There are so many amazing things about Virginia to mention that it is hard to do the state justice by simply listing them off. The amazing universities, such as the University of Virginia, the amazing landscapes, and the friendly people are just a fraction of what this state has to offer. Virginia is also centrally located right near everything on the east coast, and it is home to the city of Sterling, which is one of the technology centers of the country. It is no wonder then, that so many individuals are willing to sacrifice their financial freedom to live in Virginia. However, this is not the only way to be able to live in Virginia. Existing homeowners can refinance their mortgages in order to get a new, improved monthly payment, and they have the opportunity of tapping into their home’s equity. In spite of the fact that it is a scary sounding term, refinancing is simply a fancy word for getting a new and improved loan for the remaining balance on your existing home loan. This process was designed to offer homeowners alternatives to their current mortgages that can seem suffocatingly strict.
Quick Virginia Housing Facts:
- Percent of homeowners in Virginia: 68.1%
- Percent of renters in Virginia: 29.9%
- Median annual income in Virginia: $52,776
- Average credit score in Virginia: 689
- Best Virginia city to live in: Vienna, VA
- Median Virginia home value: $125,400
When to Refinance in Virginia
Refinancing can be the most beneficial when it is timed properly. Too many individuals see what amazing benefits refinancing has to offer but neglect to consider some of the more specific points pertaining to the process, and they end up paying a lot of expensive fees in both the long and the short-term. For example, it is important to know if your current mortgage has any penalties associated with paying your mortgage off early. If it does, be sure that it is a small fee, rather than a percentage. This can be a way in which people lose thousands of dollars. Next, be sure that the climate is right for you to refinance. Check interest rates to see if they are changing consistently, or if they are staying consistent. In the even that they are staying fairly consistent, make sure that they are consistently below 1.5% less than what you are currently paying before you refinance.
How much house can I afford in Virginia
One of the biggest problems facing Virginia’s homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Some factors when choosing your mortgage loan you need to think about:
- How long do you plan to stay in your home
- How much of a down payment can you afford
- What is your Credit Score.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.