Banknewport Mortgage Rates, Fees & Info

Newport, RI

LEI: 549300RYJCJ7JPQ4RF20

Tax ID: 20-2633950

5 stars - Updated: 12/7/24 - out of 5 stars, based on 28 reviews

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

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Mortgage Data

Review & Overview

Banknewport is a smaller bank specializing in Home Purchase and Refi loans. Banknewport 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.) Their top markets by origination volume include: Providence, Boston, Worcester, Miami, and Norwich among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Banknewport has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Banknewport 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.

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
Home Equity Line of Credit (HELOC) 5.08% 12/7/24
30 Year Conventional Purchase 6.01% 12/7/24
30 Year Conventional Refi 6.05% 12/7/24
30 Year Cash-out Refi 6.27% 12/7/24
30 Year FHA Purchase 6.91% 12/7/24
30 Year FHA Refi 6.27% 12/7/24
15 Year Conventional Purchase 5.50% 12/7/24
15 Year Conventional Refi 5.95% 12/7/24
15 Year Cash-out Refi 5.95% 12/7/24
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.

Banknewport Mortgage Calculator






Your Estimates

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

This is not an official calculator from Banknewport. 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

758

Origination Dollar Volume (All Markets)

$244,980,000
Show all (5) awards

Relative Rate

Banknewport's average 30 year fixed mortgage rate was 6.22%.

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

This yields a difference of -0.26%.

Relative Fees (Closing Costs)

Banknewport's average total fees/closing costs for a 30 year fixed rate mortgage were $4,342.

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
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 705 $198,995,000 $282,262 $2,617 6.04%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 23 $33,375,000 $1,451,087 $3,677 5.79%
WORCESTER, MA-CT (FHA|USDA|VA) 11 $3,485,000 $316,818 $2,993 5.86%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $2,805,000 $2,805,000 $11,876 6.38%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 7 $2,545,000 $363,571 $2,826 6.38%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $950,000 $475,000 $7,264 6.19%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $820,000 $410,000 $3,677 6.25%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $805,000 $805,000 $8,065 5.25%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 3 $565,000 $188,333 $2,008 6.54%
Lebanon, NH-VT (FHA|USDA|VA) 1 $245,000 $245,000 $0 6.72%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $215,000 $215,000 $0 6.67%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $175,000 $175,000 $0 9.50%
Banknewport's top markets include Providence, Boston, Worcester, Miami, and Norwich among others.

Their top states include:
  • Rhode Island (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 447 $188,955,000 $422,718 $2,654 6.37%
    HELOC 306 $54,570,000 $178,333 n/a 5.54%
    FHA 5 $1,455,000 $291,000 $8,947 6.88%

    For 2023, Banknewport's most frequently originated type of loan was Conventional, with 447 originations. Their 2nd most popular type was HELOC, with 306 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 276 $124,900,000 $452,536 $4,475 6.36%
    Home Improvement 191 $24,205,000 $126,728 $18 5.45%
    Cash Out Refi 125 $27,065,000 $216,520 $1,150 6.49%
    Other 100 $16,600,000 $166,000 $922 5.43%
    Refi 66 $52,210,000 $791,061 $1,317 6.50%

    For 2023, Banknewport's most frequently cited loan purpose was Home Purchase, with 276 originations. The 2nd most popular reason was Home Improvement, with 191 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 384 $100,580,000 $261,927 $0 5.82%
    30 Year 209 $87,505,000 $418,684 $4,342 6.22%
    15 Year 67 $9,265,000 $138,284 $356 6.46%
    10 Year 63 $28,765,000 $456,587 $29 6.09%
    20 Year 22 $3,550,000 $161,364 $404 6.47%
    30+ year 12 $13,810,000 $1,150,833 $8,341 6.42%
    5 Year 1 $1,505,000 $1,505,000 $0 6.95%

    For 2023, Banknewport's most frequently cited loan duration was Other, with 384 originations. The 2nd most popular length was 30 Year, with 209 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 284 $84,980,000 $299,225
    $1k-2k 24 $8,710,000 $362,917
    $2k-3k 17 $6,215,000 $365,588
    $3k-4k 9 $3,815,000 $423,889
    $5k+ 2 $1,300,000 $650,000
    $4k-5k 1 $445,000 $445,000

