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

It is time to stop paying rent and find a house for you and your family in Jefferson, Virginia. Buying a house is a major decision that usually requires you to obtain a loan. Since there are so many mortgages to choose from, finding a loan officer to guide you through the process is a good idea. Find someone you and your family work well with and who you can trust with the information you need to disclose for the loan process.

The Loan Process

Expect your first meeting to last at least an hour. Your loan officer will get to know you by asking lots of questions. You will fill out a loan application, which will require you to provide both personal and financial information. Be prepared by having the necessary documentation available. This will include your employment and credit history, tax records, pay stubs, 401K and mutual funds information, and current housing expenses. Your employer will be sent a verification of employment form that will show that you are employed. A verification of deposit form will be sent to the banks you have accounts with to show how well you manage your money.

After all of the written verification is received, your loan officer will be able to assess your situation and determine whether or not you will be approved for a loan. All of the documentation will also help to decide what interest rate you receive, which mortgage is right for you, and even the length of your mortgage. Because it takes a while to get the written documents returned, expect 3 to 4 weeks before the loan process is completed. Be patient during this time and stay in contact with your loan officer, especially if questions come up. Since interest rates can change daily and your actual financial situation can effect the type of mortgage you may qualify for, guidance from your loan officer will be helpful.

Mortgage Types

You and your loan officer will also discuss the many mortgage types available in Jefferson, Virginia. The most common mortgage types are fixed rate and adjustable rate.

Fixed rate mortgages are typically for 15 or 30 years and have the same interest rate for the duration of the loan. You will have the same mortgage payment every month. This type of loan works best for those who plan to live in their homes for a while and who have a stable income. A fixed rate mortgage usually has a low down payment but will have a higher interest rate than some other options.

Adjustable rate mortgages start out with a low interest rate. However, this rate can change when the mortgage reaches an adjustment period. At that time, your mortgage payment can rise or fall depending on the current interest rate. Adjustment periods are usually 1, 3, or 5 years. If you do not plan on staying in your home for a long period of time, then this mortgage may be a good choice.

Refinance and Home Equity Loans

A refinance loan lets Jefferson, Virginia homeowners lower their mortgage payments by refinancing at lower interest rates, by changing the term of their loans, or by switching from one mortgage type to another. Refinancing means that you replace your existing mortgage with a new mortgage. Even if you have refinanced in the past, it can be to your benefit to refinance again. Think of what you can do with the cash you have left over every month if you have a lower mortgage payment. You could get caught up on your medical or credit card bills or even plan a family vacation.

Home equity loans are also a great way to get the money you need to pay for education costs, remodel, or possibly buy a new car. The longer you live in your house, the more equity you earn. Equity is the difference between the value of your home and the amount you still owe on it. Home equity loans have shorter terms than your original loan, which is usually 10 to 15 years. You can choose to get the loan in a lump sum or a line of credit. Interest is paid only on the amount you borrow.

To find out more about mortgage, refinance, or home equity loans in Jefferson, Virginia, fill out the form below. One of our experienced loan officers will assist you with your lending needs.

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