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: Virginia Beach, Washington, Baltimore, Charlotte, and Raleigh among others. We have data for 116 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 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 11/17/24 |
| 30 Year Conventional Purchase | 6.63% | 11/17/24 |
| 30 Year Conventional Refi | 6.49% | 11/17/24 |
| 30 Year Cash-out Refi | 6.66% | 11/17/24 |
| 30 Year FHA Purchase | 7.14% | 11/17/24 |
| 30 Year FHA Refi | 7.16% | 11/17/24 |
| 30 Year VA Purchase | 6.15% | 11/17/24 |
| 30 Year VA Refi | 5.87% | 11/17/24 |
| 30 Year USDA Purchase | 6.60% | 11/17/24 |
| 30 Year USDA Refi | 6.78% | 11/17/24 |
| 15 Year Conventional Purchase | 6.12% | 11/17/24 |
| 15 Year Conventional Refi | 6.12% | 11/17/24 |
| 15 Year Cash-out Refi | 6.12% | 11/17/24 |
| 15 Year VA Refi | 6.04% | 11/17/24 |
| 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
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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
6,729Origination Dollar Volume (All Markets)
$2,583,995,000Awards
Towne Bank - 2022
Towne Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1,613 | $543,785,000 | $337,126 | $8,486 | 4.97% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1,262 | $493,460,000 | $391,014 | $8,592 | 4.55% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 916 | $318,110,000 | $347,282 | $7,687 | 4.73% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 546 | $243,750,000 | $446,429 | $8,736 | 4.57% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 334 | $217,400,000 | $650,898 | $7,333 | 4.61% |
| RICHMOND, VA (FHA|USDA|VA) | 565 | $171,005,000 | $302,664 | $7,482 | 4.96% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 215 | $81,675,000 | $379,884 | $7,731 | 4.89% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 76 | $58,010,000 | $763,289 | $7,167 | 4.93% |
| GREENVILLE, NC (FHA|USDA|VA) | 108 | $52,090,000 | $482,315 | $5,618 | 4.80% |
| WILMINGTON, NC (FHA|USDA|VA) | 117 | $44,965,000 | $384,316 | $5,919 | 5.08% |
| Outside of Metro Areas | 140 | $43,970,000 | $314,071 | $6,667 | 4.65% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 120 | $41,810,000 | $348,417 | $8,413 | 4.47% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 74 | $31,580,000 | $426,757 | $6,796 | 4.88% |
| BURLINGTON, NC (FHA|USDA|VA) | 11 | $15,725,000 | $1,429,545 | $8,489 | 5.01% |
| Morehead City, NC (FHA|USDA|VA) | 21 | $13,005,000 | $619,286 | $7,083 | 4.32% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 48 | $12,320,000 | $256,667 | $6,327 | 4.74% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 48 | $11,860,000 | $247,083 | $7,057 | 4.93% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 26 | $10,970,000 | $421,923 | $8,022 | 4.85% |
| ASHEVILLE, NC (FHA|USDA|VA) | 3 | $10,925,000 | $3,641,667 | $13,482 | 6.00% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 38 | $10,830,000 | $285,000 | $6,528 | 4.57% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 18 | $10,440,000 | $580,000 | $8,224 | 4.17% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 25 | $7,705,000 | $308,200 | $6,382 | 4.82% |
| Elizabeth City, NC (FHA|USDA|VA) | 35 | $7,665,000 | $219,000 | $8,216 | 4.31% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 19 | $6,955,000 | $366,053 | $8,281 | 4.89% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 25 | $6,095,000 | $243,800 | $6,938 | 5.17% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 17 | $6,055,000 | $356,176 | $8,436 | 4.91% |
| Washington, NC (FHA|USDA|VA) | 25 | $5,585,000 | $223,400 | $4,718 | 5.01% |
| GETTYSBURG, PA (FHA|USDA|VA) | 21 | $5,495,000 | $261,667 | $7,395 | 5.29% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 15 | $5,035,000 | $335,667 | $9,792 | 4.64% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 8 | $4,710,000 | $588,750 | $6,241 | 4.64% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 6 | $4,450,000 | $741,667 | $7,426 | 4.92% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 9 | $3,675,000 | $408,333 | $5,792 | 4.25% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 9 | $3,475,000 | $386,111 | $6,756 | 4.48% |
| Georgetown, SC (FHA|USDA|VA) | 3 | $3,455,000 | $1,151,667 | $14,052 | 4.21% |
