Banknewport Mortgage Rates, Fees & Info
Newport, RILEI: 549300RYJCJ7JPQ4RF20
Tax ID: 20-2633950
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.08% | 4/19/24 |
| 30 Year Conventional Purchase | 6.01% | 4/19/24 |
| 30 Year Conventional Refi | 6.05% | 4/19/24 |
| 30 Year Cash-out Refi | 6.27% | 4/19/24 |
| 30 Year FHA Purchase | 6.91% | 4/19/24 |
| 30 Year FHA Refi | 6.27% | 4/19/24 |
| 15 Year Conventional Purchase | 5.50% | 4/19/24 |
| 15 Year Conventional Refi | 5.95% | 4/19/24 |
| 15 Year Cash-out Refi | 5.95% | 4/19/24 |
| 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
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This is not an official calculator from Banknewport. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
758Origination Dollar Volume (All Markets)
$244,980,000Awards
BankNewport - 2023
BankNewport is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
Similar Lenders
We use machine learning to identify the top lenders compared against BankNewport based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 32
Similarity Rank: 40
Similarity Rank: 45
Similarity Rank: 48
Similarity Rank: 135
Similarity Rank: 160
Similarity Rank: 177
Similarity Rank: 180
Similarity Rank: 195
Similarity Rank: 220
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
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
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
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
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
2023 saw Banknewport place emphasis on $200k-400k loans with 210 originations, totaling $61,470,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications85.43%
Banknewport has an average approval rate.
Pick Rate
Approvals leading to origination86.41%
Banknewport has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 758 | $244,980,000 | $323,193 |