Virginia Mortgage Refinance
Traditional mortgage products in Virginia include fixed rate products that offer terms of 10, 15, 20 and 30 years or adjustable rate mortgages (ARMs) offering terms of 5/1, 7/1 and 10/1. Understanding the difference between a fixed and ARM product is vital to determining which mortgage refinance product is the best fit. Fixed rate products offer an unchanging rate, allowing the borrower to estimate his monthly payment throughout the life of the loan. ARMS have a lower interest rate during the initial period, but the rate fluctuates based on market conditions. Before shopping for the right mortgage, Virginia borrowers should obtain a copy of their credit report to determine a score and ensure all information is accurate; create a budget and financial goals and calculate payments and amortization tables for several different loan types. When calling Virginia lenders, ask for quotes on similar products, amounts and terms to make an educated, informed comparison. Also, knowing state and city home values is important. The median home value in Virginia is $237,300, whereas in Richmond (23218), home values are $195,600. In Virginia Beach (23540), home values hover at $208,700. Like home values, property prices vary too. State-wide the median home sale price is $284,400. Homes in Triangle (22171) sold for $505,000 and $193,000. In Mclean (22101), homes sold for $715,101 and $1,156,160.