Southern First Bank Mortgage Interest Rate and Cost Review

Is Southern First Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Southern First Bank to those of other lenders for a comparable set of borrowers. Here is our review of Southern First Bank nationally:

Review ItemSouthern First Bank
Interest Ratesimilar to other lenders (-0.06%)
Loan Related Closing Costslower than other lenders (-$529)
National Rate and Closing Cost Star Rating(4)

On average, Southern First Bank’s interest rates were similar to those of other lenders (-0.06%). On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$529. Overall, combining interest rates and closing costs we estimate that Southern First Bank tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars.

We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Southern First Bank, check out its website at:

Southern First Bank’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track Southern First Bank was most active in:

  1. Columbia, SC
  2. Simpsonville, SC
  3. Charleston, SC
  4. Atlanta, GA
  5. Spartanburg, SC

Southern First Bank’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Southern First Bank originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.

New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.03%-0.11%+0.03%-0.01%-0.07%
Loan Related Closing Cost Difference-$396-$428-$5-$305-$518
Cost Adjusted Rate Difference-0.06%-0.14%+0.03%-0.04%-0.11%
National Star Rating(4)(4)(3.5)(3.5)(4)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference-0.10%-0.00%+0.03%-0.03%
Loan Related Closing Cost Difference-$869-$46-$30-$326
Cost Adjusted Rate Difference-0.16%-0.01%+0.03%-0.05%
Average Star Rating(4.5)(3.5)(3.5)(3.5)

As a summary, Southern First Bank is cheap for Conforming, FHA and VA purchase mortgages. It is similar to other lenders for Jumbo and USDA purchase mortgages. For refinancing mortgages, Southern First Bank is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA, Jumbo and VA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about Southern First Bank:

Registered name: Southern First
Registered city and state: Greenville, SC, 29607
Regulator: Federal Deposit Insurance Corporation (FDIC)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Southern First Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.