Carter Bank & Trust Mortgage Rates, Fees & Info

Martinsville, VA

LEI: 549300SO0M022D8D8358

Tax ID: 20-5539935

5 stars - Updated: 10/29/24 - out of 5 stars, based on 17 reviews

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

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Mortgage Data

Review & Overview

Carter Bank & Trust is a smaller bank specializing in Home Purchase loans. Carter Bank & Trust has a high proportion of conventional loans. Their top markets by origination volume include: Charlotte, Washington, Roanoke, Blacksburg, and Raleigh among others. We have data for 28 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 a below 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 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
Home Equity Line of Credit (HELOC) 5.25% 10/29/24
30 Year Conventional Purchase 6.98% 10/29/24
30 Year Conventional Refi 7.00% 10/29/24
15 Year Conventional Purchase 6.90% 10/29/24
15 Year Conventional Refi 6.37% 10/29/24
15 Year Cash-out Refi 6.37% 10/29/24
15 Year VA Refi 5.68% 10/29/24
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.

Carter Bank & Trust Mortgage Calculator






Your Estimates

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

This is not an official calculator from Carter Bank & Trust. 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

304

Origination Dollar Volume (All Markets)

$234,030,000

Relative Rate

Carter Bank & Trust's average 30 year fixed mortgage rate was 6.92%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.44%.

Relative Fees (Closing Costs)

Carter Bank & Trust's average total fees/closing costs for a 30 year fixed rate mortgage were $6,222.

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
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 69 $63,905,000 $926,159 $7,275 7.86%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 23 $38,995,000 $1,695,435 $2,992 8.04%
ROANOKE, VA (FHA|USDA|VA) 22 $36,160,000 $1,643,636 $6,241 7.67%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 6 $29,520,000 $4,920,000 $3,097 7.64%
RALEIGH-CARY, NC (FHA|USDA|VA) 3 $22,605,000 $7,535,000 $0 6.96%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 36 $8,910,000 $247,500 $0 7.94%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 4 $7,320,000 $1,830,000 $0 7.19%
Outside of Metro Areas 35 $3,815,000 $109,000 $4,327 7.96%
Danville, VA (FHA|USDA|VA) 18 $3,500,000 $194,444 $6,896 7.71%
LYNCHBURG, VA (FHA|USDA|VA) 20 $2,780,000 $139,000 $0 7.84%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 17 $2,655,000 $156,176 $5,060 7.97%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 10 $2,620,000 $262,000 $6,340 7.90%
SUMTER, SC (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $0 6.55%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $10,946 6.88%
Sanford, NC (FHA|USDA|VA) 2 $1,190,000 $595,000 $0 9.00%
FLORENCE, SC (FHA|USDA|VA) 1 $1,125,000 $1,125,000 $0 7.25%
SPARTANBURG, SC (FHA|USDA|VA) 1 $815,000 $815,000 $6,707 7.00%
Martinsville, VA (FHA|USDA|VA) 13 $755,000 $58,077 $0 8.05%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $700,000 $350,000 $5,067 7.13%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $685,000 $685,000 $7,304 6.75%
WILMINGTON, NC (FHA|USDA|VA) 1 $525,000 $525,000 $0 7.00%
WINSTON-SALEM, NC (FHA|USDA|VA) 5 $465,000 $93,000 $0 8.28%
RICHMOND, VA (FHA|USDA|VA) 2 $420,000 $210,000 $0 8.19%
Albemarle, NC (FHA|USDA|VA) 1 $415,000 $415,000 $3,292 6.88%
Mount Airy, NC (FHA|USDA|VA) 5 $245,000 $49,000 $0 8.00%
FAYETTEVILLE, NC (FHA|USDA|VA) 3 $205,000 $68,333 $0 8.04%
Wilson, NC (FHA|USDA|VA) 1 $125,000 $125,000 $0 8.13%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.75%
Carter Bank & Trust's top markets include Charlotte, Washington, Roanoke, Blacksburg, and Raleigh among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 241 $34,855,000 $144,627 n/a 8.04%
    Conventional 63 $199,175,000 $3,161,508 $5,760 7.15%

    For 2023, Carter Bank & Trust's most frequently originated type of loan was HELOC, with 241 originations. Their 2nd most popular type was Conventional, with 63 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 124 $18,720,000 $150,968 $0 7.97%
    Home Improvement 77 $13,775,000 $178,896 $7,304 8.05%
    Home Purchase 57 $155,755,000 $2,732,544 $5,670 7.35%
    Refi 46 $45,780,000 $995,217 $5,753 7.86%

