Newtowne Mortgage Rates, Fees & Info

SUFFOLK, VA

LEI: 549300W7XZMMFOVY0Z37

Tax ID: 26-1146120

3.8 stars - out of 5 stars, based on 31 reviews

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

Jump to:

Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Newtowne Mortgage is a smaller mortgage company specializing in loans. Newtowne Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Virginia Beach, Richmond, Kill Devil Hills, Roanoke, and Washington among others. We have data for 19 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 an average 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.

    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
    30 Year Conventional Purchase 6.67% 1/29/23
    30 Year Conventional Refi 6.54% 1/29/23
    30 Year Cash-out Refi 6.67% 1/29/23
    30 Year FHA Purchase 7.31% 1/29/23
    30 Year FHA Refi 6.83% 1/29/23
    30 Year VA Purchase 6.20% 1/29/23
    30 Year VA Refi 6.00% 1/29/23
    30 Year USDA Purchase 6.50% 1/29/23
    15 Year Conventional Purchase 6.14% 1/29/23
    15 Year Conventional Refi 6.29% 1/29/23
    15 Year Cash-out Refi 6.29% 1/29/23
    15 Year VA Purchase 6.03% 1/29/23
    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.


    Originations

    985

    Origination Dollar Volume (All Markets)

    $320,795,000

    Awards

    NewTowne Mortgage FHA Loans silver NewTowne Mortgage FHA Loans bronze
    Show all (2) awards

    Relative Rate

    Newtowne Mortgage's average 30 year fixed mortgage rate was 3.04%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.11%.

    Relative Fees (Closing Costs)

    Newtowne Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $6,304.

    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) 923 $298,385,000 $323,277 $6,320 3.04%
    RICHMOND, VA (FHA|USDA|VA) 23 $7,605,000 $330,652 $5,480 2.87%
    Outside of Metro Areas 7 $2,895,000 $413,571 $4,967 3.02%
    Kill Devil Hills, NC (FHA|USDA|VA) 6 $2,370,000 $395,000 $4,408 3.25%
    ROANOKE, VA (FHA|USDA|VA) 3 $2,365,000 $788,333 $10,185 3.00%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 4 $1,590,000 $397,500 $3,470 2.75%
    Elizabeth City, NC (FHA|USDA|VA) 4 $1,020,000 $255,000 $4,514 2.78%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $1,020,000 $510,000 $14,697 2.94%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 2 $550,000 $275,000 $9,963 2.81%
    WILMINGTON, NC (FHA|USDA|VA) 1 $505,000 $505,000 $3,622 3.00%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $440,000 $220,000 $5,236 3.19%
    HARRISONBURG, VA (FHA|USDA|VA) 1 $375,000 $375,000 $3,782 3.13%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $365,000 $365,000 $3,081 3.00%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $335,000 $335,000 $5,520 2.75%
    KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $305,000 $305,000 $3,353 3.50%
    WINSTON-SALEM, NC (FHA|USDA|VA) 1 $295,000 $295,000 $3,262 3.00%
    Roanoke Rapids, NC (FHA|USDA|VA) 1 $175,000 $175,000 $4,626 3.50%
    NEW BERN, NC (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.38%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $95,000 $95,000 $2,821 3.25%
    Newtowne Mortgage's top markets include Virginia Beach, Richmond, Kill Devil Hills, Roanoke, and Washington among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • 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.

    HENRICO Federal Credit Union
    Similarity Rank: 420
    ABNB Federal Credit Union
    Similarity Rank: 544
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 722
    JAMS-01, INC.
    Similarity Rank: 2040
    Aurora Financial, LLC
    Similarity Rank: 2190
    DOMINION ENERGY CREDIT UNION
    Similarity Rank: 2755
    C&F Select LLC
    Similarity Rank: 3024
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 3190

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 629 $197,365,000 $313,776 $4,390 3.20%
    VA 257 $98,115,000 $381,770 $9,772 2.68%
    FHA 95 $24,335,000 $256,158 $8,238 2.91%
    USDA 4 $980,000 $245,000 $6,043 2.56%

    For 2021, Newtowne Mortgage's most frequently originated type of loan was Conventional, with 629 originations. Their 2nd most popular type was VA, with 257 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 742 $241,490,000 $325,458 $6,920 3.04%
    Cash Out Refi 147 $43,325,000 $294,728 $4,544 3.10%
    Refi 94 $34,530,000 $367,340 $4,403 2.90%
    Other 2 $1,450,000 $725,000 $11,515 3.25%

    For 2021, Newtowne Mortgage's most frequently cited loan purpose was Home Purchase, with 742 originations. The 2nd most popular reason was Cash Out Refi, with 147 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 938 $301,160,000 $321,066 $6,304 3.04%
    15 Year 37 $11,415,000 $308,514 $4,212 2.71%
    30+ year 7 $6,985,000 $997,857 $14,406 3.87%
    20 Year 2 $880,000 $440,000 $3,215 2.88%
    Other 1 $355,000 $355,000 $4,421 2.38%

