Towne Bank Mortgage Rates, Fees & Info
Portsmouth, VALEI: 54930039UO39UJGI7078
Tax ID: 54-1910608
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Mortgage Data
Review & Overview
Towne Bank is a small bank specializing in Home Purchase loans. Towne Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Washington, Virginia Beach, Baltimore, Charlotte, and Raleigh among others. We have data for 112 markets. (Some data included below & more in-depth data is available with an active subscription.)Towne 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. Towne Bank is typically a high 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 12/16/24 |
| 30 Year Conventional Purchase | 6.63% | 12/16/24 |
| 30 Year Conventional Refi | 6.49% | 12/16/24 |
| 30 Year Cash-out Refi | 6.66% | 12/16/24 |
| 30 Year FHA Purchase | 7.14% | 12/16/24 |
| 30 Year FHA Refi | 7.16% | 12/16/24 |
| 30 Year VA Purchase | 6.15% | 12/16/24 |
| 30 Year VA Refi | 5.87% | 12/16/24 |
| 30 Year USDA Purchase | 6.60% | 12/16/24 |
| 30 Year USDA Refi | 6.78% | 12/16/24 |
| 15 Year Conventional Purchase | 6.12% | 12/16/24 |
| 15 Year Conventional Refi | 6.12% | 12/16/24 |
| 15 Year Cash-out Refi | 6.12% | 12/16/24 |
| 15 Year VA Refi | 6.04% | 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. | ||
Towne Bank Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Towne 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
4,779Origination Dollar Volume (All Markets)
$1,664,805,000Awards
Towne Bank - 2023
Towne Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Towne Bank's average 30 year fixed mortgage rate was
6.63%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.15%.
Relative Fees (Closing Costs)
Towne Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $9,193.
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 |
|---|---|---|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 783 | $336,875,000 | $430,236 | $10,445 | 6.50% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1,172 | $328,210,000 | $280,043 | $9,111 | 7.72% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 620 | $219,610,000 | $354,210 | $8,716 | 6.59% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 398 | $148,160,000 | $372,261 | $9,862 | 6.95% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 218 | $112,980,000 | $518,257 | $8,521 | 6.56% |
| RICHMOND, VA (FHA|USDA|VA) | 372 | $106,860,000 | $287,258 | $8,585 | 7.12% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 140 | $52,570,000 | $375,500 | $9,003 | 7.67% |
| WILMINGTON, NC (FHA|USDA|VA) | 105 | $43,035,000 | $409,857 | $7,941 | 6.72% |
| Outside of Metro Areas | 95 | $32,775,000 | $345,000 | $8,876 | 6.97% |
| GREENVILLE, NC (FHA|USDA|VA) | 133 | $28,005,000 | $210,564 | $6,770 | 6.35% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 72 | $25,600,000 | $355,556 | $9,441 | 6.56% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 48 | $24,860,000 | $517,917 | $8,312 | 6.76% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 57 | $23,875,000 | $418,860 | $8,547 | 6.81% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 35 | $12,485,000 | $356,714 | $7,381 | 6.53% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 35 | $11,905,000 | $340,143 | $9,536 | 6.12% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 39 | $10,905,000 | $279,615 | $9,298 | 6.64% |
| Morehead City, NC (FHA|USDA|VA) | 14 | $7,710,000 | $550,714 | $12,077 | 7.29% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 16 | $7,500,000 | $468,750 | $9,688 | 6.25% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 27 | $6,725,000 | $249,074 | $7,145 | 6.62% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 23 | $6,595,000 | $286,739 | $8,152 | 7.48% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 9 | $6,185,000 | $687,222 | $15,857 | 6.96% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 19 | $5,925,000 | $311,842 | $8,132 | 6.88% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 11 | $5,835,000 | $530,455 | $13,184 | 6.60% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 14 | $5,410,000 | $386,429 | $9,809 | 6.78% |
| Washington, NC (FHA|USDA|VA) | 22 | $4,630,000 | $210,455 | $6,166 | 5.97% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 16 | $4,510,000 | $281,875 | $7,982 | 6.81% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 18 | $4,430,000 | $246,111 | $6,551 | 6.67% |
