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

The city of Groveton, Virginia is a town that is committed to remembering history, while anticipating and celebrating the future. Just a short drive from Alexandria, residents of Groveton can enjoy being able to live near the amenities of a large city, while having the peace and quiet of a small-town as their home. Nearly 24,000 people make Groveton home, and the largest park in Fairfax County is also located there. This makes it an excellent place to raise a family or retire. West Potomac High School’s students excel and enjoy being able to have small class rooms, and great teachers.

Tips on Refinancing

It seems as if everyone is jumping on the refinancing bandwagon recently. The funny part is that many of them refinance without understanding what it is and how it can save them money. Some people even lose money by refinancing when the current interest rates are higher than the interest rate that is on their mortgage. You can save money by refinancing, but only if you know why you want to refinance, and only if you understand some of the process and tricks.

  • Adjustable rate mortgage – An adjustable rate mortgage can be great for those who know how to handle it. This type of mortgage allows for the interest on your mortgage to change as it does on the market. This is an appealing mortgage to first-time homebuyers, as the first rate may be low. However, in time, the rates rise. You can change your adjustable rate mortgage to a fixed rate mortgage by refinancing. This will allow for your monthly payments to remain the same, and for your interest rate to never change.
  • Bad credit history – A lot of people believe that, just because they have a bad credit rating, they can not refinance. This is simply not true. There are many different loans available that allow people with low credit scores to refinance. You need to find a mortgage lender who is willing to look at all of the options to find the best one.
  • The percentage isn’t low enough – It used to be that lenders would tell you that the interest rate had to drop two percentage points before refinancing would be worthwhile. Now, as long as the interest is at least a half of a percentage point lower than your current interest rate, you can save thousands of dollars by refinancing. If you have a $200,000 loan that has an interest rate of 7.25%, and the interest rate drops at least half a point, you can save over $28,000!
  • The cash-out options – Some people think that they have to go for lower payments or less time on their mortgage from refinancing. You can also go for a cash-out refinancing. This is when you take the difference in cash, which allows you to pay off large debts or to redo your home.
  • Keep track of the interest rate – You need to strike when the interest rate on the market is much less than the interest rate that is on your current paperwork, so keep an eye on the rates and strike when it gets low.

Home Equity Loans

You can also look into home equity loans if you are looking to get some money or to consolidate your debts. Most mortgage lenders offer home equity loans. Do not think that you have to go through your current lender. Other lenders may have better offers and can certainly help you get a home equity loan.

If you would like more information on mortgages, refinancing and home equity loans, please fill out the form below.


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