Mortgage & Home Loans: Our Local Lenders in Southwest Virginia & Northeast Tennessee

At a Glance: Home Loans with a Local Edge

$0 Down Options: Qualified buyers can access 100% financing for home purchases, preserving savings for the future.
Lower Monthly Costs: We have eliminated Private Mortgage Insurance (PMI) on our home loans and waived points and origination fees on purchases of existing homes.
Reduced Closing Costs: Our closing costs are typically 2% or less, significantly lower than the 6% national average.
Local Decision-Making: All loans are processed and approved by lenders living in Southwest Virginia and Northeast Tennessee, ensuring faster closings and personal service.
Flexible Terms: Choose from 10 to 30-year fixed rate mortgages or adjustable rate mortgage options (ARMs) tailored to your budget.
Historic Trust: Serving our neighbors since 1874.

Keep Your Savings with Our No Down Payment Home Loan

Fast, free, and local. Apply online in minutes to see how close you are to homeownership.

Let’s talk one-on-one. Fill out this quick form, and we’ll be in touch to discuss your specific goals.

Image of house in the Appalachian mountains.

Why Choose a Local Mortgage from The Bank of Marion?

100% financing. From 100% local lenders.

Your dream home is closer than you think. Our No Down Payment Home Loan is designed for qualified buyers who want to preserve their savings for the future. Apply online or stop by a branch. We’re ready to help you get home sooner.

Keep more of your monthly budget.

We’ve eliminated the need for Private Mortgage Insurance (PMI), meaning lower monthly payments and more money staying in your pocket where it belongs.

Zero points. Zero origination fees.*

When you’re buying an existing home, you won’t be surprised by hidden costs. We waive these common fees to ensure your transition into a new home is as affordable as possible.

Modern speed. Historic service.

Your time is your most valuable asset. We’ve combined modern digital tools with local decision-making to get you from application to "welcome home" faster than the big banks.

Low closing costs.

National averages can reach up to 6%**, but we keep ours at 2% or less. It’s part of our 150-year commitment to providing fair, honest banking to Southwest Virginia and Northeast Tennessee.

Loans tailored to your life.

Whether you want the long-term stability of a 30-year fixed rate or the flexibility of an adjustable rate mortgage (ARM), we work with you to find the perfect fit for your future.

Competitive Mortgage Rates, Customized for You.

Our home loan interest rates are very competitive - among the lowest you will find anywhere.

At The Bank of Marion, we believe you deserve a mortgage rate based on your specific financial picture - not a generic number from a list. As your hometown lender, we work to find every opportunity to lower your rate, whether you are a first-time buyer or refinancing a forever home.

To discover your rate, complete our online mortgage application, or request a local lender contact you.

What influences your mortgage rate?

Your Credit Score: Higher scores often unlock our lowest available rates.
Loan Term: 15-year fixed mortgages typically have different rates than 30-year fixed mortgages.
Loan Type: Fixed rate mortgages typically have different rates than adjustable rate mortgages.

*Construction loans require 1% origination fee.
**Data sources include the Consumer Federal Protection Bureau, the National Association of Realtors, and Housing and Urban Development (HUD.)

Types of Mortgage Loans We Offer

UP TO 30 YEAR FIXED RATE LOANS

Lock in your rate for the life of your loan. Perfect if you plan to put down roots and want a consistent monthly payment that never changes. Available in 10, 15, 20, and 30-year terms.

ADJUSTABLE RATE LOANS (ARMS)

An adjustable rate loan typically offers a lower initial rate that adjusts periodically over the life of the loan.

REFINANCING YOUR CURRENT HOME LOAN

If you're looking for a better home loan or looking to turn the equity in your home into cash, our Cash-out Home Refinance Loan is for you. It pays you the difference between your current mortgage balance and your home's appraised value. Use your cash for whatever you wish.

FIRST-TIME HOME BUYER LOANS

Many would-be first-time home buyers are intimidated by the home loan process. We simplify it. And we often find ways that first-time home buyers can afford the home they thought would be out of their reach.

Select the option that works best for you:

Fast, free, and local. Apply online in minutes to see how close you are to homeownership.

Let’s talk one-on-one. Fill out this quick form, and we’ll be in touch to discuss your specific goals.

Prefer to talk to a neighbor? We’d love to see you! Find your nearest branch and give us a call or stop by for a visit

Common Questions About Home Loans in Southwest VA & Northeast TN

1. How can I find the current mortgage rates?

Answer: Mortgage rates change daily based on the market and your personal financial picture. Instead of showing you a generic estimate that might not apply to you, we provide personalized quotes tailored to your budget. Whether you are buying in Southwest Virginia (from Marion to the New River Valley) or Northeast Tennessee (including Bristol and Johnson City) and points in-between, our local lenders are close by and ready to help you secure the lowest possible rate.

2. What is the difference between a Fixed-Rate and an Adjustable-Rate Mortgage (ARM)?

Answer: A Fixed-Rate Mortgage offers stability—your interest rate and principal payment stay the same for the life of the loan (typically 15 or 30 years). An Adjustable-Rate Mortgage (ARM) often starts with a lower rate that may change over time. Our team can help you decide which option fits your budget and long-term plans.

3. Can I refinance my home loan with The Bank of Marion?

Answer: Yes! Refinancing can be a great way to lower your monthly payment, shorten your loan term, or use your home’s equity for renovations. We offer competitive refinance rates for homeowners across Southwest Virginia and Northeast Tennessee.

4. Do I need a large down payment to buy a home?

Answer: Not necessarily. Many well-qualified buyers take advantage of our No Down Payment Home Loan. However, every financial picture is different. If your specific situation requires a down payment, don't worry. We will sit down with you to find the loan structure that fits your budget and helps you say "yes" to your new home.

5. How do I apply for a mortgage?

Answer: We give you the best of both worlds: high-tech convenience and hometown service. You can start your application online in minutes, request to be contacted, or visit any of our branches—from The New River Valley to Johnson City—to apply in person with a neighbor you trust.

Put Your Home to Work for You

Your house has grown in value; now, let that value help your home grow. Whether it’s finally finishing the basement, a long-overdue kitchen remodel, or essential repairs, a Home Equity Line of Credit (HELOC) from The Bank of Marion gives you the flexibility to fund your next big project.

DISCOVER WHY WE'RE THE HOME LOAN LEADER!

Our dedicated Regional Mortgage Center streamlines the complex paperwork so your local lender can focus on you. By processing approvals here locally, not in a distant corporate office. We get you to the closing table faster and with fewer headaches.