| GETTYSBURG, PA (FHA|USDA|VA) | 15 | $4,165,000 | $277,667 | $7,559 | 6.84% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 13 | $3,895,000 | $299,615 | $9,284 | 6.72% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 13 | $3,825,000 | $294,231 | $8,416 | 6.28% |
| Elizabeth City, NC (FHA|USDA|VA) | 20 | $3,600,000 | $180,000 | $7,596 | 6.85% |
| NEW BERN, NC (FHA|USDA|VA) | 9 | $2,435,000 | $270,556 | $8,118 | 5.88% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 8 | $2,360,000 | $295,000 | $6,081 | 7.11% |
| Boone, NC (FHA|USDA|VA) | 2 | $2,030,000 | $1,015,000 | $20,538 | 6.88% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 5 | $1,985,000 | $397,000 | $16,224 | 6.80% |
| JACKSON, MS (FHA|USDA|VA) | 9 | $1,875,000 | $208,333 | $6,927 | 6.38% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 6 | $1,870,000 | $311,667 | $4,793 | 6.95% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 4 | $1,840,000 | $460,000 | $11,252 | 6.38% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 4 | $1,810,000 | $452,500 | $12,027 | 6.63% |
| BATON ROUGE, LA (FHA|USDA|VA) | 6 | $1,730,000 | $288,333 | $10,179 | 6.94% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 3 | $1,655,000 | $551,667 | $13,724 | 6.88% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $1,555,000 | $1,555,000 | $17,045 | 7.50% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 4 | $1,470,000 | $367,500 | $9,015 | 6.13% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 6 | $1,460,000 | $243,333 | $8,001 | 7.21% |
| Cambridge, MD (FHA|USDA|VA) | 5 | $1,455,000 | $291,000 | $9,690 | 6.53% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 3 | $1,445,000 | $481,667 | $10,696 | 7.00% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 4 | $1,390,000 | $347,500 | $13,747 | 6.16% |
| COLUMBIA, SC (FHA|USDA|VA) | 4 | $1,310,000 | $327,500 | $7,356 | 6.59% |
| ASHEVILLE, NC (FHA|USDA|VA) | 3 | $1,255,000 | $418,333 | $11,874 | 6.88% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 5 | $1,255,000 | $251,000 | $7,655 | 6.30% |
| Easton, MD (FHA|USDA|VA) | 4 | $1,220,000 | $305,000 | $6,306 | 6.47% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 3 | $1,205,000 | $401,667 | $11,472 | 7.04% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 3 | $1,175,000 | $391,667 | $7,754 | 6.79% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 2 | $1,130,000 | $565,000 | $10,957 | 7.31% |
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 4 | $1,090,000 | $272,500 | $7,578 | 6.53% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $1,090,000 | $545,000 | $15,116 | 6.69% |
| HAMMOND, LA (FHA|USDA|VA) | 5 | $1,075,000 | $215,000 | $7,078 | 6.50% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 3 | $1,055,000 | $351,667 | $8,296 | 6.08% |
| HARRISONBURG, VA (FHA|USDA|VA) | 3 | $1,055,000 | $351,667 | $6,165 | 6.29% |
| GOLDSBORO, NC (FHA|USDA|VA) | 6 | $1,010,000 | $168,333 | $7,627 | 4.94% |
| DOVER, DE (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $10,896 | 6.46% |
| LYNCHBURG, VA (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $10,986 | 7.33% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $8,668 | 6.88% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 4 | $840,000 | $210,000 | $8,672 | 6.16% |
| Ruston, LA (FHA|USDA|VA) | 2 | $800,000 | $400,000 | $10,593 | 6.25% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 2 | $800,000 | $400,000 | $9,738 | 7.06% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $785,000 | $785,000 | $20,333 | 6.13% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 3 | $785,000 | $261,667 | $11,086 | 6.67% |
| ALEXANDRIA, LA (FHA|USDA|VA) | 3 | $745,000 | $248,333 | $9,951 | 6.58% |
| Vicksburg, MS (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $6,850 | 6.67% |
| THE VILLAGES, FL (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $7,276 | 6.63% |
| STAUNTON, VA (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $7,290 | 6.38% |
| Wilson, NC (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $10,606 | 7.44% |
| Albemarle, NC (FHA|USDA|VA) | 4 | $630,000 | $157,500 | $8,412 | 4.81% |
| CLEVELAND, TN (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $6,342 | 6.88% |
| Somerset, KY (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $4,073 | 6.75% |
| Bogalusa, LA (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $5,214 | 6.94% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $5,451 | 6.63% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $17,806 | 6.50% |
