Newtowne Mortgage Rates, Fees & Info

SUFFOLK, VA

LEI: 549300W7XZMMFOVY0Z37

Tax ID: 26-1146120

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Newtowne Mortgage is a smaller mortgage company specializing in Home Purchase and Refi 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, Washington, Kill Devil Hills, and New Bern among others. We have data for 23 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 6.73% 12/16/24
    30 Year Conventional Refi 6.66% 12/16/24
    30 Year Cash-out Refi 6.72% 12/16/24
    30 Year FHA Purchase 7.38% 12/16/24
    30 Year VA Purchase 6.26% 12/16/24
    30 Year VA Refi 6.10% 12/16/24
    15 Year Conventional Purchase 6.10% 12/16/24
    15 Year Conventional Refi 5.79% 12/16/24
    15 Year Cash-out Refi 5.79% 12/16/24
    15 Year VA Purchase 6.28% 12/16/24
    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

    1,114

    Origination Dollar Volume (All Markets)

    $335,500,000

    Awards

    NewTowne Mortgage FHA Loans gold NewTowne Mortgage FHA Loans silver NewTowne Mortgage VA Loans silver
    Show all (3) awards

    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) 1,039 $311,995,000 $300,284 $5,661 3.13%
    RICHMOND, VA (FHA|USDA|VA) 25 $6,305,000 $252,200 $4,554 3.18%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 7 $3,805,000 $543,571 $6,769 3.20%
    Kill Devil Hills, NC (FHA|USDA|VA) 9 $3,635,000 $403,889 $4,927 3.10%
    Outside of Metro Areas 9 $2,865,000 $318,333 $6,268 3.22%
    NEW BERN, NC (FHA|USDA|VA) 3 $1,315,000 $438,333 $4,103 3.17%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 3 $915,000 $305,000 $4,497 3.04%
    ROANOKE, VA (FHA|USDA|VA) 2 $620,000 $310,000 $7,326 2.94%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $530,000 $265,000 $4,654 3.38%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $465,000 $465,000 $12,217 2.75%
    OCALA, FL (FHA|USDA|VA) 1 $355,000 $355,000 $4,148 2.25%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $350,000 $175,000 $2,670 3.50%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $335,000 $335,000 $3,533 2.75%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $335,000 $335,000 $3,933 3.63%
    Roanoke Rapids, NC (FHA|USDA|VA) 1 $305,000 $305,000 $3,136 3.13%
    RALEIGH-CARY, NC (FHA|USDA|VA) 1 $215,000 $215,000 $5,336 3.38%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $215,000 $215,000 $0 2.75%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,752 3.50%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $205,000 $205,000 $5,013 3.63%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $155,000 $155,000 $0 3.50%
    Wilson, NC (FHA|USDA|VA) 1 $155,000 $155,000 $3,346 3.88%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $145,000 $145,000 $3,339 3.38%
    READING, PA (FHA|USDA|VA) 1 $75,000 $75,000 $3,772 3.00%
    Newtowne Mortgage's top markets include Virginia Beach, Richmond, Washington, Kill Devil Hills, and New Bern among others.

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

    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 90
    ABNB Federal Credit Union
    Similarity Rank: 496
    1ST ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 1155
    JAMS-01, INC.
    Similarity Rank: 1417
    C&F Select LLC
    Similarity Rank: 1570
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 1640
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 1808
    LENDERFI, INC.
    Similarity Rank: 1896
    The Freedom Bank of Virginia
    Similarity Rank: 2052
    NEWPORT NEWS SHIPBUILDING EMPLOYEES
    Similarity Rank: 2772

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 657 $194,635,000 $296,248 $4,467 3.34%
    VA 326 $110,900,000 $340,184 $7,173 2.76%
    FHA 126 $28,730,000 $228,016 $7,638 3.10%
    USDA 5 $1,235,000 $247,000 $5,535 2.80%

    For 2020, Newtowne Mortgage's most frequently originated type of loan was Conventional, with 657 originations. Their 2nd most popular type was VA, with 326 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 740 $219,350,000 $296,419 $6,321 3.13%
    Refi 286 $90,060,000 $314,895 $4,322 3.04%
    Cash Out Refi 82 $23,180,000 $282,683 $4,771 3.48%
    Other 5 $1,525,000 $305,000 $4,174 3.32%
    Home Improvement 1 $1,385,000 $1,385,000 $15,731 4.88%

    For 2020, Newtowne Mortgage's most frequently cited loan purpose was Home Purchase, with 740 originations. The 2nd most popular reason was Refi, with 286 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,036 $311,120,000 $300,309 $5,717 3.16%
    15 Year 45 $12,185,000 $270,778 $3,486 2.92%
    20 Year 15 $4,795,000 $319,667 $3,838 3.18%
    Other 8 $2,440,000 $305,000 $5,045 2.89%
    5 Year 6 $30,000 $5,000 $0 0.00%
    30+ year 4 $4,930,000 $1,232,500 $14,589 4.19%

