Mortgage Refinansing Help

Mortgage Refinancing Help: Virginia

“If you are refinancing from one ARM to another, check the initial rate and the fully-indexed rate. Also ask about the rate adjustments you might face over the term of the loan. ”

Mortgage Refinancing Help : Business: Financial Services: Banking Services: Credit Unions: Regional: United States : Virginia (16)

Stick with a simple loan. It is easier to understand and less likely to get you into trouble. Adjustable-rate mortgages may seem like a way to get a bigger house now or to keep more money now, but when the rates adjust you can get into trouble. Avoid anything with a balloon payment. Just choose a simple 30-year mortgage you can easily afford.

See also:

Norfolk Municipal Employees Federal Credit Union »
Norfolk. Membership is open to select employer groups.

Chartway Federal Credit Union »
Virginia Beach. Serving the military and select employment groups throughout Hampton Roads.

Bellwood Federal Credit Union »
Richmond. Membership is open to employees of the Defense General Supply Center.

Martinsville DuPont Credit Union »
Martinsville. Membership is open to the people of Martinsville and Henry County.

Langley Federal Credit Union »
Serving the military and multiple employer groups and organizations in Hampton Roads. Includes branch and ATM locations, history, and annual report.

Synergy One Federal Credit Union »
Manassas. Membership is open to select employee groups.

Queen of Peace Arlington FCU »
Membership is open to parishioners of Our Lady, Queen of Peace Church in Arlington.

Virginia United Methodist Conference Credit Union »
Gum Spring. Serves United Methodists in the Virginia Conference.

Roanoke Valley Federal Credit Union »
Roanoke. Serving members who live, work, attend school or worship in Roanoke City, Roanoke County, Vinton, Salem, and Botetourt.

Amphibious Base Naval Base FCU »
Based in the Hampton Roads area with service centers located throughout the state.

Colonial Farm Credit »
Mechanicsville. Member-cooperative offers rural financing from branches throughout Virginia.

Henrico Federal Credit Union »
Henrico County. Membership is open to Henrico County employees, volunteers and their immediate family.

Fairfax County Employees Credit Union »
Fairfax. Serving employees of Fairfax county.

Constellation Federal Credit Union »
Falls Church. Membership open to civilian and military employees of the National Imagery and Mapping Agency in the Washington, DC metropolitan area.

Guardian Federal Credit Union »
Portsmouth. Serves the US Coast Guard, Civil Service and all the military.

Virginia Beach Schools Federal Credit Union »
Virginia Beach. Serving members from the Virginia Beach City Public School System, Accomac and Northampton County, and Virginia Wesleyan College.

Refinacing your mortgage can allow you to take cash out of the equity which you have built in your home. You can pay off your higher interest debts and pay all of your debts at a lower interest rate. This will allow you to save money on a monthly basis and achieve your financial security.

Make sure that your original mortgage does not have a pre-payment penalty or early payoff penalty of any kind. Sometimes people will get into their mortgage with the mortgage having a pre-payment penalty and they will not even know about it. Pre-payment penalties usually range from 6 months to 3 years with a penalty for an early payoff. The penalty is usually about the amount of 6 months worth of your mortgage loan interest, but this varies. You would have to be able to have some significant payment and interest savings on your refinance loan to justify refinancing a mortgage loan with a pre-payment penalty.

The length of time that you expect to keep the mortgage helps you determine whether it is worthwhile to pay points up front to reduce your interest rate. Unlike points paid on your original mortgage, points paid to refinance may not be fully deductible on your income taxes in the year they are paid.

If there is a big difference between the initial interest rate and the APR listed in the ad, it may mean that there are high fees associated with the loan.