One of the largest mortgage lenders in Virginia that isn’t a national brand goes by the name “McLean Mortgage.”
It’s ostensibly derived from the community of McLean, Virginia, which is located in the very north of the state just outside Washington D.C.
Last year, the company managed to crack the top-10 list in the Old Dominion with more than $5 billion in home loans funded.
In terms of what sets them apart, it appears to be service. They take a client-first approach and are big on trust, which explains why many first-time home buyers turn to them to obtain financing.
If you live in or around the Mid-Atlantic, they might be a lender worth checking out as an alternative to the bigger, household names.
McLean Mortgage Fast Facts
- Retail direct-to-consumer mortgage lender
- Offers home purchase, new construction, and refinance loans
- Founded in 2008, headquartered in Fairfax, VA
- Currently licensed to do business in 10 states and D.C.
- Funded more than $5.6 billion in home loans last year
- Nearly 70% of loan volume comes from home state of Virginia
- The 9th largest mortgage lender in the state of Virginia
McLean Mortgage is a direct-to-consumer mortgage lender with limited branch locations in Virginia and surrounding states.
As such, you’ll likely work remotely with one of their licensed loan officers to close your mortgage.
They offer home purchase financing, mortgage refinances, renovation and new construction loans.
Last year, they funded about $5.6 billion in home loans, with 67% of overall volume coming from their home state of Virginia.
In terms of product mix, they did about 55% refinances and 45% home purchase loans, so they appear to be a suitable choice for both home buyers and existing homeowners.
They seem to have good relationships with local real estate agents, meaning they might be recommended by your agent when purchasing a home.
The company is currently licensed in Alabama, Delaware, Florida, Maryland, North Carolina, Pennsylvania, South Carolina, Virginia, West Virginia, Tennessee, and Washington D.C.
Fun Fact: McLean, Virginia is the home to mortgage financier Freddie Mac.
How to Apply with McLean Mortgage
To begin, you can visit their website and check out their loan offerings, along with their many loan advisors, some of whom are ranked in the top #1 nationally.
If and when you’re ready to apply, simply click on “Start Application.” Their digital mortgage application is powered by Blend, one of the leading mortgage fintech companies out there.
It allows you to complete most tasks paperlessly, whether it’s importing your bank account or employment details, eSigning disclosures, or scanning/uploading documents.
Once submitted, you can track your loan progress throughout the process and receive status updates whenever something changes.
If you’re a home buyer, they offer LoanFirst, a fully-underwritten mortgage pre-approval designed to ensure nothing is left to chance.
This can make your offer stronger in a competitive housing market, and help you get to the finish line faster once your bid is accepted.
Simply put, McLean Mortgage offers a good mix 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
- Refinance loans: rate and term, cash out, streamline
- 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 purchase loans to refis to new construction loans.
They’ve 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, cash out, or simply want to switch loan programs, they can help.
You can get your hands on a conforming loan backed by Fannie Mae or Freddie Mac, an FHA loan, VA loan, or USDA loan.
If you want to build your own custom home or carry out major renovations, their one-time-close construction-to-permanent loan could be a good option.
They also tout their so-called “Mortgage Insurance Payment Eliminator,” which appears to be their branded form of lender-paid mortgage insurance.
The only major loan type that appears to be missing is a jumbo loan, though I couldn’t 100% confirm that.
McLean Mortgage Rates
One area where we could use more information is the pricing department. McLean Mortgage doesn’t publicize their mortgage rates or lender fees online.
As such, your first step might be speaking with a licensed loan officer to obtain today’s rates for your specific loan scenario.
While you’re at it, be sure to inquire about lender fees, such as a loan origination fee, processing, underwriting, application, and so on.
Once you’ve done that, you can compare their quoted mortgage APR to other lenders to determine how competitive they are.
Assuming you move forward and lock your loan, you’ll given the chance to take advantage of an even lower rate thanks to their RateFlex Program.
It’s essentially a float-down option that allows you to re-lock your loan if pricing improves between initial lock and closing.
McLean Mortgage Reviews
On Zillow, McLean Mortgage has a near-perfect 4.99-star rating out of a possible 5 from more than 2,600 customer reviews.
Aside from the fantastic rating, many customers said the interest rate and/or closing costs were lower than expected.
Over at Experience.com, they have a 4.91-star rating from about 200 reviews, and on Google, a 4.7-star rating from about 70 reviews.
They’ve also got a 4.7-star rating on Facebook from about 30 reviews, and 4 stars from Yelp from roughly 50 reviews.
Lastly, they are an accredited business with the Better Business Bureau and currently have an ‘A+’ rating.
To sum things up, McLean Mortgage sounds like a good choice if you want a dependable lender you can count on, especially if it’s for a home purchase or a construction loan.
They seem to focus heavily on professionalism, trust, and human touch, important traits for those who need a reliable partner on their home buying journey.
Just pay attention to their mortgage rates and lender fees to ensure you don’t pay a premium for service you might also be able to find elsewhere.
McLean Mortgage Pros and Cons
- Can apply for a home loan online without a human
- Offer a digital mortgage application powered by Blend
- Tons of programs to choose from including construction loans
- Excellent reviews from past customers across ratings sites
- A+ BBB rating, accredited since 2013
- Float down option after you lock your mortgage rate
- Fully-underwritten pre-approvals to give you an edge in competitive markets
- Free smartphone app
- Some of their staff speak Spanish
The Maybe Not
- Do not publicize mortgage rates or lender fees
- Only licensed in a handful of states on the East Coast
- Unclear if they offer jumbo loans
- May transfer your loan to a third-party servicer after closing
(photo: Ken Lund)