We compare mortgage interest rate and loan related closing costs at Congressional Bank with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (-0.01%)
Loan Related Closing Costs: higher than average (+$2005)
Assessment: this lender tends to be a expensive lender.
This scoreboard is based on data reported to FFIEC. In the data, Congressional Bank originated 1391 mortgages, a national market share of 0.0%. It was most active in IN (0.1% market share), DC (0.1% market share), and OH (0.1% market share).
On average, Congressional Bank’s interest rates were similar to those of comparable mortgages at other lenders (-0.01%).1The comparable mortgages control for Congressional Bank’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 $8128, which was higher than those of comparable mortgages at $6123, with a difference of +$2005. Overall, we estimate that Congressional Bank tends to be an expensive lender, with a cost-adjusted-rate difference of +0.17% 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. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Congressional Bank.
Congressional Bank originated Conforming, FHA and VA mortgages for new home purchases. It also originated Conforming, FHA and VA 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 Congressional Bank compared to other lenders
| Conforming | FHA | VA | |
|---|---|---|---|
| Interest Rate Difference | -0.07% | +0.03% | +0.08% |
| Loan related Closing Cost Difference | +$1227 | +$1188 | +$1590 |
| Cost Adjusted Rate Difference | +0.05% | +0.16% | +0.21% |
Based on the table above, Congressional Bank is similar to other lenders for Conforming purchase mortgages. It is more expensive than other lenders for FHA and VA purchase mortgages.
Mortgage Refinancing from Congressional Bank compared to other lenders
| Conforming | FHA | VA | |
|---|---|---|---|
| Interest Rate Difference | -0.04% | -0.04% | +0.01% |
| Loan Related Closing Cost Difference | +$3361 | +$2855 | +$1798 |
| Cost Adjusted Rate Difference | +0.26% | +0.19% | +0.17% |
Based on the table above, Congressional Bank is more expensive than other lenders for Conforming, FHA and VA mortgage refinance.
Other information about Congressional Bank:
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: CONGRESSIONAL BANCSHARES, INC.
Registered city and state: Bethesda, MD, 20817