Towne First Mortgage Rates, Fees & Info
SUFFOLK, VALEI: 549300XWC8ZG8WYKWG35
Tax ID: 81-4648698
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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, Washington, Virginia Beach, and Roanoke among others. We have data for 8 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.74% | 11/21/24 |
| 30 Year Conventional Refi | 6.99% | 11/21/24 |
| 30 Year Cash-out Refi | 7.01% | 11/21/24 |
| 30 Year FHA Purchase | 7.45% | 11/21/24 |
| 30 Year FHA Refi | 6.27% | 11/21/24 |
| 30 Year VA Purchase | 6.33% | 11/21/24 |
| 30 Year USDA Purchase | 6.91% | 11/21/24 |
| 15 Year Conventional Purchase | 6.16% | 11/21/24 |
| 15 Year Conventional Refi | 6.44% | 11/21/24 |
| 15 Year Cash-out Refi | 6.44% | 11/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
618Origination Dollar Volume (All Markets)
$142,810,000Top 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) | 500 | $112,960,000 | $225,920 | $5,548 | 4.23% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 79 | $21,045,000 | $266,392 | $5,416 | 4.10% |
| Outside of Metro Areas | 26 | $5,140,000 | $197,692 | $5,479 | 4.01% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 4 | $1,470,000 | $367,500 | $7,418 | 3.81% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 5 | $1,425,000 | $285,000 | $7,845 | 4.18% |
| ROANOKE, VA (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $3,085 | 4.25% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,021 | 3.88% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,605 | 4.25% |
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.
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Product Mix
For 2019, Towne First Mortgage's most frequently originated type of loan was Conventional, with 437 originations. Their 2nd most popular type was FHA, with 119 originations.
Loan Reason
For 2019, Towne First Mortgage's most frequently cited loan purpose was Home Purchase, with 551 originations. The 2nd most popular reason was Refi, with 41 originations.
Loan Duration/Length
For 2019, Towne First Mortgage's most frequently cited loan duration was 30 Year, with 590 originations. The 2nd most popular length was 15 Year, with 17 originations.
Origination Fees/Closing Costs
Towne First Mortgage's average total fees were $5,600, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 262 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 316 | $70,810,000 | $224,082 |
| 3-4% | 265 | $67,025,000 | $252,925 |
| 5-6% | 26 | $4,140,000 | $159,231 |
| <2.5% | 4 | $180,000 | $45,000 |
| 2.5-3% | 2 | $630,000 | $315,000 |
During 2019, Towne First Mortgage's average interest rate for loans was 4.23%, while their most frequently originated rate bucket for loans was 4-5%, with 316 originations.
Loan Sizing
2019 saw Towne First Mortgage place emphasis on $200k-400k loans with 339 originations, totaling $92,165,000 in origination value.
Applicant Income
Towne First Mortgage lent most frequently to those with incomes in the $50k-75k range, with 201 originations. The second most popular income band? $100k-150k, with 120 originations.
Applicant Debt to Income Ratio
Towne First Mortgage lent most frequently to those with DTI ratios of 20-30%, with 131 originations. The next most common DTI ratio? 30-36%, with 109 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.39%
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 origination86.25%
Towne First Mortgage has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 618 | $142,810,000 | $231,084 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $145,000 | $145,000 |
| Single Family (1-4 Units):Site-Built | 617 | $142,665,000 | $231,224 |