We compare mortgage interest rate and loan related closing costs at Potomac Mortgage Group, Inc. with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (+0.00%)
Loan Related Closing Costs: similar to average (-$217)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, Potomac Mortgage Group, Inc. originated 3297 mortgages, a national market share of 0.1%. It was most active in WV (2.1% market share), DC (1.3% market share), and VA (0.7% market share).
On average, Potomac Mortgage Group, Inc.’s interest rates were similar to those of comparable mortgages at other lenders (+0.00%).3The comparable mortgages control for Potomac Mortgage Group, Inc.’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 $4892, which was similar to those of comparable mortgages at $5109, with a difference of -$217. Overall, we estimate that Potomac Mortgage Group, Inc. tends to be an average cost lender, with a cost-adjusted-rate difference of -0.01% compared to comparable mortgages at other lenders.4Cost 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. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Potomac Mortgage Group, Inc..
Potomac Mortgage Group, Inc. originated Conforming, FHA, Jumbo and VA mortgages for new home purchases. It also originated Conforming 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 Potomac Mortgage Group, Inc. compared to other lenders
|Interest Rate Difference||+0.01%||-0.07%||+0.15%||+0.02%|
|Loan related Closing Cost Difference||-$228||-$227||-$836||+$211|
|Cost Adjusted Rate Difference||-0.01%||-0.09%||+0.13%||+0.04%|
Based on the table above, Potomac Mortgage Group, Inc. is cheap for FHA purchase mortgages. It is similar to other lenders for Conforming and VA purchase mortgages. It is more expensive than other lenders for Jumbo purchase mortgages.
Mortgage Refinancing from Potomac Mortgage Group, Inc. compared to other lenders
|Interest Rate Difference||+0.00%|
|Loan Related Closing Cost Difference||-$422|
|Cost Adjusted Rate Difference||-0.02%|
Based on the table above, Potomac Mortgage Group, Inc. is similar to other lenders for Conforming mortgage refinance.
Other information about Potomac Mortgage Group, Inc.:
Regulator: Federal Deposit Insurance Corporation (FDIC)
Registered city and state: Fairfax, VA, 22030