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Take the mystery out of buying a home and learn which home loan options are right for you and how the mortgage process works.
Take the mystery out of buying a home and learn which home loan options are right for you and how the mortgage process works.
Are you considering doing a home refinance in Virginia? At First Meridian Mortgage Corporation, we have helped countless homeowners get into a better financial position through refinancing their home loans, and we want to help you too. First Meridian Mortgages zero closing cost refinance or no closing cost refinance is our most popular program and we have been using this program since 1996 to help clients in Virginia, Maryland and District of Columbia. We are local to Alexandria, Fairfax, Loudoun, Prince William, Clark, Arlington counties.
There could be many reasons why you need to do a home refinance in Virginia. Here are a few of the most common ones.
One of the most common reasons people refinance a mortgage is to get a lower rate. Mortgage rates fluctuate based on wider economic conditions, and you might find that several years after buying your home, rates have fallen. Refinancing to take advantage of those lower rates will save you money. You can either get a lower monthly payment or shorten the term of your mortgage. In either case, you likely will pay less over the long run because the lower interest rate will mean less in finance charges.
Because mortgage rates are so low compared to the rates on other types of loans, you can use a mortgage refinance to consolidate and pay off debt. To do this, you must have equity in your home so that you can do a cash-out refinance.
In that situation, you refinance and take out a larger mortgage and then take the additional money to pay off other higher interest debt. This can save you a lot of money because you can get a mortgage at around 4 percent interest, while most credit cards charge interest rates in the double digits. A drawback to doing this is that by increasing your mortgage, it will take you longer to pay off your home, and you also put yourself at risk of foreclosure if you can’t make the increased payments.
Another way to use a cash-out refinance is to pay for college. You can use the equity built up in your home to help pay college tuition for you or a child. This can be a good idea, because mortgage debt carries lower interest rates than student loans.
Some people cash out the equity in their homes by doing a refinance and then reinvest that money back into their homes in the form of home improvements.
This can be a good use of a cash-out refinance because the improvements should boost the value of your home. Another way to do this is with a home equity loan, which essentially gives you a second mortgage.
Sometimes it’s necessary to refinance a mortgage to remove someone’s name from the deed. This can happen for a number of reasons. The most common are someone dying or a couple, married or divorce.
If someone wants to or needs to be removed from the deed, the mortgage has to be refinanced solely in the name of the person or persons remaining in the home.
This can be a disadvantage if the mortgage has to be refinanced when interest rates have gone up, but it is necessary in cases of death or divorce. A no closing cost refinance may be the best program use.
If you are considering buying a home in Virginia, contact First Meridian Mortgage Corporation. As a trusted lender, we have helped countless families realize the dream of home ownership. As a mortgage lender in Virginia, and also doing business in Maryland, and District of Columbia we believe that borrowers should have full knowledge of all of their options.
Our reputation as a mortgage company in Virginia is unsurpassed. First Meridian is known for its honesty and approachability, which places us always a step above other mortgage companies Virginia. Our ability to search for wholesale mortgage rates allows us to consistent beat the major credit unions, Banks and Mortgage companies.
First Meridian Mortgage does not charge origination charges / points like the Banks or Credit unions. First Meridian’s fees are usually paid by the lender and are preset prior to you calling. Many of our clients receive lender credits toward their closing cost, thus reducing their cost of acquisition.
Call to see how much cheaper your closing cost and interest rate will be by using First Meridian Mortgage. 703-799-5626
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