Towne First Mortgage Rates, Fees & Info

SUFFOLK, VA

LEI: 549300XWC8ZG8WYKWG35

Tax ID: 81-4648698

5 stars - Updated: 7/11/24 - out of 5 stars, based on 18 reviews

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

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Mortgage Data

Review & Overview

Towne First Mortgage is a smaller mortgage company specializing in Home Purchase loans. Towne First 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: Richmond, Charlottesville, Nashville, Staunton, and Virginia Beach among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Towne First 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. Towne First 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 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 6.74% 7/11/24
30 Year Conventional Refi 6.99% 7/11/24
30 Year Cash-out Refi 7.01% 7/11/24
30 Year FHA Purchase 7.45% 7/11/24
30 Year FHA Refi 6.27% 7/11/24
30 Year VA Purchase 6.33% 7/11/24
30 Year USDA Purchase 6.91% 7/11/24
15 Year Conventional Purchase 6.16% 7/11/24
15 Year Conventional Refi 6.44% 7/11/24
15 Year Cash-out Refi 6.44% 7/11/24
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.

Towne First Mortgage Mortgage Calculator






Your Estimates

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

This is not an official calculator from Towne First 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

328

Origination Dollar Volume (All Markets)

$118,450,000

Awards

Towne First Mortgage VA Loans gold
Show all (1) awards

Relative Rate

Towne First Mortgage's average 30 year fixed mortgage rate was 6.82%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.34%.

Relative Fees (Closing Costs)

Towne First Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $7,255.

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
RICHMOND, VA (FHA|USDA|VA) 234 $86,410,000 $369,274 $7,035 6.82%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 46 $18,090,000 $393,261 $7,962 6.75%
Outside of Metro Areas 36 $9,950,000 $276,389 $6,987 6.90%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $995,000 $995,000 $15,311 6.63%
STAUNTON, VA (FHA|USDA|VA) 3 $755,000 $251,667 $4,601 6.75%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 3 $665,000 $221,667 $5,902 6.46%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $620,000 $310,000 $6,023 6.69%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $435,000 $435,000 $15,887 7.63%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $345,000 $345,000 $15,316 6.25%
Martinsville, VA (FHA|USDA|VA) 1 $185,000 $185,000 $4,431 6.38%
Towne First Mortgage's top markets include Richmond, Charlottesville, Nashville, Staunton, and Virginia Beach among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Towne First Mortgage based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Member Options, LLC
    Similarity Rank: 99
    Chesapeake Bank
    Similarity Rank: 396
    LANGLEY
    Similarity Rank: 442
    Towne Mortgage, LLC
    Similarity Rank: 637
    C&F Select LLC
    Similarity Rank: 750
    VILLAGE BANK MORTGAGE CORPORATION
    Similarity Rank: 1134
    Tidewater Home Funding, LLC
    Similarity Rank: 1343
    Virginia Credit Union, Inc.
    Similarity Rank: 1616

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 256 $93,420,000 $364,922 $6,260 6.83%
    FHA 47 $15,225,000 $323,936 $11,581 6.77%
    VA 21 $8,835,000 $420,714 $9,504 6.77%
    USDA 4 $970,000 $242,500 $6,960 6.38%

    For 2023, Towne First Mortgage's most frequently originated type of loan was Conventional, with 256 originations. Their 2nd most popular type was FHA, with 47 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 325 $117,315,000 $360,969 $7,188 6.81%
    Refi 2 $980,000 $490,000 $7,781 7.31%
    Cash Out Refi 1 $155,000 $155,000 $7,769 6.63%

    For 2023, Towne First Mortgage's most frequently cited loan purpose was Home Purchase, with 325 originations. The 2nd most popular reason was Refi, with 2 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 315 $114,005,000 $361,921 $7,255 6.82%
    15 Year 7 $2,185,000 $312,143 $6,612 6.32%
    10 Year 2 $300,000 $150,000 $2,364 7.69%
    20 Year 2 $900,000 $450,000 $4,415 7.38%
    30+ year 1 $775,000 $775,000 $10,999 7.75%
    Other 1 $285,000 $285,000 $5,254 6.13%

