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One of many largest mortgage lenders in Virginia that isn’t a nationwide model goes by the title “McLean Mortgage.”
It’s ostensibly derived from the neighborhood of McLean, Virginia, which is situated within the very north of the state simply outdoors Washington D.C.
Final yr, the corporate managed to crack the top-10 checklist within the Outdated Dominion with greater than $5 billion in dwelling loans funded.
When it comes to what units them aside, it seems to be service. They take a client-first method and are huge on belief, which explains why many first-time home buyers flip to them to acquire financing.
If you happen to dwell in or across the Mid-Atlantic, they may be a lender price testing as a substitute for the larger, family names.
McLean Mortgage Quick Information
- Retail direct-to-consumer mortgage lender
- Presents dwelling buy, new development, and refinance loans
- Based in 2008, headquartered in Fairfax, VA
- At the moment licensed to do enterprise in 10 states and D.C.
- Funded greater than $5.6 billion in dwelling loans final yr
- Almost 70% of mortgage quantity comes from dwelling state of Virginia
- The ninth largest mortgage lender within the state of Virginia
McLean Mortgage is a direct-to-consumer mortgage lender with restricted department areas in Virginia and surrounding states.
As such, you’ll possible work remotely with one in every of their licensed mortgage officers to shut your mortgage.
They provide dwelling buy financing, mortgage refinances, renovation and new development loans.
Final yr, they funded about $5.6 billion in dwelling loans, with 67% of total quantity coming from their dwelling state of Virginia.
When it comes to product combine, they did about 55% refinances and 45% dwelling buy loans, so they seem like an acceptable selection for each dwelling patrons and present householders.
They appear to have good relationships with native actual property brokers, that means they may be advisable by your agent when buying a house.
The corporate is at the moment licensed in Alabama, Delaware, Florida, Maryland, North Carolina, Pennsylvania, South Carolina, Virginia, West Virginia, Tennessee, and Washington D.C.
Enjoyable Truth: McLean, Virginia is the house to mortgage financier Freddie Mac.
Learn how to Apply with McLean Mortgage
To start, you possibly can go to their web site and take a look at their mortgage choices, together with their many mortgage advisors, a few of whom are ranked within the prime #1 nationally.
You may learn bios, see the place particular mortgage officers are licensed, and benefit from their many free mortgage calculators and on-line mortgage glossary.
If and once you’re prepared to use, merely click on on “Begin Software.” Their digital mortgage utility is powered by Mix, one of many main mortgage fintech corporations on the market.
It means that you can full most duties paperlessly, whether or not it’s importing your checking account or employment particulars, eSigning disclosures, or scanning/importing paperwork.
As soon as submitted, you possibly can observe your mortgage progress all through the method and obtain standing updates each time one thing adjustments.
If you happen to’re a house purchaser, they provide LoanFirst, a fully-underwritten mortgage pre-approval designed to make sure nothing is left to probability.
This could make your provide stronger in a aggressive housing market, and assist you get to the end line sooner as soon as your bid is accepted.
Merely put, McLean Mortgage provides an excellent mixture of human contact and know-how, so whether or not you’re a first-time dwelling purchaser or a seasoned house owner, you ought to be in good fingers.
Mortgage Applications Supplied by McLean Mortgage
- House buy loans
- House development loans
- Refinance loans: charge and time period, money out, streamline
- Conforming loans backed by Fannie Mae and Freddie Mac
- FHA loans
- VA loans
- USDA loans
- Mounted-rate mortgages: 30, 20, 15, and 10-year mortgage phrases accessible
- Adjustable-rate mortgages: 5/1, 7/1 ARM
McLean Mortgage provides a variety of dwelling mortgage merchandise from buy loans to refis to new development loans.
They’ve helped numerous first-time dwelling patrons buy properties, and likewise provide the total suite of mortgage refinance choices.
So if you need a decrease mortgage charge, cash out, or just wish to swap mortgage packages, they can assist.
You may get your fingers on a conforming mortgage backed by Fannie Mae or Freddie Mac, an FHA mortgage, VA loan, or USDA mortgage.
If you wish to construct your personal customized dwelling or perform main renovations, their one-time-close construction-to-permanent mortgage could possibly be an excellent possibility.
In addition they tout their so-called “Mortgage Insurance coverage Cost Eliminator,” which seems to be their branded type of lender-paid mortgage insurance.
Each fixed-rate and adjustable-rate choices can be found in a wide range of mortgage phrases, together with the 5/1 ARM and 15-year fixed.
The one main mortgage kind that seems to be lacking is a jumbo mortgage, although I couldn’t 100% verify that.
McLean Mortgage Charges
One space the place we might use extra data is the pricing division. McLean Mortgage doesn’t publicize their mortgage rates or lender charges on-line.
As such, your first step may be talking with a licensed mortgage officer to acquire immediately’s charges in your particular mortgage situation.
When you’re at it, you should definitely inquire about lender charges, comparable to a loan origination fee, processing, underwriting, utility, and so forth.
When you’ve finished that, you possibly can evaluate their quoted mortgage APR to different lenders to find out how aggressive they’re.
Assuming you progress ahead and lock your mortgage, you’ll given the possibility to benefit from a fair decrease charge because of their RateFlex Program.
It’s primarily a float-down option that means that you can re-lock your mortgage if pricing improves between preliminary lock and shutting.
McLean Mortgage Critiques
On Zillow, McLean Mortgage has a near-perfect 4.99-star ranking out of a doable 5 from greater than 2,600 buyer evaluations.
Apart from the incredible ranking, many shoppers stated the rate of interest and/or closing prices have been decrease than anticipated.
Over at Expertise.com, they’ve a 4.91-star ranking from about 200 evaluations, and on Google, a 4.7-star ranking from about 70 evaluations.
They’ve additionally bought a 4.7-star ranking on Fb from about 30 evaluations, and 4 stars from Yelp from roughly 50 evaluations.
Lastly, they’re an accredited enterprise with the Higher Enterprise Bureau and at the moment have an ‘A+’ ranking.
To sum issues up, McLean Mortgage seems like a good selection if you need a reliable lender you possibly can rely on, particularly if it’s for a house buy or a development mortgage.
They appear to focus closely on professionalism, belief, and human contact, essential traits for individuals who want a dependable associate on their dwelling shopping for journey.
Simply take note of their mortgage charges and lender charges to make sure you don’t pay a premium for service you may also be capable to discover elsewhere.
McLean Mortgage Professionals and Cons
The Good
- Can apply for a house mortgage on-line with no human
- Supply a digital mortgage utility powered by Mix
- Tons of packages to select from together with development loans
- Glorious evaluations from previous clients throughout rankings websites
- A+ BBB ranking, accredited since 2013
- Float down possibility after you lock your mortgage charge
- Absolutely-underwritten pre-approvals to offer you an edge in aggressive markets
- Free smartphone app
- A few of their workers communicate Spanish
The Possibly Not
- Don’t publicize mortgage charges or lender charges
- Solely licensed in a handful of states on the East Coast
- Unclear if they provide jumbo loans
- Could switch your mortgage to a third-party servicer after closing
(picture: Ken Lund)
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