Towne First Mortgage Rates, Fees & Info

SUFFOLK, VA

LEI: 549300XWC8ZG8WYKWG35

Tax ID: 81-4648698

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

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Towne First Mortgage is a smaller mortgage company specializing in 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, Washington, Staunton, and Virginia Beach among others. We have data for 11 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 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 6.56% 1/29/23
    30 Year Conventional Refi 6.67% 1/29/23
    30 Year Cash-out Refi 6.61% 1/29/23
    30 Year FHA Purchase 7.21% 1/29/23
    30 Year FHA Refi 6.64% 1/29/23
    30 Year VA Purchase 6.10% 1/29/23
    30 Year VA Refi 5.89% 1/29/23
    30 Year USDA Purchase 6.53% 1/29/23
    15 Year Conventional Purchase 6.02% 1/29/23
    15 Year Conventional Refi 6.22% 1/29/23
    15 Year Cash-out Refi 6.22% 1/29/23
    15 Year VA Purchase 6.25% 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

    933

    Origination Dollar Volume (All Markets)

    $278,045,000

    Awards

    Towne First Mortgage FHA Loans gold Towne First Mortgage FHA Loans silver Towne First Mortgage USDA Loans bronze
    Show all (3) awards

    Relative Rate

    Towne First Mortgage's average 30 year fixed mortgage rate was 3.03%.

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

    This yields a difference of -0.12%.

    Relative Fees (Closing Costs)

    Towne First Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $5,101.

    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
    RICHMOND, VA (FHA|USDA|VA) 732 $215,140,000 $293,907 $5,113 3.00%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 127 $43,475,000 $342,323 $4,694 2.98%
    Outside of Metro Areas 56 $14,120,000 $252,143 $5,336 2.99%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 5 $1,655,000 $331,000 $6,498 3.00%
    STAUNTON, VA (FHA|USDA|VA) 5 $1,345,000 $269,000 $4,137 3.08%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 3 $985,000 $328,333 $4,588 2.96%
    Kill Devil Hills, NC (FHA|USDA|VA) 1 $465,000 $465,000 $14,939 3.38%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $365,000 $365,000 $3,574 3.00%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $295,000 $295,000 $2,535 2.50%
    DuBois, PA (FHA|USDA|VA) 1 $105,000 $105,000 $3,478 3.00%
    Martinsville, VA (FHA|USDA|VA) 1 $95,000 $95,000 $2,642 3.13%
    Towne First Mortgage's top markets include Richmond, Charlottesville, Washington, Staunton, and Virginia Beach among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Pennsylvania (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: 279
    HENRICO Federal Credit Union
    Similarity Rank: 420
    DUPONT COMMUNITY
    Similarity Rank: 476
    Aurora Financial, LLC
    Similarity Rank: 1679
    JAMS-01, INC.
    Similarity Rank: 2040
    DOMINION ENERGY CREDIT UNION
    Similarity Rank: 2755
    VILLAGE BANK MORTGAGE CORPORATION
    Similarity Rank: 2926
    C&F Select LLC
    Similarity Rank: 3024
    Call Federal Credit Union
    Similarity Rank: 3247

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 693 $207,335,000 $299,185 $4,381 3.07%
    FHA 141 $37,785,000 $267,979 $8,653 2.86%
    VA 67 $25,065,000 $374,104 $5,410 2.70%
    USDA 32 $7,860,000 $245,625 $6,304 2.71%

    For 2021, Towne First Mortgage's most frequently originated type of loan was Conventional, with 693 originations. Their 2nd most popular type was FHA, with 141 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 856 $258,460,000 $301,939 $5,167 2.99%
    Cash Out Refi 50 $12,190,000 $243,800 $3,967 3.16%
    Refi 26 $7,080,000 $272,308 $4,119 2.98%
    Other 1 $315,000 $315,000 $2,348 2.63%

    For 2021, Towne First Mortgage's most frequently cited loan purpose was Home Purchase, with 856 originations. The 2nd most popular reason was Cash Out Refi, with 50 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 892 $267,970,000 $300,415 $5,101 3.03%
    15 Year 26 $7,780,000 $299,231 $3,986 2.68%
    5 Year 8 $100,000 $12,500 $0 0.00%
    20 Year 4 $1,100,000 $275,000 $4,407 2.69%
    10 Year 2 $320,000 $160,000 $3,491 2.44%
    30+ year 1 $775,000 $775,000 $0 3.99%

