Guide to Refinance, Mortgage,
& Home Equity Loans in
Charlottesville, Virginia (VA)

Small towns are a wonderful place to live because they offer a community and comfort that you cannot find in large cities. The small town of Charlottesville, Virginia, is no exception and is a wonderful place to buy a home and settle down with your family. With a population of just 40,437 in the last census, it lives up to its name of “the best place to live in America,” coined by Cities Ranked and Rated in 2004. Additionally, it was also called one of the “best places to live” by Money magazine and also named the number two healthiest place to live in America.

In addition to its current acclaim, the town of Charlottesville, Virginia, founded in 1888, is also steeped in history. Charlottesville, Virginia is home to the University of Virginia, and Thomas Jefferson’s mountain-top home, Monticello, which attracts thousands of tourists each year. This is a great town to live in and if you are thinking about buying a home in Charlottesville, read below for information about doing just that. If you already own a home in this “best place to live,” read on for information about refinancing your current mortgage or taking out a home equity loan or home equity line of credit.

So you have decided that you want to purchase a home in Charlottesville, Virginia, but you have no idea where to start. Finding a home that you love and that is also in price-range may seem like a difficult task, but it is worth the effort to find your perfect home. A good place to start the process is by speaking with a mortgage lender. They will be able to pre-approve you for a mortgage, based on your current income, credit history, and your existing recurring monthly debt. They will determine how much of risk you are financially and then decide how much home you can afford based on these factors. Once you know how large of a mortgage the bank is going to give you, it will be easier to narrow down the available homes to the correct price range.

Once you have found your dream home, you will need to have it appraised, to ensure that you are not paying too much for the home. You will then need to do additional paperwork to complete your mortgage loan. At that time you will make the final decision as to what type of mortgage loan you will take out and your interest rate. Be sure to ask your mortgage lender any questions that you have along the way.

If you already own a home in Charlottesville, Virginia and agree that it is the best place to live, but are happy with your current mortgage payments, you may want to consider a mortgage refinance. With the way that interest rates are increasing, if you got an adjustable rate mortgage when you first purchased your home, you may be paying for it with a higher interest rate, and therefore higher monthly payments, now, years later. With a mortgage refinance, you will take a new mortgage, with new mortgage terms and use it to pay off the first mortgage. You then will have a new mortgage with terms that are more favorable to you. You can even take out the second mortgage for more than you need to pay off the first mortgage and use the remaining money for home improvement or perhaps to pay off credit card debt.

If you are happy with your current mortgage payments, because you got a good fixed rate mortgage initially, but need some extra cash, you may want to consider a home equity loan or a home equity line of credit. A home equity loan is a lump sum payment, which is determined by the percentage of your home that is unencumbered, or not subject to a lien (like your mortgage). A home equity line of credit is a revolving line of credit, much like a credit card (but with lower interest rates) that you can borrow from over time. Either option is perfect if you need some extra money for home repairs, to pay off debts, or to pay college expenses.

If you want more information about a mortgage, home equity loan, or a refinance loan in Charlottesville, Virginia, fill out the form below and someone will be in contact with you.

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