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The Best Rates Among West Virginia Mortgage Lenders
If you're searching for a lender with low rates, the mortgage lenders below offer some of the most competitive rates in West Virginia. However, choosing a mortgage company just based on rates may not be the best decision, as your mortgage involves more than just a monthly payment. Other factors to consider include fees, loan product availability and resources the lender offers, such as guides and knowledgeable loan officers. To help you find a mortgage company with more than just low rates, we identified the best lenders for common types of homebuyers in West Virginia below.
Best Mortgage Lender for First-Time Homebuyers: Quicken Loans
Quicken Loans is our top recommendation for first-time homebuyers in West Virginia thanks to its focus on customer support and transparency. On top of this, it has multiple mortgage options for first-time homebuyers to consider, including its own loan type where you can pick your fixed term.
First-Time Purchase Mortgages in West Virginia
|Lender||Rate||APR||Monthly Payment||Down Payment|
|Bank of America||4.25%||4.82%||$1,028||5.0%|
Estimates are for a $200,000 loan amount with minimum down payment and 740 credit score.
Quicken Loans doesn't have the most competitive mortgage rates and monthly payments, but many homebuyers continue to choose the lender for the variety of loans it offers. The company provides FHA, fixed-rate, adjustable-rate and Yourgage loans for first-time homebuyers, which require as little as 3% down.
Quicken Loans has consistently ranked on top for mortgage originations and servicing based on J.D. Power's mortgage surveys. The lender also services 99% of its loans to continue providing good support for its customers over the life of the loans. Buying your first home can be a long and confusing process, which is why it helps to have an experienced mortgage lender that offers exceptional customer service.
Best Online Mortgage Lender: J.G. Wentworth
J.G. Wentworth ranked as the best online mortgage lender for homebuyers in West Virginia due to its low mortgage rates and comprehensive website. The company is generally known for purchasing structured settlements but has made a name for itself in online mortgage lending.
J.G. Wentworth Mortgage Loans
|Loan Type||Rate||APR||Monthly P+I|
|30 Year Fixed||4.75%||4.79%||$835|
|30 Year VA Loan||4.38%||4.60%||$799|
|15 Year Fixed||4.25%||4.32%||$1,204|
Estimates are for a $200,000 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.
Compared with other online mortgage lenders, J.G. Wentworth offered some of the lowest rates while still providing reputable service for borrowers in West Virginia. The company allows you to obtain rate estimates within less than a minute for various mortgage types you'd be able to qualify for based on your housing costs, down payment and credit score.
The slight drawback for those who want a completely online experience is that homebuyers will still have to contact a J.G. Wentworth home loan specialist if they want to apply for a loan. However, you are able to track the progress of your mortgage through the lender's website and app at any time.
Best Lender for In-Person Service in West Virginia: BB&T
With over 68 branches throughout West Virginia, BB&T is the most accessible lender for homebuyers in the state. Many borrowers would rather go through the mortgage process with loan officers experienced in financing homes in their area, which BB&T is able to provide.
Mortgage Products at BB&T
|Loan Type||Rate||APR||Monthly Payment|
|30 Year Fixed||4.50%||4.60%||$811|
|15 Year Fixed||5.25%||5.38%||$1,286|
|VA 30 Year Fixed||4.38%||4.44%||$799|
Estimates are for a $200,000 purchase loan with a 20% down payment and 750 credit score
According to mortgage data gathered by S&P Global, BB&T originates a significant number of mortgages in West Virginia, which is most likely due to it having the most branches out of any large bank in the state. It is a convenient mortgage lender for West Virginians that prefer to speak face-to-face with a loan officer for guidance and if any issues arise.
BB&T doesn't allow in-depth customization of rate estimates on its site but does offer competitive rates if you have a credit score of 750 or more. To get a more accurate picture of the rates you'd qualify for, you can request an official loan estimate before choosing a loan by meeting with or contacting a loan officer from BB&T.
Best Lender for a VA Home Loan: Navy Federal Credit Union
Veterans and active servicemembers in West Virginia have access to a few different lender options when looking for a VA loan. However, Navy Federal Credit Union came out on top with its low rates and monthly payments while still offering 0% down and helpful resources for borrowers.
Best VA Lenders in West Virginia
|Lender||Mortgage Rate||APR||Monthly P+I||Estimated Points and Fees|
|Wells Fargo||4.25%||4.51%||$1,130||$9,918 (includes closing costs)|
Fixed-rate estimates are for a 30-year VA loan of $225,000 with 0% down payment, 3.30% VA funding fee and credit score of 740.
Navy Federal Credit Union provided some of the most competitive rates for VA loans compared with the other lenders we evaluated. As a credit union, Navy Federal is able to offer lower rates as profits are either paid out to members as dividends or reinvested into its programs. One of the programs the lender offers is called RealtyPlus, where you can access real estate agents experienced in finding home for veterans. If you use the program, you can receive up to $5,050 in cash back rewards based on the purchase price of your home.