Langley Mortgage Rates, Fees & Info

Newport News, VA

LEI: 549300CHR7TPQ6LLXG47

Tax ID: 54-0451953

5 stars - Updated: 12/3/24 - out of 5 stars, based on 44 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Langley is a smaller mortgage company specializing in Home Improvement, Other, and Home Purchase loans. Langley has an average proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Virginia Beach, Richmond, Washington, Raleigh, and Lynchburg among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)

Langley has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Langley is typically a low 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 relatively high 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 5.94% 12/3/24
30 Year Conventional Purchase 6.35% 12/3/24
30 Year Conventional Refi 6.22% 12/3/24
30 Year Cash-out Refi 6.16% 12/3/24
30 Year FHA Purchase 7.34% 12/3/24
30 Year FHA Refi 6.27% 12/3/24
30 Year VA Purchase 6.34% 12/3/24
30 Year VA Refi 6.27% 12/3/24
15 Year Conventional Purchase 6.08% 12/3/24
15 Year Conventional Refi 5.83% 12/3/24
15 Year Cash-out Refi 5.83% 12/3/24
15 Year FHA Purchase 7.26% 12/3/24
15 Year VA Purchase 5.84% 12/3/24
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.

Langley Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Langley. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

1,933

Origination Dollar Volume (All Markets)

$172,465,000

Awards

LANGLEY 30 Year Conventional Loans gold LANGLEY 30 Year Conventional Loans gold LANGLEY 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

Langley's average 30 year fixed mortgage rate was 6.43%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.05%.

Relative Fees (Closing Costs)

Langley's average total fees/closing costs for a 30 year fixed rate mortgage were $3,798.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top 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
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1,643 $137,725,000 $83,825 $3,659 7.73%
RICHMOND, VA (FHA|USDA|VA) 116 $12,670,000 $109,224 $3,301 7.67%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 61 $7,905,000 $129,590 $4,067 8.04%
Outside of Metro Areas 46 $5,020,000 $109,130 $3,787 7.42%
RALEIGH-CARY, NC (FHA|USDA|VA) 10 $2,030,000 $203,000 $4,128 7.38%
LYNCHBURG, VA (FHA|USDA|VA) 8 $1,290,000 $161,250 $5,677 7.82%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 5 $1,175,000 $235,000 $5,167 7.72%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 5 $855,000 $171,000 $6,491 7.12%
Kill Devil Hills, NC (FHA|USDA|VA) 4 $550,000 $137,500 $5,897 8.00%
Elizabeth City, NC (FHA|USDA|VA) 10 $550,000 $55,000 $0 8.37%
ROCKY MOUNT, NC (FHA|USDA|VA) 1 $515,000 $515,000 $4,746 6.25%
Morehead City, NC (FHA|USDA|VA) 1 $425,000 $425,000 $867 6.25%
STAUNTON, VA (FHA|USDA|VA) 2 $380,000 $190,000 $7,883 6.50%
ROANOKE, VA (FHA|USDA|VA) 4 $330,000 $82,500 $3,317 7.40%
WINCHESTER, VA-WV (FHA|USDA|VA) 4 $190,000 $47,500 $0 7.87%
Martinsville, VA (FHA|USDA|VA) 1 $115,000 $115,000 $2,617 6.88%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $110,000 $55,000 $0 8.49%
FAYETTEVILLE, NC (FHA|USDA|VA) 2 $110,000 $55,000 $0 8.74%
ASHEVILLE, NC (FHA|USDA|VA) 1 $105,000 $105,000 $0 8.99%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.99%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $85,000 $85,000 $0 7.49%
Sanford, NC (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.99%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $65,000 $65,000 $0 8.99%
Wilson, NC (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.49%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.99%
HARRISONBURG, VA (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.99%
Langley's top markets include Virginia Beach, Richmond, Washington, Raleigh, and Lynchburg among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against LANGLEY 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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,780 $128,750,000 $72,331 n/a 7.84%
    Conventional 138 $39,990,000 $289,783 $3,637 6.38%
    VA 11 $2,915,000 $265,000 $3,646 6.69%
    FHA 4 $810,000 $202,500 $7,411 6.28%

    For 2023, Langley's most frequently originated type of loan was HELOC, with 1,780 originations. Their 2nd most popular type was Conventional, with 138 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 835 $57,135,000 $68,425 $2,299 7.59%
    Other 709 $49,545,000 $69,880 $0 8.17%
    Refi 202 $18,160,000 $89,901 $3,460 7.77%
    Home Purchase 167 $44,365,000 $265,659 $3,880 6.64%
    Cash Out Refi 20 $3,260,000 $163,000 $3,031 6.34%

    For 2023, Langley's most frequently cited loan purpose was Home Improvement, with 835 originations. The 2nd most popular reason was Other, with 709 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 1,525 $103,275,000 $67,721 $0 7.74%
    30+ year 255 $25,475,000 $99,902 $0 8.45%
    30 Year 138 $40,960,000 $296,812 $3,798 6.43%
    20 Year 8 $1,210,000 $151,250 $2,623 6.14%
    15 Year 5 $905,000 $181,000 $3,885 5.53%
    10 Year 1 $285,000 $285,000 $0 6.50%
    1 Year 1 $355,000 $355,000 $0 8.00%