| FLORENCE, SC (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $12,856 | 6.38% |
| Brevard, NC (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $0 | 7.38% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $5,458 | 8.63% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $11,587 | 5.63% |
| Natchitoches, LA (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $9,961 | 6.50% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $11,448 | 6.63% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $11,472 | 6.75% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $9,737 | 7.13% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $13,216 | 6.88% |
| Athens, OH (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $15,536 | 5.25% |
| SPARTANBURG, SC (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $12,942 | 6.13% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,872 | 6.63% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $8,086 | 6.13% |
| SUMTER, SC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $13,890 | 6.25% |
| Henderson, NC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $11,458 | 7.00% |
| Shelby, NC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $9,222 | 6.25% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $6,506 | 6.88% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $12,188 | 6.63% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $9,578 | 6.25% |
| Lumberton, NC (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $0 | 6.75% |
| Kinston, NC (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $6,431 | 7.25% |
| Georgetown, SC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 8.50% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,387 | 7.25% |
| WACO, TX (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,928 | 6.88% |
| BURLINGTON, NC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 8.00% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $10,129 | 6.88% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $7,519 | 7.50% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,524 | 6.38% |
| Nacogdoches, TX (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $7,171 | 7.13% |
| Big Stone Gap, VA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,822 | 6.88% |
| Jacksonville, TX (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,025 | 6.25% |
| Clarksburg, WV (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,891 | 6.38% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,838 | 6.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against Towne 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 2023, Towne Bank's most frequently originated type of loan was Conventional, with 2,752 originations. Their 2nd most popular type was HELOC, with 837 originations.
Loan Reason
For 2023, Towne Bank's most frequently cited loan purpose was Home Purchase, with 3,715 originations. The 2nd most popular reason was Home Improvement, with 377 originations.
Loan Duration/Length
For 2023, Towne Bank's most frequently cited loan duration was 30 Year, with 3,445 originations. The 2nd most popular length was 30+ year, with 886 originations.
Origination Fees/Closing Costs
Towne Bank's average total fees were $9,193, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,013 originations.
Interest Rates
During 2023, Towne Bank's average interest rate for loans was 6.63%, while their most frequently originated rate bucket for loans was 6-7%, with 1,930 originations.
Loan Sizing
2023 saw Towne Bank place emphasis on $200k-400k loans with 2,072 originations, totaling $614,110,000 in origination value.
Applicant Income
Towne Bank lent most frequently to those with incomes in the $100k-150k range, with 1,090 originations. The second most popular income band? $150k-250k, with 999 originations.
Applicant Debt to Income Ratio
Towne Bank lent most frequently to those with DTI ratios of 20-30%, with 741 originations. The next most common DTI ratio? 30-36%, with 706 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.94%
Towne Bank has an average approval rate.
Pick Rate
Approvals leading to origination80.10%
Towne Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 4,779 | $1,664,805,000 | $348,358 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4,779 | $1,664,805,000 | $348,358 |