The Best Mortgage Lenders in Chesapeake, VA
Compare verified mortgage lenders serving Chesapeake, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Chesapeake
Featured Mortgage Lenders
BayPort Credit Union
BayPort Credit Union
BayPort Credit Union stands as one of the most trusted mortgage lenders in the Hampton Roads region, serving Chesapeake residents with exceptional local expertise. With nearly a century of operation, they've built an outstanding reputation for personalized service and competitive rates. Their deep understanding of the Chesapeake housing market and strong community presence makes them a top choice. They offer comprehensive mortgage solutions with particularly strong VA loan programs, crucial for the military-heavy Hampton Roads population. Their high customer satisfaction ratings reflect consistent, reliable service and local decision-making authority.
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Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group has earned national recognition while maintaining deep roots in the Hampton Roads community. Founded in Virginia Beach, they've consistently ranked among the top mortgage lenders in the region with exceptional customer satisfaction scores. Their local loan officers have extensive knowledge of Chesapeake's diverse neighborhoods and housing markets. They're particularly renowned for their efficient processing, competitive rates, and expertise in VA loans, making them ideal for military families and veterans. With thousands of positive reviews and multiple industry awards, they deliver proven reliability and exceptional service to Chesapeake homebuyers.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage has established a strong physical presence in Chesapeake with a local branch that serves the entire Hampton Roads area. They've revolutionized the mortgage process with their innovative "Same-Day Processing" model, significantly reducing closing times. Their Chesapeake-based loan officers provide personalized service with deep local market knowledge. They're particularly strong in first-time homebuyer programs and offer competitive conventional and government-backed loans. With consistently high customer satisfaction ratings and a commitment to community involvement, Movement Mortgage has become one of the most reliable and efficient mortgage lenders serving Chesapeake residents.
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Frequently Asked Questions
Common questions about mortgage lending in Chesapeake, VA
Are there any special mortgage programs for first-time homebuyers in Chesapeake, VA?
Yes, the Virginia Housing Development Authority (VHDA) offers several programs popular in Chesapeake, including the VHDA FHA and Conventional loans with down payment assistance grants. Additionally, the City of Chesapeake itself administers the Chesapeake Homebuyer Assistance Program, which can provide eligible buyers with up to $10,000 in a deferred, forgivable loan for down payment and closing costs.
How does living in a high-hazard flood zone affect getting a mortgage in Chesapeake?
Given Chesapeake's extensive waterways and low-lying geography, many properties are in Special Flood Hazard Areas (SFHAs). Lenders will require a separate flood insurance policy as a condition for your mortgage if the home is in a designated zone. This is a mandatory, ongoing cost that must be factored into your monthly housing budget, and premiums can vary significantly based on the property's elevation certificate.
What are typical mortgage rates and closing costs for buyers in Chesapeake?
While rates are set by national markets, local lender competition can lead to slight variations. As of recent trends, rates in Chesapeake are competitive with national averages. For closing costs, Virginia state and Chesapeake city-specific fees apply, including a recordation tax and local property tax prorations. Buyers should typically budget for closing costs between 2% to 5% of the loan amount when working with a local lender.
Does Chesapeake's growth and military presence impact the mortgage process?
Absolutely. Chesapeake's steady growth and proximity to military bases like Naval Station Norfolk mean many lenders are highly experienced with VA loans. This can lead to more competitive VA loan terms and a smoother process. Furthermore, the stable demand from military and civilian personnel contributes to a resilient housing market, which is favorable for appraisals.
Are there property tax considerations I should know about before getting a mortgage in Chesapeake?
Yes, understanding local property taxes is crucial. Chesapeake has a city real estate tax rate (currently $1.05 per $100 of assessed value), and properties are assessed at 100% of fair market value. Your mortgage lender will establish an escrow account to pay these taxes, and the annual amount will be a key part of your total monthly payment calculation. Certain exemptions, like for elderly or disabled homeowners, may be available.
Why Choose a Mortgage Lender in Chesapeake?
Local Market Knowledge
Lenders who understand Chesapeake's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Virginia.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Chesapeake and get competitive rates on your home loan.