The Bank Of South Carolina Mortgage Rates, Fees & Info
Charleston, SCLEI: 549300YQ763HO7N3CO68
Tax ID: 57-0825951
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Mortgage Data
Review & Overview
The Bank Of South Carolina is a smaller bank specializing in Home Purchase and Refi loans. The Bank Of South Carolina has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) The Bank Of South Carolina has a low ratio of conventional loans. Their top markets by origination volume include: Charleston, Columbia, Hilton Head Island, Georgetown, and Jacksonville among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)The Bank Of South Carolina has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. The Bank Of South Carolina 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.49% | 5/14/24 |
| 30 Year Conventional Refi | 6.43% | 5/14/24 |
| 30 Year Cash-out Refi | 6.74% | 5/14/24 |
| 30 Year FHA Purchase | 7.37% | 5/14/24 |
| 30 Year VA Purchase | 6.22% | 5/14/24 |
| 15 Year Conventional Purchase | 5.68% | 5/14/24 |
| 15 Year Conventional Refi | 5.87% | 5/14/24 |
| 15 Year Cash-out Refi | 5.87% | 5/14/24 |
| 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. | ||
The Bank Of South Carolina Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
206Origination Dollar Volume (All Markets)
$98,600,000Awards
The Bank of South Carolina - 2022
The Bank of South Carolina is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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) | 174 | $87,310,000 | $501,782 | $4,639 | 4.75% |
| COLUMBIA, SC (FHA|USDA|VA) | 4 | $2,130,000 | $532,500 | $3,823 | 3.84% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 4 | $1,790,000 | $447,500 | $4,850 | 4.42% |
| Outside of Metro Areas | 4 | $1,700,000 | $425,000 | $3,053 | 4.75% |
| Georgetown, SC (FHA|USDA|VA) | 5 | $1,435,000 | $287,000 | $5,155 | 5.20% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 2 | $920,000 | $460,000 | $5,984 | 5.44% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $2,750 | 5.19% |
| SPARTANBURG, SC (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $4,385 | 5.75% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $3,898 | 3.00% |
| Boone, NC (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,370 | 5.50% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,449 | 3.75% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,094 | 6.00% |
| Brevard, NC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,197 | 3.00% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,430 | 6.63% |
| Greenwood, SC (FHA|USDA|VA) | 3 | $205,000 | $68,333 | $3,592 | 5.04% |
Similar Lenders
We use machine learning to identify the top lenders compared against The Bank of South Carolina based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2022, The Bank Of South Carolina's most frequently originated type of loan was Conventional, with 196 originations. Their 2nd most popular type was FHA, with 7 originations.
Loan Reason
For 2022, The Bank Of South Carolina's most frequently cited loan purpose was Home Purchase, with 120 originations. The 2nd most popular reason was Cash Out Refi, with 44 originations.
Loan Duration/Length
For 2022, The Bank Of South Carolina's most frequently cited loan duration was 30 Year, with 165 originations. The 2nd most popular length was 5 Year, with 23 originations.
Origination Fees/Closing Costs
The Bank Of South Carolina's average total fees were $4,600, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 77 originations.
Interest Rates
During 2022, The Bank Of South Carolina's average interest rate for loans was 4.68%, while their most frequently originated rate bucket for loans was 3-4%, with 53 originations.
Loan Sizing
2022 saw The Bank Of South Carolina place emphasis on $200k-400k loans with 79 originations, totaling $23,255,000 in origination value.
Applicant Income
The Bank Of South Carolina lent most frequently to those with incomes in the $100k-150k range, with 46 originations. The second most popular income band? $150k-250k, with 37 originations.
Applicant Debt to Income Ratio
The Bank Of South Carolina lent most frequently to those with DTI ratios of 30-36%, with 34 originations. The next most common DTI ratio? 20-30%, with 31 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.80%
The Bank Of South Carolina has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination93.20%
The Bank Of South Carolina has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 1 | $125,000 | $125,000 |
| NA | 205 | $98,475,000 | $480,366 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| TD BANK US HOLDING COMPANY | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| TD BANK US HOLDING COMPANY | Conventional home mortgage | Closing on a mortgage | 1 | 50.0% |