Mortgage Companies in Virginia – One of the largest financial decisions many Americans will ever have is purchasing their home and whether or not to get a mortgage. Therefore, it is crucial that you fully comprehend the process of getting a home loan and how it will affect your financial future. After all, your mortgage is about you, and you should consider your objectives and requirements. This blog will give you a basic overview of mortgage companies in Virginia as you look for a mortgage company from which to get your home loan.
Virginia Real Estate Market review
According to the Virginia Census Data, Virginia has more than 2.7 million homes with an occupancy rate of 66.3 percent. While the spring marketplace is off to a solid start, there are some signs of changing market circumstances, per the March 2022 Virginia Housing Market Report published by Virginia REALTORS®. A total of 11,446 homes were sold statewide in March 2022, a 6 percent decrease from the previous month. The fall in sales is attributed to higher mortgage rates, rising home prices, and overall affordability issues. Comparatively, in 2021, we experienced an extremely active sales market coupled with extremely low inventory levels, which gave purchasers few choices to buy their homes.
The median house sale price in Virginia in March was $375,000, which is a roughly 12 percent increase from the same month last year. The Virginia median home price is in line with that of the nation, which currently stands at $374,900. Despite a slowdown in year-over-year sales, Virginia did see a notable increase in sales during February and March 2022. This increase is consistent with seasonal trends in the property market.
Rates have increased more quickly recently than they have in almost 30 years. According to bankrate.com, the 30-year fixed-rate mortgage currently stands at 5.91 percent.
There were almost 1,500 more active listings in Virginia at the end of March 2022, an increase of 12.1 percent from the end of February.
List of Mortgage Companies in Virginia
When choosing a mortgage company, there are many factors to consider, such as customer reviews, service excellence, and mortgage rates. We have evaluated the leading companies in Virginia in terms of these factors to get you the best deal on your mortgage loan, whether you are a first-time homebuyer or a homeowner looking to refinance your mortgage. We found that the best mortgage companies have low rates, closing costs, and a wide range of products and services for homebuyers and homeowners. In addition, they have strong positive customer reviews and a long history of serving people to save money on their mortgages. Therefore, we believe these companies are the best choices for finding a great mortgage deal in Virginia.
1. Reliance Financial
Since 2004, Reliance has held a prominent position among the top mortgage lenders in California. Now we are serving the Virginia market. In addition to Virginia and California, Reliance Financial serves customers in Texas, Colorado, Michigan, Washington, and Florida. Our loan advisors are experts in crafting the ideal loan to meet your unique financial needs. The Company’s main objectives are to streamline the mortgage application process and develop long-term client trust. In addition, Reliance Financial will give you several benefits.
- Receive a solid pre-approval from a strong team of mortgage professionals. This allows you more negotiating power when you find the house of your dreams. Having a solid pre-approval also minimizes any issues you may experience during the loan underwriting and closing process.
- Get guidance on the financing option that best suits your family’s needs.
- Search your dream home with assurance, thanks to you for having completed you financial homework.
- Get advance notice of any credit problems and receive professional guidance to find the best solutions.
- Great low rates and fast closing times. Regular purchase transactions close in three weeks. In comparison, large banks can take up to 6 weeks to close your purchase transaction.
You can do your shopping for rate quotes and get a real-time prequalification on their digital platform. Any document may be electronically signed. In addition, the Company has over 400 5-star online reviews from their customers, showcasing the high-quality service you are guaranteed to receive from their experienced team.
Contact Details:
Location: 11501 Dublin Blvd STE #200, Dublin CA 94568
Phone: (888) 973-5346
Email: info@reliancefinancial.com
2. Morty
Morty is a New York City-based online mortgage broker that was established in 2016. The brokerage prides itself on a speedy online procedure with quick pre-approval verifications and paperwork that take less than 30 minutes to complete. In its six-year history, the Company has executed more than $1.2 billion in loans. Based on their unique circumstances, the brokerage may assist borrowers in accessing more than 1,500 loan choices. A pledge to reach your closing date on time is one standout feature of the brokerage’s mortgage service. In addition, the financial advisor may either reimburse your appraisal fee or its entire commission if you don’t close on time and if Morty caused the delay.
3. Newrez LLC
A well-known national mortgage lender and servicer are Newrez LLC (Newrez). As a lender, Newrez focuses on providing a variety of products at the forefront of their industries, backed by a lending procedure that combines technology with human involvement to provide an unmatched customer experience. With its headquarters in Fort Washington, Pennsylvania, and a license to lend in all 50 states, Newrez was founded in 2008.
Newrez runs many lending platforms, including correspondence lending, wholesale, direct-to-consumer lending, retail lending, and a network of collaborators. The service divisions of Newrez are Shellpoint Mortgage Servicing and Newrez Servicing, which are responsible for completing loan servicing. Additionally, Newrez has many affiliates that provide services to the mortgage and real estate industry.
4. Watermark Home loans
Since its founding in 2006, Watermark Home Loans has operated as a direct internet mortgage provider. Borrowers in more than 34 states can use the lender. The Company has its headquarters in Irvine, California. A wide range of mortgage choices are available, including traditional and government-assured loans as well as specialized alternatives, including interest-only and piggyback loans. Additionally, the lender offers refinancing options.
Specific lender fees are not listed online by Watermark Home Loans. On the other hand, the Company’s website states that there is no registration charge and no-closing-cost financing alternatives, which generally indicate you may roll the closing expenses into the loan in terms of an increased interest rate rather than paying for them upfront.
5. Fulton Mortgage Company
The history of Fulton Mortgage Company shows that they consistently deliver solid service. This Company is happy to provide you with individualized, dependable solutions to satisfy your home buying requirements. Its knowledgeable, skilled mortgage brokers are experts with specialized training and who will use their knowledge to best serve your unique needs.
Whether you are purchasing, building, or refinancing, Fulton Mortgage offers a solution. It serves the family of banks owned by Fulton Financial Corporation. Along with operating offices in Delaware, Maryland, New Jersey, Pennsylvania, and Virginia.
Conclusion:
It is complicated to evaluate a mortgage’s terms and conditions for every company. Therefore, working with a lender who can explain the intricate terms of this very substantial loan is crucial.
Whether you are a first-time home buyer or purchasing your first investment property in Virginia, the professionals at Reliance Financial can assist you in better understanding your overall financial situation in light of a mortgage and instruct you on how to get the best loan for you. Our team will walk you step-by-step through the home buying or investment process from start to finish, and we’re proud to be a leader in the mortgage lending space.
At Reliance Financial our ultimate goal is to help you secure financing that meets your unique needs and helps you create wealth in the long term. Schedule a consultation with us today to learn more.
