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 Cash Out 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, Springfield, and Vineyard Haven 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.08% | 4/28/24 |
| 30 Year Conventional Purchase | 6.01% | 4/28/24 |
| 30 Year Conventional Refi | 6.05% | 4/28/24 |
| 30 Year Cash-out Refi | 6.27% | 4/28/24 |
| 30 Year FHA Purchase | 6.91% | 4/28/24 |
| 30 Year FHA Refi | 6.27% | 4/28/24 |
| 15 Year Conventional Purchase | 5.50% | 4/28/24 |
| 15 Year Conventional Refi | 5.95% | 4/28/24 |
| 15 Year Cash-out Refi | 5.95% | 4/28/24 |
| 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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
994Origination Dollar Volume (All Markets)
$269,880,000Awards
BankNewport - 2022
BankNewport is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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) | 953 | $252,215,000 | $264,654 | $2,941 | 4.05% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 16 | $8,360,000 | $522,500 | $3,629 | 4.16% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 10 | $3,710,000 | $371,000 | $3,540 | 4.66% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 4 | $1,550,000 | $387,500 | $3,709 | 6.16% |
| Vineyard Haven, MA (FHA|USDA|VA) | 2 | $850,000 | $425,000 | $0 | 3.31% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 2 | $750,000 | $375,000 | $0 | 6.27% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $655,000 | $655,000 | $0 | 2.49% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $0 | 5.36% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $0 | 6.79% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $4,268 | 4.88% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 6.43% |
| PITTSFIELD, MA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 6.16% |
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: 8
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 526 | $186,790,000 | $355,114 | $2,912 | 4.52% |
| HELOC | 464 | $81,760,000 | $176,207 | n/a | 3.58% |
| FHA | 4 | $1,330,000 | $332,500 | $9,468 | 3.88% |
For 2022, Banknewport's most frequently originated type of loan was Conventional, with 526 originations. Their 2nd most popular type was HELOC, with 464 originations.
Loan Reason
For 2022, Banknewport's most frequently cited loan purpose was Home Purchase, with 311 originations. The 2nd most popular reason was Home Improvement, with 277 originations.
Loan Duration/Length
For 2022, Banknewport's most frequently cited loan duration was Other, with 550 originations. The 2nd most popular length was 30 Year, with 303 originations.
Origination Fees/Closing Costs
Banknewport's average total fees were $3,949, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 333 originations.
Interest Rates
During 2022, Banknewport's average interest rate for loans was 4.24%, while their most frequently originated rate bucket for loans was 4-5%, with 258 originations.
Loan Sizing
2022 saw Banknewport place emphasis on $200k-400k loans with 345 originations, totaling $101,035,000 in origination value.
Applicant Income
Banknewport lent most frequently to those with incomes in the $100k-150k range, with 236 originations. The second most popular income band? $150k-250k, with 222 originations.
Applicant Debt to Income Ratio
Banknewport lent most frequently to those with DTI ratios of 20-30%, with 225 originations. The next most common DTI ratio? 30-36%, with 158 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.75%
Banknewport has an average approval rate.
Pick Rate
Approvals leading to origination79.78%
Banknewport has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 994 | $269,880,000 | $271,509 |