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Refinancing Your Virginia Home

Are you thinking of refinancing your Virginia home? If you love where you are living, but you would like to make a change in your mortgage, refinancing is your answer. Whether you are looking to save money on your mortgage payment or pay off your mortgage a little early, there is a refinance product out there for you. Still, you need to make sure you get the best deal on your Virginia refinance efforts to save the most money.

Shop Around

The number one thing you can do to save money on your Virginia refinance loan is to shop around. Use resources like the internet and web-brokers to give you information on different lenders in Virginia. Find out their fees for refinancing along with refinance percentage rates. See what refinance loan products the lenders offer. Ask about their customer service and financial ratings. If you want the best refinance loan for your home, you need to search around for it.

Compare Rates and Offers

While you are shopping around, you will see a variety of interest rates on Virginia refinance loans. However, be sure to compare them correctly so that you get the best deal possible. Make sure you look overall at the variety of fees and points that may be required to get that refinance loan. Sometimes the fees completely negate any benefit you would get out of refinancing your Virginia home. Use mortgage calculators and other tools available on the mortgage broker websites to see if refinancing is going to really save you money.

Check on Those Fees

What fees are the lenders trying to charge you? There are usually normal fees like closing costs, appraisal fees, and application fees when you refinance your Virginia home. However, some Virginia lenders will also charge you points to give you better rates. Use your calculator to see if points are worth it. Also, many Virginia mortgage lenders charge a pre-payment penalty fee for paying off your old mortgage early. Make sure you include this amount in your fees. Sometimes the fee can be hefty, so you need to know how much your refinancing is really going to cost you. Also, if a company promises no fees, make sure they are not making up for them in your interest rates or hiding them in other costs.

Get Credit for Your Credit

Be sure your credit is in order before you start applying for Virginia refinancing loans. The better your credit looks, the better your refinance rate will be. You really do not want to refinance unless the rate is at least two points lower than your current rate, and a lower rate comes with better credit. Be sure to pay your bills on time, close any unnecessary credit accounts, and avoid opening up new lines of credits for at least 6 months to a year before you look to refinance.

Get the Right Refinancing Product

When you go to refinance, you want to be sure you are getting the right product for your situation. Knowing why you are refinancing will point you toward the right Virginia refinance loan. Most experts recommend that you avoid refinancing to an ARM unless you are in desperate need to save money on your monthly payment and you will only be in your home for a few years. When you shop around, be sure your Virginia refinance product will meet your refinancing goal.


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