    Banknewport's average total fees were $4,342, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 284 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 229 $106,675,000 $465,830
    5-6% 216 $63,020,000 $291,759
    4-5% 97 $17,285,000 $178,196
    3-4% 92 $14,370,000 $156,196
    7-8% 83 $32,285,000 $388,976
    Over 8% 41 $11,345,000 $276,707

    During 2023, Banknewport's average interest rate for loans was 6.22%, while their most frequently originated rate bucket for loans was 6-7%, with 229 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 210 $61,470,000 $292,714 $3,543 6.23%
    $100,000 or less 200 $11,180,000 $55,900 $97 5.71%
    $100k-200k 164 $21,730,000 $132,500 $1,206 5.84%
    $400k-600k 106 $50,880,000 $480,000 $4,431 6.41%
    $600k-1MM 56 $41,960,000 $749,286 $5,414 6.15%
    $1MM+ 22 $57,760,000 $2,625,455 $10,303 6.63%

    2023 saw Banknewport place emphasis on $200k-400k loans with 210 originations, totaling $61,470,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 176 $48,620,000 $276,250 $2,636 6.03%
    $100k-150k 147 $31,415,000 $213,707 $2,467 5.82%
    $250k+ 137 $61,185,000 $446,606 $4,081 5.96%
    $75k-100k 98 $16,920,000 $172,653 $2,543 6.15%
    $50k-75k 86 $12,100,000 $140,698 $2,137 5.96%
    $50k or less 31 $3,055,000 $98,548 $1,806 5.24%

    Banknewport lent most frequently to those with incomes in the $150k-250k range, with 176 originations. The second most popular income band? $100k-150k, with 147 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 119 $27,075,000 $227,521 $2,492 5.94%
    20-30% 110 $25,780,000 $234,364 $2,467 6.09%
    <20% 59 $13,025,000 $220,763 $1,709 5.90%
    43% 47 $13,115,000 $279,043 $2,848 5.90%
    45% 41 $9,335,000 $227,683 $2,604 5.61%
    44% 41 $7,865,000 $191,829 $2,358 5.75%
    42% 32 $8,240,000 $257,500 $2,538 5.85%
    40% 31 $7,945,000 $256,290 $2,620 5.98%
    41% 30 $8,050,000 $268,333 $2,721 5.98%
    38% 27 $7,805,000 $289,074 $2,824 6.06%
    39% 26 $6,200,000 $238,462 $2,052 5.79%
    46% 22 $5,930,000 $269,545 $4,559 5.51%
    37% 20 $5,520,000 $276,000 $3,699 6.45%
    36% 19 $4,745,000 $249,737 $1,069 6.18%
    49% 19 $7,495,000 $394,474 $4,345 6.10%
    47% 17 $11,085,000 $652,059 $5,029 6.07%
    48% 11 $2,375,000 $215,909 $3,304 5.64%
    50-60% 4 $600,000 $150,000 $10,507 4.65%

    Banknewport lent most frequently to those with DTI ratios of 30-36%, with 119 originations. The next most common DTI ratio? 20-30%, with 110 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 585 $148,165,000 $253,274 $2,718 5.95%
    Not applicable 71 $68,395,000 $963,310 $0 6.96%
    Not provided 64 $17,440,000 $272,500 $2,383 5.92%
    Asian 21 $6,995,000 $333,095 $3,137 5.66%
    Black 15 $3,565,000 $237,667 $3,956 6.06%
    American Indian 2 $420,000 $210,000 $0 6.62%

    Approval Rates

    Total approvals of all applications
    85.43%

    Banknewport has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.41%

    Banknewport has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 758 $244,980,000 $323,193

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    758 $244,980,000 $323,193

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 158 $33,440,000 $211,646 $1,460 5.87%
    40-60% 57 $42,585,000 $747,105 $3,955 6.11%
    60-80% 184 $104,570,000 $568,315 $5,005 6.57%
    80-100% 83 $38,695,000 $466,205 $4,507 6.15%
    Under 20% 276 $25,690,000 $93,080 $307 5.73%