New Peoples Bank Mortgage Rates, Fees & Info
Honaker, VALEI: 549300GIR2ODBIF9VF65
Tax ID: 54-1880861
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Mortgage Data
Review & Overview
New Peoples Bank is a smaller bank specializing in Home Purchase and Refi loans. New Peoples Bank has a high proportion of conventional loans. Their top markets by origination volume include: Kingsport, Bluefield, North Wilkesboro, Charlotte, and Boone among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)New Peoples Bank 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. New Peoples Bank 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.80% | 4/5/25 |
| 30 Year Conventional Refi | 6.74% | 4/5/25 |
| 30 Year FHA Purchase | 6.72% | 4/5/25 |
| 30 Year FHA Refi | 6.72% | 4/5/25 |
| 15 Year Conventional Purchase | 6.89% | 4/5/25 |
| 15 Year Conventional Refi | 8.20% | 4/5/25 |
| 15 Year Cash-out Refi | 8.20% | 4/5/25 |
| 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. | ||
New Peoples Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
116Origination Dollar Volume (All Markets)
$27,450,000Relative Rate
New Peoples Bank's average 30 year fixed mortgage rate was
7.55%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 1%.
Relative Fees (Closing Costs)
New Peoples Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,904.
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 $8,356.
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 |
|---|---|---|---|---|---|
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 37 | $10,365,000 | $280,135 | $6,871 | 7.82% |
| Bluefield, WV-VA (FHA|USDA|VA) | 33 | $5,995,000 | $181,667 | $5,154 | 8.12% |
| Outside of Metro Areas | 29 | $5,185,000 | $178,793 | $5,692 | 7.74% |
| North Wilkesboro, NC (FHA|USDA|VA) | 1 | $1,405,000 | $1,405,000 | $0 | 7.99% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $1,310,000 | $655,000 | $8,495 | 7.36% |
| Boone, NC (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $9,077 | 7.30% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $655,000 | $655,000 | $8,461 | 7.09% |
| Big Stone Gap, VA (FHA|USDA|VA) | 5 | $515,000 | $103,000 | $6,682 | 8.19% |
| ASHEVILLE, NC (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $0 | 8.30% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 7.00% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $2,923 | 7.73% |
| Greeneville, TN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $4,616 | 7.09% |
Similar Lenders
We use machine learning to identify the top lenders compared against New Peoples Bank 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
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 116 | $27,450,000 | $236,638 | $6,038 | 7.87% |
For 2024, New Peoples Bank's most frequently originated type of loan was Conventional, with 116 originations.
Loan Reason
For 2024, New Peoples Bank's most frequently cited loan purpose was Home Purchase, with 70 originations. The 2nd most popular reason was Refi, with 28 originations.
Loan Duration/Length
For 2024, New Peoples Bank's most frequently cited loan duration was 20 Year, with 46 originations. The 2nd most popular length was 30 Year, with 29 originations.
Origination Fees/Closing Costs
New Peoples Bank's average total fees were $4,904, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 24 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 54 | $8,340,000 | $154,444 |
| 7-8% | 48 | $12,920,000 | $269,167 |
| 6-7% | 14 | $6,190,000 | $442,143 |
During 2024, New Peoples Bank's average interest rate for loans was 7.55%, while their most frequently originated rate bucket for loans was Over 8%, with 54 originations.
Loan Sizing
2024 saw New Peoples Bank place emphasis on $100,000 or less loans with 37 originations, totaling $2,115,000 in origination value.
Applicant Income
New Peoples Bank lent most frequently to those with incomes in the $50k-75k range, with 16 originations. The second most popular income band? $50k or less, with 16 originations.
Applicant Debt to Income Ratio
New Peoples Bank lent most frequently to those with DTI ratios of 20-30%, with 17 originations. The next most common DTI ratio? 30-36%, with 10 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.60%
New Peoples Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination73.28%
New Peoples Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 116 | $27,450,000 | $236,638 |