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Mortgage Refinancing Help: Virginia
“Refinancing is not the only way to decrease the term of your mortgage. By paying a little extra on principal each month, you will pay off the loan sooner and reduce the term of your loan. For example, adding $50 each month to your principal payment on the 30-year loan above reduces the term by 3 years and saves you more than $27,000 in interest costs.
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Mortgage Refinancing Help
: Business: Financial Services: Mortgages: Regional: United States
: Virginia (13)
 If you know that you will be moving in 3 to 5 years, you might want to consider refinancing to a 3 or 5 year ARM (adjustable rate mortgage). These loans typically have a much lower rate that a traditional fixed rate loan such as a 30 year fixed, but they do have a fixed rate for the first 3 or 5 years of the loan. This will enable you to benefit from the lower rate, but you won't ever have to worry about the risk of a rate adjustment because you will be selling the home before the fixed-rate period ends.
 See also:
 Virginia Mortgage Bankers, LLC, Inc »
Provides residential mortgage financing for homeowners and prospective homeowners.
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 Lake Gaston Mortgage Services, L.L.C. »
Specializing in Resort properties, 2nd Homes, and Investment Lending on Lake Gaston and surrounding areas.
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 All Virginia Mortgage »
Provides residential mortgages for Midlothian, Richmond and all of Virginia.
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 1st Nations Mortgage Corporation »
A full service mortgage company providing mortgage services for all of Virginia.
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 Mortgage Capital Investors, Inc. »
Mortgage lender specializing in a vast array of residential mortgage programs.
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 Southern Trust Mortgage »
Provides residential mortgages for Virginia, Maryland, Washington, DC and North Carolina.
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 Virginia Housing Development Authority »
Provides financing and assists Virginians with acquiring affordable housing.
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 First National Bank of Altavista »
Provides residential mortgage financing for Lynchburg and Altavista, Virginia.
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 Crown Mortgage Services, LLC »
Source for residential, commercial, and equity loans. Includes articles, staff profiles, client testimonials. Based in Charlottesville.
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 Home Town Mortgage Group »
Mortgage company offers home financing programs in Tennessee, Virginia and Kentucky.
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 Benchmark Mortgage Inc »
Provides residential mortgages in Virginia as well as MD, NC, CO, TX and WV.
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 Jenny Cannon's - Columbia National Inc. »
Columbia National Inc.
- Offering mortgage services for Virginia.
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 First Meridian Mortgage »
Provides residential mortgages for Virginia Maryland, DC and North Carolina.
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 Refinancing a mortgage means the owners are paying off their existing mortgage and replacing that mortgage with a new loan. Generally, the costs associated with mortgage refinancing are rolled into the loan, meaning they are added to the existing balance, increasing the loan amount.
Before you refinance a loan, make sure that you carefully analyze any fees that your lender is including on the loan. The Department of Housing and Urban Development can provide you with a list of standard fees. Use it to make sure that your lender isn't tacking on anything extravagant. And by all means, compare their fees with other lenders in the market.
Changing the term of your mortgage can help in several ways. First, if you were to refinance your current mortgage from 30 years to 15 years, you will accelerate the rate at which you pay towards principle each month meaning your house will be paid off quicker. Also, you will save an unbelievable amount of money in terms of interest because you would likely be taking 10 to 15 years off the life of your loan. Second, you can also refinance a 15 year mortgage to a 30 year mortgage. It seems like it might not make sense to do this, but if you have an immediate need to free up monthly cash-flow and you don't want to take out a home equity loan, this can work out to your benefit. When you take a 15 year loan and refinance it to 30 years you will have the same balance only the payments can be hundreds of dollars less than the 15 year loan. The only draw back to this is you will pay more in interest over the live of the loan.
Be Patient. Processing all of the paperwork that's required for a new loan takes time. Be patient while your loan moves through the system. Protect your credit score by paying your bills and making your mortgage payments on time and not taking on any more new debt than you absolutely have to.
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