Towne First Mortgage Interest Rate and Cost Review

Is Towne First Mortgage a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Towne First Mortgage to those of other lenders for a comparable set of borrowers. We maintain our independence by not accepting any money from the mortgage lenders we review. Going by historical data, here is our review of Towne First Mortgage nationally:

Review ItemTowne First Mortgage
Interest Ratesimilar to other lenders (+0.02%)
Loan Related Closing Costshigher than other lenders (+$311)
National Rate and Closing Cost Star Rating(4)

On average, Towne First Mortgage’s interest rates were similar to those of other lenders (+0.02%) for a comparable set of borrowers. On the other hand, its loan related closing costs were higher than those of other lenders, with a difference of +$311. Overall, combining interest rates and closing costs we estimate that Towne First Mortgage tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars. To visit Towne First Mortgage, its website is located at: https://townefirstmortgage.com.

Towne First Mortgage’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. In particular, among the cities we track Towne First Mortgage was most active in:

  1. Richmond, VA
  2. Culpeper, VA
  3. Colonial Beach, VA
  4. Virginia Beach, VA
  5. Washington, DC

You can click through to check out Towne First Mortgage’s mortgage rate relative to those of other lenders within each city. Or, for our entire list of the top mortgage lenders by city, click here.

Towne First Mortgage’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Towne First Mortgage originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference+0.04%-0.03%+0.00%-0.01%+0.05%
Loan Related Closing Cost Difference+$466+$107+$98+$18+$27
Cost Adjusted Rate Difference-0.08%-0.02%+0.01%-0.01%+0.05%
National Star Rating(4)(3.5)(3.5)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.03%-0.01%-0.00%+0.00%-0.02%
Loan Related Closing Cost Difference+$65+$49+$98+$21-$4
Cost Adjusted Rate Difference-0.02%-0.01%-0.00%+0.00%-0.02%
Average Star Rating(3.5)(3.5)(3.5)(3.5)(3.5)

As a summary, Towne First Mortgage is cheap for Conforming purchase mortgages. It is similar to other lenders for FHA, Jumbo, USDA and VA purchase mortgages. For refinancing, Towne First Mortgage is similar to other lenders for Conforming, FHA, Jumbo, USDA and VA mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about Towne First Mortgage:

Registered name: Towne First Mortgage
Registered city and state: Glen Allen, VA, 23060
Regulator: Federal Deposit Insurance Corporation (FDIC)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Towne First Mortgage’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 commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.