    For 2023, Carter Bank & Trust's most frequently cited loan purpose was Other, with 124 originations. The 2nd most popular reason was Home Improvement, with 77 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 240 $34,630,000 $144,292 $0 8.04%
    10 Year 29 $147,245,000 $5,077,414 $0 7.00%
    30 Year 12 $7,230,000 $602,500 $6,222 6.92%
    5 Year 7 $32,715,000 $4,673,571 $0 6.83%
    30+ year 6 $3,120,000 $520,000 $6,593 6.81%
    Other 4 $8,100,000 $2,025,000 $3,840 8.49%
    1 Year 3 $745,000 $248,333 $0 8.75%
    15 Year 3 $245,000 $81,667 $2,883 8.08%

    For 2023, Carter Bank & Trust's most frequently cited loan duration was 20 Year, with 240 originations. The 2nd most popular length was 10 Year, with 29 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 17 $6,365,000 $374,412
    $2k-3k 4 $2,690,000 $672,500
    $5k+ 1 $1,605,000 $1,605,000

    Carter Bank & Trust's average total fees were $6,222, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 17 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 135 $25,605,000 $189,667
    Over 8% 126 $27,120,000 $215,238
    6-7% 35 $73,565,000 $2,101,857
    5-6% 8 $107,740,000 $13,467,500

    During 2023, Carter Bank & Trust's average interest rate for loans was 6.92%, while their most frequently originated rate bucket for loans was 7-8%, with 135 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 123 $6,495,000 $52,805 $3,166 8.14%
    $100k-200k 83 $11,675,000 $140,663 $3,815 7.91%
    $200k-400k 51 $13,175,000 $258,333 $6,466 7.73%
    $1MM+ 21 $186,345,000 $8,873,571 $10,157 6.86%
    $600k-1MM 15 $10,985,000 $732,333 $6,260 7.31%
    $400k-600k 11 $5,355,000 $486,818 $4,705 7.58%

    2023 saw Carter Bank & Trust place emphasis on $100,000 or less loans with 123 originations, totaling $6,495,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 57 $11,105,000 $194,825 $5,406 7.91%
    $250k+ 47 $19,795,000 $421,170 $8,449 7.76%
    $100k-150k 44 $6,010,000 $136,591 $6,049 8.01%
    $50k-75k 41 $3,305,000 $80,610 $4,362 8.02%
    $50k or less 39 $2,045,000 $52,436 $4,391 8.09%
    $75k-100k 29 $2,995,000 $103,276 $4,119 8.11%

    Carter Bank & Trust lent most frequently to those with incomes in the $150k-250k range, with 57 originations. The second most popular income band? $250k+, with 47 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 67 $10,855,000 $162,015 $4,496 7.94%
    30-36% 48 $7,500,000 $156,250 $7,304 8.11%
    <20% 38 $6,290,000 $165,526 $6,240 7.93%
    42% 34 $3,970,000 $116,765 $0 7.92%
    43% 15 $1,625,000 $108,333 $0 8.03%
    41% 11 $2,745,000 $249,545 $0 7.89%
    39% 9 $1,375,000 $152,778 $3,945 8.04%
    36% 9 $2,345,000 $260,556 $5,561 7.82%
    38% 8 $1,750,000 $218,750 $0 8.19%
    40% 7 $2,395,000 $342,143 $8,210 7.70%
    37% 5 $575,000 $115,000 $0 8.03%
    45% 4 $1,400,000 $350,000 $4,953 7.69%
    50-60% 3 $845,000 $281,667 $0 8.25%
    44% 3 $605,000 $201,667 $5,757 7.75%
    48% 1 $215,000 $215,000 $8,068 7.13%
    46% 1 $1,205,000 $1,205,000 $6,340 6.88%

    Carter Bank & Trust lent most frequently to those with DTI ratios of 20-30%, with 67 originations. The next most common DTI ratio? 30-36%, with 48 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 39 $188,065,000 $4,822,179 $0 7.16%
    White 194 $31,610,000 $162,938 $5,857 7.94%
    Not provided 50 $10,860,000 $217,200 $6,615 7.93%
    Asian 7 $2,575,000 $367,857 $6,340 7.63%
    Black 13 $885,000 $68,077 $4,167 8.60%
    American Indian 1 $35,000 $35,000 $0 8.13%

    Approval Rates

    Total approvals of all applications
    77.41%

    Carter Bank & Trust has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    84.54%

    Carter Bank & Trust has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 304 $234,030,000 $769,836

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    304 $234,030,000 $769,836

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 96 $16,780,000 $174,792 $6,856 8.01%
    40-60% 40 $164,330,000 $4,108,250 $4,361 7.43%
    60-80% 46 $33,800,000 $734,783 $6,276 7.60%
    80-100% 12 $2,570,000 $214,167 $5,873 7.42%
    Over 100% 1 $855,000 $855,000 $0 6.50%
    Under 20% 109 $15,695,000 $143,991 $0 8.05%