $150k-250k 59 $10,595,000 $179,576 $3,604 4.61%
    $75k-100k 56 $7,340,000 $131,071 $3,527 4.58%
    $50k-75k 54 $5,790,000 $107,222 $2,411 4.63%
    $250k+ 47 $15,925,000 $338,830 $5,852 4.55%
    $50k or less 44 $2,790,000 $63,409 $3,437 4.72%

    Carter Bank & Trust lent most frequently to those with incomes in the $100k-150k range, with 67 originations. The second most popular income band? $150k-250k, with 59 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 94 $14,270,000 $151,809 $4,303 4.48%
    30-36% 68 $9,770,000 $143,676 $3,822 4.73%
    <20% 56 $7,940,000 $141,786 $2,849 4.19%
    42% 22 $3,490,000 $158,636 $4,937 5.23%
    36% 15 $2,695,000 $179,667 $6,041 4.86%
    41% 14 $2,170,000 $155,000 $10,278 4.59%
    37% 13 $1,925,000 $148,077 $0 4.37%
    40% 12 $1,340,000 $111,667 $2,656 4.72%
    38% 11 $1,725,000 $156,818 $3,148 4.48%
    43% 11 $1,915,000 $174,091 $4,186 4.94%
    39% 10 $1,110,000 $111,000 $2,443 4.35%
    44% 5 $1,835,000 $367,000 $4,313 5.85%
    48% 2 $190,000 $95,000 $2,958 5.00%
    >60% 2 $470,000 $235,000 $0 6.00%
    46% 1 $315,000 $315,000 $3,742 6.50%
    47% 1 $55,000 $55,000 $2,548 6.75%
    49% 1 $155,000 $155,000 $2,779 5.75%
    50-60% 1 $245,000 $245,000 $0 6.50%

    Carter Bank & Trust lent most frequently to those with DTI ratios of 20-30%, with 94 originations. The next most common DTI ratio? 30-36%, with 68 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 61 $198,125,000 $3,247,951 $0 4.79%
    White 243 $37,375,000 $153,807 $3,928 4.61%
    Not provided 75 $12,325,000 $164,333 $4,759 4.56%
    Black 19 $2,135,000 $112,368 $3,146 5.24%
    Asian 6 $1,480,000 $246,667 $0 4.48%
    Asian Indian 1 $65,000 $65,000 $2,699 4.63%

    Approval Rates

    Total approvals of all applications
    86.50%

    Carter Bank & Trust has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.12%

    Carter Bank & Trust has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 405 $251,505,000 $621,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    405 $251,505,000 $621,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 137 $19,825,000 $144,708 $2,584 4.62%
    40-60% 68 $110,570,000 $1,626,029 $3,285 4.54%
    60-80% 63 $80,585,000 $1,279,127 $4,219 4.64%
    80-100% 35 $15,795,000 $451,286 $5,144 4.69%
    Over 100% 4 $430,000 $107,500 $2,359 4.75%
    Under 20% 98 $24,300,000 $247,959 $0 4.78%