Towne Mortgage Of The Carolinas Rates, Fees & Info
Raleigh, NCLEI: 5493005NE66BD75BDB43
Tax ID: 27-1026893
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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 a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Raleigh, Durham, Burlington, Fayetteville, and Rocky Mount among others. We have data for 27 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.71% | 4/18/24 |
| 30 Year Conventional Refi | 6.61% | 4/18/24 |
| 30 Year Cash-out Refi | 6.94% | 4/18/24 |
| 30 Year FHA Purchase | 7.36% | 4/18/24 |
| 30 Year VA Purchase | 6.25% | 4/18/24 |
| 15 Year Conventional Purchase | 6.16% | 4/18/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
907Origination Dollar Volume (All Markets)
$281,725,000Awards
Towne Mortgage of the Carolinas - 2021
Towne Mortgage of the Carolinas is a 2021 , due to their low .
For 2021, 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 |
|---|---|---|---|---|---|
| RALEIGH-CARY, NC (FHA|USDA|VA) | 613 | $195,845,000 | $319,486 | $4,265 | 3.00% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 146 | $48,880,000 | $334,795 | $4,182 | 3.11% |
| BURLINGTON, NC (FHA|USDA|VA) | 26 | $6,900,000 | $265,385 | $4,642 | 2.92% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 34 | $6,610,000 | $194,412 | $4,919 | 2.98% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 13 | $3,045,000 | $234,231 | $4,477 | 2.94% |
| Outside of Metro Areas | 9 | $2,935,000 | $326,111 | $7,693 | 3.10% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 5 | $2,135,000 | $427,000 | $3,342 | 2.80% |
| Wilson, NC (FHA|USDA|VA) | 11 | $2,015,000 | $183,182 | $4,867 | 2.68% |
| WILMINGTON, NC (FHA|USDA|VA) | 5 | $1,835,000 | $367,000 | $4,918 | 3.53% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 6 | $1,790,000 | $298,333 | $3,599 | 3.33% |
| GOLDSBORO, NC (FHA|USDA|VA) | 7 | $1,465,000 | $209,286 | $7,633 | 2.68% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 5 | $1,035,000 | $207,000 | $4,680 | 3.00% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 5 | $845,000 | $169,000 | $2,811 | 2.58% |
| Sanford, NC (FHA|USDA|VA) | 3 | $765,000 | $255,000 | $3,398 | 3.25% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 2 | $750,000 | $375,000 | $0 | 4.44% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $6,224 | 2.44% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $5,541 | 2.88% |
| ROANOKE, VA (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $3,384 | 2.88% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $5,786 | 3.00% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $3,787 | 3.50% |
| Morehead City, NC (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $3,482 | 3.56% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $0 | 3.38% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 3 | $275,000 | $91,667 | $5,374 | 2.25% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,516 | 3.13% |
| Kinston, NC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,123 | 3.13% |
| Mount Airy, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,602 | 2.50% |
| Henderson, NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,035 | 3.13% |
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.
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Product Mix
For 2021, Towne Mortgage Of The Carolinas's most frequently originated type of loan was Conventional, with 783 originations. Their 2nd most popular type was FHA, with 58 originations.
Loan Reason
For 2021, Towne Mortgage Of The Carolinas's most frequently cited loan purpose was Home Purchase, with 793 originations. The 2nd most popular reason was Refi, with 62 originations.
Loan Duration/Length
For 2021, Towne Mortgage Of The Carolinas's most frequently cited loan duration was 30 Year, with 840 originations. The 2nd most popular length was 15 Year, with 52 originations.
Origination Fees/Closing Costs
Towne Mortgage Of The Carolinas's average total fees were $4,388, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 652 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 454 | $140,430,000 | $309,317 |
| 2.5-3% | 362 | $120,310,000 | $332,348 |
| <2.5% | 75 | $17,695,000 | $235,933 |
| 4-5% | 16 | $3,290,000 | $205,625 |
During 2021, Towne Mortgage Of The Carolinas's average interest rate for loans was 3.09%, while their most frequently originated rate bucket for loans was 3-4%, with 454 originations.
Loan Sizing
2021 saw Towne Mortgage Of The Carolinas place emphasis on $200k-400k loans with 536 originations, totaling $153,970,000 in origination value.
Applicant Income
Towne Mortgage Of The Carolinas lent most frequently to those with incomes in the $100k-150k range, with 206 originations. The second most popular income band? $50k-75k, with 194 originations.
Applicant Debt to Income Ratio
Towne Mortgage Of The Carolinas lent most frequently to those with DTI ratios of 20-30%, with 216 originations. The next most common DTI ratio? 30-36%, with 185 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.37%
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 origination89.64%
Towne Mortgage Of The Carolinas has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 907 | $281,725,000 | $310,612 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| TOWNE MORTGAGE COMPANY | Conventional home mortgage | Struggling to pay mortgage | 1 | 20.0% |
| TOWNE MORTGAGE COMPANY | Conventional home mortgage | Trouble during payment process | 3 | 60.0% |
| TOWNE MORTGAGE COMPANY | FHA mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 20.0% |