First Palmetto Bank Mortgage Rates, Fees & Info

Camden, SC

LEI: 549300Z7EP1HO5CH1C36

Tax ID: 57-0921408

5 stars - Updated: 4/5/25 - out of 5 stars, based on 23 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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

    First Palmetto Bank is a smaller bank specializing in Home Purchase loans. First Palmetto Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Columbia, Greenville, Charleston, Myrtle Beach, and Augusta among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Palmetto Bank 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. First Palmetto Bank 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.

    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 6.69% 4/5/25
    30 Year Conventional Refi 6.87% 4/5/25
    30 Year Cash-out Refi 6.83% 4/5/25
    30 Year FHA Purchase 7.19% 4/5/25
    30 Year FHA Refi 6.91% 4/5/25
    30 Year VA Purchase 6.39% 4/5/25
    30 Year VA Refi 6.05% 4/5/25
    30 Year USDA Purchase 6.73% 4/5/25
    15 Year Conventional Purchase 5.67% 4/5/25
    15 Year Conventional Refi 6.47% 4/5/25
    15 Year Cash-out Refi 6.47% 4/5/25
    15 Year VA Refi 6.10% 4/5/25
    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.

    First Palmetto Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from First Palmetto Bank. 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

    511

    Origination Dollar Volume (All Markets)

    $159,355,000
    Show all (7) awards

    Relative Rate

    First Palmetto Bank's average 30 year fixed mortgage rate was 6.48%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of -0.07%.

    Relative Fees (Closing Costs)

    First Palmetto Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $5,018.

    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 $8,356.

    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
    COLUMBIA, SC (FHA|USDA|VA) 318 $86,030,000 $270,535 $4,775 6.43%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 53 $24,285,000 $458,208 $5,241 6.97%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 31 $16,545,000 $533,710 $4,286 6.93%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 28 $9,650,000 $344,643 $5,084 7.27%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 13 $3,315,000 $255,000 $5,364 6.44%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 12 $2,840,000 $236,667 $4,189 7.19%
    FLORENCE, SC (FHA|USDA|VA) 10 $2,210,000 $221,000 $6,724 6.73%
    Outside of Metro Areas 10 $1,980,000 $198,000 $4,259 7.31%
    Georgetown, SC (FHA|USDA|VA) 3 $1,905,000 $635,000 $3,598 6.79%
    Seneca, SC (FHA|USDA|VA) 5 $1,775,000 $355,000 $3,232 6.82%
    SPARTANBURG, SC (FHA|USDA|VA) 5 $1,725,000 $345,000 $5,743 6.57%
    SUMTER, SC (FHA|USDA|VA) 7 $1,555,000 $222,143 $3,925 6.76%
    Orangeburg, SC (FHA|USDA|VA) 5 $1,455,000 $291,000 $7,874 6.88%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 2 $990,000 $495,000 $7,360 6.87%
    Newberry, SC (FHA|USDA|VA) 2 $680,000 $340,000 $3,273 7.18%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $575,000 $575,000 $5,457 7.13%
    ASHEVILLE, NC (FHA|USDA|VA) 1 $405,000 $405,000 $6,478 7.50%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $385,000 $385,000 $9,860 7.25%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $375,000 $375,000 $4,693 6.63%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $245,000 $245,000 $3,103 6.88%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $225,000 $225,000 $9,030 6.63%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,607 6.63%
    First Palmetto Bank's top markets include Columbia, Greenville, Charleston, Myrtle Beach, and Augusta among others.

    Their top states include:
  • South Carolina (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)

    • Similar Lenders

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

    CRESCENT MORTGAGE COMPANY
    Similarity Rank: 50
    CAROLINA TRUST FEDERAL CREDIT UNION
    Similarity Rank: 96
    MID CAROLINA Credit Union
    Similarity Rank: 120
    GREENVILLE FEDERAL CREDIT UNION
    Similarity Rank: 144
    SAFE FEDERAL CREDIT UNION
    Similarity Rank: 168
    Security Federal Bank
    Similarity Rank: 234
    Barley Mortgage, LLC
    Similarity Rank: 249
    S. C. STATE FEDERAL CREDIT UNION
    Similarity Rank: 304
    Palmetto Citizens Federal Credit Union
    Similarity Rank: 385
    Grow Financial Federal Credit Union
    Similarity Rank: 390

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 390 $125,650,000 $322,179 $3,816 6.73%
    FHA 83 $20,545,000 $247,530 $8,508 6.37%
    VA 28 $10,490,000 $374,643 $6,768 6.21%
    USDA 10 $2,670,000 $267,000 $7,499 6.07%

    For 2024, First Palmetto Bank's most frequently originated type of loan was Conventional, with 390 originations. Their 2nd most popular type was FHA, with 83 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 397 $130,775,000 $329,408 $5,211 6.56%
    Refi 67 $18,385,000 $274,403 $3,432 6.94%
    Cash Out Refi 42 $8,870,000 $211,190 $4,109 6.71%
    Home Improvement 5 $1,325,000 $265,000 $1,942 7.20%

