Mclean Mortgage Corporation Rates, Fees & Info
FAIRFAX, VALEI: 549300T0I2M6IPLVEN24
Tax ID: 41-2259092
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Mortgage Data
Review & Overview
Mclean Mortgage Corporation is a small mortgage company specializing in Home Purchase loans. Mclean Mortgage Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Washington, Charlotte, Virginia Beach, Baltimore, and Richmond among others. We have data for 67 markets. (Some data included below & more in-depth data is available with an active subscription.)Mclean Mortgage Corporation has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Mclean Mortgage Corporation is typically an average 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 about average 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.59% | 4/18/24 |
| 30 Year Conventional Refi | 6.45% | 4/18/24 |
| 30 Year Cash-out Refi | 6.66% | 4/18/24 |
| 30 Year FHA Purchase | 7.44% | 4/18/24 |
| 30 Year FHA Refi | 7.16% | 4/18/24 |
| 30 Year VA Purchase | 6.08% | 4/18/24 |
| 30 Year VA Refi | 6.12% | 4/18/24 |
| 30 Year USDA Purchase | 6.91% | 4/18/24 |
| 15 Year Conventional Purchase | 5.98% | 4/18/24 |
| 15 Year Conventional Refi | 6.01% | 4/18/24 |
| 15 Year Cash-out Refi | 6.01% | 4/18/24 |
| 15 Year FHA Purchase | 7.68% | 4/18/24 |
| 15 Year VA Purchase | 5.85% | 4/18/24 |
| 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. | ||
Mclean Mortgage Corporation Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
4,229Origination Dollar Volume (All Markets)
$1,534,055,000Awards
MCLEAN MORTGAGE CORPORATION - 2018
MCLEAN MORTGAGE CORPORATION is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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) | 3,005 | $1,245,965,000 | $414,631 | $6,496 | 4.58% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 172 | $44,960,000 | $261,395 | $3,944 | 4.64% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 202 | $44,290,000 | $219,257 | $4,769 | 4.82% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 116 | $43,770,000 | $377,328 | $6,654 | 4.63% |
| RICHMOND, VA (FHA|USDA|VA) | 166 | $33,830,000 | $203,795 | $4,114 | 4.75% |
| Outside of Metro Areas | 110 | $22,700,000 | $206,364 | $4,500 | 4.72% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 66 | $16,290,000 | $246,818 | $4,973 | 4.77% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 66 | $13,720,000 | $207,879 | $5,597 | 4.63% |
| LYNCHBURG, VA (FHA|USDA|VA) | 81 | $13,225,000 | $163,272 | $3,753 | 4.68% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 40 | $7,650,000 | $191,250 | $3,648 | 4.67% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 13 | $3,955,000 | $304,231 | $7,401 | 4.58% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 24 | $3,870,000 | $161,250 | $3,370 | 4.72% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 11 | $2,795,000 | $254,091 | $5,374 | 4.74% |
| Easton, MD (FHA|USDA|VA) | 8 | $2,660,000 | $332,500 | $6,766 | 4.72% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 9 | $2,455,000 | $272,778 | $4,104 | 4.62% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 6 | $2,380,000 | $396,667 | $4,940 | 4.63% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 8 | $1,840,000 | $230,000 | $7,044 | 4.66% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 7 | $1,615,000 | $230,714 | $3,274 | 4.50% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 11 | $1,575,000 | $143,182 | $4,093 | 4.90% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 5 | $1,535,000 | $307,000 | $6,070 | 5.05% |
| BURLINGTON, NC (FHA|USDA|VA) | 8 | $1,500,000 | $187,500 | $4,850 | 4.55% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 4 | $1,490,000 | $372,500 | $6,340 | 4.34% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 4 | $1,320,000 | $330,000 | $4,822 | 4.69% |
| ROANOKE, VA (FHA|USDA|VA) | 11 | $1,265,000 | $115,000 | $3,118 | 4.82% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 8 | $1,200,000 | $150,000 | $4,607 | 4.56% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 4 | $1,040,000 | $260,000 | $6,786 | 4.41% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $4,895 | 4.38% |
| WILMINGTON, NC (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $6,455 | 4.46% |
| Sanford, NC (FHA|USDA|VA) | 3 | $705,000 | $235,000 | $6,749 | 4.38% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $4,776 | 4.38% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $4,431 | 4.81% |
| STAUNTON, VA (FHA|USDA|VA) | 4 | $650,000 | $162,500 | $3,566 | 4.69% |
| PITTSBURGH, PA (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $5,210 | 4.38% |
| HARRISONBURG, VA (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $4,379 | 5.13% |
| ASHEVILLE, NC (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $3,794 | 4.63% |
| CHARLESTON, WV (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $3,815 | 4.81% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $5,982 | 5.13% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $5,501 | 4.00% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $5,181 | 4.56% |
| KNOXVILLE, TN (FHA|USDA|VA) | 3 | $445,000 | $148,333 | $2,947 | 4.75% |
| Key West, FL (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $11,662 | 4.25% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $2,951 | 4.38% |
| North Wilkesboro, NC (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $5,810 | 4.44% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $8,794 | 4.50% |
| Danville, VA (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $6,129 | 5.00% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $6,608 | 4.88% |
| Somerset, PA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $5,723 | 4.63% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,227 | 4.75% |
| Morehead City, NC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $8,985 | 4.50% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $5,742 | 4.38% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $3,167 | 4.94% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,736 | 4.50% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,371 | 4.75% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $7,154 | 4.50% |
| GETTYSBURG, PA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $7,854 | 5.00% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $6,561 | 4.88% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,381 | 4.50% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,542 | 4.75% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,520 | 4.38% |
| BECKLEY, WV (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,361 | 4.75% |
| NEW BERN, NC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,041 | 3.88% |
| Fairmont, WV (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,909 | 4.13% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,248 | 5.13% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,512 | 4.25% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,882 | 4.50% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,677 | 4.88% |
| Albemarle, NC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $5,508 | 5.00% |
Similar Lenders
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Product Mix
For 2018, Mclean Mortgage Corporation's most frequently originated type of loan was Conventional, with 2,899 originations. Their 2nd most popular type was FHA, with 632 originations.
Loan Reason
For 2018, Mclean Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 3,842 originations. The 2nd most popular reason was Refi, with 180 originations.
Loan Duration/Length
For 2018, Mclean Mortgage Corporation's most frequently cited loan duration was 30 Year, with 4,076 originations. The 2nd most popular length was 15 Year, with 115 originations.
Origination Fees/Closing Costs
Mclean Mortgage Corporation's average total fees were $6,060, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 2,551 originations.
Interest Rates
During 2018, Mclean Mortgage Corporation's average interest rate for loans was 4.63%, while their most frequently originated rate bucket for loans was 4-5%, with 3,475 originations.
Loan Sizing
2018 saw Mclean Mortgage Corporation place emphasis on $200k-400k loans with 1,852 originations, totaling $551,850,000 in origination value.
Applicant Income
Mclean Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 1,111 originations. The second most popular income band? $150k-250k, with 848 originations.
Applicant Debt to Income Ratio
Mclean Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 713 originations. The next most common DTI ratio? 20-30%, with 677 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.53%
Mclean Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination81.04%
Mclean Mortgage Corporation has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 4,229 | $1,534,055,000 | $362,747 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $175,000 | $175,000 |
| Single Family (1-4 Units):Site-Built | 4,228 | $1,533,880,000 | $362,791 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MCLEAN MORTGAGE CORPORATION | VA mortgage | Closing on a mortgage | 1 | 100.0% |