    For 2020, Newtowne Mortgage's most frequently cited loan duration was 30 Year, with 1,036 originations. The 2nd most popular length was 15 Year, with 45 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 686 $201,920,000 $294,344
    $1k-2k 159 $38,825,000 $244,182
    $2k-3k 100 $29,490,000 $294,900
    $3k-4k 64 $21,410,000 $334,531
    $5k+ 35 $27,215,000 $777,571
    $4k-5k 31 $11,405,000 $367,903

    Newtowne Mortgage's average total fees were $5,717, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 686 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 494 $146,120,000 $295,789
    2.5-3% 422 $133,920,000 $317,346
    <2.5% 132 $42,380,000 $321,061
    4-5% 62 $12,860,000 $207,419
    5-6% 3 $215,000 $71,667

    During 2020, Newtowne Mortgage's average interest rate for loans was 3.16%, while their most frequently originated rate bucket for loans was 3-4%, with 494 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 584 $167,640,000 $287,055 $5,335 3.09%
    $100k-200k 225 $36,145,000 $160,644 $3,809 3.31%
    $400k-600k 210 $96,330,000 $458,714 $6,922 2.94%
    $100,000 or less 60 $2,310,000 $38,500 $3,027 3.49%
    $600k-1MM 24 $17,960,000 $748,333 $9,983 3.32%
    $1MM+ 11 $15,115,000 $1,374,091 $15,649 3.73%

    2020 saw Newtowne Mortgage place emphasis on $200k-400k loans with 584 originations, totaling $167,640,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 250 $53,160,000 $212,640 $4,988 3.26%
    $100k-150k 208 $69,060,000 $332,019 $5,932 3.13%
    $75k-100k 187 $52,785,000 $282,273 $6,020 3.13%
    $150k-250k 140 $54,580,000 $389,857 $6,293 3.17%
    $50k or less 134 $21,960,000 $163,881 $4,788 3.12%
    $250k+ 81 $47,945,000 $591,914 $6,883 3.35%

    Newtowne Mortgage lent most frequently to those with incomes in the $50k-75k range, with 250 originations. The second most popular income band? $100k-150k, with 208 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 230 $72,380,000 $314,696 $5,137 3.21%
    30-36% 214 $63,070,000 $294,720 $5,686 3.23%
    <20% 74 $26,410,000 $356,892 $4,676 3.08%
    44% 61 $15,235,000 $249,754 $6,405 3.18%
    42% 57 $15,495,000 $271,842 $6,948 3.20%
    38% 47 $10,745,000 $228,617 $5,427 3.31%
    41% 38 $11,110,000 $292,368 $5,949 3.07%
    39% 37 $11,355,000 $306,892 $5,683 3.22%
    40% 34 $10,210,000 $300,294 $5,875 3.26%
    37% 34 $11,890,000 $349,706 $6,534 3.12%
    43% 30 $7,170,000 $239,000 $6,616 3.31%
    46% 29 $8,245,000 $284,310 $6,773 3.12%
    36% 26 $7,410,000 $285,000 $5,167 3.04%
    48% 25 $7,655,000 $306,200 $7,182 3.15%
    45% 23 $7,365,000 $320,217 $6,064 2.95%
    47% 21 $6,645,000 $316,429 $5,324 3.10%
    50-60% 18 $5,390,000 $299,444 $8,402 3.10%
    49% 17 $5,625,000 $330,882 $6,318 3.07%
    >60% 2 $940,000 $470,000 $6,045 3.50%

    Newtowne Mortgage lent most frequently to those with DTI ratios of 20-30%, with 230 originations. The next most common DTI ratio? 30-36%, with 214 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 875 $271,015,000 $309,731 $5,511 3.14%
    Black 153 $37,945,000 $248,007 $6,008 3.13%
    Asian 36 $12,730,000 $353,611 $7,690 3.12%
    Not provided 38 $10,690,000 $281,316 $5,832 3.16%
    American Indian 8 $2,090,000 $261,250 $3,450 3.31%
    Native Hawaiian or Islander 3 $595,000 $198,333 $3,710 3.00%
    Asian Indian 1 $435,000 $435,000 $8,246 2.63%

    Approval Rates

    Total approvals of all applications
    97.83%

    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
    80.52%

    Newtowne Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,114 $335,500,000 $301,167

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 1,114 $335,500,000 $301,167

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 22 $7,340,000 $333,636 $4,236 3.09%
    40-60% 72 $18,320,000 $254,444 $3,412 3.21%
    60-80% 238 $78,300,000 $328,992 $4,302 3.31%
    80-100% 588 $174,930,000 $297,500 $5,545 3.18%
    Over 100% 108 $40,020,000 $370,556 $11,143 2.77%
    Under 20% 35 $555,000 $15,857 $3,196 3.00%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Nation One Mortgage Corporation FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 100.0%