    For 2024, First Palmetto Bank's most frequently cited loan purpose was Home Purchase, with 397 originations. The 2nd most popular reason was Refi, with 67 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 423 $122,415,000 $289,397 $5,018 6.48%
    5 Year 63 $26,985,000 $428,333 $3,849 7.43%
    Other 8 $3,890,000 $486,250 $3,146 7.78%
    1 Year 5 $1,685,000 $337,000 $6,571 8.49%
    15 Year 5 $1,525,000 $305,000 $2,859 6.02%
    3 Year 4 $1,880,000 $470,000 $3,048 7.04%
    20 Year 3 $975,000 $325,000 $3,266 6.50%

    For 2024, First Palmetto Bank's most frequently cited loan duration was 30 Year, with 423 originations. The 2nd most popular length was 5 Year, with 63 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 325 $96,245,000 $296,138
    $1k-2k 67 $16,205,000 $241,866
    $2k-3k 35 $10,135,000 $289,571
    $3k-4k 28 $8,380,000 $299,286
    $5k+ 16 $8,440,000 $527,500
    $4k-5k 12 $5,570,000 $464,167

    First Palmetto Bank's average total fees were $5,018, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 325 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 276 $83,280,000 $301,739
    7-8% 123 $48,145,000 $391,423
    5-6% 51 $13,575,000 $266,176
    4-5% 47 $11,295,000 $240,319
    Over 8% 13 $2,865,000 $220,385

    During 2024, First Palmetto Bank's average interest rate for loans was 6.48%, while their most frequently originated rate bucket for loans was 6-7%, with 276 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 252 $70,270,000 $278,849 $4,972 6.49%
    $100k-200k 118 $19,200,000 $162,712 $4,485 6.51%
    $400k-600k 68 $32,080,000 $471,765 $5,481 6.84%
    $100,000 or less 33 $2,245,000 $68,030 $2,614 7.24%
    $600k-1MM 31 $22,505,000 $725,968 $5,729 6.98%
    $1MM+ 9 $13,055,000 $1,450,556 $8,531 7.34%

    2024 saw First Palmetto Bank place emphasis on $200k-400k loans with 252 originations, totaling $70,270,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 104 $37,560,000 $361,154 $4,811 6.86%
    $100k-150k 101 $29,875,000 $295,792 $5,181 6.73%
    $50k-75k 87 $17,945,000 $206,264 $5,032 6.25%
    $75k-100k 84 $22,630,000 $269,405 $5,064 6.26%
    $250k+ 59 $29,375,000 $497,881 $4,579 7.07%
    $50k or less 52 $7,840,000 $150,769 $4,221 6.37%

    First Palmetto Bank lent most frequently to those with incomes in the $150k-250k range, with 104 originations. The second most popular income band? $100k-150k, with 101 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 89 $28,325,000 $318,258 $4,337 6.62%
    30-36% 81 $21,485,000 $265,247 $4,440 6.53%
    <20% 40 $12,840,000 $321,000 $3,714 6.92%
    50-60% 25 $6,595,000 $263,800 $7,532 6.59%
    39% 22 $5,800,000 $263,636 $4,859 6.39%
    37% 22 $7,480,000 $340,000 $4,902 6.35%
    41% 21 $5,835,000 $277,857 $5,260 6.56%
    40% 21 $5,965,000 $284,048 $5,324 6.52%
    43% 21 $6,025,000 $286,905 $5,805 6.56%
    44% 20 $7,180,000 $359,000 $5,879 6.95%
    38% 18 $4,480,000 $248,889 $3,759 6.23%
    46% 15 $4,755,000 $317,000 $5,533 6.75%
    47% 15 $4,435,000 $295,667 $5,794 6.76%
    45% 15 $4,325,000 $288,333 $6,123 6.45%
    48% 15 $3,935,000 $262,333 $4,400 6.87%
    36% 14 $4,610,000 $329,286 $4,300 6.14%
    42% 13 $3,995,000 $307,308 $4,259 6.56%
    49% 13 $4,215,000 $324,231 $5,207 6.78%
    >60% 6 $2,420,000 $403,333 $5,556 7.08%

    First Palmetto Bank lent most frequently to those with DTI ratios of 20-30%, with 89 originations. The next most common DTI ratio? 30-36%, with 81 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 345 $106,265,000 $308,014 $4,646 6.73%
    Black 82 $21,740,000 $265,122 $6,037 6.03%
    Not applicable 22 $13,720,000 $623,636 $0 7.54%
    Not provided 47 $12,795,000 $272,234 $4,575 6.55%
    Asian 10 $3,000,000 $300,000 $4,132 6.70%
    Asian Indian 3 $1,465,000 $488,333 $5,398 6.83%
    Native Hawaiian or Islander 1 $215,000 $215,000 $3,104 4.99%
    American Indian 1 $155,000 $155,000 $6,475 6.99%

    Approval Rates

    Total approvals of all applications
    96.44%

    First Palmetto Bank 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
    89.24%

    First Palmetto Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 511 $159,355,000 $311,849

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    511 $159,355,000 $311,849

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 29 $5,405,000 $186,379 $2,998 6.90%
    40-60% 53 $15,235,000 $287,453 $3,715 6.75%
    60-80% 139 $52,435,000 $377,230 $4,392 6.96%
    80-100% 270 $82,830,000 $306,778 $5,498 6.40%
    Over 100% 7 $2,125,000 $303,571 $9,863 6.37%
    Under 20% 13 $1,325,000 $101,923 $2,052 7.03%