Towne Mortgage Of The Carolinas Rates, Fees & Info

Raleigh, NC

LEI: 5493005NE66BD75BDB43

Tax ID: 27-1026893

5 stars - Updated: 5/27/24 - out of 5 stars, based on 22 reviews

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

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Mortgage Data

Review & Overview

Towne 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 an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Raleigh, Durham, Fayetteville, Burlington, and Wilmington among others. We have data for 22 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 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.

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 6.71% 5/27/24
30 Year Conventional Refi 6.61% 5/27/24
30 Year Cash-out Refi 6.94% 5/27/24
30 Year FHA Purchase 7.36% 5/27/24
30 Year VA Purchase 6.25% 5/27/24
15 Year Conventional Purchase 6.16% 5/27/24
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 Mortgage Of The Carolinas Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Towne Mortgage Of The Carolinas. 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

471

Origination Dollar Volume (All Markets)

$130,255,000

Relative Rate

Towne Mortgage Of The Carolinas's average 30 year fixed mortgage rate was 6.66%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.18%.

Relative Fees (Closing Costs)

Towne Mortgage Of The Carolinas's average total fees/closing costs for a 30 year fixed rate mortgage were $7,400.

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
RALEIGH-CARY, NC (FHA|USDA|VA) 253 $79,075,000 $312,549 $7,256 6.07%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 66 $21,910,000 $331,970 $7,355 6.25%
FAYETTEVILLE, NC (FHA|USDA|VA) 33 $5,645,000 $171,061 $8,729 4.73%
BURLINGTON, NC (FHA|USDA|VA) 19 $4,735,000 $249,211 $10,364 5.46%
WILMINGTON, NC (FHA|USDA|VA) 12 $3,810,000 $317,500 $7,308 6.39%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 19 $3,765,000 $198,158 $8,303 5.21%
ROCKY MOUNT, NC (FHA|USDA|VA) 12 $2,030,000 $169,167 $6,588 4.24%
GOLDSBORO, NC (FHA|USDA|VA) 10 $1,930,000 $193,000 $6,968 5.99%
Wilson, NC (FHA|USDA|VA) 11 $1,605,000 $145,909 $5,022 4.88%
Sanford, NC (FHA|USDA|VA) 7 $1,075,000 $153,571 $5,699 4.84%
Outside of Metro Areas 8 $970,000 $121,250 $4,295 4.17%
Henderson, NC (FHA|USDA|VA) 6 $690,000 $115,000 $0 3.56%
WINSTON-SALEM, NC (FHA|USDA|VA) 2 $510,000 $255,000 $6,204 6.81%
ASHEVILLE, NC (FHA|USDA|VA) 1 $435,000 $435,000 $0 7.63%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $435,000 $435,000 $7,341 6.50%
GREENVILLE, NC (FHA|USDA|VA) 2 $330,000 $165,000 $4,727 6.75%
Roanoke Rapids, NC (FHA|USDA|VA) 3 $285,000 $95,000 $0 4.46%
Albemarle, NC (FHA|USDA|VA) 2 $240,000 $120,000 $0 3.50%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $235,000 $235,000 $5,958 6.88%
RICHMOND, VA (FHA|USDA|VA) 1 $205,000 $205,000 $9,152 6.75%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $205,000 $205,000 $0 7.50%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $135,000 $135,000 $3,941 6.88%
Towne Mortgage Of The Carolinas's top markets include Raleigh, Durham, Fayetteville, Burlington, and Wilmington among others.

Their top states include:
  • North Carolina (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Similar Lenders

    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.

    SCIENT Federal Credit Union
    Similarity Rank: 110
    Truliant Federal Credit Union
    Similarity Rank: 850
    South Pacific Financial Corporation
    Similarity Rank: 1584
    MATTAMY HOME FUNDING, LLC
    Similarity Rank: 1875
    FIRST EQUITY MORTGAGE INCORPORATED
    Similarity Rank: 2436
    Southern Bank and Trust Company
    Similarity Rank: 2592
    RBC Bank, (Georgia)
    Similarity Rank: 3104
    Raymond James Bank
    Similarity Rank: 3540
    PULTE MORTGAGE LLC
    Similarity Rank: 3550

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 380 $102,780,000 $270,474 $6,267 5.60%
    FHA 52 $15,320,000 $294,615 $12,026 6.71%
    VA 34 $11,000,000 $323,529 $10,006 6.35%
    USDA 5 $1,155,000 $231,000 $7,108 6.33%

    For 2023, Towne Mortgage Of The Carolinas's most frequently originated type of loan was Conventional, with 380 originations. Their 2nd most popular type was FHA, with 52 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 464 $128,570,000 $277,091 $7,406 5.77%
    Cash Out Refi 5 $1,175,000 $235,000 $6,194 6.73%
    Other 1 $205,000 $205,000 $7,254 7.38%
    Refi 1 $305,000 $305,000 $6,388 6.50%