| Key West, FL (FHA|USDA|VA) | 4 | $3,020,000 | $755,000 | $0 | 5.16% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 6 | $2,780,000 | $463,333 | $10,944 | 4.85% |
| Albemarle, NC (FHA|USDA|VA) | 3 | $2,725,000 | $908,333 | $11,137 | 5.00% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 8 | $2,640,000 | $330,000 | $9,523 | 4.64% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 6 | $2,640,000 | $440,000 | $8,638 | 4.25% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 10 | $2,610,000 | $261,000 | $8,299 | 4.45% |
| Boone, NC (FHA|USDA|VA) | 5 | $2,585,000 | $517,000 | $14,969 | 3.95% |
| COLUMBIA, SC (FHA|USDA|VA) | 11 | $2,575,000 | $234,091 | $5,003 | 4.80% |
| ROANOKE, VA (FHA|USDA|VA) | 2 | $2,360,000 | $1,180,000 | $6,039 | 3.69% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 6 | $2,310,000 | $385,000 | $7,093 | 4.57% |
| NEW BERN, NC (FHA|USDA|VA) | 7 | $2,275,000 | $325,000 | $4,716 | 4.69% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 5 | $2,175,000 | $435,000 | $6,512 | 4.65% |
| North Wilkesboro, NC (FHA|USDA|VA) | 3 | $2,115,000 | $705,000 | $3,763 | 4.83% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 4 | $2,060,000 | $515,000 | $11,523 | 4.09% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 5 | $1,935,000 | $387,000 | $11,524 | 4.51% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 5 | $1,795,000 | $359,000 | $5,546 | 4.49% |
| Heber, UT (FHA|USDA|VA) | 1 | $1,755,000 | $1,755,000 | $0 | 3.95% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 4 | $1,740,000 | $435,000 | $11,697 | 5.25% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 5 | $1,525,000 | $305,000 | $5,344 | 4.85% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 3 | $1,505,000 | $501,667 | $9,578 | 5.00% |
| Easton, MD (FHA|USDA|VA) | 6 | $1,480,000 | $246,667 | $5,832 | 5.00% |
| LYNCHBURG, VA (FHA|USDA|VA) | 3 | $1,255,000 | $418,333 | $9,054 | 5.67% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $1,240,000 | $620,000 | $7,352 | 4.44% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 2 | $1,230,000 | $615,000 | $7,442 | 4.13% |
| Cambridge, MD (FHA|USDA|VA) | 5 | $1,155,000 | $231,000 | $7,233 | 5.65% |
| Kinston, NC (FHA|USDA|VA) | 6 | $1,130,000 | $188,333 | $5,086 | 5.04% |
| Seneca, SC (FHA|USDA|VA) | 1 | $1,085,000 | $1,085,000 | $6,257 | 5.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $1,085,000 | $361,667 | $6,673 | 6.00% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 5 | $1,075,000 | $215,000 | $5,091 | 4.80% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 3 | $995,000 | $331,667 | $7,579 | 5.46% |
| PANAMA CITY, FL (FHA|USDA|VA) | 2 | $940,000 | $470,000 | $4,917 | 4.56% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $865,000 | $865,000 | $6,163 | 5.25% |
| PITTSBURGH, PA (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $27,920 | 4.96% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $7,600 | 5.25% |
| HARRISONBURG, VA (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $5,178 | 5.38% |
| Forest City, NC (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $6,058 | 4.69% |
| OCALA, FL (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $7,839 | 4.75% |
| DOVER, DE (FHA|USDA|VA) | 3 | $645,000 | $215,000 | $9,109 | 5.00% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $7,487 | 4.38% |
| STAUNTON, VA (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $5,930 | 4.75% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $5,919 | 5.13% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $26,746 | 5.13% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $4,452 | 5.50% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $4,731 | 6.38% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $7,645 | 6.50% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $4,691 | 4.88% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $0 | 4.97% |
| GAINESVILLE, FL (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $7,689 | 6.38% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $4,180 | 3.13% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $7,013 | 7.38% |
| MORGANTOWN, WV (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $3,379 | 3.63% |
