First Palmetto Bank Mortgage Rates, Fees & Info
Camden, SCLEI: 549300Z7EP1HO5CH1C36
Tax ID: 57-0921408
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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 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 | 6.54% | 9/18/23 |
| 30 Year Conventional Refi | 6.61% | 9/18/23 |
| 30 Year Cash-out Refi | 6.73% | 9/18/23 |
| 30 Year FHA Purchase | 7.30% | 9/18/23 |
| 30 Year FHA Refi | 6.27% | 9/18/23 |
| 30 Year VA Purchase | 6.41% | 9/18/23 |
| 30 Year USDA Purchase | 6.94% | 9/18/23 |
| 15 Year Conventional Purchase | 6.24% | 9/18/23 |
| 15 Year Conventional Refi | 5.70% | 9/18/23 |
| 15 Year Cash-out Refi | 5.70% | 9/18/23 |
| 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
741Origination Dollar Volume (All Markets)
$240,595,000Awards
First Palmetto Bank - 2022
First Palmetto Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Relative Rate
First Palmetto Bank's average 30 year fixed mortgage rate was
4.91%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.15%.
Relative Fees (Closing Costs)
First Palmetto Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,697.
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 |
|---|---|---|---|---|---|
| COLUMBIA, SC (FHA|USDA|VA) | 385 | $103,985,000 | $270,091 | $4,668 | 4.93% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 124 | $50,230,000 | $405,081 | $3,642 | 4.59% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 69 | $35,075,000 | $508,333 | $4,589 | 4.38% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 32 | $9,170,000 | $286,563 | $3,579 | 4.63% |
| Seneca, SC (FHA|USDA|VA) | 16 | $7,560,000 | $472,500 | $3,751 | 4.67% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 20 | $5,300,000 | $265,000 | $4,818 | 4.90% |
| SPARTANBURG, SC (FHA|USDA|VA) | 18 | $4,550,000 | $252,778 | $3,520 | 4.44% |
| Georgetown, SC (FHA|USDA|VA) | 8 | $3,830,000 | $478,750 | $3,681 | 3.97% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 8 | $3,550,000 | $443,750 | $4,388 | 4.55% |
| SUMTER, SC (FHA|USDA|VA) | 13 | $2,725,000 | $209,615 | $6,142 | 5.18% |
| Outside of Metro Areas | 9 | $2,185,000 | $242,778 | $4,377 | 4.33% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $2,165,000 | $2,165,000 | $20,408 | 4.95% |
| ASHEVILLE, NC (FHA|USDA|VA) | 4 | $2,040,000 | $510,000 | $4,864 | 5.63% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 5 | $1,605,000 | $321,000 | $3,335 | 4.38% |
| Orangeburg, SC (FHA|USDA|VA) | 8 | $1,420,000 | $177,500 | $4,744 | 4.48% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 2 | $1,000,000 | $500,000 | $3,445 | 4.50% |
| FLORENCE, SC (FHA|USDA|VA) | 5 | $855,000 | $171,000 | $3,421 | 5.00% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $5,159 | 4.81% |
| Brevard, NC (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $0 | 4.95% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $4,109 | 3.88% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $9,803 | 3.63% |
| Martinsville, VA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $3,232 | 6.00% |
| DOTHAN, AL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $12,595 | 5.25% |
| Newberry, SC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,967 | 4.13% |
| Greenwood, SC (FHA|USDA|VA) | 3 | $265,000 | $88,333 | $3,101 | 4.49% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,115 | 3.25% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,865 | 5.25% |
| Albemarle, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $10,089 | 6.25% |
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.
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Product Mix
For 2022, First Palmetto Bank's most frequently originated type of loan was Conventional, with 637 originations. Their 2nd most popular type was FHA, with 55 originations.
Loan Reason
For 2022, First Palmetto Bank's most frequently cited loan purpose was Home Purchase, with 551 originations. The 2nd most popular reason was Cash Out Refi, with 99 originations.
Loan Duration/Length
For 2022, First Palmetto Bank's most frequently cited loan duration was 30 Year, with 553 originations. The 2nd most popular length was 5 Year, with 76 originations.
Origination Fees/Closing Costs
First Palmetto Bank's average total fees were $4,697, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 467 originations.
Interest Rates
During 2022, First Palmetto Bank's average interest rate for loans was 4.91%, while their most frequently originated rate bucket for loans was 5-6%, with 253 originations.
Loan Sizing
2022 saw First Palmetto Bank place emphasis on $200k-400k loans with 352 originations, totaling $99,930,000 in origination value.
Applicant Income
First Palmetto Bank lent most frequently to those with incomes in the $100k-150k range, with 151 originations. The second most popular income band? $150k-250k, with 135 originations.
Applicant Debt to Income Ratio
First Palmetto Bank lent most frequently to those with DTI ratios of 20-30%, with 189 originations. The next most common DTI ratio? 30-36%, with 122 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.00%
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 origination94.47%
First Palmetto Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 741 | $240,595,000 | $324,690 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST CITIZENS BANCSHARES, INC. | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |