Towne Mortgage Of The Carolinas Rates, Fees & Info

Raleigh, NC

LEI: 5493005NE66BD75BDB43

Tax ID: 27-1026893

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, Goldsboro, and Wilmington among others. We have data for 16 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 a low 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.

    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% 4/21/24
    30 Year Conventional Refi 6.61% 4/21/24
    30 Year Cash-out Refi 6.94% 4/21/24
    30 Year FHA Purchase 7.36% 4/21/24
    30 Year VA Purchase 6.25% 4/21/24
    15 Year Conventional Purchase 6.16% 4/21/24
    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

    597

    Origination Dollar Volume (All Markets)

    $137,565,000

    Awards

    Towne Mortgage of the Carolinas VA Loans bronze Towne Mortgage of the Carolinas VA Loans silver
    Show all (2) awards

    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) 392 $95,440,000 $243,469 $4,072 4.71%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 142 $32,030,000 $225,563 $3,920 4.74%
    FAYETTEVILLE, NC (FHA|USDA|VA) 15 $2,805,000 $187,000 $3,979 4.69%
    GOLDSBORO, NC (FHA|USDA|VA) 11 $1,215,000 $110,455 $3,585 4.97%
    WILMINGTON, NC (FHA|USDA|VA) 4 $1,070,000 $267,500 $3,984 4.59%
    BURLINGTON, NC (FHA|USDA|VA) 5 $1,045,000 $209,000 $3,250 4.70%
    Outside of Metro Areas 4 $900,000 $225,000 $888 4.59%
    ROCKY MOUNT, NC (FHA|USDA|VA) 6 $790,000 $131,667 $3,158 4.90%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 6 $590,000 $98,333 $4,082 5.08%
    Sanford, NC (FHA|USDA|VA) 4 $510,000 $127,500 $3,871 5.00%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $375,000 $375,000 $3,401 4.50%
    GREENVILLE, NC (FHA|USDA|VA) 2 $240,000 $120,000 $3,598 4.81%
    Wilson, NC (FHA|USDA|VA) 2 $160,000 $80,000 $0 5.38%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $145,000 $145,000 $0 4.75%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $135,000 $135,000 $2,598 4.88%
    Kinston, NC (FHA|USDA|VA) 1 $115,000 $115,000 $2,688 5.00%
    Towne Mortgage Of The Carolinas's top markets include Raleigh, Durham, Fayetteville, Goldsboro, and Wilmington among others.

    Their top states include:
  • North Carolina (FHA|USDA|VA)
  • Florida (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.

    Roxboro Savings Bank SSB
    Similarity Rank: 567
    PROPONENT Federal Credit Union
    Similarity Rank: 645
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 1228
    CREDIT UNION MORTGAGE ASSOCIATION, INC.
    Similarity Rank: 1343
    First Federal Bank
    Similarity Rank: 1734
    Residential Mortgage Corp
    Similarity Rank: 1845
    Truliant Federal Credit Union
    Similarity Rank: 2268
    MATTAMY HOME FUNDING, LLC
    Similarity Rank: 2856
    AMERICAN FEDERAL MORTGAGE CORPORATION
    Similarity Rank: 3116
    Calatlantic Morgage Inc.
    Similarity Rank: 3120

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 486 $112,300,000 $231,070 $3,573 4.74%
    FHA 49 $9,985,000 $203,776 $6,828 4.82%
    VA 47 $12,425,000 $264,362 $4,734 4.56%
    USDA 15 $2,855,000 $190,333 $4,821 4.76%

    For 2018, Towne Mortgage Of The Carolinas's most frequently originated type of loan was Conventional, with 486 originations. Their 2nd most popular type was FHA, with 49 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 584 $134,790,000 $230,805 $3,984 4.73%
    Cash Out Refi 10 $2,170,000 $217,000 $3,662 4.89%
    Refi 3 $605,000 $201,667 $3,413 4.83%

    For 2018, Towne Mortgage Of The Carolinas's most frequently cited loan purpose was Home Purchase, with 584 originations. The 2nd most popular reason was Cash Out Refi, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 560 $131,140,000 $234,179 $4,009 4.75%
    15 Year 28 $4,140,000 $147,857 $3,497 4.15%
    20 Year 8 $1,930,000 $241,250 $2,859 4.45%
    10 Year 1 $355,000 $355,000 $4,061 3.63%

    For 2018, Towne Mortgage Of The Carolinas's most frequently cited loan duration was 30 Year, with 560 originations. The 2nd most popular length was 15 Year, with 28 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 335 $84,255,000 $251,507
    $1k-2k 137 $27,605,000 $201,496
    $2k-3k 54 $11,270,000 $208,704
    $3k-4k 15 $4,095,000 $273,000
    $4k-5k 9 $2,985,000 $331,667
    $5k+ 8 $2,890,000 $361,250

