Towne Mortgage Rates, Fees & Info

SUFFOLK, VA

LEI: 549300RDO3TWTFEYC795

Tax ID: 20-8190898

2.9 stars - Updated: 6/9/24 - out of 5 stars, based on 21 reviews

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

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Mortgage Data

Review & Overview

Towne Mortgage is a smaller mortgage company specializing in Home Purchase loans. Towne Mortgage 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: Virginia Beach, Charlottesville, Kill Devil Hills, Richmond, and Elizabeth City among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

Towne 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. Towne Mortgage is typically a high 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.

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 6.78% 6/9/24
30 Year Conventional Refi 6.51% 6/9/24
30 Year Cash-out Refi 6.76% 6/9/24
30 Year FHA Purchase 7.35% 6/9/24
30 Year FHA Refi 7.05% 6/9/24
30 Year VA Purchase 6.35% 6/9/24
30 Year USDA Purchase 6.89% 6/9/24
15 Year Conventional Purchase 6.16% 6/9/24
15 Year Conventional Refi 5.96% 6/9/24
15 Year Cash-out Refi 5.96% 6/9/24
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 Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Towne Mortgage. 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

422

Origination Dollar Volume (All Markets)

$144,870,000

Relative Rate

Towne Mortgage's average 30 year fixed mortgage rate was 6.76%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.28%.

Relative Fees (Closing Costs)

Towne Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $10,371.

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 $9,089.

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) 363 $123,035,000 $338,939 $10,631 6.75%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 16 $6,170,000 $385,625 $7,498 6.94%
Kill Devil Hills, NC (FHA|USDA|VA) 10 $4,470,000 $447,000 $7,473 7.16%
Outside of Metro Areas 11 $2,775,000 $252,273 $6,632 6.44%
RICHMOND, VA (FHA|USDA|VA) 7 $2,635,000 $376,429 $10,262 6.71%
Elizabeth City, NC (FHA|USDA|VA) 8 $2,220,000 $277,500 $11,023 6.66%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $1,255,000 $1,255,000 $18,990 6.13%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $625,000 $625,000 $17,593 6.75%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $365,000 $365,000 $0 7.13%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $365,000 $365,000 $13,613 6.63%
BURLINGTON, NC (FHA|USDA|VA) 1 $355,000 $355,000 $3,580 7.13%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $345,000 $345,000 $15,359 6.00%
ASHEVILLE, NC (FHA|USDA|VA) 1 $255,000 $255,000 $6,399 6.13%
Towne Mortgage's top markets include Virginia Beach, Charlottesville, Kill Devil Hills, Richmond, and Elizabeth City among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Towne 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: 65
    Member Options, LLC
    Similarity Rank: 99
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 108
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 290
    NewTowne Mortgage, LLC
    Similarity Rank: 672
    Chesapeake Bank
    Similarity Rank: 684
    C&F Select LLC
    Similarity Rank: 750
    VILLAGE BANK MORTGAGE CORPORATION
    Similarity Rank: 1134
    CHARTWAY FEDERAL CREDIT UNION
    Similarity Rank: 1175

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 222 $70,700,000 $318,468 $6,912 6.94%
    VA 144 $57,820,000 $401,528 $14,353 6.47%
    FHA 54 $15,860,000 $293,704 $12,105 6.79%
    USDA 2 $490,000 $245,000 $8,776 6.25%

    For 2023, Towne Mortgage's most frequently originated type of loan was Conventional, with 222 originations. Their 2nd most popular type was VA, with 144 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 411 $142,705,000 $347,214 $10,425 6.75%
    Cash Out Refi 7 $1,475,000 $210,714 $6,828 7.02%
    Other 2 $290,000 $145,000 $5,298 7.13%
    Refi 2 $400,000 $200,000 $6,437 6.81%

    For 2023, Towne Mortgage's most frequently cited loan purpose was Home Purchase, with 411 originations. The 2nd most popular reason was Cash Out Refi, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 418 $142,950,000 $341,986 $10,371 6.76%
    15 Year 2 $1,240,000 $620,000 $8,008 6.25%
    20 Year 1 $255,000 $255,000 $4,401 6.00%
    30+ year 1 $425,000 $425,000 $8,558 6.75%

    For 2023, Towne Mortgage's most frequently cited loan duration was 30 Year, with 418 originations. The 2nd most popular length was 15 Year, with 2 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 132 $63,160,000 $478,485
    $1k-2k 76 $22,600,000 $297,368
    $4k-5k 71 $23,855,000 $335,986
    $3k-4k 64 $17,170,000 $268,281
    $2k-3k 47 $12,915,000 $274,787
    $<1k 18 $1,370,000 $76,111

