Simontowne Mortgage Rates, Fees & Info

Virginia Beach, VA

LEI: 549300B0W63QL1NZIM87

Tax ID: 45-3979890

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Simontowne Mortgage is a smaller mortgage company specializing in Home Purchase loans. Simontowne Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Virginia Beach, Washington, Richmond, Elizabeth City, and Williamsport among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Simontowne Mortgage 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. Simontowne Mortgage 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.

    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.


    Originations

    189

    Origination Dollar Volume (All Markets)

    $47,645,000

    Awards

    SimonTowne Mortgage VA Loans bronze SimonTowne Mortgage FHA Loans bronze
    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
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 183 $45,865,000 $250,628 $5,163 4.63%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $1,010,000 $505,000 $7,512 4.56%
    RICHMOND, VA (FHA|USDA|VA) 1 $275,000 $275,000 $3,260 4.63%
    Elizabeth City, NC (FHA|USDA|VA) 1 $245,000 $245,000 $9,647 4.88%
    WILLIAMSPORT, PA (FHA|USDA|VA) 1 $195,000 $195,000 $6,958 4.75%
    Wilson, NC (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.50%
    Simontowne Mortgage's top markets include Virginia Beach, Washington, Richmond, Elizabeth City, and Williamsport among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against SimonTowne Mortgage based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    ABNB Federal Credit Union
    Similarity Rank: 40
    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 123
    NEWPORT NEWS SHIPBUILDING EMPLOYEES
    Similarity Rank: 147
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 666
    Virginia Credit Union, Inc.
    Similarity Rank: 750
    Virginia Commonwealth Bank
    Similarity Rank: 760
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 1015
    CAPITAL CENTER, L.L.C.
    Similarity Rank: 1352
    SimonTowne Mortgage, LLc
    Similarity Rank: 1362
    LANGLEY
    Similarity Rank: 1700

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    VA 90 $25,400,000 $282,222 $5,244 4.48%
    Conventional 62 $14,970,000 $241,452 $4,225 4.85%
    FHA 37 $7,275,000 $196,622 $7,117 4.66%

    For 2018, Simontowne Mortgage's most frequently originated type of loan was VA, with 90 originations. Their 2nd most popular type was Conventional, with 62 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 178 $45,350,000 $254,775 $5,302 4.62%
    Refi 7 $1,675,000 $239,286 $4,067 4.70%
    Cash Out Refi 4 $620,000 $155,000 $3,237 5.50%

    For 2018, Simontowne Mortgage's most frequently cited loan purpose was Home Purchase, with 178 originations. The 2nd most popular reason was Refi, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 186 $47,150,000 $253,495 $5,244 4.64%
    15 Year 3 $495,000 $165,000 $3,180 4.50%

    For 2018, Simontowne Mortgage's most frequently cited loan duration was 30 Year, with 186 originations. The 2nd most popular length was 15 Year, with 3 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 148 $35,990,000 $243,176
    $1k-2k 19 $3,955,000 $208,158
    $5k+ 8 $3,430,000 $428,750
    $2k-3k 5 $2,015,000 $403,000
    $4k-5k 3 $1,125,000 $375,000
    $3k-4k 2 $650,000 $325,000

    Simontowne Mortgage's average total fees were $5,244, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 148 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 156 $40,060,000 $256,795
    5-6% 18 $3,970,000 $220,556
    3-4% 14 $3,560,000 $254,286
    6-7% 1 $55,000 $55,000

    During 2018, Simontowne Mortgage's average interest rate for loans was 4.64%, while their most frequently originated rate bucket for loans was 4-5%, with 156 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 103 $28,205,000 $273,835 $5,694 4.53%
    $100k-200k 51 $8,365,000 $164,020 $3,930 4.77%
    $400k-600k 22 $9,900,000 $450,000 $5,225 4.61%
    $100,000 or less 12 $420,000 $35,000 $4,160 5.03%
    $600k-1MM 1 $755,000 $755,000 $11,938 4.65%

    2018 saw Simontowne Mortgage place emphasis on $200k-400k loans with 103 originations, totaling $28,205,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 74 $15,370,000 $207,703 $5,458 4.59%
    $100k-150k 36 $11,260,000 $312,778 $6,344 4.74%
    $75k-100k 34 $9,300,000 $273,529 $4,662 4.55%
    $50k or less 26 $3,840,000 $147,692 $3,159 4.74%
    $150k-250k 14 $5,360,000 $382,857 $5,241 4.65%
    $250k+ 4 $2,160,000 $540,000 $6,230 4.69%

    Simontowne Mortgage lent most frequently to those with incomes in the $50k-75k range, with 74 originations. The second most popular income band? $100k-150k, with 36 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 27 $6,095,000 $225,741 $4,299 4.65%
    30-36% 25 $7,235,000 $289,400 $5,556 4.67%
    50-60% 19 $4,825,000 $253,947 $4,721 4.49%
    40% 14 $3,060,000 $218,571 $5,544 4.63%
    44% 12 $2,110,000 $175,833 $8,039 4.65%
    43% 10 $2,900,000 $290,000 $5,022 4.51%
    42% 9 $2,075,000 $230,556 $4,279 4.75%
    46% 9 $2,315,000 $257,222 $5,088 4.64%
    49% 8 $2,320,000 $290,000 $7,069 4.84%
    37% 8 $1,930,000 $241,250 $5,305 4.61%
    47% 7 $1,555,000 $222,143 $4,413 4.61%
    48% 7 $1,965,000 $280,714 $4,292 4.61%
    45% 7 $1,605,000 $229,286 $6,686 4.63%
    41% 7 $1,725,000 $246,429 $4,097 4.50%
    39% 6 $1,680,000 $280,000 $6,543 4.96%
    38% 6 $1,500,000 $250,000 $3,791 4.75%
    36% 6 $1,820,000 $303,333 $4,752 4.67%
    <20% 2 $930,000 $465,000 $7,648 4.39%

    Simontowne Mortgage lent most frequently to those with DTI ratios of 20-30%, with 27 originations. The next most common DTI ratio? 30-36%, with 25 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 136 $35,470,000 $260,809 $5,259 4.62%
    Black 40 $9,150,000 $228,750 $5,087 4.70%
    Asian 7 $1,585,000 $226,429 $5,374 4.61%
    Not provided 3 $615,000 $205,000 $4,868 4.96%
    Native Hawaiian or Islander 1 $365,000 $365,000 $11,553 3.75%
    American Indian 1 $235,000 $235,000 $3,154 5.25%
    Other Asian 1 $225,000 $225,000 $659 4.25%

    Approval Rates

    Total approvals of all applications
    95.24%

    Simontowne Mortgage 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
    74.07%

    Simontowne Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 189 $47,645,000 $252,090

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 189 $47,645,000 $252,090

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $85,000 $85,000 $3,235 4.75%
    40-60% 2 $630,000 $315,000 $4,436 4.75%
    60-80% 22 $5,750,000 $261,364 $4,882 4.81%
    80-100% 119 $31,265,000 $262,731 $4,732 4.62%
    Over 100% 38 $9,880,000 $260,000 $6,860 4.54%
    Under 20% 7 $35,000 $5,000 $0 4.88%