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Virginia Mortgage Rates

Comparing Virginia Mortgage Loan Rates

Tenth of the original 13 colonies is the state of Virginia. A land of many vistas, some of the most breathtaking are found in the majestic Blue Ridge Mountains. If you’ve taken a closer look at Virginia and think it might be the place to settle, you’ll need a Virginia mortgage loan. If you’re looking for more favorable mortgage terms or want to turn your Virginia home’s equity into cash, check into Virginia mortgage refinancing and Virginia second mortgages.

You’ll find more than mountains in Virginia. It’s also a land rich in history. The American Revolution ended in Yorktown. Virginia’s capital Richmond was also the capital of the Confederacy. It’s where the first Thanksgiving was held and it’s also the birthplace of George Washington. Today Virginia’s economy is fueled by tobacco and tourism, peanuts, and numerous government and military installations. Virginia is a wealthy state with a vibrant eastern shore. There’s so much to do in Virginia and all that’s missing is you!

Mortgage loan types in Virginia

You can’t compare the different Virginia mortgages until you have a good understanding of the way each works. Fixed rate mortgages (FRMs) offer interest rates and mortgage payments that won’t ever change. Most popular is a term of 30 years, but shorter and longer FRM terms are available. Adjustable rate mortgages begin with a low fixed rate (and low payments) that changes, or adjusts to a variable rate after the introductory period expires. A second mortgage offers either an adjustable or a fixed interest rate.

Modify your Virginia mortgage with a refinance

People choose to refinance their Virginia mortgages for different reasons. Some want to consolidate debt. Others want to cash out while others refinance to lower mortgage payments. You’ll need equity in your home to cash out or consolidate debt. If that’s the case, your refinanced mortgage has to be for an amount greater than the balance on your current mortgage. If the interest rate currently offered in Virginia is less than the rate on your first mortgage, refinancing can lower payments. If it’s not, you can refinance into a loan with a longer maturity period.

Comparison shopping for Virginia mortgages

You’re probably anxious to make your move to Virginia. But before you do, take time to request and compare Virginia mortgage offers to make sure you’ve gotten the best deal possible.

Popular Areas in Virginia

Fairfax County
Newport News
Virginia Beach