West Virginia Mortgage Rates

May 27, 2016 02:03 PM Eastern

Refinance rates now in CHARLESTON, WV [Change this]

?
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.
?
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.
?
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.
?
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.

5/1 ARM

Interest Rate
2.625%
APR
3.396%
Monthly Payment
$804
Capital One
5/1 ARM
Interest Rate
2.625%
APR
3.396%
Monthly Payment
$804
(844) 326-5399 Contact
Capital One
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 60 Days
Down Payment $50,000
Principal and Interest Payments $804
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $804
Lender Fees $2,725
Lender Credit $0
Total Closing Fees* $2,725
*Other 3rd party fees may apply
Capital One
Email Lender

About the Lender

You can expect better with Capital One. Whether you need help with refinancing, a new home purchase, debt consolidation, or financing home improvements, your idea of better likely starts with savings - we maximize your savings with competitive rates and lower than average closing costs. But savings is only the start. We also strive to provide a better loan process - one that’s totally clear right from the start, with no hidden fees or unexpected surprises along the way. You can expect better service too - you’ll have a responsive team of dedicated mortgage specialists assigned and available to you every day, each member trained to anticipate and able to take care of all your needs.
Capital One
Email Lender Write a Review

Lender Reviews

Eugena Carpio review

Yes, I recommend this lender

They were bery good as aloan company keep lower rates and I was very satisfied

By: EugeneCarpio (Las Vegas, NV)

Review

Yes, I recommend this lender

Experienced and knowledgeable staff.

By: Cathleen (Santa Fe, NM)

Frustrating Loan Hub Experience

I tried using this lender in late 2015. It was a terrible experience. We struggled through this from August to October. I was told that the paperwork process would be easy as Capital One Home Loans uses online technology (Loan Hub) to communicate with the customer. I was told I could upload all of our required documents via a secure site. We tried on three different occasions to upload our documents, but only some of them appeared on the website. We were told that some documents were missing, even after we received confirmation that the documents were received. The online process was not being updated by the company, so we did not know at times where we were in the refi process. The initial customer rep took my preliminary info and then I was sent to another rep who rarely answered my emails or answered with no suggestions to help us. When I told him that the site would not let us upload documents or failed to show that our documents were uploaded, he told me to contact customer service. When I called the number he provided, the customer rep did not know what I was talking about and said he was not familiar with the new Capital One Home Loans website. I truly never had a more frustrating experience and I do not like to write negative reviews, but I must state my frustration with this company. We were made to feel as though once they had our business (we were submitting all required documents) that we were nothing to them. Because this company seemed to lack customer service and someone who could take the time to explain why the electronic document process was so tedious, I had to withdrawal my request for a refi.

By: Dave (Philadelphia, PA)
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

Monthly | Daily



WV Mortgage Rates and First-time Homebuyer Programs
West Virginia is nestled among the Appalachian Mountains and has a rich state history dating back to the Revolutionary War. Its beautiful mountains and rushing rivers provide countless venues for those who love the outdoors, while its proximity to the nation's capitol provides convenient access to government offices, historical sites and world-class museums.

If you want to purchase a home in West Virginia, and haven’t owned a home within the last three years, several programs are available to you. These programs offer low interest loans and, in some cases, assistance with the down payment and closing costs on your new home.

Several distinct programs are available through the West Virginia Housing Development Fund. Any one of the following programs may fit your situation and help you get into your first home:

• WVHDF 3-2-1 Buydown Program
• WVHDF Homeownership Assistance Program
• WVHDF Mortgage Revenue Bond Program
• WVHDF Secondary Market Program


West Virginia 3-2-1 Buydown Program offers Adjustable Mortgage Rates
The West Virginia Housing Development Fund has a 3-2-1 buy down program that assists families with purchasing a new home. For the first three years of owning the home, buyers get a discount on their approved mortgage rates of 3 percent in the first year, 2 percent in the second year, and 1 percent in the third.


The Home Ownership Assistance Program for Down Payment Assistance
For some West Virginia residents, the Home Ownership Assistance Program offers the funds needed to purchase a home. This loan program uses low WV mortgage interest rates to lend up to a certain amount to potential homebuyers. These funds are meant to be used for closing costs and the down payment on a home.


Low Mortgage Rates from the West Virginia Mortgage Revenue Bond Program
The Mortgage Revenue Bond Program is also called the First Time Homebuyer Program. It has lower than current WV mortgage rates, but it also has certain requirements. The borrowers must meet income requirements and their potential home must be within a certain price range. The bond program offers 25- to 30-year, fixed-rate mortgage loans with up to 100 percent financing available.


WVHDF Secondary Market Program for Low WV Mortgage Interest Rates
The Secondary Market Program is a unique statewide program that helps West Virginia residents become homeowners. It’s unique in that it doesn’t require buyers to be first time homebuyers, and it has no income limits. The mortgage rates offered by this program are competitive with current WV mortgage interest rates and require only a 3 percent down payment.