Carter Bank & Trust Mortgage Rates, Fees & Info
Martinsville, VALEI: 549300SO0M022D8D8358
Tax ID: 20-5539935
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.25% | 4/16/24 |
| 30 Year Conventional Purchase | 6.98% | 4/16/24 |
| 30 Year Conventional Refi | 7.00% | 4/16/24 |
| 15 Year Conventional Purchase | 6.90% | 4/16/24 |
| 15 Year Conventional Refi | 6.37% | 4/16/24 |
| 15 Year Cash-out Refi | 6.37% | 4/16/24 |
| 15 Year VA Refi | 5.68% | 4/16/24 |
| 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. | ||
Carter Bank & Trust Mortgage Calculator
Your Estimates
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This is not an official calculator from Carter Bank & Trust. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
304Origination Dollar Volume (All Markets)
$234,030,000Relative 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% |
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
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
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
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
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
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
Approval Rates
Total approvals of all applications77.41%
Carter Bank & Trust has a below average approval rate.
Pick Rate
Approvals leading to origination84.54%
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 |