South Carolina Federal Credit Union Mortgage Rates, Fees & Info

North Charleston, SC

LEI: 549300WC12JROIUVWY16

Tax ID: 57-0323645

5 stars - Updated: 2/19/24 - out of 5 stars, based on 38 reviews

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

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Mortgage Data

Review & Overview

South Carolina Federal Credit Union is a smaller credit union specializing in Home Purchase loans. South Carolina Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Charleston, Columbia, Greenville, Charlotte, and Spartanburg among others. We have data for 34 markets. (Some data included below & more in-depth data is available with an active subscription.)

South Carolina Federal Credit Union 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. South Carolina Federal Credit Union 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
30 Year Conventional Purchase 6.18% 2/19/24
30 Year Conventional Refi 6.23% 2/19/24
30 Year Cash-out Refi 6.26% 2/19/24
15 Year Conventional Purchase 5.88% 2/19/24
15 Year Conventional Refi 6.19% 2/19/24
15 Year Cash-out Refi 6.19% 2/19/24
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.

South Carolina Federal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from South Carolina Federal Credit Union. 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

1,471

Origination Dollar Volume (All Markets)

$297,035,000

Relative Rate

South Carolina Federal Credit Union's average 30 year fixed mortgage rate was 4.59%.

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

This yields a difference of -0.17%.

Relative Fees (Closing Costs)

South Carolina Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $6,814.

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
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1,027 $215,945,000 $210,268 $3,904 5.02%
COLUMBIA, SC (FHA|USDA|VA) 117 $17,225,000 $147,222 $3,203 5.09%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 57 $9,965,000 $174,825 $3,285 5.68%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 38 $8,490,000 $223,421 $3,577 5.33%
SPARTANBURG, SC (FHA|USDA|VA) 52 $8,320,000 $160,000 $3,978 5.50%
Georgetown, SC (FHA|USDA|VA) 35 $7,045,000 $201,286 $4,979 4.78%
Outside of Metro Areas 22 $5,550,000 $252,273 $5,446 5.15%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 29 $5,295,000 $182,586 $4,335 5.09%
Orangeburg, SC (FHA|USDA|VA) 12 $2,590,000 $215,833 $4,434 4.21%
FLORENCE, SC (FHA|USDA|VA) 19 $2,135,000 $112,368 $2,976 5.66%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 7 $1,965,000 $280,714 $5,418 5.41%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 9 $1,705,000 $189,444 $3,818 6.36%
Gaffney, SC (FHA|USDA|VA) 8 $1,580,000 $197,500 $4,267 4.81%
Key West, FL (FHA|USDA|VA) 1 $1,145,000 $1,145,000 $19,943 5.88%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 6 $1,130,000 $188,333 $4,485 3.80%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $1,110,000 $555,000 $7,971 6.13%
Seneca, SC (FHA|USDA|VA) 4 $760,000 $190,000 $3,854 5.88%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $750,000 $375,000 $6,517 5.69%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $680,000 $340,000 $8,185 4.25%
SUMTER, SC (FHA|USDA|VA) 5 $545,000 $109,000 $3,152 5.13%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $540,000 $270,000 $6,660 3.75%
Brevard, NC (FHA|USDA|VA) 1 $445,000 $445,000 $5,103 3.09%
WILMINGTON, NC (FHA|USDA|VA) 1 $325,000 $325,000 $6,977 5.63%
RICHMOND, VA (FHA|USDA|VA) 1 $285,000 $285,000 $6,433 5.50%
ASHEVILLE, NC (FHA|USDA|VA) 1 $245,000 $245,000 $6,329 4.63%
SAVANNAH, GA (FHA|USDA|VA) 2 $240,000 $120,000 $3,088 4.38%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $235,000 $235,000 $5,506 5.25%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $215,000 $215,000 $5,285 5.38%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $205,000 $205,000 $2,696 3.40%
Union, SC (FHA|USDA|VA) 2 $130,000 $65,000 $2,240 7.25%
Newberry, SC (FHA|USDA|VA) 1 $75,000 $75,000 $1,732 9.63%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $75,000 $75,000 $1,774 3.38%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $45,000 $45,000 $1,055 1.91%
HINESVILLE, GA (FHA|USDA|VA) 1 $45,000 $45,000 $1,580 6.13%
South Carolina Federal Credit Union's top markets include Charleston, Columbia, Greenville, Charlotte, and Spartanburg among others.

Their top states include:
  • South Carolina (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Similar Lenders

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

    S. C. STATE FEDERAL CREDIT UNION
    Similarity Rank: 456
    Barley Mortgage, LLC
    Similarity Rank: 552
    CAROLINA FOOTHILLS
    Similarity Rank: 605
    Security Federal Bank
    Similarity Rank: 616
    UNITED SECURITY FINANCIAL CORP
    Similarity Rank: 624
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 700
    CAROLINA TRUST FEDERAL CREDIT UNION
    Similarity Rank: 1050
    Aurora Financial, LLC
    Similarity Rank: 1300

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,471 $297,035,000 $201,927 $3,904 5.09%

    For 2022, South Carolina Federal Credit Union's most frequently originated type of loan was Conventional, with 1,471 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 496 $39,140,000 $78,911 $1,570 5.56%
    Home Purchase 495 $170,765,000 $344,980 $6,521 4.78%
    Other 252 $24,900,000 $98,810 $1,740 5.76%
    Cash Out Refi 164 $45,350,000 $276,524 $5,735 4.12%
    Refi 64 $16,880,000 $263,750 $5,567 3.59%

