Compare Your Local Mortgage Rates
State Mortgage Rate Analysis
Mortgage Lender Reviews
Introduction to Mortgages
Other Mortgage Resources

Best Mortgage Lenders in Virginia in 2018

In Virginia, choosing the best mortgage lender depends not only on where you live but also upon factors like your down payment size, credit score and homeownership history. With most lenders specializing in a few chosen areas of home lending, we found a number of companies that qualify as the best option for different kinds of borrower situations.

Best Mortgage Rates in Virginia

The lowest mortgage rates in Virginia can be found in online estimates from the state's many direct lenders. We based our borrower profile on the median price of single-family homes in Virginia to determine which of these lenders had the best combination of interest rate and loan fees for a typical mortgage.

Lowest Mortgage Rates for Virginia

LenderRateAPRMonthly P+IFees
Triumph Bank3.75%3.75%$1,111$0
Best Rate USA3.75%3.75%$1,111$0
Sebonic Financial3.75%3.77%$1,111$750
ConsumerDirect3.88%3.88%$1,129$0

Estimates for a 30-year fixed rate mortgage for $300,000 with 20% down payment and 740 credit score

In many cases, we saw that Virginia's best rates also happen to come with zero loan fees. However, mortgage lenders have considerable leeway in which closing costs they're required to advertise. While several lenders can correctly claim that they don't charge any origination fee on a mortgage, that doesn't guarantee that you'll only be responsible for paying monthly interest. In fact, you can be sure that any home purchase or refinance will require you to pay taxes and service fees to third parties like appraisers.

The costs of a home loan in Virginia seem fairly consistent with expenses across the rest of the country. In our estimates, location within the state did not affect mortgage costs as strongly as the loan amount and down payment of the individual applicant. For instance, reducing the down payment from a typical 20% to 10% resulted in higher interest rates and the addition of mortgage insurance premiums to the monthly payment.

Best Mortgage Lender for First Time Homebuyers: Quicken Loans

Among the companies with a strong FHA loan option for first time homebuyers, Quicken Loan's Rocket Mortgage program gives your the best value in both the short and long term. Not only were Quicken's interest rates better for Virginia, its loan fees were lower than quotes obtained from more traditional bank-based mortgage lenders.

FHA Loans in Virginia

LenderRateAPRMonthly P+I
Quicken Loans3.63%4.97%$1,547
Wells Fargo4.63%5.68%$1,718
BB&T3.88%4.41%$2,109
Chase4.00%4.77%$1,906

Estimates for a $300,000 FHA purchase loan with minimum down payment and 740 credit score

With a minimum down payment of just 3.5% and lower rates than its biggest competitors, Quicken's FHA loans combine reduced upfront obligations with affordable monthly payments for new homeowners. For most people trying to buy their first home, the large amount of money required for conventional down payments often leads to a smaller loan amount or a postponed purchase. Applying for an FHA loan through companies like Quicken reduces that financial barrier, although it does mean you'll need to pay mortgage insurance premiums for some time.

Quicken's online resources and tools also make it a great choice for borrowers interested in an application that's more convenient and on-demand than traditional mortgage lending. The company's app and website allow users to upload documents and view information about the progress of their application in real time, with no need to schedule a call or meeting with loan officers. On the other hand, first-time buyers who prefer to maintain personal contact with their lender may find Quicken's tech-heavy approach a little distant and impersonal.

Best Online Mortgage Lender: Guaranteed Rate

For Virginians who want the best digital lending experience, Guaranteed Rate is one company where affordable home loans meet a sensible approach to the online mortgage experience. While Quicken also qualifies as an online mortgage lender, we chose Guaranteed Rate as the best in this group thanks to its customized estimates and more transparent treatment of loan fees.

Guaranteed Rate Mortgage Loans

Loan TypeRateAPRMonthly P+I
30-Year Fixed3.88%3.94%$1,129
30-Year FHA Loan3.75%4.57%$1,130
30-Year VA Loan3.63%3.97%$1,095
15-Year Fixed3.25%3.37%$1,686
5/1 ARM3.38%4.00%$1,061

Estimates for a $300,000 purchase loan with 20% down payment and 740 credit score. The APR and monthly costs for ARMs can increase based on changes in the index rate

Although more and more traditional lenders are building out their websites to include calculators and instant loan estimates, Guaranteed Rate is one of the few companies that focused on online mortgage lending from the start. Its tools provide much more information about its products than competitors do, especially if you're trying to compare different mortgage types against one another. We also found that Guaranteed Rate is fairly generous about its lender credits, which help reduce the closing costs on its mortgages.

Best Lender for In-Person Service in Virginia: BB&T

BB&T won't win any awards for the best mortgage rate or lowest origination fee, but its large network of branch offices in the Old Dominion make it the easiest option for Virginia borrowers who want a lender they can speak to in person.

Mortgage Loans at BB&T

Loan TypeRateAPREstimated Monthly PaymentCost to Close
30-Year Fixed4.13%4.19%$1,163$8,698
20-Year Fixed3.88%3.97%$1,439$8,673
10-Year Fixed3.25%3.37%$2,345$8,012

Agency loan estimates for a $300,000 loan amount with 20% down payment and 750 credit score.

BB&T's widespread presence in the state of Virginia makes it the logical choice for face-to-face service on a home loan. BB&T supports customers at brick-and-mortar branches and through its website and mobile app. Whichever method you choose, If you're looking for a home loan, the bank's wide choice of loan types also makes it easy to simply walk in and start discussing your many options with a loan officer.

Whether you live in Loudoun or Roanoke, you'll find that 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 the other parties in a home sale is one of the major benefits to choosing in-person servicing with a bank like BB&T.

Best Lender for a VA Home Loan: Navy Federal

Based in Vienna, Navy Federal is one of the leading military financial companies in the nation, and its VA loan rates reflect the high value of all its products. Navy Federal is our recommendation for veterans and active servicemembers looking to purchase or refinance a mortgage in Virginia.

Best VA Lenders in Virginia

LenderMortgage RateAPRMonthly P+IEstimated Points and Fees
USAA3.88%4.15%$1,059$5,940
Quicken Loans3.63%4.09%$1,027$4,867
Navy Federal3.38%3.55%$995$9,315
Wells Fargo4.00%4.21%$1,074$3,475

Fixed-rate estimates for a 30-year VA loan of $225,000 with 0% down payment, 2.15% VA funding fee and credit score of 740

Although its upfront mortgage costs are high, Navy Federal has consistently earned a reputation as one of the most consumer-friendly financial institutions in the country. With membership restricted to veterans and active-duty servicemembers, Navy Federal provides excellent service and interest rates that beat almost everything available on the broader market. The zero down payment requirement makes VA loans from military-specific lenders like Navy Federal the most affordable way for veterans to achieve homeownership.

In addition, Navy Federal's closing costs may be reduced if you decide to roll the usual 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. Not all VA lenders provide this option, giving you one more reason to start your VA loan shopping with Navy Federal.

Comments and Questions