We compare mortgage interest rate and loan related closing costs at McLean Mortgage Corporation with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (-0.02%)
Loan Related Closing Costs: similar to average (-$168)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, McLean Mortgage Corporation originated 4201 mortgages, a national market share of 0.1%. It was most active in DC (2.1% market share), VA (1.6% market share), and MD (0.5% market share).
On average, McLean Mortgage Corporation’s interest rates were similar to those of comparable mortgages at other lenders (-0.02%).1The comparable mortgages control for McLean Mortgage Corporation’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 $5909, which was similar to those of comparable mortgages at $6077, with a difference of -$168. Overall, we estimate that McLean Mortgage Corporation tends to be an cheap lender, with a cost-adjusted-rate difference of -0.08% 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 McLean Mortgage Corporation.
McLean Mortgage Corporation originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming 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 McLean Mortgage Corporation compared to other lenders
|Interest Rate Difference||-0.01%||-0.11%||+0.15%||-0.12%||+0.03%|
|Loan related Closing Cost Difference||+$30||-$450||-$200||+$135||-$679|
|Cost Adjusted Rate Difference||-0.01%||-0.46%||+0.15%||-0.12%||-0.02%|
Based on the table above, McLean Mortgage Corporation is cheap for FHA and USDA purchase mortgages. It is similar to other lenders for Conforming and VA purchase mortgages. It is more expensive than other lenders for Jumbo purchase mortgages.
Mortgage Refinancing from McLean Mortgage Corporation compared to other lenders
|Interest Rate Difference||-0.06%|
|Loan Related Closing Cost Difference||-$394|
|Cost Adjusted Rate Difference||-0.08%|
Based on the table above, McLean Mortgage Corporation is cheap for Conforming mortgage refinance.
Other information about McLean Mortgage Corporation:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: Fairfax, VA, 22030