Best Mortgage Lenders in Virginia

AmeriSave Mortgage is currently the top-ranked mortgage lender based on more than 1,300 verified user reviews. AmeriSave excels in customer satisfaction, service, and attention. Out of the company’s total verified customer reviews on Best Company, 90 percent of them are four-star and five-star reviews.

AmeriSave customers praise the following: 

• Low interest rates
• Quick and efficient loan process
• Easy application process
• Low closing costs
• Personable and helpful loan officers

An adjustable-rate mortgage generally has lower interest rates. However, these interest rates can change periodically, causing monthly payments to fluctuate. The loan begins with a fixed interest rate but after a set period ends, interest rates become unpredictable and may go up or down based on the market.

FHA loans are government-insured loans backed by the Federal Housing Administration. They accept down payments as low as 3.5 percent and credit scores as low as 580. This loan type can be a great option for low-credit borrowers and first-time homebuyers.

If a homeowner defaults on the loan, the FHA will provide a paid claim to the lender of the loan, giving homeowners extra protection.

VA loans are a zero percent down loan type provided by approved lenders. VA loans are government-insured, backed by the U.S. Department of Veterans Affairs and are only available for active military and their families as well as retired veterans. 

USDA loans are backed by the United States Department of Agriculture and are available to qualifying rural property owners. USDA loans are meant for low- to moderate-income home buyers, providing lower interest rates with a 0 percent down payment. 

However, not all properties will qualify for this type of loan — you must ensure that the home you're buying is in an approved rural location.

Jumbo mortgage loans are home loans that exceed the mortgage loan limits created by Fannie Mae and Freddie Mac, sibling organizations that have a significant place within the mortgage industry.

Often referred to as non-conforming mortgages, Jumbo loans are a bit riskier because they aren’t guaranteed by the Fannie Mae and Freddie Mac organizations, meaning the lender is the one who is responsible for any defaults that may occur.

Jumbo loans can be in the form of fixed-rate or adjustable-rate mortgages, and they typically require a higher down payment than conforming loans.

A fixed-rate mortgage, also called a conventional mortgage, is the most common type of home loan. As the title of the loan suggests, the interest rate of this loan will not change throughout the life of the loan. Because this type of loan has a fixed interest rate, it is easy to look for comparable rates.

A fixed interest rate can prove to be both an advantage and a disadvantage, depending on how the market plays out. It can be beneficial to you, for example, if you have a rate of 3.8 percent and later the rates go up to 4.5 percent. On the other hand, if you have a fixed rate of 4.5 percent, but later on the rates go down to 3.8 percent, you would be stuck paying more interest on your loan.

Home equity loans are loans in which you, the borrower, use the equity of your home as collateral; loan amounts are determined by the value of your property.

While this can be a helpful option for some homeowners, often providing lower interest rates, it also presents a risk if you are unable to make payments, since the lender can then foreclose on your property.

You might have heard before that you must pay 20 percent down on a house. While this can be beneficial for lowering your monthly mortgage payments, it may not be a realistic option for all homebuyers.

In many cases, first-time homebuyers pay approximately 7 percent down, and there are loan program options, such as FHA loans or VA loans, that require as little as 3 percent down, or even 0 percent down (VA loans and USDA loans).

A good rule of thumb is to make the highest down payment you reasonably can because it can make payments more manageable in the future. However, if you aren't able to pay 20 percent down, there is no need to panic, there are other options available.

Many lenders offer mortgage refinancing services, allowing you to secure a lower interest rate or later loan terms, which could save you hundreds of dollars each month in mortgage payments.

The pre-approval process allows you to compare rates from several lenders, and is similar to the pre-qualification process with personal loan products.

Once you choose and are approved by a lender, that lender will write you a pre-approval letter, proving that you have financing for a home purchase.

This letter assists in putting an offer down on a house because it proves to the home seller that you are prepared to make the purchase.

Private mortgage insurance is insurance for your lender in case you are unable to make your monthly payment for any reason. In most cases you are required to pay PMI if you make a down payment of less than 20 percent.

Homeowners insurance is insurance for you as the homebuyer, protecting your home and belongings in the case of a destructive event or theft. When you purchase a home you will likely be required to get homeowners insurance.

A loan officer provides mortgage options only from the company that they work for, while a mortgage broker works with multiple mortgage lenders to secure the best options for you.

In the simplest terms, a loan officer is akin to a salesperson for their company, while a broker works on your behalf to secure the best mortgage loan for your needs.

There are many pros and cons to both, but if you are researching online mortgage lender options, you will primarily be working with loan officers.

Every buyer's situation is different, and many lenders offer similar rates and terms. Thus, it is important to read customer reviews to give you the best idea of whether or not a company is transparent and trustworthy. From reading mortgage lender reviews you'll get a feel for which companies offer the most competitive mortgage rates and provide the best overall service.