Newtowne Mortgage Rates, Fees & Info

SUFFOLK, VA

LEI: 549300W7XZMMFOVY0Z37

Tax ID: 26-1146120

4 stars - Updated: 6/9/24 - out of 5 stars, based on 10 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

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.

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 6.73% 6/9/24
30 Year Conventional Refi 6.66% 6/9/24
30 Year Cash-out Refi 6.72% 6/9/24
30 Year FHA Purchase 7.38% 6/9/24
30 Year VA Purchase 6.26% 6/9/24
30 Year VA Refi 6.10% 6/9/24
15 Year Conventional Purchase 6.10% 6/9/24
15 Year Conventional Refi 5.79% 6/9/24
15 Year Cash-out Refi 5.79% 6/9/24
15 Year VA Purchase 6.28% 6/9/24
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






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Newtowne Mortgage. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

103

Origination Dollar Volume (All Markets)

$36,425,000

Awards

NewTowne Mortgage VA Loans silver NewTowne Mortgage VA Loans gold
Show all (2) awards

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%
Newtowne Mortgage's top markets include Virginia Beach, Richmond, and Winston among others.

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

    ABNB Federal Credit Union
    Similarity Rank: 65
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 108
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 290
    NewTowne Mortgage, LLC
    Similarity Rank: 672
    Chesapeake Bank
    Similarity Rank: 684
    C&F Select LLC
    Similarity Rank: 750
    VILLAGE BANK MORTGAGE CORPORATION
    Similarity Rank: 1134
    CHARTWAY FEDERAL CREDIT UNION
    Similarity Rank: 1175
    LANGLEY
    Similarity Rank: 1196

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 30 $15,710,000 $523,667
    $4k-5k 22 $7,670,000 $348,636
    $1k-2k 18 $5,410,000 $300,556
    $3k-4k 16 $4,040,000 $252,500
    $2k-3k 10 $2,650,000 $265,000
    $<1k 3 $15,000 $5,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 53 $15,615,000 $294,623 $8,656 6.34%
    $400k-600k 24 $11,290,000 $470,417 $13,155 6.06%
    $100k-200k 14 $2,180,000 $155,714 $4,422 6.43%
    $600k-1MM 8 $6,060,000 $757,500 $17,982 6.05%
    $100,000 or less 3 $15,000 $5,000 $0 6.83%
    $1MM+ 1 $1,265,000 $1,265,000 $50,155 5.50%

    2023 saw Newtowne Mortgage place emphasis on $200k-400k loans with 53 originations, totaling $15,615,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 28 $9,940,000 $355,000 $11,587 6.09%
    $150k-250k 24 $12,270,000 $511,250 $12,279 6.07%
    $50k-75k 18 $4,070,000 $226,111 $7,626 6.48%
    $75k-100k 16 $4,610,000 $288,125 $9,592 6.29%
    $250k+ 10 $4,470,000 $447,000 $13,522 6.83%
    $50k or less 6 $730,000 $121,667 $3,585 6.38%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 20 $6,780,000 $339,000 $11,371 6.16%
    20-30% 19 $6,225,000 $327,632 $7,367 6.43%
    50-60% 14 $6,540,000 $467,143 $16,394 5.91%
    40% 7 $2,005,000 $286,429 $10,754 6.23%
    43% 7 $2,135,000 $305,000 $10,880 6.34%
    44% 5 $1,895,000 $379,000 $9,499 6.85%
    39% 4 $2,050,000 $512,500 $7,643 6.59%
    49% 4 $1,280,000 $320,000 $10,561 6.34%
    46% 4 $1,250,000 $312,500 $6,204 6.16%
    38% 3 $1,675,000 $558,333 $16,235 6.17%
    48% 3 $1,045,000 $348,333 $14,047 6.25%
    47% 3 $1,105,000 $368,333 $9,474 6.04%
    42% 2 $230,000 $115,000 $0 6.88%
    37% 2 $570,000 $285,000 $7,659 6.25%
    <20% 2 $510,000 $255,000 $5,589 6.50%
    45% 2 $610,000 $305,000 $9,166 5.81%
    41% 1 $355,000 $355,000 $5,207 6.38%
    36% 1 $165,000 $165,000 $0 6.63%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 79 $28,235,000 $357,405 $10,837 6.27%
    Not provided 9 $2,975,000 $330,556 $9,409 6.17%
    Black 9 $2,485,000 $276,111 $8,611 6.31%
    Asian 5 $2,275,000 $455,000 $17,798 6.53%
    American Indian 1 $455,000 $455,000 $8,003 6.13%

    Approval Rates

    Total approvals of all applications
    97.76%

    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 origination
    72.82%

    Newtowne Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 103 $36,425,000 $353,641

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    103 $36,425,000 $353,641

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $480,000 $240,000 $3,512 6.44%
    40-60% 5 $1,015,000 $203,000 $5,467 6.28%
    60-80% 22 $7,920,000 $360,000 $10,089 6.32%
    80-100% 56 $21,140,000 $377,500 $9,875 6.28%
    Over 100% 15 $5,855,000 $390,333 $18,454 6.03%
    Under 20% 3 $15,000 $5,000 $0 6.83%