Library Of Congress Mortgage Rates, Fees & Info
Washington, DCLEI: 549300P1ORVTMT2T7756
Tax ID: 53-0201233
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Mortgage Data
Review & Overview
Library Of Congress is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Library Of Congress has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Baltimore, Hagerstown, Corpus Christi, and Lynchburg among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Library Of Congress 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. Library Of Congress is typically a high 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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Originations
94Origination Dollar Volume (All Markets)
$14,250,000Awards
LIBRARY OF CONGRESS - 2023
LIBRARY OF CONGRESS is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Library Of Congress's average 30 year fixed mortgage rate was
6.13%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.36%.
Relative Fees (Closing Costs)
Library Of Congress's average total fees/closing costs for a 30 year fixed rate
mortgage were $16,615.
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 |
|---|---|---|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 78 | $10,980,000 | $140,769 | $15,866 | 4.18% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 11 | $1,875,000 | $170,455 | $14,709 | 4.64% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $585,000 | $585,000 | $31,940 | 5.88% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $21,703 | 6.13% |
| LYNCHBURG, VA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $10,163 | 6.88% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.15% |
| Outside of Metro Areas | 1 | $95,000 | $95,000 | $0 | 5.65% |
Similar Lenders
We use machine learning to identify the top lenders compared against LIBRARY OF CONGRESS 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 | 52 | $5,810,000 | $111,731 | n/a | 3.04% |
| Conventional | 42 | $8,440,000 | $200,952 | $16,615 | 5.94% |
For 2023, Library Of Congress's most frequently originated type of loan was HELOC, with 52 originations. Their 2nd most popular type was Conventional, with 42 originations.
Loan Reason
For 2023, Library Of Congress's most frequently cited loan purpose was Home Improvement, with 50 originations. The 2nd most popular reason was Other, with 22 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 73 | $7,655,000 | $104,863 | $0 | 3.85% |
| 30 Year | 17 | $6,385,000 | $375,588 | $16,615 | 6.13% |
| 10 Year | 4 | $210,000 | $52,500 | $0 | 5.65% |
For 2023, Library Of Congress's most frequently cited loan duration was 15 Year, with 73 originations. The 2nd most popular length was 30 Year, with 17 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 9 | $2,535,000 | $281,667 |
| $2k-3k | 5 | $2,755,000 | $551,000 |
| $<1k | 2 | $340,000 | $170,000 |
| $3k-4k | 1 | $755,000 | $755,000 |
Library Of Congress's average total fees were $16,615, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 9 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 48 | $5,310,000 | $110,625 |
| 5-6% | 26 | $4,830,000 | $185,769 |
| 6-7% | 16 | $3,610,000 | $225,625 |
| 3-4% | 4 | $500,000 | $125,000 |
During 2023, Library Of Congress's average interest rate for loans was 6.13%, while their most frequently originated rate bucket for loans was 2.5-3%, with 48 originations.
Loan Sizing
2023 saw Library Of Congress place emphasis on $100,000 or less loans with 51 originations, totaling $3,135,000 in origination value.
Applicant Income
Library Of Congress lent most frequently to those with incomes in the $150k-250k range, with 33 originations. The second most popular income band? $100k-150k, with 31 originations.
Applicant Debt to Income Ratio
Library Of Congress lent most frequently to those with DTI ratios of 20-30%, with 22 originations. The next most common DTI ratio? 30-36%, with 14 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.43%
Library Of Congress has an average approval rate.
Pick Rate
Approvals leading to origination86.17%
Library Of Congress has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 94 | $14,250,000 | $151,596 |