    For 2021, Towne First Mortgage's most frequently cited loan duration was 30 Year, with 892 originations. The 2nd most popular length was 15 Year, with 26 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 602 $178,930,000 $297,226
    $1k-2k 160 $43,200,000 $270,000
    $2k-3k 81 $26,585,000 $328,210
    $3k-4k 33 $11,585,000 $351,061
    $4k-5k 19 $7,535,000 $396,579
    $5k+ 16 $6,470,000 $404,375

    Towne First Mortgage's average total fees were $5,101, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 602 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 424 $118,670,000 $279,882
    2.5-3% 419 $132,485,000 $316,193
    <2.5% 88 $26,310,000 $298,977
    4-5% 2 $580,000 $290,000

    During 2021, Towne First Mortgage's average interest rate for loans was 3.03%, while their most frequently originated rate bucket for loans was 3-4%, with 424 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 518 $148,280,000 $286,255 $4,940 3.02%
    $400k-600k 208 $100,640,000 $483,846 $5,987 2.95%
    $100k-200k 124 $19,820,000 $159,839 $3,700 3.06%
    $100,000 or less 71 $1,115,000 $15,704 $3,114 2.82%
    $600k-1MM 12 $8,190,000 $682,500 $5,507 3.19%

    2021 saw Towne First Mortgage place emphasis on $200k-400k loans with 518 originations, totaling $148,280,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 254 $58,080,000 $228,661 $4,940 3.03%
    $100k-150k 204 $73,820,000 $361,863 $5,236 3.00%
    $75k-100k 154 $45,620,000 $296,234 $4,901 3.01%
    $150k-250k 152 $59,870,000 $393,882 $5,436 2.96%
    $50k or less 123 $20,015,000 $162,724 $4,661 2.92%
    $250k+ 38 $17,720,000 $466,316 $4,657 3.17%

    Towne First Mortgage lent most frequently to those with incomes in the $50k-75k range, with 254 originations. The second most popular income band? $100k-150k, with 204 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 214 $69,810,000 $326,215 $4,616 3.01%
    30-36% 150 $43,890,000 $292,600 $4,825 3.00%
    <20% 76 $23,450,000 $308,553 $4,542 2.96%
    44% 51 $12,505,000 $245,196 $4,992 3.06%
    41% 49 $13,795,000 $281,531 $5,629 2.92%
    42% 45 $12,765,000 $283,667 $6,297 2.96%
    43% 45 $11,715,000 $260,333 $5,226 2.96%
    38% 43 $11,715,000 $272,442 $5,250 2.97%
    37% 36 $11,740,000 $326,111 $5,908 3.02%
    40% 36 $9,380,000 $260,556 $4,309 3.14%
    36% 33 $9,605,000 $291,061 $6,057 3.07%
    39% 28 $8,380,000 $299,286 $4,314 3.05%
    45% 28 $9,100,000 $325,000 $5,647 2.98%
    49% 23 $7,075,000 $307,609 $5,863 2.96%
    48% 21 $6,265,000 $298,333 $4,304 3.13%
    50-60% 20 $6,570,000 $328,500 $6,841 2.87%
    47% 19 $5,385,000 $283,421 $5,922 2.80%
    46% 14 $4,390,000 $313,571 $5,349 3.03%

    Towne First Mortgage lent most frequently to those with DTI ratios of 20-30%, with 214 originations. The next most common DTI ratio? 30-36%, with 150 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 572 $170,750,000 $298,514 $4,941 3.01%
    Not provided 227 $73,065,000 $321,872 $5,035 3.01%
    Black 100 $23,170,000 $231,700 $6,523 2.87%
    Asian 23 $7,555,000 $328,478 $4,291 3.02%
    American Indian 6 $1,630,000 $271,667 $4,871 3.25%
    Asian Indian 3 $1,155,000 $385,000 $4,890 2.92%
    Other Asian 1 $545,000 $545,000 $4,311 3.13%
    Native Hawaiian or Islander 1 $175,000 $175,000 $4,943 3.25%

    Approval Rates

    Total approvals of all applications
    96.28%

    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
    87.25%

    Towne First Mortgage has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 933 $278,045,000 $298,012

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    933 $278,045,000 $298,012

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 30 $4,910,000 $163,667 $3,609 2.95%
    40-60% 57 $14,735,000 $258,509 $3,942 2.98%
    60-80% 220 $73,410,000 $333,682 $4,200 3.09%
    80-100% 544 $178,880,000 $328,824 $5,508 3.00%
    Over 100% 12 $4,860,000 $405,000 $12,065 2.64%
    Under 20% 69 $985,000 $14,275 $3,198 2.80%