Langley Mortgage Rates, Fees & Info
Newport News, VALEI: 549300CHR7TPQ6LLXG47
Tax ID: 54-0451953
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.94% | 11/17/24 |
| 30 Year Conventional Purchase | 6.35% | 11/17/24 |
| 30 Year Conventional Refi | 6.22% | 11/17/24 |
| 30 Year Cash-out Refi | 6.16% | 11/17/24 |
| 30 Year FHA Purchase | 7.34% | 11/17/24 |
| 30 Year FHA Refi | 6.27% | 11/17/24 |
| 30 Year VA Purchase | 6.34% | 11/17/24 |
| 30 Year VA Refi | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 6.08% | 11/17/24 |
| 15 Year Conventional Refi | 5.83% | 11/17/24 |
| 15 Year Cash-out Refi | 5.83% | 11/17/24 |
| 15 Year FHA Purchase | 7.26% | 11/17/24 |
| 15 Year VA Purchase | 5.84% | 11/17/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,933Origination Dollar Volume (All Markets)
$172,465,000Awards
LANGLEY - 2023
LANGLEY is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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.
Similarity Rank: 18
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Product Mix
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
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
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
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
2023 saw Langley place emphasis on $100,000 or less loans with 1,438 originations, totaling $71,850,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications80.74%
Langley has a below average approval rate.
Pick Rate
Approvals leading to origination89.39%
Langley has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,933 | $172,465,000 | $89,221 |