The Best Mortgage Lenders in Franklin, VA
Compare verified mortgage lenders serving Franklin, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Franklin
Featured Mortgage Lenders
TowneBank Mortgage
TowneBank
TowneBank is a highly-rated regional bank with a strong presence in the Hampton Roads area, including Franklin, VA. Founded in 1999, it has built a reputation for personalized service and competitive mortgage rates. Customers praise its local decision-making, community involvement, and efficient loan processing. With over 150 reviews highlighting excellent customer service and a variety of loan options, TowneBank is a top choice for homebuyers in Franklin seeking a reliable, community-focused lender.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a nationally recognized lender with a strong track record in Virginia, including Franklin. Founded in 2008, it excels in digital mortgage solutions and fast closings, often completing loans in as little as 30 days. With high customer satisfaction ratings and over 200 reviews, it is known for its transparent process, competitive rates, and dedicated local loan officers. Movement Mortgage's commitment to community support and extensive loan programs makes it a preferred option for Franklin residents.
Loan Types:
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a top-rated national mortgage lender with a robust online platform and local presence in Virginia, serving Franklin effectively. Founded in 2000, it offers innovative tools like the Digital Mortgage experience, simplifying the application process. With nearly 180 reviews praising its competitive rates, knowledgeable staff, and efficient service, it stands out for its reliability and customer-centric approach. Guaranteed Rate's wide range of loan products and strong industry ratings make it a trusted choice for homebuyers in the Franklin area.
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Frequently Asked Questions
Common questions about mortgage lending in Franklin, VA
What are the current mortgage rates like in Franklin, VA, and how do they compare to state averages?
Mortgage rates in Franklin typically align closely with national and Virginia state averages, but local lenders may offer competitive terms due to the smaller market. As of recent trends, rates in Franklin are often slightly more favorable than in larger Northern Virginia metros, but it's crucial to shop around with local credit unions like TowneBank or regional banks that understand the Southside VA market.
Are there any down payment assistance programs specifically for Franklin, VA, homebuyers?
Yes, homebuyers in Franklin can access the Virginia Housing Down Payment Assistance Grant, which provides funds that do not need to be repaid. Additionally, the city's location in Southampton County may make you eligible for certain USDA Rural Development loans, which offer 100% financing for eligible properties in and around Franklin, a significant benefit in this area.
How does Franklin's slower-paced, small-town real estate market affect the mortgage process?
Franklin's market is less competitive than major urban areas, which can mean more time for due diligence and less pressure to waive contingencies like appraisals. However, lenders may require more detailed appraisals due to fewer comparable sales ("comps"), potentially lengthening the closing process slightly. Working with a lender familiar with valuing properties in Southampton County is advantageous.
What should I know about property taxes and insurance when calculating my monthly mortgage payment in Franklin?
Franklin and Southampton County have relatively low property tax rates compared to much of Virginia, which can improve affordability. Homeowners insurance is also generally affordable, but if your property is near the Blackwater River or in a flood zone, your lender will require flood insurance, which can add significantly to your monthly escrow payment.
Are there special mortgage considerations for buying a historic home in Franklin's downtown district?
Yes, purchasing a historic home in Franklin's designated districts may involve specific loan considerations. Some lenders may have stricter appraisal requirements for older homes, and you might need specialized inspections. It's worth exploring if the property qualifies for historic tax credits or grants through the Virginia Department of Historic Resources, which can improve your overall financial picture.
Why Choose a Mortgage Lender in Franklin?
Local Market Knowledge
Lenders who understand Franklin'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 Franklin and get competitive rates on your home loan.