Which mortgage lender in the Richmond, VA area typically has the best rates? To help you narrow down where to shop for a mortgage, MortgageWaldo.com provides an objective and data driven ranking of mortgage lenders operating in the Richmond, VA area by interest rate and market share. We maintain our independence by not accepting any compensation from the mortgage lenders we rank, and use data on all fixed rate mortgages that were closed in the past year to generate our rankings.
Going by historical data, the best mortgage lender in the Richmond, VA area in terms of interest rate is Village Bank Mortgage, with an average “Rate Difference” of -0.42%. This means that, comparing similar borrowers, Village Bank Mortgage provided a -0.42% lower interest rate for its customers than other lenders in the area. Village Bank Mortgage has a market share of 1.1%. On the other hand, the most popular lender in the Richmond, VA area is Quicken Loans, with a larger market share of 9.1%. However, Quicken Loans also tends to be an expensive lender in the area, with an average “Rate Difference” of +0.20% compared to those of other lenders. We recommend shopping around before going with this popular lender.
Our detailed ranking of mortgage lenders in the Richmond, VA area is shown in the table below. In the table, we also give our assessment of whether they are, on average, a cheap/expensive lender through a star rating system. You can choose to tailor our ranking table to a specific mortgage type (Conventional/Jumbo/FHA/VA) and purpose (purchase/refinance) through the drop-down menu. For example, going by historical data, the cheapest lender for Conventional mortgages in Richmond, VA is Village Bank Mortgage. If you want to take out a loan that is above conforming limits (above $548,250 or $822,375 depending on the area in 2021), the cheapest Jumbo mortgage provider is Bank of America. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Virginia Credit Union. The cheapest VA mortgage provider is Navy Federal Credit Union. Note that as a consumer advocate we always recommend shopping among several of our top ranked lenders in order to get the best rates and fees.
Ranking of Mortgage Lenders in Richmond, VA
|Lender Name||Rate Difference||Rate Rating||Market Share|
|Bank of America||-0.09%||8.97%|
|Wells Fargo Bank||-0.08%||25.86%|
|First Heritage Mortgage||0.02%||0.69%|
|Fairway Independent Mortgage Corporation||0.03%||0.34%|
|Cardinal Financial Company||0.03%||0.34%|
|George Mason Mortgage||0.03%||1.38%|
|NVR Mortgage Finance Inc||0.03%||1.38%|
|Towne First Mortgage||0.03%||0.69%|
|Southern Trust Mortgage||0.04%||0.34%|
|Atlantic Union Bank||0.05%||1.38%|
|Navy Federal Credit Union||0.05%||1.38%|
|McLean Mortgage Corporation||0.06%||1.72%|
|Prosperity Home Mortgage LLC||0.07%||6.55%|
|JPMorgan Chase Bank||0.08%||8.97%|
|Lender Name||Rate Difference||Rate Rating||Market Share|
|Wells Fargo Bank||-0.05%||24.00%|
|Prosperity Home Mortgage LLC||-0.00%||4.80%|
|Atlantic Union Bank||0.00%||1.60%|
|Caliber Home Loans||0.01%||1.60%|
|Cardinal Financial Company||0.01%||0.80%|
|Towne First Mortgage||0.01%||0.80%|
|Bank of America||0.01%||4.80%|
|McLean Mortgage Corporation||0.01%||0.80%|
|George Mason Mortgage||0.02%||1.60%|
|First Heritage Mortgage||0.02%||1.60%|
|Southern Trust Mortgage||0.02%||0.80%|
|Virginia Credit Union||0.02%||1.60%|
|Sierra Pacific Mortgage||0.03%||0.80%|
|Atlantic Bay Mortgage Group||0.04%||1.60%|
|Navy Federal Credit Union||0.05%||1.60%|
|JPMorgan Chase Bank||0.05%||5.60%|
* Data is compiled for the Richmond, VA commuting zone area, which comprises of counties of Amelia County, VA, Charles City County, VA, Chesterfield County, VA, Dinwiddie County, VA, Goochland County, VA, Hanover County, VA, Henrico County, VA, King and Queen County, VA, King William County, VA, New Kent County, VA, Powhatan County, VA, Prince George County, VA, Sussex County, VA, Colonial Heights city, VA, Hopewell city, VA, Petersburg city, VA, and Richmond city, VA. This includes cities/towns/communities of Richmond, VA as well as Mechanicsville, VA, Short Pump, VA, Tuckahoe, VA, Brandermill, VA, Chester, VA, Glen Allen, VA, Rockwood, VA, Meadowbrook, VA, Sandston, VA, Woodlake, VA, Laurel, VA, Bon Air, VA, Colonial Heights, VA, Hopewell, VA, Highland Springs, VA, Manchester, VA, Lakeside, VA, Central Garage, VA, Montrose, VA, Petersburg, VA, East Highland Park, VA, Chamberlayne, VA, New Kent, VA, Innsbrook, VA, Templeton, VA, Prince George, VA, Bellwood, VA, Matoaca, VA, Hanover, VA, Ashland, VA, Ettrick, VA, Amelia Court House, VA, Wyndham, VA, Goochland, VA, Dumbarton, VA, McKenney, VA, West Point, VA, Enon, VA, King William, VA, King and Queen Court House, VA, Charles City, VA, Bensley, VA, Stony Creek, VA, Sussex, VA, Wakefield, VA, Waverly, VA, and Fort Lee, VA. Lenders must have made at least 30 loans in the area to be included. Source of the data is Federal Financial Institutions Examination Council (FFIEC). Rate Difference (the average difference of interest rates relative to those of other lenders) were computed by subtracting the rate at origination from the average predicted rate conditional on the commuting zone, borrower LTV, DTI, Loan Amount, Loan Type, and Loan Purpose, and then regularized based on a Bayesian approach to account for smaller sample sizes. Above-average mortgage closing costs were then added to the rate difference at a rate of +0.15/point. Star ratings were determined in intervals of 0.10% in rate difference per half star.
Mortgage Lender Rankings in Other Cities
This page contains information about the top mortgage lenders in the Richmond, VA area. For mortgage lender rankings in other cities, click here.