    For 2021, Newtowne Mortgage's most frequently cited loan duration was 30 Year, with 938 originations. The 2nd most popular length was 15 Year, with 37 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 652 $202,390,000 $310,414
    $1k-2k 145 $39,475,000 $272,241
    $2k-3k 63 $19,055,000 $302,460
    $5k+ 41 $33,635,000 $820,366
    $3k-4k 33 $10,275,000 $311,364
    $4k-5k 21 $10,635,000 $506,429

    Newtowne Mortgage's average total fees were $6,304, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 652 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 427 $147,975,000 $346,546
    3-4% 423 $127,045,000 $300,343
    <2.5% 113 $40,545,000 $358,805
    4-5% 22 $5,230,000 $237,727

    During 2021, Newtowne Mortgage's average interest rate for loans was 3.04%, while their most frequently originated rate bucket for loans was 2.5-3%, with 427 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 506 $146,890,000 $290,296 $5,605 3.01%
    $100k-200k 192 $30,440,000 $158,542 $3,480 3.13%
    $400k-600k 168 $80,010,000 $476,250 $7,970 2.83%
    $600k-1MM 64 $46,850,000 $732,031 $10,963 3.15%
    $100,000 or less 43 $1,395,000 $32,442 $2,941 3.54%
    $1MM+ 12 $15,210,000 $1,267,500 $16,260 3.22%

    2021 saw Newtowne Mortgage place emphasis on $200k-400k loans with 506 originations, totaling $146,890,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 244 $56,110,000 $229,959 $5,336 3.12%
    $100k-150k 211 $74,335,000 $352,299 $6,168 3.02%
    $75k-100k 179 $53,385,000 $298,240 $7,102 2.94%
    $150k-250k 131 $56,495,000 $431,260 $7,254 2.98%
    $50k or less 106 $17,410,000 $164,245 $4,166 3.12%
    $250k+ 74 $49,500,000 $668,919 $8,038 3.21%

    Newtowne Mortgage lent most frequently to those with incomes in the $50k-75k range, with 244 originations. The second most popular income band? $100k-150k, with 211 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 215 $73,885,000 $343,651 $5,891 3.03%
    30-36% 164 $56,870,000 $346,768 $5,932 3.09%
    <20% 79 $26,295,000 $332,848 $4,569 3.13%
    44% 54 $12,670,000 $234,630 $7,180 3.13%
    40% 52 $15,870,000 $305,192 $6,767 3.04%
    43% 43 $12,635,000 $293,837 $6,344 3.09%
    37% 37 $11,585,000 $313,108 $6,741 3.05%
    36% 36 $10,980,000 $305,000 $5,736 3.05%
    38% 36 $10,170,000 $282,500 $6,961 3.14%
    42% 35 $11,475,000 $327,857 $7,347 3.10%
    41% 35 $11,395,000 $325,571 $6,170 2.99%
    49% 31 $9,785,000 $315,645 $6,247 2.96%
    45% 29 $11,065,000 $381,552 $7,677 3.02%
    48% 27 $9,565,000 $354,259 $7,441 3.00%
    50-60% 26 $9,320,000 $358,462 $9,425 2.88%
    39% 26 $7,560,000 $290,769 $6,067 3.04%
    46% 18 $5,580,000 $310,000 $7,264 2.82%
    47% 17 $5,735,000 $337,353 $8,093 2.88%

    Newtowne Mortgage lent most frequently to those with DTI ratios of 20-30%, with 215 originations. The next most common DTI ratio? 30-36%, with 164 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 718 $244,550,000 $340,599 $6,393 3.02%
    Black 140 $34,790,000 $248,500 $5,731 3.12%
    Not provided 87 $25,465,000 $292,701 $6,015 3.08%
    Asian 35 $14,785,000 $422,429 $6,202 2.90%
    Native Hawaiian or Islander 3 $715,000 $238,333 $4,068 3.29%
    American Indian 2 $490,000 $245,000 $8,031 2.81%

    Approval Rates

    Total approvals of all applications
    97.00%

    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 origination
    86.09%

    Newtowne Mortgage has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 985 $320,795,000 $325,680

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    985 $320,795,000 $325,680

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 22 $4,650,000 $211,364 $3,515 2.82%
    40-60% 65 $26,935,000 $414,385 $4,757 3.03%
    60-80% 232 $77,490,000 $334,009 $4,430 3.18%
    80-100% 532 $169,160,000 $317,970 $5,749 3.02%
    Over 100% 99 $41,215,000 $416,313 $14,804 2.71%
    Under 20% 32 $530,000 $16,563 $2,510 3.39%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Nation One Mortgage Corporation Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%