One of Virginia’s largest non-national mortgage lenders is called “McLean Mortgage.”
It is apparently derived from the community of McLean, Virginia, which is located in the far north of the state, just outside of Washington DC.
Last year, the company made it into the top 10 list on Old Dominion with more than $ 5 billion in financed home loans.
In terms of what sets them apart, it seems to be the service. They take a customer-centric approach and have great confidence, which explains why many first time home buyers Go to them for financing.
If you live in or around the Mid-Atlantic, this might be a lender worth checking out as an alternative to the bigger, more familiar names.
McLean Mortgage Fast Facts
- Consumer Direct Retail Mortgage Lender
- Offers loans for home purchase, new construction and refinancing
- Founded in 2008, based in Fairfax, VA
- Currently licensed to do business in 10 states and DC
- Financed more than $ 5.6 billion in home loans last year
- Almost 70% of loan volume comes from the home state of Virginia
- Virginia’s Ninth Largest Mortgage Lender
McLean Mortgage is a direct-to-consumer mortgage lender with limited locations in Virginia and the surrounding states.
As such, you will likely work remotely with one of your authorized loan officers to close your mortgage.
They offer financing for the purchase of housing, mortgage refinancing, Loans for rehabilitation and new construction.
Last year, they financed about $ 5.6 billion in home loans, with 67% of the overall volume coming from their home state of Virginia.
In terms of product mix, they refinanced around 55% and homeownership loans 45%, so they appear to be a suitable option for both home buyers and existing homeowners.
They seem to have good relationships with local real estate agents, which means your agent might recommend them when buying a home.
The company is currently licensed in Alabama, Delaware, Florida, Maryland, North Carolina, Pennsylvania, South Carolina, Virginia, West Virginia, Tennessee, and Washington DC.
Fun fact: McLean, Virginia, is the home of mortgage financier Freddie Mac.
How to Apply with McLean Mortgage
To get started, you can visit their website and check out their loan offers, along with their many loan advisers, some of whom are among the top n. 1 nationwide.
When you’re ready to apply, just click “Start Application”. Your digital mortgage app is powered by Blend, one of the leading mortgage fintech companies out there.
It enables you to complete most tasks paperless, whether it’s importing your bank account or employment details, electronic signature disclosures, or document scanning / uploading.
Once submitted, you can track the progress of your loan throughout the process and receive status updates whenever something changes.
If you are a home buyer, they offer LoanFirst, a mortgage pre-approval designed to ensure nothing is left to chance.
This can strengthen your offer in a competitive housing market and help you get to the finish line faster once your offer is accepted.
Simply put, McLean Mortgage offers a nice blend of human touch and technology, so whether you’re a first-time home buyer or a seasoned homeowner, you should be in good hands.
Loan Programs Offered By McLean Mortgage
- Home purchase loans
- Home construction loans
- Refinancing loans: rate and term, cash withdrawal, streamlining
- Conforming Loans Backed by Fannie Mae and Freddie Mac
- FHA loans
- VA loans
- USDA Loans
- Fixed-rate mortgages – 30, 20, 15, and 10-year loan terms available
- Adjustable rate mortgages: 5/1, 7/1 ARM
McLean Mortgage offers a wide range of home loan products, from home purchase loans to repayments and new construction loans.
They have helped a large number of first-time home buyers purchase properties and also offer the full suite of mortgage refinance options.
So if you want a lower mortgage rate, collect, or just want to change loan programs, they can help.
You can get a compliant loan backed by Fannie Mae or Freddie Mac, an FHA loan, VA loanor USDA loan.
If you want to build your own custom home or carry out major renovations, your one-time closing permanent construction loan might be a good option.
They also promote their so-called “Mortgage Insurance Payment Eliminator”, which appears to be their brand form of mortgage insurance paid by the lender.
The only major loan type that seems to be missing is a jumbo loan, although I couldn’t confirm it 100%.
McLean Mortgage Rates
One area where we could use more information is the pricing department. McLean Mortgage does not publish its mortgage rates or online lenders fees.
As such, your first step might be to speak with a licensed loan officer to obtain today’s rates for your specific loan scenario.
As you do so, be sure to ask about the lender’s fees, such as a loan origination fee, processing, subscription, application, etc.
Once you have done that, you can compare your quotes Mortgage APR to other lenders to determine how competitive they are.
Assuming you go ahead and lock your loan, you will have the opportunity to take advantage of an even lower rate thanks to their RateFlex program.
It is essentially a floating option which allows you to re-lock your loan if the price improves between the initial lock and the closing.
McLean Mortgage Reviews
At Zillow, McLean Mortgage has a near-perfect rating of 4.99 stars out of a possible 5 out of more than 2,600 customer reviews.
Aside from the fantastic rating, many clients said the interest rate and / or closing costs were lower than expected.
On Experience.com, they have a 4.91-star rating from approximately 200 reviews, and on Google, a 4.7-star rating from approximately 70 reviews.
They also earned a 4.7-star rating on Facebook from approximately 30 reviews and a 4-star Yelp rating from approximately 50 reviews.
Lastly, they are a Better Business Bureau accredited company and currently have an ‘A +’ rating.
In short, McLean Mortgage seems like a good option if you want a reliable lender you can count on, especially if it is for a home purchase or construction loan.
They seem to focus heavily on professionalism, confidence, and the human touch – important traits for those who need a reliable partner on their home buying journey.
Just pay attention to mortgage rates and lenders fees to make sure you don’t pay a premium for service that you might find elsewhere as well.
Pros and cons of McLean Mortgage
- You can apply for a home loan online without a human
- Offer a digital mortgage app powered by Blend
- Large number of programs to choose from, including construction loans
- Excellent reviews from previous customers on rating sites
- A + BBB rating, accredited since 2013
- Floating option after locking your mortgage rate
- Fully underwritten pre-approvals to give you an edge in competitive markets
- Free smartphone app
- Some of your staff speak Spanish
He maybe not
- Don’t post mortgage rates or lenders’ fees
- Only licensed in a handful of East Coast states
- It is not clear if they offer jumbo loans
- You can transfer your loan to an external servicer after closing
(Photo: Ken lund)