Newtowne Mortgage Rates, Fees & Info
SUFFOLK, VALEI: 549300W7XZMMFOVY0Z37
Tax ID: 26-1146120
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Mortgage Data
Review & Overview
Newtowne Mortgage is a smaller mortgage company specializing in Home Purchase loans. Newtowne Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Virginia Beach, Richmond, Charlotte, Raleigh, and Elizabeth City among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)Newtowne 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. Newtowne 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 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.73% | 9/25/23 |
| 30 Year Conventional Refi | 6.66% | 9/25/23 |
| 30 Year Cash-out Refi | 6.72% | 9/25/23 |
| 30 Year FHA Purchase | 7.38% | 9/25/23 |
| 30 Year VA Purchase | 6.26% | 9/25/23 |
| 30 Year VA Refi | 6.10% | 9/25/23 |
| 15 Year Conventional Purchase | 6.10% | 9/25/23 |
| 15 Year Conventional Refi | 5.79% | 9/25/23 |
| 15 Year Cash-out Refi | 5.79% | 9/25/23 |
| 15 Year VA Purchase | 6.28% | 9/25/23 |
| 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. | ||
Newtowne Mortgage Mortgage Calculator
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This is not an official calculator from Newtowne Mortgage. 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
549Origination Dollar Volume (All Markets)
$203,725,000Awards
NewTowne Mortgage - 2022
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For 2022, less than of lenders were eligible for this award.
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Relative Rate
Newtowne Mortgage's average 30 year fixed mortgage rate was
5%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.24%.
Relative Fees (Closing Costs)
Newtowne Mortgage's average total fees/closing costs for a 30 year fixed rate
mortgage were $8,671.
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 $4,750.
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) | 513 | $191,545,000 | $373,382 | $8,700 | 4.94% |
| RICHMOND, VA (FHA|USDA|VA) | 11 | $3,085,000 | $280,455 | $6,604 | 5.27% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $1,630,000 | $815,000 | $14,666 | 5.38% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 3 | $1,425,000 | $475,000 | $10,214 | 6.08% |
| Elizabeth City, NC (FHA|USDA|VA) | 4 | $990,000 | $247,500 | $8,170 | 5.41% |
| Outside of Metro Areas | 2 | $930,000 | $465,000 | $10,279 | 5.50% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $835,000 | $835,000 | $11,525 | 4.50% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $8,062 | 5.63% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $7,898 | 3.63% |
| Morehead City, NC (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $7,222 | 4.88% |
| ROANOKE, VA (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $4,901 | 4.94% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $7,601 | 4.63% |
| STAUNTON, VA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,474 | 4.63% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,445 | 4.50% |
| NEW BERN, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,143 | 5.00% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,224 | 3.25% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 7.13% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 5.63% |
Similar Lenders
We use machine learning to identify the top lenders compared against NewTowne Mortgage 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 | 335 | $124,795,000 | $372,522 | $6,554 | 5.03% |
| VA | 160 | $63,770,000 | $398,563 | $11,973 | 4.71% |
| FHA | 54 | $15,160,000 | $280,741 | $9,947 | 5.22% |
For 2022, Newtowne Mortgage's most frequently originated type of loan was Conventional, with 335 originations. Their 2nd most popular type was VA, with 160 originations.
Loan Reason
For 2022, Newtowne Mortgage's most frequently cited loan purpose was Home Purchase, with 501 originations. The 2nd most popular reason was Cash Out Refi, with 38 originations.
Loan Duration/Length
For 2022, Newtowne Mortgage's most frequently cited loan duration was 30 Year, with 517 originations. The 2nd most popular length was 15 Year, with 16 originations.
Origination Fees/Closing Costs
Newtowne Mortgage's average total fees were $8,671, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 144 originations.
Interest Rates
During 2022, Newtowne Mortgage's average interest rate for loans was 5.00%, while their most frequently originated rate bucket for loans was 5-6%, with 182 originations.
Loan Sizing
2022 saw Newtowne Mortgage place emphasis on $200k-400k loans with 271 originations, totaling $79,845,000 in origination value.
Applicant Income
Newtowne Mortgage lent most frequently to those with incomes in the $100k-150k range, with 126 originations. The second most popular income band? $50k-75k, with 122 originations.
Applicant Debt to Income Ratio
Newtowne Mortgage lent most frequently to those with DTI ratios of 30-36%, with 97 originations. The next most common DTI ratio? 20-30%, with 88 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.91%
Newtowne 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 origination84.15%
Newtowne Mortgage has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 549 | $203,725,000 | $371,084 |