Getting the Best Mortgage Rates in West Virginia (10-15-30-Year Fixed, 5/1, 7/1 ARM)

If you’re considering taking out a West Virginia home loan, this may be the perfect year to do it.

According to Zillow, the median home value in West Virginia is one of the lowest in the country at $99,800. 

Over the past year, home values have risen about 0.9 percent, though experts predict that prospective homeowners in the state could see an increase of up to 4.2 percent within the next twelve months.

Even with an increase in home values, West Virginia homes will remain uniquely posed for affordability over the next year, particularly when combined with an affordable West Virginia mortgage rate.

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Which West Virginia City Are You Located in?

When it comes to finding the best West Virginia mortgage rates, there are plenty of factors to consider, especially for a first-time home buyer in West Virginia.

For many West Virginia mortgage lenders in Charleston, Morgantown, Huntington, Wheeling, Parkersburg, Fairmont, and other cities in West Virginia, the location of the home will play a large role in what type of mortgage rates are available in West Virginia.

This means that homes across the state could have varying West Virginia mortgage rates based on the individual city, neighborhood, and the condition of the home itself.

While you are searching for the best mortgage rates in West Virginia, it may be worthwhile to check the rates for neighboring cities to explore other West Virginia mortgage rates that could potentially be more affordable over the long run.

See the table below for a list of some of the largest cities in the state offering a wide range of West Virginia home loans. 

Top West Virginia CitiesPopulation (2016)
South Charleston12,859
St. Albans10,553
Source: Google

Average Closing Costs for West Virginia Home Loans

Finding the best mortgage rates in West Virginia is a great way to decrease both long-term and immediate costs associated with buying a home.

For WV residents, finding an affordable West Virginia mortgage rate can be a great way to offset the additional costs of a West Virginia home loan.

Despite having a rock-bottom median home value of $95,000, closing costs associated with West Virginia home loans are among the highest in the country, according to Investopedia.

While specific costs will depend on local pricing and individual transaction details, average closing costs for WV home loans include $1,067 in lenders’ fees and $904 in third-party fees.

Considering the high average closing costs of WV home loans, new homeowners should always weigh in their options to find the best West Virginia mortgage rate.

Current Mortgage Rates in West Virginia

Bluestone Dam—Hinton, West Virginia

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Key Requirements for Buying a House in West Virginia

Before you apply for a West Virginia mortgage loan, you’ll want to complete the below list of requirements.

  • Get your down payment ready (~20% of the loan amount)
  • Maintain good to excellent credit
  • Save some extra funds for your closing cost
  • Maintain a low debt balance
  • Demonstrate sufficient income
  • Gather your financial documents
  • Get a home appraisal on the home

You’ll also need to examine your options for conventional (10, 15, 20, or 30-year mortgage) or adjustable rate (5/1, 3/1, 7/1 ARM) West Virginia mortgages before choosing between the best mortgage rates in West Virginia for you.

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Conclusion – Finding a Top Mortgage Loan for a Home in West Virginia

Finding great mortgage rates in West Virginia may take time, but the payoff is certainly worth the effort.

While searching for the best West Virginia mortgage rate, you may want to ask yourself the following questions:

  • Do the best West Virginia home loans come from banks or credit unions?
  • Can I get better mortgage rates in West Virginia from online-only lenders?
  • Which lenders offer competitive West Virginia home loan rates in Charleston, Morgantown, Wheeling, Clarksburg, or Huntington?

Ultimately, finding the best mortgage rates in West Virginia is a combination of long-term affordability and partnership.

While choosing between West Virginia mortgage lenders, keep in mind the importance of partnering with a financial institution that you are comfortable working with for the next few decades.

There are plenty of ways to identify the best provider of WV home loans and WV refinance rates, like the fees they charge, their customer service, and how competitive their West Virginia mortgage rates are.

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