First Palmetto Bank Mortgage Rates, Fees & Info

Camden, SC

LEI: 549300Z7EP1HO5CH1C36

Tax ID: 57-0921408

5 stars - Updated: 5/20/24 - out of 5 stars, based on 24 reviews

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

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Mortgage Data

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 Seneca among others. We have data for 28 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 an above average pick rate when compared to similar lenders. First Palmetto Bank 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.

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 6.54% 5/20/24
30 Year Conventional Refi 6.61% 5/20/24
30 Year Cash-out Refi 6.73% 5/20/24
30 Year FHA Purchase 7.30% 5/20/24
30 Year FHA Refi 6.27% 5/20/24
30 Year VA Purchase 6.41% 5/20/24
30 Year USDA Purchase 6.94% 5/20/24
15 Year Conventional Purchase 6.24% 5/20/24
15 Year Conventional Refi 5.70% 5/20/24
15 Year Cash-out Refi 5.70% 5/20/24
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.

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

560

Origination Dollar Volume (All Markets)

$166,050,000

Awards

First Palmetto Bank 30 Year Conventional Loans gold First Palmetto Bank 30 Year Conventional Loans silver First Palmetto Bank FHA Loans bronze First Palmetto Bank VA Loans bronze
Show all (4) awards

Relative Rate

First Palmetto Bank's average 30 year fixed mortgage rate was 6.7%.

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

This yields a difference of 0.22%.

Relative Fees (Closing Costs)

First Palmetto Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $5,419.

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
COLUMBIA, SC (FHA|USDA|VA) 275 $72,925,000 $265,182 $5,191 6.69%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 79 $30,975,000 $392,089 $5,292 6.65%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 55 $24,365,000 $443,000 $4,452 6.78%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 35 $9,955,000 $284,429 $5,329 7.10%
Seneca, SC (FHA|USDA|VA) 7 $3,225,000 $460,714 $3,983 6.46%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 14 $3,100,000 $221,429 $6,629 6.70%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 12 $2,670,000 $222,500 $3,474 6.69%
SUMTER, SC (FHA|USDA|VA) 13 $2,375,000 $182,692 $6,077 6.92%
SPARTANBURG, SC (FHA|USDA|VA) 13 $2,365,000 $181,923 $4,721 6.71%
FLORENCE, SC (FHA|USDA|VA) 9 $2,225,000 $247,222 $7,077 6.78%
Outside of Metro Areas 13 $2,215,000 $170,385 $5,333 6.57%
Newberry, SC (FHA|USDA|VA) 5 $1,675,000 $335,000 $5,963 6.30%
Orangeburg, SC (FHA|USDA|VA) 9 $1,495,000 $166,111 $5,854 6.76%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 3 $1,015,000 $338,333 $7,743 6.86%
ASHEVILLE, NC (FHA|USDA|VA) 2 $760,000 $380,000 $3,100 7.37%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $725,000 $725,000 $6,332 7.13%
WILMINGTON, NC (FHA|USDA|VA) 2 $610,000 $305,000 $4,186 7.15%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $465,000 $465,000 $5,487 6.99%
Greenwood, SC (FHA|USDA|VA) 2 $450,000 $225,000 $4,000 6.63%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $415,000 $415,000 $3,432 7.63%
Shelby, NC (FHA|USDA|VA) 1 $365,000 $365,000 $3,558 7.38%
Georgetown, SC (FHA|USDA|VA) 2 $360,000 $180,000 $2,792 7.23%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $335,000 $335,000 $7,247 6.62%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $275,000 $275,000 $4,874 8.12%
WICHITA, KS (FHA|USDA|VA) 1 $235,000 $235,000 $9,359 6.13%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $185,000 $185,000 $3,063 6.75%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,239 6.38%
TULSA, OK (FHA|USDA|VA) 1 $135,000 $135,000 $4,672 6.88%
First Palmetto Bank's top markets include Columbia, Greenville, Charleston, Myrtle Beach, and Seneca among others.

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

    SAFE FEDERAL CREDIT UNION
    Similarity Rank: 112
    Community First Bank, Inc.
    Similarity Rank: 135
    SRP Federal Credit Union
    Similarity Rank: 190
    GREENVILLE FEDERAL CREDIT UNION
    Similarity Rank: 376
    Barley Mortgage, LLC
    Similarity Rank: 420
    AUGUSTA MORTGAGE CO.
    Similarity Rank: 464
    SHELTER LENDING SERVICES, L.L.C.
    Similarity Rank: 588

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 444 $135,810,000 $305,878 $4,326 6.75%
    FHA 65 $16,675,000 $256,538 $9,432 6.69%
    VA 34 $9,830,000 $289,118 $7,551 6.55%
    USDA 12 $2,430,000 $202,500 $6,052 6.55%
    HELOC 5 $1,305,000 $261,000 n/a 7.47%

    For 2023, First Palmetto Bank's most frequently originated type of loan was Conventional, with 444 originations. Their 2nd most popular type was FHA, with 65 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 461 $137,385,000 $298,015 $5,521 6.74%
    Refi 63 $21,365,000 $339,127 $2,879 6.64%
    Cash Out Refi 31 $6,045,000 $195,000 $5,131 6.73%
    Home Improvement 4 $1,130,000 $282,500 $5,588 7.00%
    Other 1 $125,000 $125,000 $3,398 6.50%

