First Palmetto Bank Mortgage Rates, Fees & Info

Camden, SC

LEI: 549300Z7EP1HO5CH1C36

Tax ID: 57-0921408

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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 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% 12/16/24
    30 Year Conventional Refi 6.61% 12/16/24
    30 Year Cash-out Refi 6.73% 12/16/24
    30 Year FHA Purchase 7.30% 12/16/24
    30 Year FHA Refi 6.27% 12/16/24
    30 Year VA Purchase 6.41% 12/16/24
    30 Year USDA Purchase 6.94% 12/16/24
    15 Year Conventional Purchase 6.24% 12/16/24
    15 Year Conventional Refi 5.70% 12/16/24
    15 Year Cash-out Refi 5.70% 12/16/24
    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

    741

    Origination Dollar Volume (All Markets)

    $240,595,000
    Show all (8) awards

    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%
    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.

    FIRST CHOICE MORTGAGE, INC.
    Similarity Rank: 370
    CAROLINA TRUST FEDERAL CREDIT UNION
    Similarity Rank: 420
    CAROLINA FOOTHILLS
    Similarity Rank: 440
    Barley Mortgage, LLC
    Similarity Rank: 444
    GREENVILLE FEDERAL CREDIT UNION
    Similarity Rank: 588
    Palmetto Citizens Federal Credit Union
    Similarity Rank: 624
    Deere Employees Credit Union
    Similarity Rank: 954
    AUGUSTA MORTGAGE CO.
    Similarity Rank: 1025
    SHELTER LENDING SERVICES, L.L.C.
    Similarity Rank: 1030
    FINANCIAL RESOURCES FEDERAL CREDIT UNION
    Similarity Rank: 1160

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 637 $213,235,000 $334,749 $3,745 4.73%
    FHA 55 $12,965,000 $235,727 $8,531 4.80%
    VA 41 $12,945,000 $315,732 $8,435 5.20%
    USDA 8 $1,450,000 $181,250 $5,709 4.89%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 551 $182,235,000 $330,735 $4,898 4.92%
    Cash Out Refi 99 $27,835,000 $281,162 $3,683 4.38%
    Refi 88 $30,300,000 $344,318 $2,172 4.23%
    Home Improvement 3 $225,000 $75,000 $2,992 5.17%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 553 $166,535,000 $301,148 $4,697 4.91%
    5 Year 76 $26,280,000 $345,789 $3,125 4.86%
    15 Year 48 $14,720,000 $306,667 $3,416 3.66%
    Other 39 $21,215,000 $543,974 $3,144 4.41%
    10 Year 10 $6,060,000 $606,000 $2,509 4.01%
    20 Year 9 $2,855,000 $317,222 $3,737 3.53%
    1 Year 3 $2,015,000 $671,667 $7,393 5.42%
    3 Year 2 $410,000 $205,000 $1,688 4.10%
    30+ year 1 $505,000 $505,000 $5,613 4.25%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 467 $156,925,000 $336,028
    $1k-2k 82 $20,200,000 $246,341
    $2k-3k 55 $18,505,000 $336,455
    $3k-4k 38 $10,670,000 $280,789
    $5k+ 28 $13,230,000 $472,500
    $4k-5k 19 $6,555,000 $345,000

    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

    Loan Rate Originations Total Value Average Loan
    5-6% 253 $71,425,000 $282,312
    4-5% 206 $68,410,000 $332,087
    3-4% 190 $73,900,000 $388,947
    6-7% 49 $13,705,000 $279,694
    2.5-3% 21 $7,195,000 $342,619
    7-8% 17 $4,665,000 $274,412
    <2.5% 5 $1,295,000 $259,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 352 $99,930,000 $283,892 $4,549 4.82%
    $100k-200k 179 $27,515,000 $153,715 $3,877 4.92%
    $400k-600k 100 $47,790,000 $477,900 $4,928 4.59%
    $600k-1MM 54 $39,440,000 $730,370 $5,128 4.34%
    $100,000 or less 39 $2,735,000 $70,128 $2,768 4.87%
    $1MM+ 17 $23,185,000 $1,363,824 $5,769 4.20%

    2022 saw First Palmetto Bank place emphasis on $200k-400k loans with 352 originations, totaling $99,930,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 151 $46,595,000 $308,576 $4,403 4.80%
    $150k-250k 135 $50,325,000 $372,778 $4,392 4.66%
    $50k-75k 135 $29,725,000 $220,185 $4,447 4.80%
    $250k+ 109 $65,835,000 $603,991 $4,638 4.70%
    $75k-100k 106 $27,300,000 $257,547 $4,603 4.93%
    $50k or less 64 $8,980,000 $140,313 $3,943 4.75%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 189 $58,975,000 $312,037 $3,890 4.76%
    30-36% 122 $36,490,000 $299,098 $3,969 4.72%
    <20% 119 $47,905,000 $402,563 $3,960 4.55%
    37% 26 $10,960,000 $421,538 $4,787 4.84%
    44% 24 $7,680,000 $320,000 $3,888 4.97%
    38% 24 $7,450,000 $310,417 $4,589 4.89%
    39% 24 $8,760,000 $365,000 $5,351 4.46%
    50-60% 23 $6,565,000 $285,435 $7,688 4.85%
    40% 21 $6,305,000 $300,238 $4,936 5.14%
    36% 19 $5,905,000 $310,789 $3,827 4.30%
    41% 16 $4,050,000 $253,125 $5,928 5.02%
    43% 16 $4,470,000 $279,375 $4,900 5.02%
    42% 15 $3,295,000 $219,667 $5,036 5.27%
    46% 14 $4,410,000 $315,000 $4,978 4.70%
    49% 12 $3,360,000 $280,000 $5,425 5.18%
    45% 12 $4,060,000 $338,333 $4,449 5.21%
    47% 10 $2,580,000 $258,000 $5,172 5.10%
    48% 10 $2,660,000 $266,000 $4,144 5.01%
    >60% 6 $3,630,000 $605,000 $12,106 5.27%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 562 $188,030,000 $334,573 $4,200 4.73%
    Not provided 48 $17,540,000 $365,417 $5,135 4.73%
    Black 59 $15,455,000 $261,949 $6,371 5.15%
    Not applicable 39 $11,085,000 $284,231 $0 4.65%
    Asian 19 $5,325,000 $280,263 $4,051 4.98%
    Asian Indian 9 $2,345,000 $260,556 $3,575 4.95%
    American Indian 4 $610,000 $152,500 $3,951 4.69%
    Other Pacific Islander 1 $205,000 $205,000 $2,083 3.25%

    Approval Rates

    Total approvals of all applications
    98.00%

    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 origination
    94.47%

    First Palmetto Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 741 $240,595,000 $324,690

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    741 $240,595,000 $324,690

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 54 $15,140,000 $280,370 $2,946 4.51%
    40-60% 79 $23,715,000 $300,190 $3,230 4.57%
    60-80% 269 $95,325,000 $354,368 $4,077 4.73%
    80-100% 322 $100,840,000 $313,168 $4,862 4.88%
    Over 100% 11 $5,135,000 $466,818 $16,187 5.05%
    Under 20% 6 $440,000 $73,333 $1,126 4.60%

    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%