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

Chesapeake, VA is a great place to call home. With just over two hundred thousand residents, a great school system, and a number of industries and businesses, it not only serves as a suburb of larger cities like Norfolk, but it also serves as a self-contained city where nearly anyone can live well.

Getting a mortgage

If you are interested in buying a home in Chesapeake, VA, you may need a great mortgage to do so. With rising housing prices in the area, a mortgage is often the only option for people who want to become homeowners. There are several great mortgage products to choose from.

Interest only loans are ideal for people who expect to see higher income amounts in the next few years. For the first ten years on this loan, you will not make payments toward the principal. You will only make interest payments, keeping your costs significantly lower. Keep in mind, though, that after the ten years are up, you will need to make both interest and principal payments, so you will need to accommodate your monthly budget to these new mortgage payment needs.

Balloon loans are great for Chesapeake residents who intend to spend fewer than five years in their new homes. These mortgages come with some of the lowest interest rates on the market, but you will be expected to pay the balance in full through the sale of the home, a refinance loan, or a lump sum payment in just five years.

Adjustable rate loans are a fairly traditional type of loan. They come with one interest rate at the start of the loan, but after each adjustment period has passed, that interest rate has the ability to go up or down. You will choose the adjustment period on the loan, but the most common are one, three, and five years. Your lender will notify you of which index your interest rates are based on with this kind of loan, and if you wish, you can review the documentation on how the index has historically performed to get some idea of how your loan payments will change.

Fixed rate loans are another fairly common loan. Their initial interest rates are higher than a Chesapeake, VA adjustable rate mortgage, but your loan payments will never change. You can count on the same payment amount throughout the entire fifteen or thirty year term of your mortgage.

Refinancing your home

If you have spent some time in Chesapeake, you may be thinking about refinancing your current mortgage for one of two reasons: either you would like to cash-out some of the equity you have built up in your home, or you would like to change the initial rate/term of your mortgage. The equity in your home is the difference between your home’s value and the balance on your loan. For example, if your home is worth $110,000, but your loan balance is $80,000, your home’s equity is $30,000. With a cash-out refinance loan, you could get that thirty thousand dollars in cash to pay off other bills, send the kids to college, or complete some home improvement projects. If you want to change the initial rate or term of your mortgage, you will simply choose a new mortgage that better reflects your financial needs. Whether you want something with a lower interest rate, or you think you want a longer term, talk with your Chesapeake, VA refinance lender to decide which loans are right for you.

A home equity loan

If you like the idea of turning your equity into cash, but you do not want to replace your initial mortgage with a new one, consider a home equity loan. There are two basic kinds of home equity loans. A lump sum home equity loan will offer you one check for the equity in your home. A home equity line of credit works like a debit account. You can borrow up to the value of your home as you wish and only pay interest on the amount of money that you borrow.

Whether you need a Chesapeake, VA refinance, mortgage, or home equity loan, take a moment to fill out the form below. A lender will contact you right away to discuss your needs.

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