    For 2023, First Palmetto Bank's most frequently cited loan purpose was Home Purchase, with 461 originations. The 2nd most popular reason was Refi, with 63 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 465 $130,095,000 $279,774 $5,419 6.70%
    5 Year 62 $21,150,000 $341,129 $3,386 7.08%
    Other 13 $9,095,000 $699,615 $4,476 6.03%
    1 Year 7 $1,785,000 $255,000 $4,343 7.68%
    15 Year 5 $1,595,000 $319,000 $4,148 6.35%
    20 Year 4 $940,000 $235,000 $3,585 6.81%
    3 Year 2 $900,000 $450,000 $4,821 7.63%
    10 Year 2 $490,000 $245,000 $1,622 5.29%

    For 2023, First Palmetto Bank's most frequently cited loan duration was 30 Year, with 465 originations. The 2nd most popular length was 5 Year, with 62 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 279 $84,205,000 $301,810
    $2k-3k 72 $18,560,000 $257,778
    $1k-2k 62 $14,000,000 $225,806
    $3k-4k 50 $14,380,000 $287,600
    $4k-5k 36 $13,020,000 $361,667
    $5k+ 36 $15,770,000 $438,056

    First Palmetto Bank's average total fees were $5,419, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 279 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 295 $89,545,000 $303,542
    7-8% 164 $47,550,000 $289,939
    5-6% 77 $18,985,000 $246,558
    Over 8% 15 $3,585,000 $239,000
    4-5% 5 $2,605,000 $521,000
    3-4% 3 $2,775,000 $925,000
    2.5-3% 1 $1,005,000 $1,005,000

    During 2023, First Palmetto Bank's average interest rate for loans was 6.70%, while their most frequently originated rate bucket for loans was 6-7%, with 295 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 272 $76,540,000 $281,397 $5,823 6.79%
    $100k-200k 154 $24,150,000 $156,818 $4,247 6.69%
    $400k-600k 66 $31,790,000 $481,667 $6,043 6.67%
    $100,000 or less 30 $1,850,000 $61,667 $2,553 6.88%
    $600k-1MM 29 $20,965,000 $722,931 $4,487 6.70%
    $1MM+ 9 $10,755,000 $1,195,000 $6,186 5.66%

    2023 saw First Palmetto Bank place emphasis on $200k-400k loans with 272 originations, totaling $76,540,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 125 $35,365,000 $282,920 $5,950 6.70%
    $50k-75k 114 $23,130,000 $202,895 $5,222 6.64%
    $150k-250k 109 $44,485,000 $408,119 $5,027 6.77%
    $75k-100k 89 $21,275,000 $239,045 $5,457 6.80%
    $250k+ 57 $30,135,000 $528,684 $4,566 6.73%
    $50k or less 48 $6,850,000 $142,708 $3,852 6.62%

    First Palmetto Bank lent most frequently to those with incomes in the $100k-150k range, with 125 originations. The second most popular income band? $50k-75k, with 114 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 122 $33,860,000 $277,541 $4,822 6.63%
    30-36% 95 $27,605,000 $290,579 $5,153 6.66%
    <20% 47 $14,605,000 $310,745 $3,928 6.47%
    50-60% 26 $8,650,000 $332,692 $8,141 6.83%
    37% 23 $5,665,000 $246,304 $4,615 7.01%
    41% 21 $5,625,000 $267,857 $4,541 6.75%
    44% 20 $6,780,000 $339,000 $5,250 6.76%
    36% 20 $5,970,000 $298,500 $5,207 6.51%
    42% 19 $5,645,000 $297,105 $5,589 6.80%
    38% 19 $6,265,000 $329,737 $5,121 7.03%
    39% 19 $6,105,000 $321,316 $5,246 6.87%
    40% 19 $4,835,000 $254,474 $5,674 6.76%
    46% 19 $5,365,000 $282,368 $5,122 6.67%
    43% 18 $4,780,000 $265,556 $5,787 6.65%
    49% 15 $4,615,000 $307,667 $5,303 7.16%
    45% 13 $3,595,000 $276,538 $5,428 6.58%
    47% 12 $4,570,000 $380,833 $6,311 7.10%
    48% 10 $2,840,000 $284,000 $5,299 6.94%
    >60% 7 $4,185,000 $597,857 $6,297 6.52%

    First Palmetto Bank lent most frequently to those with DTI ratios of 20-30%, with 122 originations. The next most common DTI ratio? 30-36%, with 95 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 412 $125,900,000 $305,583 $5,092 6.69%
    Not provided 58 $17,500,000 $301,724 $4,851 6.87%
    Black 46 $10,850,000 $235,870 $7,213 6.68%
    Not applicable 16 $4,490,000 $280,625 $0 7.28%
    Asian 10 $3,150,000 $315,000 $4,242 6.23%
    Asian Indian 12 $2,470,000 $205,833 $3,853 7.32%
    Native Hawaiian or Islander 2 $770,000 $385,000 $4,077 7.18%
    American Indian 3 $675,000 $225,000 $3,484 7.00%
    Chinese 1 $245,000 $245,000 $3,648 6.50%

    Approval Rates

    Total approvals of all applications
    96.70%

    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
    90.89%

    First Palmetto Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 560 $166,050,000 $296,518

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    560 $166,050,000 $296,518

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 43 $9,345,000 $217,326 $3,166 6.43%
    40-60% 47 $11,745,000 $249,894 $4,097 6.64%
    60-80% 172 $56,740,000 $329,884 $4,768 6.77%
    80-100% 275 $83,605,000 $304,018 $5,774 6.73%
    Over 100% 11 $3,095,000 $281,364 $12,142 7.00%
    Under 20% 12 $1,520,000 $126,667 $2,097 7.38%