| JOHNSTOWN, PA (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $4,339 | 5.94% |
| PUEBLO, CO (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $0 | 5.88% |
| LEBANON, PA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $5,751 | 2.50% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $5,693 | 6.00% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,854 | 6.13% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $6,139 | 5.25% |
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 3 | $315,000 | $105,000 | $3,375 | 5.33% |
| Enterprise, AL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $4,017 | 4.88% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $4,370 | 5.50% |
| HINESVILLE, GA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $4,702 | 4.75% |
| Brevard, NC (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 3.50% |
| Marion, NC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 6.46% |
| Martin, TN (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,305 | 4.00% |
| BATON ROUGE, LA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $9,129 | 6.75% |
| Danville, VA (FHA|USDA|VA) | 3 | $265,000 | $88,333 | $4,011 | 2.96% |
| ALBANY, GA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $6,261 | 5.88% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $7,376 | 5.13% |
| Sanford, NC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,717 | 5.75% |
| Rockingham, NC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 7.03% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,920 | 3.88% |
| Laurinburg, NC (FHA|USDA|VA) | 3 | $225,000 | $75,000 | $0 | 5.50% |
| London, KY (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $9,584 | 4.75% |
| SUMTER, SC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $7,709 | 3.75% |
| Shelby, NC (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 2.88% |
| AKRON, OH (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,068 | 4.88% |
| READING, PA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $8,668 | 5.25% |
| Ashland, OH (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,792 | 7.13% |
| EL PASO, TX (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,841 | 3.88% |
| VALDOSTA, GA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 7.13% |
| Norwalk, OH (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $4,811 | 5.75% |
| Lumberton, NC (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.50% |
Similar Lenders
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Product Mix
For 2022, Towne Bank's most frequently originated type of loan was Conventional, with 4,264 originations. Their 2nd most popular type was HELOC, with 985 originations.
Loan Reason
For 2022, Towne Bank's most frequently cited loan purpose was Home Purchase, with 4,959 originations. The 2nd most popular reason was Cash Out Refi, with 563 originations.
Loan Duration/Length
For 2022, Towne Bank's most frequently cited loan duration was 30 Year, with 4,706 originations. The 2nd most popular length was 30+ year, with 1,116 originations.
Origination Fees/Closing Costs
Towne Bank's average total fees were $7,899, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,929 originations.
Interest Rates
During 2022, Towne Bank's average interest rate for loans was 4.85%, while their most frequently originated rate bucket for loans was 5-6%, with 1,934 originations.
Loan Sizing
2022 saw Towne Bank place emphasis on $200k-400k loans with 2,839 originations, totaling $835,615,000 in origination value.
Applicant Income
Towne Bank lent most frequently to those with incomes in the $100k-150k range, with 1,326 originations. The second most popular income band? $150k-250k, with 1,304 originations.
Applicant Debt to Income Ratio
Towne Bank lent most frequently to those with DTI ratios of 20-30%, with 1,173 originations. The next most common DTI ratio? 30-36%, with 1,067 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.15%
Towne 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 origination82.26%
Towne Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 6,729 | $2,583,995,000 | $384,009 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6,729 | $2,583,995,000 | $384,009 |