Newtowne Mortgage Rates, Fees & Info
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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, and Winston among others. We have data for 4 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.73% | 11/17/24 |
| 30 Year Conventional Refi | 6.66% | 11/17/24 |
| 30 Year Cash-out Refi | 6.72% | 11/17/24 |
| 30 Year FHA Purchase | 7.38% | 11/17/24 |
| 30 Year VA Purchase | 6.26% | 11/17/24 |
| 30 Year VA Refi | 6.10% | 11/17/24 |
| 15 Year Conventional Purchase | 6.10% | 11/17/24 |
| 15 Year Conventional Refi | 5.79% | 11/17/24 |
| 15 Year Cash-out Refi | 5.79% | 11/17/24 |
| 15 Year VA Purchase | 6.28% | 11/17/24 |
| 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. | ||
Newtowne Mortgage Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
103Origination Dollar Volume (All Markets)
$36,425,000Awards
NewTowne Mortgage - 2023
NewTowne Mortgage is a 2023 , due to their low .
For 2023, 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
6.27%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.21%.
Relative Fees (Closing Costs)
Newtowne Mortgage's average total fees/closing costs for a 30 year fixed rate
mortgage were $10,766.
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) | 96 | $34,060,000 | $354,792 | $11,002 | 6.27% |
| RICHMOND, VA (FHA|USDA|VA) | 3 | $1,145,000 | $381,667 | $8,325 | 6.42% |
| Outside of Metro Areas | 3 | $655,000 | $218,333 | $8,435 | 6.29% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $6,468 | 6.38% |
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.
Similarity Rank: 18
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 54 | $17,160,000 | $317,778 | $6,860 | 6.53% |
| VA | 41 | $17,135,000 | $417,927 | $15,499 | 5.95% |
| FHA | 8 | $2,130,000 | $266,250 | $11,842 | 6.17% |
For 2023, Newtowne Mortgage's most frequently originated type of loan was Conventional, with 54 originations. Their 2nd most popular type was VA, with 41 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 99 | $35,485,000 | $358,434 | $11,017 | 6.28% |
| Cash Out Refi | 4 | $940,000 | $235,000 | $5,625 | 6.19% |
For 2023, Newtowne Mortgage's most frequently cited loan purpose was Home Purchase, with 99 originations. The 2nd most popular reason was Cash Out Refi, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 103 | $36,425,000 | $353,641 | $10,766 | 6.27% |
For 2023, Newtowne Mortgage's most frequently cited loan duration was 30 Year, with 103 originations.
Origination Fees/Closing Costs
Newtowne Mortgage's average total fees were $10,766, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 30 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 56 | $17,340,000 | $309,643 |
| 5-6% | 37 | $16,145,000 | $436,351 |
| 7-8% | 9 | $2,575,000 | $286,111 |
| 4-5% | 1 | $365,000 | $365,000 |
During 2023, Newtowne Mortgage's average interest rate for loans was 6.27%, while their most frequently originated rate bucket for loans was 6-7%, with 56 originations.
Loan Sizing
2023 saw Newtowne Mortgage place emphasis on $200k-400k loans with 53 originations, totaling $15,615,000 in origination value.
Applicant Income
Newtowne Mortgage lent most frequently to those with incomes in the $100k-150k range, with 28 originations. The second most popular income band? $150k-250k, with 24 originations.
Applicant Debt to Income Ratio
Newtowne Mortgage lent most frequently to those with DTI ratios of 30-36%, with 20 originations. The next most common DTI ratio? 20-30%, with 19 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.76%
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 origination72.82%
Newtowne Mortgage has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 103 | $36,425,000 | $353,641 |