    Towne Mortgage's average total fees were $10,371, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 132 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 238 $78,460,000 $329,664
    7-8% 125 $40,125,000 $321,000
    5-6% 56 $25,100,000 $448,214
    Over 8% 3 $1,185,000 $395,000

    During 2023, Towne Mortgage's average interest rate for loans was 6.76%, while their most frequently originated rate bucket for loans was 6-7%, with 238 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 225 $65,955,000 $293,133 $9,506 6.74%
    $400k-600k 92 $43,850,000 $476,630 $13,243 6.74%
    $100k-200k 55 $8,805,000 $160,091 $4,912 6.97%
    $600k-1MM 25 $17,985,000 $719,400 $13,666 6.59%
    $100,000 or less 19 $655,000 $34,474 $3,709 6.88%
    $1MM+ 6 $7,620,000 $1,270,000 $22,789 6.04%

    2023 saw Towne Mortgage place emphasis on $200k-400k loans with 225 originations, totaling $65,955,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 121 $41,715,000 $344,752 $11,110 6.75%
    $50k-75k 87 $19,145,000 $220,057 $8,651 6.68%
    $150k-250k 86 $38,010,000 $441,977 $10,792 6.83%
    $75k-100k 68 $18,910,000 $278,088 $10,873 6.69%
    $250k+ 35 $23,275,000 $665,000 $12,177 6.79%
    $50k or less 21 $2,675,000 $127,381 $4,244 6.92%

    Towne Mortgage lent most frequently to those with incomes in the $100k-150k range, with 121 originations. The second most popular income band? $50k-75k, with 87 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 67 $21,495,000 $320,821 $8,848 6.82%
    20-30% 47 $15,895,000 $338,191 $8,170 6.70%
    50-60% 41 $16,505,000 $402,561 $14,834 6.55%
    49% 28 $7,850,000 $280,357 $9,189 6.95%
    46% 27 $8,745,000 $323,889 $11,482 6.75%
    44% 25 $9,255,000 $370,200 $12,295 6.83%
    37% 22 $7,540,000 $342,727 $10,833 6.72%
    40% 21 $7,835,000 $373,095 $12,049 6.71%
    41% 19 $8,125,000 $427,632 $10,937 6.63%
    47% 18 $5,090,000 $282,778 $10,159 6.55%
    38% 17 $5,665,000 $333,235 $9,051 6.88%
    39% 14 $5,700,000 $407,143 $9,914 6.74%
    <20% 13 $4,055,000 $311,923 $6,079 7.06%
    42% 13 $5,545,000 $426,538 $10,646 6.76%
    45% 13 $4,015,000 $308,846 $10,030 6.83%
    48% 12 $2,180,000 $181,667 $8,928 6.67%
    36% 12 $4,330,000 $360,833 $9,892 6.81%
    43% 11 $3,355,000 $305,000 $7,706 7.10%
    >60% 2 $1,690,000 $845,000 $26,815 5.56%

    Towne Mortgage lent most frequently to those with DTI ratios of 30-36%, with 67 originations. The next most common DTI ratio? 20-30%, with 47 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 301 $104,835,000 $348,289 $10,316 6.75%
    Not provided 73 $24,555,000 $336,370 $10,293 6.77%
    Black 29 $8,885,000 $306,379 $11,214 6.75%
    Asian 13 $4,105,000 $315,769 $8,440 6.74%
    Native Hawaiian or Islander 4 $1,050,000 $262,500 $13,098 6.75%
    Asian Indian 1 $725,000 $725,000 $4,895 6.50%
    American Indian 1 $715,000 $715,000 $12,639 7.75%

    Approval Rates

    Total approvals of all applications
    97.20%

    Towne 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
    77.01%

    Towne Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 422 $144,870,000 $343,294

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    422 $144,870,000 $343,294

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $2,180,000 $218,000 $4,401 6.76%
    40-60% 35 $8,135,000 $232,429 $5,563 6.82%
    60-80% 87 $31,615,000 $363,391 $8,738 6.96%
    80-100% 228 $83,680,000 $367,018 $10,012 6.74%
    Over 100% 49 $19,055,000 $388,878 $18,565 6.34%
    Under 20% 13 $205,000 $15,769 $3,470 7.07%