We compare mortgage interest rate and loan related closing costs at NewTowne Mortgage, LLC with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (+0.03%)
Loan Related Closing Costs: lower than average (-$286)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, NewTowne Mortgage, LLC originated 741 mortgages, a national market share of 0.0%. It was most active in VA (0.4% market share), NC (0.0% market share), and PA (0.0% market share).
On average, NewTowne Mortgage, LLC’s interest rates were similar to those of comparable mortgages at other lenders (+0.03%).3The comparable mortgages control for NewTowne Mortgage, LLC’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 $5210, which was lower than those of comparable mortgages at $5495, with a difference of -$286. Overall, we estimate that NewTowne Mortgage, LLC tends to be an average cost lender, with a cost-adjusted-rate difference of +0.01% compared to comparable mortgages at other lenders.4Cost 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 NewTowne Mortgage, LLC.
NewTowne Mortgage, LLC originated Conforming, FHA and VA mortgages for new home purchases. 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 NewTowne Mortgage, LLC compared to other lenders
|Interest Rate Difference||+0.04%||-0.05%||+0.07%|
|Loan related Closing Cost Difference||+$69||-$334||-$727|
|Cost Adjusted Rate Difference||+0.03%||-0.07%||+0.01%|
Based on the table above, NewTowne Mortgage, LLC is cheap for FHA purchase mortgages. It is similar to other lenders for Conforming and VA purchase mortgages.
Other information about NewTowne Mortgage, LLC:
Regulator: Federal Deposit Insurance Corporation (FDIC)
Registered city and state: Virginia Beach, VA, 23451