    For 2023, Towne First Mortgage's most frequently cited loan duration was 30 Year, with 315 originations. The 2nd most popular length was 15 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 141 $49,945,000 $354,220
    $5k+ 56 $26,020,000 $464,643
    $2k-3k 50 $16,800,000 $336,000
    $3k-4k 38 $13,900,000 $365,789
    $4k-5k 24 $9,760,000 $406,667
    $<1k 10 $570,000 $57,000

    Towne First Mortgage's average total fees were $7,255, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 141 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 193 $68,925,000 $357,124
    7-8% 105 $40,215,000 $383,000
    5-6% 26 $7,540,000 $290,000
    Over 8% 3 $1,335,000 $445,000
    4-5% 1 $435,000 $435,000

    During 2023, Towne First Mortgage's average interest rate for loans was 6.82%, while their most frequently originated rate bucket for loans was 6-7%, with 193 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 165 $50,815,000 $307,970 $7,178 6.77%
    $400k-600k 84 $39,890,000 $474,881 $7,847 6.86%
    $100k-200k 41 $6,815,000 $166,220 $4,450 6.57%
    $600k-1MM 27 $19,495,000 $722,037 $8,944 7.11%
    $100,000 or less 10 $230,000 $23,000 $1,969 7.40%
    $1MM+ 1 $1,205,000 $1,205,000 $5,828 6.63%

    2023 saw Towne First Mortgage place emphasis on $200k-400k loans with 165 originations, totaling $50,815,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 90 $33,020,000 $366,889 $8,100 6.81%
    $150k-250k 70 $32,140,000 $459,143 $7,560 6.89%
    $50k-75k 68 $16,810,000 $247,206 $5,876 6.70%
    $75k-100k 57 $15,885,000 $278,684 $7,096 6.80%
    $250k+ 29 $17,565,000 $605,690 $7,114 7.15%
    $50k or less 12 $1,920,000 $160,000 $4,979 6.40%

    Towne First Mortgage lent most frequently to those with incomes in the $100k-150k range, with 90 originations. The second most popular income band? $150k-250k, with 70 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 50 $18,730,000 $374,600 $5,946 6.74%
    20-30% 47 $16,915,000 $359,894 $6,136 6.86%
    49% 27 $8,295,000 $307,222 $7,294 6.79%
    50-60% 20 $8,240,000 $412,000 $12,344 6.73%
    41% 19 $6,225,000 $327,632 $6,174 6.83%
    44% 17 $5,345,000 $314,412 $7,090 7.03%
    38% 17 $5,335,000 $313,824 $6,882 6.83%
    47% 17 $7,665,000 $450,882 $8,050 6.91%
    43% 15 $6,265,000 $417,667 $9,950 6.63%
    48% 14 $5,310,000 $379,286 $6,548 7.04%
    45% 14 $5,380,000 $384,286 $6,527 6.76%
    42% 13 $4,725,000 $363,462 $6,467 6.75%
    <20% 12 $5,150,000 $429,167 $6,652 6.75%
    46% 12 $3,370,000 $280,833 $8,350 6.91%
    40% 12 $3,430,000 $285,833 $5,071 6.85%
    37% 11 $4,415,000 $401,364 $8,811 6.78%
    36% 6 $2,440,000 $406,667 $8,133 6.96%
    39% 5 $1,215,000 $243,000 $4,892 6.45%

    Towne First Mortgage lent most frequently to those with DTI ratios of 30-36%, with 50 originations. The next most common DTI ratio? 20-30%, with 47 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 216 $80,010,000 $370,417 $7,065 6.83%
    Not provided 74 $25,640,000 $346,486 $7,291 6.83%
    Black 23 $8,085,000 $351,522 $9,763 6.68%
    Asian 12 $4,290,000 $357,500 $4,698 6.70%
    American Indian 3 $425,000 $141,667 $4,830 7.04%

    Approval Rates

    Total approvals of all applications
    96.75%

    Towne First 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
    82.01%

    Towne First Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 328 $118,450,000 $361,128

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    328 $118,450,000 $361,128

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $3,400,000 $212,500 $4,628 6.42%
    40-60% 31 $10,265,000 $331,129 $5,438 6.85%
    60-80% 88 $35,820,000 $407,045 $6,626 6.89%
    80-100% 179 $67,325,000 $376,117 $7,878 6.78%
    Over 100% 3 $1,265,000 $421,667 $21,084 6.67%
    Under 20% 11 $375,000 $34,091 $2,571 7.26%