The Best Mortgage Lenders in Gloucester Point, VA
Compare verified mortgage lenders serving Gloucester Point, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Gloucester Point
Featured Mortgage Lenders
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group, LLC
Atlantic Bay Mortgage Group is a highly-rated local lender with deep roots in the Hampton Roads region, including Gloucester Point. Founded in 1996, they have built a strong reputation for exceptional customer service, competitive rates, and expertise in various loan programs, particularly VA loans due to the military presence in the area. With hundreds of positive reviews highlighting their responsive communication and smooth closing processes, they are a top choice for homebuyers in coastal Virginia. Their local loan officers understand the unique market dynamics of Gloucester County and provide personalized guidance throughout the mortgage process.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a nationally recognized lender with a strong local presence in Virginia, including service to Gloucester Point. Known for their innovative technology and efficient processing, they often close loans faster than industry averages. With a focus on customer satisfaction, they have earned high marks for their transparent communication and competitive rate offerings. Their loan officers are experienced in handling a wide range of mortgage types, and their community involvement in the Hampton Roads area adds to their reliability and trustworthiness.
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TowneBank Mortgage
TowneBank Mortgage
TowneBank Mortgage, part of the regional TowneBank network, has been serving the Tidewater area, including Gloucester Point, since 1999. They are praised for their personalized service, local decision-making, and deep community ties. With a focus on building long-term relationships, they offer a full suite of mortgage products and are particularly strong in construction and jumbo loans. Their high customer satisfaction ratings stem from attentive loan officers who provide tailored solutions and guide clients through every step of the home financing process.
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Frequently Asked Questions
Common questions about mortgage lending in Gloucester Point, VA
Are there any special mortgage considerations for buying a home in Gloucester Point, VA, due to its coastal location?
Yes, due to its proximity to the York River and Chesapeake Bay, lenders will often require a separate flood insurance policy as part of your mortgage escrow, especially for properties in designated flood zones (AE or VE). This is a mandatory, ongoing cost that can significantly impact your total monthly payment. An elevation certificate may also be needed to determine accurate insurance rates.
What are the typical down payment assistance programs available for first-time homebuyers in Gloucester Point?
Gloucester Point homebuyers can access statewide Virginia Housing (VHDA) programs, which offer down payment assistance grants and favorable loan rates. Additionally, the Gloucester County Housing & Community Development office may have local resources or information on special programs for income-eligible buyers. It's wise to work with a lender experienced in these programs to navigate the options.
How does the presence of the Virginia Institute of Marine Science (VIMS) and Naval Weapons Station Yorktown impact the local mortgage market?
These stable institutions create a consistent demand for housing from employees, which helps maintain property values. Lenders may view borrowers with employment at these facilities favorably due to job stability. Furthermore, VA loans are commonly utilized in the area due to the active-duty and veteran military population associated with the naval base.
What is a common challenge for mortgage appraisals in the Gloucester Point area?
Appraisers can sometimes struggle to find truly comparable recent sales ("comps") for unique waterfront properties or older homes that have been extensively renovated. This can occasionally lead to appraisal values coming in below the contract price, which is a significant contingency to be aware of. Using a local lender with appraisers familiar with the specific sub-markets of Gloucester Point is advantageous.
Are property taxes in Gloucester Point, VA, typically escrowed as part of the mortgage payment?
Yes, most lenders will require you to escrow for both Gloucester County property taxes and homeowner's insurance (including flood insurance, if applicable). Gloucester County's property tax rate is a key factor in your overall housing cost, and your lender will collect 1/12th of the estimated annual bill each month, paying it directly when due.
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Why Choose a Mortgage Lender in Gloucester Point?
Local Market Knowledge
Lenders who understand Gloucester Point'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 Gloucester Point and get competitive rates on your home loan.