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In Virginia, choosing the best mortgage lender depends not only on where you live but also upon factors like your down payment size and credit score. A difference of a fraction of a percent could mean the difference of thousands of dollars in interest over the life of your loan, while an inattentive mortgage lender can completely derail your closing. It's important to shop mortgage lenders based on both quantitative and qualitative factors. Read our reviews of the top mortgage lenders in Virginia, or use the comparison tool above for a custom rate quote.
The Best Mortgage Rates Among Virginia Lenders
If you're shopping for a mortgage in Virginia, check out the lenders below which feature some of the most competitive mortgage companies in the state. Remember to consider each lender's record for customer service in addition to its rates. A competent lender with a solid reputation can help close your home purchase in record time, while an inattentive lender can derail your settlement date. We've included our reviews of the top mortgage lenders in Virginia to help inform your shopping experience. Read on to find out which mortgage company best-fits your needs.
Best Mortgage Lender for First-Time Homebuyers: BB&T
BB&T won't win any awards for the best mortgage rates or lowest origination fees, but its large network of branch offices in the Old Dominion make it the most convenient option for Virginia borrowers who want a lender they can speak to in person. In fact, BB&T has 300 separate locations across the state, which make it highly accessible, regardless of whether you live in Roanoke or Arlington.
BB&T maintains offices, staffed with professionals who live in your area and are familiar with the local market. It's hard to put a specific dollar value on the advantages of this local knowledge, but it does stand in contrast to the remote online mortgage experience. Having greater communication between your lender and other parties in a home sale is one of the major benefits to choosing in-person servicing with a bank like BB&T. It can also greatly simplify things for first-time homebuyers, unfamiliar with the mortgage process.
Finally, BB&T was ranked the fifth most popular lender in the state, according to data obtained from S&P Global, having originated over 50,000 residential mortgages over the past five years. It also bested its rivals when it came to J.D. Power's customer satisfaction study, with a respectable score of 820, while its rivals, SunTrust and Wells Fargo, netted scores of 790 and 808, respectively.
Best Mortgage Lender for Refinancing: Quicken Loans
Over the past five years, Quicken Loans refinanced more mortgage loans than any other bank, mortgage company or credit union in the state, with a tally of over 48,200 mortgages and counting. It’s also the second most popular mortgage lender in the state. The online lender saw its rise to prominence as lending scandals eroded the consumer base of industry leaders like Wells Fargo and Bank of America. By contrast, Quicken Loans’ mortgage origination amount increased 20% this year, while its largest rival, Wells Fargo, saw only half that rate of growth.
While Quicken's mortgage rates aren't spectacular, customers rave about the convenience of its lightning-fast approval process. Online lenders like Quicken Loans can cut off as much as a week, if not more, from the underwriting process, thanks to their automated online application processes—efficiency that brick-and-mortar competitors seem to have trouble matching. Unique to Quicken Loans is the flexibility it offers through its YOURgage program, which allows you to restructure your existing mortgage into any loan term you want inside of 30 years. This combination of flexibility and customer service makes Quicken Loans an excellent choice for refinancing.
Best Online Mortgage Lender: Guaranteed Rate
We chose Guaranteed Rate as the best online lender, thanks to its customized rate estimates and transparent treatment of loan fees. Guaranteed Rate is one company where affordable home lending meets the online mortgage experience. The online lender offers competitive mortgage rates that are on par with, if not lower, than the mortgage rates of established brick-and-mortar competitors like Wells Fargo, while providing the lightning fast closing times of an established FinTech company.
Guaranteed Rate performed admirably when it came to customer service, boasting a ratio of four complaints logged for every 10,000 residential mortgages originated, according to data provided by the Consumer Financial Protection Bureau. The fact that the lender maintains an exclusively online presence, means that borrowers will experience the same quality of service, regardless of whether they reside in Pulaski or Chesterfield counties.
Although more and more traditional lenders are building out their websites to include loan calculators and instant rate quotes, Guaranteed Rate is one of the few companies that focused on online mortgage lending from the start. Its tools provide more information about its products than its competitors do, especially if you're trying to compare different mortgage products against each other. We also found that Guaranteed Rate is generous with its lender credits, which can further reduce the closing costs on its mortgage loans.
Best Mortgage Lender for VA Loans: Navy Federal Credit Union
Navy Federal is our top recommendation for veterans and active service members looking to purchase or refinance a mortgage in Virginia. Based in Vienna, VA, Navy Federal is one of the top military credit unions in the nation, and the fourth-most popular mortgage lender in Virginia, which reflects the sheer number of service members and veterans who reside in the state. This is further underscored by the presence of no fewer than 27 military bases across the state, including major installations like Fort Eustis, Quantico and the Pentagon.
Although its upfront costs are high, relative to the competition, Navy Federal is consistently rated as one of the most consumer-friendly financial institutions in the country. With membership restricted to veterans and active-duty service members, Navy Federal provides excellent service and interest rates that beat almost everything available on the broader market. It also receives top marks from J.D. Power for customer service year-after-year, beating out most, if not all, of the big commercial banks.
Navy Federal is also one of the few lenders who allow you to roll the VA funding fee into your loan balance. This will raise your total mortgage by 2% to 3% in most cases, resulting in bigger monthly payments. However, financing the funding fee is an ideal solution for keeping your upfront costs down on a VA loan, which can be helpful especially if you have trouble scraping together the cash for a down payment. Not all VA lenders provide this option, which is another reason to start your VA loan shopping with Navy Federal.
