West Virginia Mortgage Comparisons
Mortgages and Mortgage Loan Rates in West Virginia
From Barboursville to Williamstown, West Virginia has some wonderful communities
to call home. You've chosen to hang your hat, now you need to find the best rate
SmartQuote.com can assist you throughout the mortgage search, with reliable
content, accurate mortgage calculators, and current interest rate tables. When
you're ready to start shopping for your loan needs, simply ask for a
no-obligation quote online, and have competing offers delivered to you. Here's
your roadmap to shopping for low rate mortgage loans:
Educate yourself about the options.
Clarify your objectives.
Crunch the numbers.
West Virginia conforming mortgage
The U.S. government supports the mortgage industry by providing mortgage lenders
with a source of funding. Two entities do this primarily: Fannie Mae and Freddie
Mac. Fannie and Freddie are chartered to support only a certain segment of the
population-low- and middle-class households. To ensure that these households
receive the benefit of Fannie and Freddie's activities, the government maintains
a set of criteria defining the mortgages it will support. These are called
conforming mortgages. These mortgages carry lower interest rates than
non-conforming mortgages. The qualification criteria include maximum borrower
debt-to-income ratio, maximum loan-to-value, and maximum loan amount, among
West Virginia second mortgage
If you have sufficient equity and income, you can take out a second mortgage to
convert your home equity into cash. There are two forms of second mortgages-a
fixed-rate loan or an adjustable-rate line of credit. Common uses for home
equity loans include home improvement projects and business start-up costs. The
home equity line of credit (HELOC) can be used to cover timing differences
between household bills and household income. Lenders set your maximum approved
loan limit by applying a percentage of the value of your home, less the balance
on your first mortgage. The percentage used varies by lender and by economic
conditions, but generally ranges from 75 percent to 125 percent.
Comparing West Virginia mortgages
As a prospective mortgage borrower, you should compare financing options at each
stage of your mortgage search:
Before you begin contacting lenders, you can read up on mortgage types available
and market interest rates. See SmartQuote.com's News & Advice page for further
As you start collecting mortgage rate quotes, compare your offers against market
rates and each other. You can generate quotes by contacting lenders in our West
Virginia directory, or by using SmartQuote.com's rate quote service.
Once you receive several mortgage offers, analyze them in detail with mortgage
calculators. Use SmartQuote.com's free mortgage calculator to compare the
fixed-rate offer to the adjustable-rate offer, or to decide if now really is the
right time to refinance.
With SmartQuote.com resources to guide you, your efforts will lead you to a
competitively priced mortgage loan.