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Mortgage Refinancing Help
: Regional: North America: United States: Virginia: Business and Economy: Financial Services
: Insurance (4)
 Refinancing may not be that useful if you have already used up 90% or more of your home value in taking out a mortgage or any home equity loan. You won't be able to get the best rates available in the market as when you refinance a 90% LTV loan, you will probably require a loan of that value or higher. This will be quite closer to being a 100% financing option and hence mortgage refinance rates will be comparatively higher. Moreover, 100% loans are hardly available in times of mortgage market crisis.
 See also:
 Professional Insurance Agents of Virginia and the District of Columbia »
Serves the interest of its members through effective representation, quality education, and member support, for the benefit of both consumers and the insurance industry.
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 Thomas Rutherfoord, Inc. »
Property and casualty insurance broker offering a wide variety of products, including employee benefits and risk management. Headquartered in Roanoke, the firm has five other offices.
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 Virginia Association of Insurance and Financial Advisors »
The Virginia state chapter of NAIFA. Membership information, events, local associations, continuing education, leadership, and related links.
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 Virginia Association of Health Underwriters (VAHU) »
A grassroots organization of professional insurance advisors engaged in the sale of health, disability, and long-term care insurance. Events, legislation, and links.
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 If you do not plan on staying in the house very long, refinancing may not be in your best interests.
If your property value reduces and you refinance up to 80% of the reappraised value, your original mortgage amount may be higher than this amount. Thus, the new loan will not be sufficient enough to help you pay down the existing one.
You can ask for a copy of your settlement cost papers (the HUD-1 form) one day in advance of your loan closing. This will give you a chance to review the documents and verify the terms.
When refinancing, don't take the first offer that comes around. Instead you should actively compare both interest rates and lenders.
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