    For 2022, South Carolina Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 496 originations. The 2nd most popular reason was Home Purchase, with 495 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 658 $54,480,000 $82,796 $1,345 5.70%
    30 Year 623 $219,965,000 $353,074 $6,814 4.59%
    15 Year 133 $18,165,000 $136,579 $3,497 4.46%
    10 Year 51 $3,315,000 $65,000 $2,325 5.02%
    5 Year 4 $120,000 $30,000 $1,194 3.41%
    30+ year 2 $990,000 $495,000 $11,926 4.13%

    For 2022, South Carolina Federal Credit Union's most frequently cited loan duration was 20 Year, with 658 originations. The 2nd most popular length was 30 Year, with 623 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 763 $74,615,000 $97,792
    $5k+ 184 $112,510,000 $611,467
    $3k-4k 170 $42,520,000 $250,118
    $2k-3k 159 $24,945,000 $156,887
    $1k-2k 99 $9,065,000 $91,566
    $4k-5k 96 $33,380,000 $347,708

    South Carolina Federal Credit Union's average total fees were $6,814, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 763 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 400 $65,490,000 $163,725
    3-4% 386 $95,160,000 $246,528
    4-5% 275 $74,105,000 $269,473
    6-7% 170 $26,610,000 $156,529
    7-8% 90 $8,640,000 $96,000
    Over 8% 67 $5,715,000 $85,299
    2.5-3% 47 $11,375,000 $242,021
    <2.5% 36 $9,940,000 $276,111

    During 2022, South Carolina Federal Credit Union's average interest rate for loans was 4.59%, while their most frequently originated rate bucket for loans was 5-6%, with 400 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 608 $36,440,000 $59,934 $1,521 5.56%
    $100k-200k 355 $47,225,000 $133,028 $2,908 5.07%
    $200k-400k 325 $93,135,000 $286,569 $5,792 4.60%
    $400k-600k 101 $47,915,000 $474,406 $8,350 4.56%
    $600k-1MM 60 $44,970,000 $749,500 $11,363 4.34%
    $1MM+ 22 $27,350,000 $1,243,182 $17,162 3.95%

    2022 saw South Carolina Federal Credit Union place emphasis on $100,000 or less loans with 608 originations, totaling $36,440,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 427 $83,165,000 $194,766 $3,681 5.08%
    $50k-75k 298 $41,480,000 $139,195 $3,438 5.01%
    $150k-250k 273 $71,185,000 $260,751 $4,205 5.19%
    $75k-100k 247 $39,415,000 $159,575 $3,400 5.29%
    $50k or less 150 $18,990,000 $126,600 $3,703 4.74%
    $250k+ 76 $42,800,000 $563,158 $7,932 5.06%

    South Carolina Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 427 originations. The second most popular income band? $50k-75k, with 298 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 284 $50,650,000 $178,345 $3,824 4.81%
    30-36% 278 $49,910,000 $179,532 $3,424 4.93%
    44% 94 $20,910,000 $222,447 $3,769 5.40%
    43% 90 $15,030,000 $167,000 $3,337 5.66%
    41% 89 $18,065,000 $202,978 $3,725 5.05%
    42% 80 $17,350,000 $216,875 $4,260 5.02%
    <20% 75 $13,125,000 $175,000 $3,861 4.54%
    40% 73 $14,175,000 $194,178 $3,716 5.68%
    36% 70 $14,210,000 $203,000 $3,714 5.13%
    38% 69 $15,415,000 $223,406 $4,097 4.98%
    39% 61 $11,215,000 $183,852 $3,510 5.34%
    37% 53 $11,755,000 $221,792 $3,872 5.24%
    50-60% 31 $11,795,000 $380,484 $6,735 5.26%
    48% 28 $6,410,000 $228,929 $4,619 5.54%
    45% 25 $8,745,000 $349,800 $6,361 5.00%
    46% 24 $5,630,000 $234,583 $4,628 5.26%
    49% 22 $5,970,000 $271,364 $5,314 5.48%
    47% 21 $4,685,000 $223,095 $4,485 5.06%
    >60% 4 $1,990,000 $497,500 $8,772 4.88%

    South Carolina Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 284 originations. The next most common DTI ratio? 30-36%, with 278 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 954 $183,650,000 $192,505 $3,684 5.07%
    Not provided 341 $79,575,000 $233,358 $4,450 5.14%
    Black 140 $26,250,000 $187,500 $4,050 5.19%
    Asian 25 $5,695,000 $227,800 $4,049 4.56%
    Filipino 3 $765,000 $255,000 $5,352 4.41%
    American Indian 6 $590,000 $98,333 $2,617 4.71%
    Other Pacific Islander 1 $405,000 $405,000 $7,830 4.13%
    Asian Indian 1 $105,000 $105,000 $2,125 4.00%

    Approval Rates

    Total approvals of all applications
    95.17%

    South Carolina Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    60.64%

    South Carolina Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,471 $297,035,000 $201,927

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,471 $297,035,000 $201,927

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 250 $31,540,000 $126,160 $2,399 5.24%
    40-60% 122 $26,090,000 $213,852 $4,949 4.54%
    60-80% 220 $76,090,000 $345,864 $6,831 4.41%
    80-100% 323 $125,705,000 $389,180 $7,192 4.59%
    Under 20% 555 $37,425,000 $67,432 $1,275 5.70%