Virginia Mortgage Rates

April 30, 2016 09:06 AM Eastern

Refinance rates now in RICHMOND, VA [Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

30 Year Fixed

Interest Rate
3.375%
APR
3.466%
Monthly Payment
$885
Consumer Direct Mortgage, a division of FirstBank
30 Year Fixed
Interest Rate
3.375%
APR
3.466%
Monthly Payment
$885
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $885
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $885
Lender Fees $2,260
Lender Credit $0
Total Closing Fees* $2,260
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention. You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Timely and professional

Yes, I recommend this lender

The process with Consumer Direct was pleasant and timely. Everything was laid out well and they had the best rate available for a 20 year refi. We are very happy with the outcome and would recommend them highly.

By: Stephanie (Post Falls, ID)

A Pleasant Experience

Yes, I recommend this lender

Although I'd initially dreaded the refinancing process and all that goes along with it (mainly gathering and submitting paperwork), I quickly found that Patrick Moore and his team are on top of the process. All my questions were timely answered, and submitting requested documents was super-easy via their online portal. Turns out, it was a pain-free, pleasant experience! I'll refer friends and family to Patrick and his team -- for sure.

By: Donna (Atlanta, GA)

excellent

Yes, I recommend this lender

Wonderful experience. Very impressed on how responsive Gigi and all staff was to help me. Thank you so much.

By: Anne (Norwalk, CT)
See All Reviews
BNC National Bank
30 Year Fixed
Interest Rate
3.375%
APR
3.498%
Monthly Payment
$885
BNC National Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $885
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $885
Lender Fees $3,047
Lender Credit $0
Total Closing Fees* $3,047
*Other 3rd party fees may apply
BNC National Bank
Email Lender

About the Lender

NMLS 418467BNC National Bank offers the security of a large organization while retaining the approachability and agility of a neighborhood bank. We offer Conventional, FHA, VA, USDA Rural Development and small farm loans at some of the most competitive rates in the industry!
BNC National Bank
Email Lender Write a Review

Lender Reviews

Great mortgage group

Yes, I recommend this lender

Professional and personal

By: Ronald (Santa Maria, CA)

Great VA Refinance Experience.

Yes, I recommend this lender

Best rate on a VA Refinance anywhere, excellent customer service, and they came to the house for the closing. 25 days from start to finish and 30 minutes for the closing. Can't beat it.

By: Sheri (Bristow, VA)

Dropped the Ball

We reached out to BNC to buy our first home. They were great and quick to respond at first. Once we started the loan process with them it was like radio silence. We couldn't get anyone at the office to answer phone calls or emails. They dropped the ball on our contractual deadlines even though they received the ratified contract the day we got it. We had 21 business days to get an appraisal done and our financial commitment but 4 business days before it was due they still had not started working on it. They were rude to my husband and I when we pointed out their mistake. We decided to switch lenders immediately after this. We just hope we don't loose our dream house due to their negligence.

By: Ellene (Alexandria, VA)
See All Reviews

15 Year Fixed

Interest Rate
2.500%
APR
2.770%
Monthly Payment
$1,334
BNC National Bank
15 Year Fixed
Interest Rate
2.500%
APR
2.770%
Monthly Payment
$1,334
BNC National Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,334
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,334
Lender Fees $3,759
Lender Credit $0
Total Closing Fees* $3,759
*Other 3rd party fees may apply
BNC National Bank
Email Lender

About the Lender

NMLS 418467BNC National Bank offers the security of a large organization while retaining the approachability and agility of a neighborhood bank. We offer Conventional, FHA, VA, USDA Rural Development and small farm loans at some of the most competitive rates in the industry!
BNC National Bank
Email Lender Write a Review

Lender Reviews

Great mortgage group

Yes, I recommend this lender

Professional and personal

By: Ronald (Santa Maria, CA)

Great VA Refinance Experience.

Yes, I recommend this lender

Best rate on a VA Refinance anywhere, excellent customer service, and they came to the house for the closing. 25 days from start to finish and 30 minutes for the closing. Can't beat it.

By: Sheri (Bristow, VA)

Dropped the Ball

We reached out to BNC to buy our first home. They were great and quick to respond at first. Once we started the loan process with them it was like radio silence. We couldn't get anyone at the office to answer phone calls or emails. They dropped the ball on our contractual deadlines even though they received the ratified contract the day we got it. We had 21 business days to get an appraisal done and our financial commitment but 4 business days before it was due they still had not started working on it. They were rude to my husband and I when we pointed out their mistake. We decided to switch lenders immediately after this. We just hope we don't loose our dream house due to their negligence.

By: Ellene (Alexandria, VA)
See All Reviews
Consumer Direct Mortgage, a division of FirstBank
15 Year Fixed
Interest Rate
2.625%
APR
2.800%
Monthly Payment
$1,346
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,346
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,346
Lender Fees $2,444
Lender Credit $0
Total Closing Fees* $2,444
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention. You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Timely and professional

Yes, I recommend this lender

The process with Consumer Direct was pleasant and timely. Everything was laid out well and they had the best rate available for a 20 year refi. We are very happy with the outcome and would recommend them highly.

By: Stephanie (Post Falls, ID)

A Pleasant Experience

Yes, I recommend this lender

Although I'd initially dreaded the refinancing process and all that goes along with it (mainly gathering and submitting paperwork), I quickly found that Patrick Moore and his team are on top of the process. All my questions were timely answered, and submitting requested documents was super-easy via their online portal. Turns out, it was a pain-free, pleasant experience! I'll refer friends and family to Patrick and his team -- for sure.

By: Donna (Atlanta, GA)

excellent

Yes, I recommend this lender

Wonderful experience. Very impressed on how responsive Gigi and all staff was to help me. Thank you so much.

