Towne Mortgage Of The Carolinas Rates, Fees & InfoRaleigh, NC
Tax ID: 27-1026893
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewTowne Mortgage Of The Carolinas is a smaller mortgage company specializing in Home Purchase loans. Towne Mortgage Of The Carolinas has a high proportion of conventional loans. 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: Raleigh, Durham, Burlington, Morehead City, and Fayetteville among others. We have data for 28 markets. (Some data included below & more in-depth data is available with an active subscription.)
Towne Mortgage Of The Carolinas 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 Mortgage Of The Carolinas 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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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.71%||4/2/23|
|30 Year Conventional Refi||6.61%||4/2/23|
|30 Year Cash-out Refi||6.94%||4/2/23|
|30 Year FHA Purchase||7.36%||4/2/23|
|30 Year VA Purchase||6.25%||4/2/23|
|15 Year Conventional Purchase||6.16%||4/2/23|
|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.|
Towne Mortgage Of The Carolinas Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Origination Dollar Volume (All Markets)$171,055,000
Towne Mortgage Of The Carolinas's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.25%.
Relative Fees (Closing Costs)
Towne Mortgage Of The Carolinas's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,134.
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.
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|
|RALEIGH-CARY, NC (FHA|USDA|VA)||311||$115,225,000||$370,498||$6,228||4.79%|
|DURHAM-CHAPEL HILL, NC (FHA|USDA|VA)||82||$29,120,000||$355,122||$5,936||4.93%|
|BURLINGTON, NC (FHA|USDA|VA)||13||$3,755,000||$288,846||$4,462||5.15%|
|Morehead City, NC (FHA|USDA|VA)||1||$3,305,000||$3,305,000||$29,402||6.13%|
|FAYETTEVILLE, NC (FHA|USDA|VA)||13||$2,775,000||$213,462||$5,654||4.64%|
|Outside of Metro Areas||10||$2,640,000||$264,000||$7,493||4.45%|
|ROCKY MOUNT, NC (FHA|USDA|VA)||8||$2,000,000||$250,000||$6,767||4.77%|
|Sanford, NC (FHA|USDA|VA)||8||$1,990,000||$248,750||$5,931||5.11%|
|Wilson, NC (FHA|USDA|VA)||10||$1,570,000||$157,000||$5,149||4.69%|
|WINSTON-SALEM, NC (FHA|USDA|VA)||3||$1,045,000||$348,333||$15,187||2.83%|
|GREENSBORO-HIGH POINT, NC (FHA|USDA|VA)||3||$975,000||$325,000||$5,351||5.08%|
|GOLDSBORO, NC (FHA|USDA|VA)||5||$885,000||$177,000||$9,527||3.70%|
|ASHEVILLE, NC (FHA|USDA|VA)||2||$650,000||$325,000||$5,910||5.88%|
|Roanoke Rapids, NC (FHA|USDA|VA)||1||$645,000||$645,000||$0||5.63%|
|VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA)||1||$635,000||$635,000||$7,832||5.63%|
|GREENVILLE, NC (FHA|USDA|VA)||3||$585,000||$195,000||$6,356||6.38%|
|WILMINGTON, NC (FHA|USDA|VA)||1||$525,000||$525,000||$14,288||3.63%|
|Boone, NC (FHA|USDA|VA)||1||$395,000||$395,000||$5,089||5.38%|
|PITTSBURGH, PA (FHA|USDA|VA)||1||$395,000||$395,000||$9,304||3.13%|
|Cullowhee, NC (FHA|USDA|VA)||1||$315,000||$315,000||$0||6.50%|
|Forest City, NC (FHA|USDA|VA)||1||$255,000||$255,000||$0||4.63%|
|MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA)||1||$245,000||$245,000||$5,510||4.00%|
|Danville, VA (FHA|USDA|VA)||1||$235,000||$235,000||$4,659||4.13%|
|Pinehurst-Southern Pines, NC (FHA|USDA|VA)||1||$215,000||$215,000||$4,195||2.88%|
|JACKSONVILLE, NC (FHA|USDA|VA)||1||$215,000||$215,000||$3,481||6.00%|
|Henderson, NC (FHA|USDA|VA)||1||$195,000||$195,000||$4,362||4.13%|
|Kinston, NC (FHA|USDA|VA)||2||$140,000||$70,000||$0||2.75%|
|NEW BERN, NC (FHA|USDA|VA)||1||$125,000||$125,000||$3,513||5.88%|
We use machine learning to identify the top lenders compared against Towne Mortgage of the Carolinas based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Towne Mortgage Of The Carolinas's most frequently originated type of loan was Conventional, with 433 originations. Their 2nd most popular type was VA, with 32 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
|Cash Out Refi||18||$5,660,000||$314,444||$5,894||4.17%|
For 2022, Towne Mortgage Of The Carolinas's most frequently cited loan purpose was Home Purchase, with 467 originations. The 2nd most popular reason was Cash Out Refi, with 18 originations.
For 2022, Towne Mortgage Of The Carolinas's most frequently cited loan duration was 30 Year, with 451 originations. The 2nd most popular length was 15 Year, with 29 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Towne Mortgage Of The Carolinas's average total fees were $6,134, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 120 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2022, Towne Mortgage Of The Carolinas's average interest rate for loans was 5.01%, while their most frequently originated rate bucket for loans was 5-6%, with 166 originations.
2022 saw Towne Mortgage Of The Carolinas place emphasis on $200k-400k loans with 243 originations, totaling $72,325,000 in origination value.
Towne Mortgage Of The Carolinas lent most frequently to those with incomes in the $100k-150k range, with 127 originations. The second most popular income band? $50k-75k, with 102 originations.
Applicant Debt to Income Ratio
Towne Mortgage Of The Carolinas lent most frequently to those with DTI ratios of 20-30%, with 102 originations. The next most common DTI ratio? 30-36%, with 87 originations.
Approval RatesTotal approvals of all applications
Towne Mortgage Of The Carolinas has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
Towne Mortgage Of The Carolinas has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|