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

One of the largest cities in the state of Virginia, Norfolk is a great place to live and work. A major military center, the city is home to several naval related industries and a naval hospital, making Norfolk an excellent place to live. If you currently live in the area, you may be looking toward a refinance loan to fit your needs.

No matter what type of mortgage, refinance, or home equity loan you are looking for in Norfolk, VA, your first step should be talking with a lender. Despite the difference in these loan types, most lenders will want essentially the same information at the initial visit.

Employment history: They will want to know about your employment history, and in most cases, they will want some proof of stable employment. Your W-2 forms for the last two years should suffice, and if you are self-employed, you will want to provide your 1099 forms.
Yearly income: Your lender will also want to know about your typical yearly income. Federal tax returns for the past two years should provide evidence of this.
Current Employment: Additionally, your lender will want to know that you are currently employed. Provide pay stubs from the last two months to your lender to establish your employment. If you are self-employed, you will want to provide your lender with bank statements to show proof of deposits. You may also want to offer your lender cancelled rent or mortgage checks from the last two months.

When your lender has all of your paperwork, you can expect to see some paperwork within three days of the loan’s application.

Good Faith Estimate: This document will disclose all of the costs of the loan. From application fees to mortgage payments, this document will help you to understand what your loan will cost you, and how much you may need to bring to the closing.
Truth in Lending Act disclosure: You will also see a Truth in Lending Act disclosure. This document will help you to understand what your loan’s APR is and how it is determined.
Equal Credit Act disclosure: One final document you may see is an Equal Credit Act disclosure form. This document lets you know that while your lender will be checking your credit, he or she cannot deny your loan on the basis of race, gender, or religious preferences.

If you are looking for a refinance loan, your choices will be quite the same as an initial mortgage loan. You can choose a fixed rate loan, where your payments will stay the same over the life of the loan. They will be based on the initial APR your lender discloses to you. Alternately, you may want to choose an adjustable rate loan. With this type of loan, you will get a lower initial interest rate than you might with a fixed rate loan, but you may notice a change in payments after your adjustment interval is up. Most adjustment intervals range from one, three, five, or seven years, and after each interval, your APR can change according to market conditions, your lender’s index, and the caps your lender places on your loan. The benefit with this type of loan, though, is those low first payments. If neither of these loans seem quite right for you, ask your lender about non-traditional loans like interest only loans, balloon loans, or options ARMs.

If you are ready for a Norfolk, VA refinance, home equity loan, or mortgage, take a moment to fill out the form below. A lender will contact you right away to discuss your needs.

Other Virginia (VA) Guides to Refinance, Mortgage, and Home Equity Loans in Your City or Town:

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