| City | Average Home Value | Loan Term | Current Rate | Downpayment (20%) | Monthly Payment | Total Interest Paid |
|---|---|---|---|---|---|---|
| Charleston | $110,800 | 30-year fixed | 6.666% | $22,160 | $569.98 | $116,552.80 |
| Huntington | $501,100 | 30-year fixed | 0% | $100,220 | $0.00 | -$400,880.00 |
| Parkersburg | $85,500 | 30-year fixed | 0% | $17,100 | $0.00 | -$68,400.00 |
| Wheeling | $196,500 | 30-year fixed | 6.666% | $39,300 | $1,010.83 | $206,698.80 |
Ready to buy a home in West Virginia? Our guide to mortgage rates in West Virginia can help you get the most affordable loan possible.
Best Mortgage Lenders in West Virginia
- Best Overall: Quicken Loans®
- Best for Veterans: Veterans United
- Best for First-Time Home Buyers: Bank of America
- Best for Online Lender: Better.com
- Best for Self Employed Individuals: Flagstar
What is a Mortgage Rate?
Your mortgage rate is the interest rate that you’ll pay on your mortgage loan. Every mortgage lender charges interest on its loans, and you’ll pay interest every month that you make a mortgage payment.
When you compare mortgage interest rates between lenders, you might see 2 numbers listed: an interest rate and an annual percentage rate (APR) for short. Your interest rate is the base percentage you’ll pay on your loan balance each year and your APR is your interest rate plus any fees your lender charges. Be sure to always compare rates by APR, because this is the effective rate you’ll actually pay.
5 Best Mortgage Lenders in West Virginia
Let’s take a look at a few of our favorite lenders that offer mortgages in West Virginia.
- Online Service
1. Best Overall: Quicken Loans®
Are you looking for the easiest way to secure your mortgage loan? Rocket Mortgage® by Quicken Loans® offers borrowers a simple and streamlined way to get preapproved. Using the Rocket Mortgage® tool, you can apply for a loan quickly and easily. Quicken Loans offers a wide range of loan choices, including conventional mortgages and government-backed loans for first-time buyers. A quick application process and plenty of loan choices puts Quicken Loans at the top of our list for anyone who considers buying a home in West Virginia.
2. Best for Veterans: Veterans United
VA loans are a special type of loan that allows active service members and veterans the opportunity to purchase a home with no down payment. Veterans United is the largest VA lender in the country. It offers a range of VA and conventional loan solutions. Veterans United employs a full team of former service members from each branch of the military so you’ll get advice directly from team members who have gone through the process themselves. Veterans United’s team can help you learn more about qualifying for a VA loan, and can even assist you in filing your paperwork to qualify.
3. Best for First-Time Home Buyers: Bank of America
As a first-time home buyer, you might want the safety net that a bank with physical locations offers. You can complete your application online or head into your local branch for assistance from a mortgage expert at Bank of America.
Bank of America also offers special programs for home buyers who meet income and credit standards but who also need assistance paying for closing costs. You may qualify for a grant of up to $7,500, which doesn’t need to be paid back. Bank of America offers conventional, FHA loans and VA loans, which makes Bank of America one of the best lenders for first-time buyers.
4. Best for Online Lender: Better.com
Better.com is an online mortgage company focused on streamlining the mortgage process. Better.com takes steps to eliminate unnecessary fees, meetings and inspections and pass the savings along to you. As a result, you can apply for a mortgage online with Better.com in as little as 15 minutes — and you can even complete the application from your phone.
Worried about finding the lowest rate possible? You’ll love Better.com’s Better Price Guarantee. You may find a more affordable loan from a competitor and Better.com will match it and give you $1,000 to put toward your closing costs.
- Specialized Loan Products
5. Best for Self Employed Individuals: Flagstar
You might find yourself having trouble proving your income if you’re self-employed. Flagstar is a mortgage lender that offers a variety of loan solutions, including custom loans. Flagstar allows you to be able to use your business assets to qualify for a loan. Flagstar also offers custom mortgages with terms beyond the standard 15- and 30-year terms. If you’ve just graduated from a professional school and are in the beginning stages of your career, Flagstar even offers custom loans that take your unique situation into account. Whether you’re buying your 1st home or your 5th, Flagstar is an excellent choice for anyone whose financial situation needs more than one-size-fits-all qualification criteria.
What Factors Impact Your Mortgage Rate?
The specific interest rates you’ll receive from lenders may vary depending on a variety of factors. Some of the personal details that may play a role in how much you pay may include:
- Your credit score: Lenders use your credit score to take a peek into how you behave when you borrow money. If you have a high credit score, it probably means that you always pay your bills on schedule and you avoid borrowing more money than you know that you can comfortably pay back. A low credit score might indicate that you frequently miss payment due dates or you often spend above your means. A lower credit score means you may be a riskier buyer in the eyes of lenders. If you have a low score, expect to pay more for your loan.
- Your debt-to-income (DTI) ratio: Your DTI ratio is a percentage calculation that tells lenders how much of your total monthly income goes toward regular recurring payments. If your DTI ratio is high, you’re less likely to have money in savings, which makes you a riskier candidate for a mortgage and which also increases your APR.
- Your down payment: The less money you borrow, the less likely you are to default on your loan. You’ll likely pay a higher APR if you have less than 20% to put down at closing.
What is a Mortgage Type?