    For 2023, Towne Mortgage Of The Carolinas's most frequently cited loan purpose was Home Purchase, with 464 originations. The 2nd most popular reason was Cash Out Refi, with 5 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 402 $126,790,000 $315,398 $7,400 6.66%
    15 Year 65 $1,495,000 $23,000 $6,170 0.28%
    30+ year 2 $1,650,000 $825,000 $11,106 6.38%
    10 Year 1 $15,000 $15,000 $0 9.50%
    20 Year 1 $305,000 $305,000 $5,892 6.13%

    For 2023, Towne Mortgage Of The Carolinas's most frequently cited loan duration was 30 Year, with 402 originations. The 2nd most popular length was 15 Year, with 65 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $3k-4k 114 $30,910,000 $271,140
    $5k+ 80 $34,400,000 $430,000
    $1k-2k 77 $24,285,000 $315,390
    $4k-5k 63 $20,185,000 $320,397
    $2k-3k 53 $14,055,000 $265,189
    $<1k 2 $240,000 $120,000

    Towne Mortgage Of The Carolinas's average total fees were $7,400, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 114 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 275 $86,005,000 $312,745
    7-8% 78 $26,270,000 $336,795
    <2.5% 62 $750,000 $12,097
    5-6% 50 $15,910,000 $318,200
    Over 8% 6 $1,320,000 $220,000

    During 2023, Towne Mortgage Of The Carolinas's average interest rate for loans was 6.66%, while their most frequently originated rate bucket for loans was 6-7%, with 275 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 247 $73,085,000 $295,891 $7,545 6.64%
    $400k-600k 73 $34,235,000 $468,973 $7,565 6.76%
    $100,000 or less 69 $1,165,000 $16,884 $2,800 0.71%
    $100k-200k 68 $11,030,000 $162,206 $5,173 6.60%
    $600k-1MM 12 $8,310,000 $692,500 $11,863 6.74%
    $1MM+ 2 $2,430,000 $1,215,000 $20,448 6.31%

    2023 saw Towne Mortgage Of The Carolinas place emphasis on $200k-400k loans with 247 originations, totaling $73,085,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 130 $44,010,000 $338,538 $7,917 6.45%
    $50k-75k 117 $19,595,000 $167,479 $6,808 4.65%
    $75k-100k 89 $19,595,000 $220,169 $6,666 5.39%
    $150k-250k 71 $27,065,000 $381,197 $7,054 6.82%
    $250k+ 33 $16,095,000 $487,727 $9,635 6.84%
    $50k or less 31 $3,895,000 $125,645 $5,462 4.92%

    Towne Mortgage Of The Carolinas lent most frequently to those with incomes in the $100k-150k range, with 130 originations. The second most popular income band? $50k-75k, with 117 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 91 $24,455,000 $268,736 $6,617 5.64%
    20-30% 65 $18,725,000 $288,077 $6,826 6.24%
    44% 47 $10,405,000 $221,383 $7,604 5.22%
    43% 33 $7,585,000 $229,848 $8,203 5.28%
    40% 29 $8,245,000 $284,310 $8,479 5.38%
    38% 26 $8,130,000 $312,692 $7,549 5.23%
    37% 23 $6,285,000 $273,261 $7,418 5.50%
    42% 23 $5,625,000 $244,565 $8,094 4.60%
    39% 18 $4,640,000 $257,778 $6,956 5.67%
    36% 18 $5,510,000 $306,111 $6,807 6.22%
    41% 17 $3,865,000 $227,353 $6,907 5.66%
    <20% 16 $4,680,000 $292,500 $5,164 6.96%
    46% 13 $4,415,000 $339,615 $6,862 6.99%
    48% 13 $4,685,000 $360,385 $7,420 6.77%
    50-60% 13 $4,135,000 $318,077 $10,893 6.78%
    47% 11 $2,915,000 $265,000 $7,331 6.59%
    49% 8 $3,460,000 $432,500 $10,622 6.69%
    45% 7 $2,495,000 $356,429 $8,315 6.84%

    Towne Mortgage Of The Carolinas lent most frequently to those with DTI ratios of 30-36%, with 91 originations. The next most common DTI ratio? 20-30%, with 65 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 278 $78,700,000 $283,094 $6,944 5.86%
    Not provided 127 $33,965,000 $267,441 $7,647 5.78%
    Asian 24 $9,040,000 $376,667 $8,826 6.55%
    Black 40 $8,130,000 $203,250 $8,967 4.78%
    American Indian 2 $420,000 $210,000 $10,084 6.88%

    Approval Rates

    Total approvals of all applications
    96.17%

    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 Rate

    Approvals leading to origination
    82.80%

    Towne Mortgage Of The Carolinas has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 471 $130,255,000 $276,550

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    471 $130,255,000 $276,550

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $3,525,000 $185,526 $4,348 6.45%
    40-60% 35 $8,395,000 $239,857 $5,006 6.64%
    60-80% 91 $29,685,000 $326,209 $6,224 6.76%
    80-100% 254 $85,320,000 $335,906 $8,318 6.64%
    Over 100% 7 $2,365,000 $337,857 $15,229 6.39%
    Under 20% 65 $965,000 $14,846 $2,255 0.36%