Best Mortgage Lender for Poor Credit: Movement Mortgage
Movement Mortgage is an excellent choice for borrowers who have trouble meeting down payment requirements, or qualifying for a conventional home loan. Movement Mortgage underwrites almost every type of national homebuyer assistance/government-sponsored program imaginable, including Fannie Mae HomeReady, Freddie Mac HomePossible as well as loans sponsored by the VA and USDA. The variety of buyer assistance programs available makes Movement Mortgage an excellent choice for borrowers trying to achieve their dreams of home ownership.
Movement Mortgage is also the third-most popular originator of FHA loans and fastest-growing home lender in the state, according to data provided by S&P Global. The hybrid-online/in-person lender increased its mortgage originations by an astonishing 28%, year-over-year between 2017 and 2018.
Movement Mortgage is also a Virginia Housing Development Authority (VHDA)-approved lender, which enables it to apply for grants and mortgage credits, that national mortgage lenders may not offer. Movement Mortgage pairs the efficiency of online lending, with the personal touch of their local loan consultants, to help aspiring homeowners find their best fit.
How We Chose the Best Mortgage Lenders in Virginia
We evaluated the following traits while comparing mortgage lenders.
- Total cost: interest rates and closing costs
- Product: terms, programs and specialty
- Servicing: transparency, complaint data and branch network
While interest rates played a large role in our decision, we also reviewed each lender's unique terms and fees. When viewed interest charges, fees, and closing costs were viewed side by side, lenders who otherwise offered the same rates, ended up thousands of dollars apart. We evaluated lenders on the basis of total cost rather than comparing interest rates alone.
We highlighted any unique terms that a lender offered that were not common in the industry. For example, while almost every mortgage company offers conventional fixed-rate mortgages, fewer companies specialize in niche financing programs, like VA or FHA loans. These lenders were often better-equipped and better-experienced to handle these programs than other more generalized lenders.
We reviewed customer service records and complaints to forecast the likelihood of issues arising during the mortgage origination process. We summed up each lender's total number of customer service complaints and divided them against the total number of loans it closed over the past five years. We then sorted and ranked the resulting ratio in order of magnitude, which helped us identify where shoppers were more likely to encounter difficulties.
Finally, we mapped out the size of each lender's branch network, which helped us measure accessibility to borrowers. Borrowers in less-populated regions like Culpeper and Harrisonburg may have access to fewer choices than their counterparts in densely populated regions like Chesterfield or Henrico. We chose to rank these companies by how accessible they were across the state.
Most Popular Home Loan Companies in Virginia
We've ranked the five most popular mortgage companies in Virginia, based on the total number of residential home loans originated over the past five years.
Top 5 Biggest Virginia Residential Mortgage Lenders, 2013–2019
|Rank||Company||Mortgage originations||Average mortgage amount|
|4||Navy Federal Credit Union||53,102||$240,276|
If you're comparison-shopping for home loans in Virginia, you may find it beneficial to use these companies as a point of comparison. Although these lenders originated the greatest volume of mortgages in the state, they may not have been selected among our top picks, as we evaluated each company holistically and not solely on the basis of popularity.
Remember to evaluate each lender by comparing its records for customer service, closing costs and unique terms in addition to rates. There might also be other factors that are important to you that weren't covered in our review. Make sure you review your options according to your own unique situation.
Mortgage Brokers Near Me in Virginia
Mortgage brokers can save you time and money when it comes to shopping for home loans. These professionals help you compare home loans from multiple lenders using a single loan application. They can greatly simplify the mortgage shopping process on your behalf and are an excellent choice for homebuyers looking for a quick and easy solution to mortgage shopping.
Keep in mind that mortgage brokers will typically charge a fee for their service, or otherwise receive third-party referral payments. They're still a good option for homebuyers who are uncomfortable shopping for mortgage loans on their own, or otherwise find it difficult qualify for a home loan. You may wish to check each broker's background to verify their impartiality.
Find a licensed mortgage broker near you in the table below.
|RatePro Mortgage||1903 Manakin Rd, Manakin-Sabot, VA 23103||(804) 784-4364|
|United 1 Mortgage Corporation||9161 Liberia Ave #303, Manassas, VA 20110||(703) 889-7669|
|Integrant, Inc.||226 Maple Ave W #402, Vienna, VA 22180||(703) 272-8688|
|America's Choice Mortgage Company, LLC||14 Puri Ln, Stafford, VA 22554||(540) 720-2916|
|USA Loans||10400 Eaton Place #211, Fairfax, VA 22030||(703) 890-1356|
|Home Loan Zone Inc||400 N Ridge Rd Suite 200, Henrico, VA 23229||(855) 340-5626|
|First Meridian Mortgage Corporation||8305 Richmond Hwy 12A, Alexandria, VA 22309||(703) 333-2700|
|Virginia Mortgage Bankers||720 Moorefield Park Dr suite 101, Richmond, VA 23236||(804) 553-8100|
|Crown Mortgage LLC||620 Woodbrook Dr #2, Charlottesville, VA 22901||(434) 975-5626|
|Tidewater Mortgage Services, Inc.||200 Golden Oak Ct #100, Virginia Beach, VA 23452||(757) 498-7400|