By: Anne (Norwalk, CT)
See All Reviews

5/1 ARM

Interest Rate
2.500%
APR
3.357%
Monthly Payment
$791
BNC National Bank
5/1 ARM
Interest Rate
2.500%
APR
3.357%
Monthly Payment
$791
BNC National Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $791
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $791
Lender Fees $3,721
Lender Credit $0
Total Closing Fees* $3,721
*Other 3rd party fees may apply
BNC National Bank
Email Lender

About the Lender

NMLS 418467BNC National Bank offers the security of a large organization while retaining the approachability and agility of a neighborhood bank. We offer Conventional, FHA, VA, USDA Rural Development and small farm loans at some of the most competitive rates in the industry!
BNC National Bank
Email Lender Write a Review

Lender Reviews

Great mortgage group

Yes, I recommend this lender

Professional and personal

By: Ronald (Santa Maria, CA)

Great VA Refinance Experience.

Yes, I recommend this lender

Best rate on a VA Refinance anywhere, excellent customer service, and they came to the house for the closing. 25 days from start to finish and 30 minutes for the closing. Can't beat it.

By: Sheri (Bristow, VA)

Dropped the Ball

We reached out to BNC to buy our first home. They were great and quick to respond at first. Once we started the loan process with them it was like radio silence. We couldn't get anyone at the office to answer phone calls or emails. They dropped the ball on our contractual deadlines even though they received the ratified contract the day we got it. We had 21 business days to get an appraisal done and our financial commitment but 4 business days before it was due they still had not started working on it. They were rude to my husband and I when we pointed out their mistake. We decided to switch lenders immediately after this. We just hope we don't loose our dream house due to their negligence.

By: Ellene (Alexandria, VA)
See All Reviews
Consumer Direct Mortgage, a division of FirstBank
5/1 ARM
Interest Rate
2.625%
APR
3.348%
Monthly Payment
$804
(855) 997-1825 Contact
Consumer Direct Mortgage, a division of FirstBank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $804
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $804
Lender Fees $2,612
Lender Credit $0
Total Closing Fees* $2,612
*Other 3rd party fees may apply
Consumer Direct Mortgage, a division of FirstBank
Email Lender

About the Lender

At Consumer Direct Mortgage, we know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention. You are our priority and we know that superior service, delivering what was offered, coupled with the lowest overall cost is the way to keep you as a customer for life. In a lending environment where everyone is offering the same core products and programs, we know that we have to separate ourselves with an unwavering commitment to services and delivering the lowest overall total cost to close every day. Our sales and operations team is comprised of veteran Mortgage Professionals that are committed to this philosophy and understand what it takes to get the job done on time and at the agreed upon terms and conditions presented.
Consumer Direct Mortgage, a division of FirstBank
Email Lender Write a Review

Lender Reviews

Timely and professional

Yes, I recommend this lender

The process with Consumer Direct was pleasant and timely. Everything was laid out well and they had the best rate available for a 20 year refi. We are very happy with the outcome and would recommend them highly.

By: Stephanie (Post Falls, ID)

A Pleasant Experience

Yes, I recommend this lender

Although I'd initially dreaded the refinancing process and all that goes along with it (mainly gathering and submitting paperwork), I quickly found that Patrick Moore and his team are on top of the process. All my questions were timely answered, and submitting requested documents was super-easy via their online portal. Turns out, it was a pain-free, pleasant experience! I'll refer friends and family to Patrick and his team -- for sure.

By: Donna (Atlanta, GA)

excellent

Yes, I recommend this lender

Wonderful experience. Very impressed on how responsive Gigi and all staff was to help me. Thank you so much.

By: Anne (Norwalk, CT)
See All Reviews
Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

Mortgage Rate Trends

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VA Mortgage Rates for Home Ownership Loans
Virginia was ranked one of the best states to live in by Money Magazine’s "Best Places to Live" survey respondents in 2006 and 2007. It is home to beautiful mountains, rushing rivers, pristine beaches and 34 state parks. It’s no wonder that tourism is one of the state's most profitable industries.

Residents of this beautiful state can take advantage of various programs available to help them become homeowners. The Virginia Housing Development Authority offers loans with 30-year, fixed-rate terms. These conventional fixed loans are offered at below market interest rates, with low monthly payments, and are available for applicants with good credit and who meet the income requirements.

FHA Virginia Mortgage Interest Rates
In addition to the conventional fixed loan programs, the Virginia Housing Development Authority offers programs in conjunction with Federal Housing Administration (FHA) Insured Loans. These types of loans offer the following features:

• less strict approval qualifications
• low down payments
• fixed monthly payments
• competitive FHA mortgage rates

The FHA Plus loan is available to assist Virginia home buyers with their down payment and closing costs. This type of loan qualifies as a second mortgage, and also features low, fixed monthly payments.

Veterans Affairs (VA) Loan Programs and Virginia Mortgage Interest Rates
Virginia has long been part of America's military history, dating back to the Revolutionary War. It’s no wonder that special programs are in place to help veterans become homeowners in return for their service to our nation. The Department of Veterans Affairs has loans that:

• are below the market for Virginia mortgage interest rates
• offer fixed monthly payments
• allow up to 100 percent financing

VA loans are made available through participating lenders who agree to work with and are approved by the Department of Veterans Affairs, which acts as a guarantor of your loan once it’s approved by the lender.

VA Mortgage Rates for Rural Housing Services Guarantee Loans
Rural Housing Services (RHS) Guarantee loans have below market VA mortgage interest rates, and are designed to help VA residents acquire, build or improve single family dwellings in state-approved rural areas. Similar to the VA loan, the RHS loan program offers loans that:

• are obtained through participating lenders, and guaranteed by the government
• may offer $0 down payments
• require low, fixed monthly payments