    For 2023, Langley's most frequently cited loan duration was Other, with 1,525 originations. The 2nd most popular length was 30+ year, with 255 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 82 $24,420,000 $297,805
    $<1k 50 $10,600,000 $212,000
    $2k-3k 12 $6,010,000 $500,833
    $5k+ 3 $1,115,000 $371,667
    $3k-4k 2 $510,000 $255,000
    $4k-5k 2 $420,000 $210,000

    Langley's average total fees were $3,798, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 82 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 635 $57,285,000 $90,213
    Over 8% 581 $42,665,000 $73,434
    7-8% 562 $45,930,000 $81,726
    4-5% 93 $11,535,000 $124,032
    5-6% 62 $15,050,000 $242,742

    During 2023, Langley's average interest rate for loans was 6.43%, while their most frequently originated rate bucket for loans was 6-7%, with 635 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,438 $71,850,000 $49,965 $2,206 7.91%
    $100k-200k 309 $40,735,000 $131,828 $2,706 7.43%
    $200k-400k 145 $39,415,000 $271,828 $4,031 6.86%
    $400k-600k 34 $15,550,000 $457,353 $4,665 6.71%
    $600k-1MM 7 $4,915,000 $702,143 $5,208 6.05%

    2023 saw Langley place emphasis on $100,000 or less loans with 1,438 originations, totaling $71,850,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 534 $47,270,000 $88,521 $3,758 7.74%
    $150k-250k 389 $44,635,000 $114,743 $3,808 7.47%
    $75k-100k 381 $28,315,000 $74,318 $3,661 7.80%
    $50k-75k 341 $22,595,000 $66,261 $3,798 7.95%
    $50k or less 141 $8,225,000 $58,333 $2,933 8.13%
    $250k+ 94 $16,980,000 $180,638 $6,022 7.32%

    Langley lent most frequently to those with incomes in the $100k-150k range, with 534 originations. The second most popular income band? $150k-250k, with 389 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 359 $30,255,000 $84,276 $3,728 7.49%
    30-36% 338 $31,520,000 $93,254 $3,916 7.61%
    42% 200 $15,460,000 $77,300 $3,310 8.29%
    41% 124 $10,490,000 $84,597 $4,176 8.02%
    39% 101 $9,045,000 $89,554 $3,769 8.16%
    <20% 100 $8,390,000 $83,900 $2,891 6.96%
    40% 97 $9,575,000 $98,711 $4,415 7.91%
    43% 90 $8,570,000 $95,222 $3,493 8.08%
    37% 83 $7,325,000 $88,253 $4,221 7.57%
    38% 78 $5,730,000 $73,462 $3,257 7.62%
    44% 66 $5,150,000 $78,030 $3,325 7.75%
    36% 60 $6,120,000 $102,000 $3,225 7.84%
    49% 47 $5,215,000 $110,957 $2,587 7.78%
    >60% 44 $5,120,000 $116,364 $2,801 7.09%
    45% 39 $2,905,000 $74,487 $5,282 8.01%
    48% 29 $2,655,000 $91,552 $3,336 7.43%
    46% 26 $2,270,000 $87,308 $4,583 7.60%
    47% 25 $2,355,000 $94,200 $3,097 7.61%
    50-60% 21 $3,575,000 $170,238 $5,630 7.33%

    Langley lent most frequently to those with DTI ratios of 20-30%, with 359 originations. The next most common DTI ratio? 30-36%, with 338 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,245 $113,265,000 $90,976 $3,707 7.60%
    Black 393 $28,695,000 $73,015 $3,673 8.17%
    Not provided 189 $20,295,000 $107,381 $3,999 7.64%
    Asian 60 $5,620,000 $93,667 $3,583 7.38%
    American Indian 20 $1,300,000 $65,000 $1,500 8.19%
    Not applicable 8 $1,000,000 $125,000 $0 8.49%
    Asian Indian 3 $895,000 $298,333 $2,744 7.75%
    Native Hawaiian or Islander 8 $510,000 $63,750 $0 8.43%
    Other Asian 3 $325,000 $108,333 $3,851 7.29%
    Chinese 1 $275,000 $275,000 $0 7.99%
    Other Pacific Islander 1 $205,000 $205,000 $0 6.99%
    Filipino 2 $80,000 $40,000 $0 8.99%

    Approval Rates

    Total approvals of all applications
    80.74%

    Langley has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    89.39%

    Langley has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,933 $172,465,000 $89,221

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,933 $172,465,000 $89,221

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 551 $54,065,000 $98,122 $2,753 7.88%
    40-60% 90 $13,810,000 $153,444 $3,644 7.62%
    60-80% 73 $16,485,000 $225,822 $3,436 7.14%
    80-100% 107 $33,805,000 $315,935 $3,875 6.52%
    Over 100% 3 $425,000 $141,667 $6,502 7.04%
    Under 20% 1,109 $53,875,000 $48,580 $1,200 7.81%