Simontowne Mortgage Rates, Fees & Info
Virginia Beach, VALEI: 549300B0W63QL1NZIM87
Tax ID: 45-3979890
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Simontowne Mortgage is a smaller mortgage company specializing in Home Purchase and Refi loans. Simontowne Mortgage has a high proportion of conventional loans. Their top (well, only) market is Virginia Beach.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 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.
Originations
8Origination Dollar Volume (All Markets)
$1,830,000Top 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) | 8 | $1,830,000 | $228,750 | $1,537 | 4.84% |
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.
Similarity Rank: 75
Similarity Rank: 160
Similarity Rank: 517
Similarity Rank: 530
Similarity Rank: 600
Similarity Rank: 825
Similarity Rank: 832
Similarity Rank: 861
Similarity Rank: 888
Similarity Rank: 1456
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| VA | 5 | $1,085,000 | $217,000 | $1,002 | 4.58% |
| Conventional | 3 | $745,000 | $248,333 | $2,874 | 5.29% |
For 2019, Simontowne Mortgage's most frequently originated type of loan was VA, with 5 originations. Their 2nd most popular type was Conventional, with 3 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 7 | $1,425,000 | $203,571 | $1,337 | 4.86% |
| Refi | 1 | $405,000 | $405,000 | $2,738 | 4.75% |
For 2019, Simontowne Mortgage's most frequently cited loan purpose was Home Purchase, with 7 originations. The 2nd most popular reason was Refi, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 8 | $1,830,000 | $228,750 | $1,537 | 4.84% |
For 2019, Simontowne Mortgage's most frequently cited loan duration was 30 Year, with 8 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 7 | $1,665,000 | $237,857 |
Simontowne Mortgage's average total fees were $1,537, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 6 | $1,490,000 | $248,333 |
| 5-6% | 2 | $340,000 | $170,000 |
During 2019, Simontowne Mortgage's average interest rate for loans was 4.84%, while their most frequently originated rate bucket for loans was 4-5%, with 6 originations.
Loan Sizing
2019 saw Simontowne Mortgage place emphasis on $100k-200k loans with 5 originations, totaling $855,000 in origination value.
Applicant Income
Simontowne Mortgage lent most frequently to those with incomes in the $100k-150k range, with 3 originations. The second most popular income band? $50k-75k, with 3 originations.
Applicant Debt to Income Ratio
Simontowne Mortgage lent most frequently to those with DTI ratios of 46%, with 2 originations. The next most common DTI ratio? 39%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 7 | $1,635,000 | $233,571 | $1,793 | 4.89% |
| Black | 1 | $195,000 | $195,000 | $0 | 4.50% |
Approval Rates
Total approvals of all applications91.67%
Simontowne Mortgage has an average approval rate.
Pick Rate
Approvals leading to origination62.50%
Simontowne Mortgage has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 8 | $1,830,000 | $228,750 |