We compare mortgage interest rate and loan related closing costs at TowneBank with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (-0.02%)
Loan Related Closing Costs: similar to average (-$87)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, TowneBank originated 8049 mortgages, a national market share of 0.1%. It was most active in MD (2.2% market share), VA (1.7% market share), and NC (0.9% market share).
On average, TowneBank’s interest rates were similar to those of comparable mortgages at other lenders (-0.02%).1The comparable mortgages control for TowneBank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $5509, which was similar to those of comparable mortgages at $5597, with a difference of -$87. Overall, we estimate that TowneBank tends to be an average cost lender, with a cost-adjusted-rate difference of -0.03% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with TowneBank.
TowneBank originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Home Purchase Mortgages from TowneBank compared to other lenders
|Interest Rate Difference||-0.01%||-0.14%||+0.08%||+0.05%||+0.03%|
|Loan related Closing Cost Difference||-$13||-$266||+$92||+$225||-$16|
|Cost Adjusted Rate Difference||-0.01%||-0.16%||+0.08%||+0.07%||+0.02%|
Based on the table above, TowneBank is cheap for FHA purchase mortgages. It is similar to other lenders for Conforming and VA purchase mortgages. It is more expensive than other lenders for Jumbo and USDA purchase mortgages.
Mortgage Refinancing from TowneBank compared to other lenders
|Interest Rate Difference||+0.02%||-0.13%||+0.04%||+0.02%|
|Loan Related Closing Cost Difference||-$388||-$311||-$69||+$410|
|Cost Adjusted Rate Difference||-0.01%||-0.16%||+0.04%||+0.05%|
Based on the table above, TowneBank is cheap for FHA mortgage refinance. It is similar to other lenders for Conforming, Jumbo and VA mortgage refinance.
Other information about TowneBank:
Regulator: Federal Deposit Insurance Corporation (FDIC)
Registered city and state: Portsmouth, VA, 23703