    Towne Mortgage Of The Carolinas's average total fees were $4,009, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 335 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 462 $109,600,000 $237,229
    5-6% 96 $19,730,000 $205,521
    3-4% 25 $8,165,000 $326,600

    During 2018, Towne Mortgage Of The Carolinas's average interest rate for loans was 4.75%, while their most frequently originated rate bucket for loans was 4-5%, with 462 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 316 $86,550,000 $273,892 $4,079 4.65%
    $100k-200k 209 $33,155,000 $158,636 $3,658 4.86%
    $100,000 or less 36 $1,690,000 $46,944 $3,113 5.01%
    $400k-600k 35 $15,415,000 $440,429 $5,226 4.50%
    $600k-1MM 1 $755,000 $755,000 $3,567 4.75%

    2018 saw Towne Mortgage Of The Carolinas place emphasis on $200k-400k loans with 316 originations, totaling $86,550,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 140 $26,830,000 $191,643 $4,114 4.77%
    $100k-150k 139 $38,145,000 $274,424 $4,474 4.64%
    $75k-100k 131 $30,265,000 $231,031 $3,883 4.76%
    $50k or less 88 $11,630,000 $132,159 $3,602 4.87%
    $150k-250k 78 $23,960,000 $307,179 $3,451 4.66%
    $250k+ 21 $6,735,000 $320,714 $3,786 4.57%

    Towne Mortgage Of The Carolinas lent most frequently to those with incomes in the $50k-75k range, with 140 originations. The second most popular income band? $100k-150k, with 139 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 168 $39,340,000 $234,167 $3,738 4.65%
    30-36% 116 $27,300,000 $235,345 $3,813 4.76%
    44% 29 $6,565,000 $226,379 $4,586 4.88%
    36% 25 $5,445,000 $217,800 $3,339 4.82%
    <20% 24 $5,090,000 $212,083 $3,639 4.54%
    37% 24 $4,860,000 $202,500 $3,622 4.72%
    42% 22 $4,670,000 $212,273 $4,455 4.86%
    40% 21 $4,665,000 $222,143 $4,070 4.76%
    38% 20 $4,890,000 $244,500 $3,650 4.81%
    46% 19 $4,805,000 $252,895 $3,827 4.64%
    49% 19 $4,225,000 $222,368 $4,500 4.70%
    39% 17 $3,755,000 $220,882 $4,135 4.84%
    43% 17 $4,575,000 $269,118 $5,141 4.67%
    45% 16 $3,930,000 $245,625 $3,853 4.71%
    47% 16 $3,760,000 $235,000 $4,000 4.79%
    48% 16 $3,180,000 $198,750 $4,254 4.89%
    41% 15 $3,185,000 $212,333 $4,355 4.77%
    50-60% 13 $3,325,000 $255,769 $6,022 4.67%

    Towne Mortgage Of The Carolinas lent most frequently to those with DTI ratios of 20-30%, with 168 originations. The next most common DTI ratio? 30-36%, with 116 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 494 $114,700,000 $232,186 $3,990 4.71%
    Black 53 $11,575,000 $218,396 $3,798 4.88%
    Asian 34 $7,690,000 $226,176 $4,182 4.77%
    Not provided 12 $2,540,000 $211,667 $3,806 4.75%
    American Indian 2 $720,000 $360,000 $4,497 4.38%
    Native Hawaiian or Islander 2 $340,000 $170,000 $2,406 4.50%

    Approval Rates

    Total approvals of all applications
    95.09%

    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
    82.08%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 597 $137,565,000 $230,427

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $145,000 $145,000
    Single Family (1-4 Units):Site-Built 596 $137,420,000 $230,570

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $1,180,000 $118,000 $3,011 4.75%
    40-60% 41 $8,555,000 $208,659 $3,642 4.63%
    60-80% 124 $30,850,000 $248,790 $3,561 4.76%
    80-100% 393 $92,795,000 $236,120 $3,920 4.73%
    Over 100% 14 $4,050,000 $289,286 $10,268 4.71%
    Under 20% 15 $135,000 $9,000 $3,311 4.25%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    TOWNE MORTGAGE COMPANY Conventional home mortgage Trouble during payment process 2 33.3%
    TOWNE MORTGAGE COMPANY FHA mortgage Improper use of your report 1 16.7%
    TOWNE MORTGAGE COMPANY FHA mortgage Struggling to pay mortgage 1 16.7%
    TOWNE MORTGAGE COMPANY FHA mortgage Trouble during payment process 1 16.7%
    TOWNE MORTGAGE COMPANY VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 16.7%