There are multiple types of mortgage loan, and each loan has specific qualifications that borrowers must meet. Let’s take a look at 4 of the most common types of mortgage loans.
- Conventional mortgage loans are the most common type of mortgage loan. You can use a conventional loan to buy any type of property, and you don’t need to be a first-time buyer to qualify for one. Conventional mortgage loans usually require borrowers to have a credit score of at least 620 points and a down payment of at least 3%.
- FHA loans are a type of government-backed mortgage loan that can help you buy a home with less-strict financial requirements. You may qualify for an FHA loan with a credit score as low as 580 points and a down payment of at least 3.5% with most lenders. You must also intend to live in the home you’re buying as your primary residence and your home must meet minimum livability standards.
- USDA loans are government-backed loans that can be used to buy homes in rural areas with $0 down. You must have a credit score of at least 640 points to qualify for a USDA loan and you must meet income requirements. Your home must be located in a sufficiently rural area and it must meet livability standards.
- VA loans are a special type of mortgage loan for people who have served in the United States armed forces. A VA loan can help you buy a home with a credit score as low as 620 points and $0 down. You must meet service requirements before you can qualify for a VA loan. You’ll need to submit documentation of your service with your mortgage application. Service requirements vary by branch.
What is a Mortgage Term?
Your mortgage term is the length of time that you’ll make monthly payments on your loan. For example, if you take on a mortgage loan with a 10-year term in January of 2020, you’ll make mortgage payments every month until January of 2030, after which you’ll own your home.
There are multiple types of mortgage terms and term structures. Let’s take a look at 3 of the most common terms.
- A 30-year fixed mortgage is a loan with a 30-year term and an interest rate that stays the same every month. Thirty-year mortgages usually have higher APRs than loans with shorter terms, but you’ll pay less each month.
- A 15-year fixed mortgage loan has a 15-year term and a steady interest rate. These types of loans usually have lower APRs than longer terms but require more money in each monthly payment.
- A 5/1 adjustable rate mortgage (ARM) is a mortgage loan with an interest rate that changes over time as market rates change. When shopping for an ARM, you’ll see 2 numbers listed. The 1st number indicates the number of years you’ll enjoy a fixed interest rate when you first take out your loan. The 2nd number indicates how often your lender will adjust your interest rate after your fixed period ends. In the case of a 5/1 ARM, you’ll have a fixed interest rate for the first 5 years of your loan. After this 5-year period ends, your lender will reevaluate your interest rate every year.
Current West Virginia Mortgage Rates
Mortgage interest rates change on a daily basis. Current housing demand, the bond market and even the overall state of the economy can all affect market interest rates.
Let’s take a look at what you can currently expect to pay in interest when you take out a mortgage in West Virginia. We update our table frequently to reflect the most current market data.
| Loan Type | Rate | APR |
|---|---|---|
| 30-year fixed | N/A | N/A |
| 15-year fixed | N/A | N/A |
| 7/1 ARM (adjustable rate) | N/A | N/A |
| 5/1 ARM (adjustable rate) | N/A | N/A |
Calculating Interest in West Virginia
Mortgage rates may vary depending on your city. Let’s take a look at what you can expect to pay for your loan annually and monthly in several West Virginia cities.
| City | Average Home Value | Loan Term | Current Rate | Downpayment (20%) | Monthly Payment | Total Interest Paid |
|---|---|---|---|---|---|---|
| Charleston | $110,800 | 30-year fixed | 6.666% | $22,160 | $569.98 | $116,552.80 |
| Huntington | $501,100 | 30-year fixed | 0% | $100,220 | $0.00 | -$400,880.00 |
| Parkersburg | $85,500 | 30-year fixed | 0% | $17,100 | $0.00 | -$68,400.00 |
| Wheeling | $196,500 | 30-year fixed | 6.666% | $39,300 | $1,010.83 | $206,698.80 |
Lender Credit Score Minimums in West Virginia
Your credit score is a 3-digit number that indicates how responsible you are as a borrower. Many lenders set a minimum credit score for borrowers to minimize the risk of defaults. Here are the minimum credit scores you’ll need to have to get a loan with a few of West Virginia’s best mortgage lenders.
| Lender | Minimum Credit Score Required |
|---|---|
| Quicken Loans® | 620 |
| Better.com | 620 |
| Veterans United | 620 |
| Flagstar | 620 |
| Bank of America | 620 |
Find the Right Mortgage in the Mountain State
It’s never been easier to find a mortgage loan online, but it’s important to remember that a mortgage can be a long-term commitment. Don’t be afraid to contact a few competing mortgage lenders to better explore all your options. The last thing you want is to be trapped into a mortgage loan that isn’t right for you — or worse, one that you can’t afford.
Get Ready for Take Off
Rocket Mortgage® is an online mortgage experience developed by the firm formerly known as Quicken Loans®, America’s largest mortgage lender. Rocket Mortgage® makes it easy to get a mortgage — you just tell the company about yourself, your home, your finances and Rocket Mortgage® gives you real interest rates and numbers. You can use Rocket Mortgage® to get approved, ask questions about your mortgage, manage your payments and more.
You can work at your own pace and someone is always there to answer your questions — 24 hours a day, 7 days a week. Want a fast, convenient way to get a mortgage? Give Rocket Mortgage® a try.
About Sarah Horvath
Sarah is an expert in the insurance, investing for retirement and cryptocurrency space.