The Best Mortgage Lenders in Salem, VA
Compare verified mortgage lenders serving Salem, Virginia. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Salem
Featured Mortgage Lenders
Atlantic Bay Mortgage Group
Atlantic Bay Mortgage Group, LLC
Atlantic Bay Mortgage Group is a highly respected lender with nearly three decades of experience, known for its exceptional customer service, competitive rates, and comprehensive loan options. They have a strong local presence in the Roanoke Valley, serving Salem residents with personalized support and a streamlined mortgage process. Their high ratings reflect consistent customer satisfaction and reliability in the Virginia market.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is acclaimed for its rapid processing times and outstanding customer service, with a focus on making home financing accessible and straightforward. They have a robust local office in Roanoke that actively serves the Salem area, offering a variety of loan products tailored to first-time buyers and seasoned homeowners alike. Their commitment to community engagement and high satisfaction scores makes them a top choice.
Loan Types:
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a nationally recognized lender with a strong reputation for competitive rates and innovative digital tools, serving Salem through its regional presence in Virginia. With over two decades of experience, they excel in providing efficient, transparent mortgage solutions and have earned high marks for customer satisfaction and reliability. Their extensive loan options and user-friendly online platform cater to a wide range of homebuying needs.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Salem, VA
What are the current mortgage rates like in Salem, VA, and how do they compare to the national average?
Mortgage rates in Salem typically align closely with national averages, but local lenders may offer competitive rates due to the region's stable housing market. As of recent trends, rates in the Roanoke Valley area can sometimes be slightly more favorable than in larger metropolitan areas. It's best to compare offers from local credit unions, like Freedom First or Member One, alongside national lenders.
Are there any first-time homebuyer programs specifically available for Salem, VA, residents?
Yes, the Virginia Housing Development Authority (VHDA) offers several programs, such as the VHDA Down Payment Assistance Grant, which is widely accessible to eligible Salem homebuyers. Additionally, some local lenders may offer special first-time buyer mortgages with lower down payment requirements or closing cost assistance, tailored to the area's median income levels.
How does Salem's property tax rate affect my monthly mortgage payment?
Salem has a property tax rate of $1.09 per $100 of assessed value, which is relatively moderate for Virginia. This rate will directly impact your escrow payment included in your monthly mortgage. When budgeting, factor this in alongside home insurance, as Salem's overall cost of homeownership remains affordable compared to larger Virginia cities.
What should I know about getting a mortgage for a historic home in Salem's older neighborhoods?
Financing a historic home in areas like West Salem or near downtown may require a specialized appraisal and potentially a renovation loan if updates are needed. Lenders familiar with Salem's historic districts can guide you on products like FHA 203(k) loans. Ensure your inspector checks for outdated electrical or plumbing systems, which can affect loan approval.
How competitive is the mortgage pre-approval process in Salem's housing market?
Salem's market can be competitive, especially for well-priced homes in desirable neighborhoods like South Salem or Glenvar. A strong pre-approval from a reputable local lender is crucial to show sellers you're a serious buyer. Having your financial documents ready and working with a lender experienced in the Roanoke Valley can speed up the process and improve your offer's appeal.
Why Choose a Mortgage Lender in Salem?
Local Market Knowledge
Lenders who understand Salem'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 Salem and get competitive rates on your home loan.