Virginia is a Commonwealth, meaning that its government is “based on the common consent of the people.” Home to the first permanent New World English colony (Jamestown), Virginia today is composed of 95 counties and 39 independent cities. Because of its proximity to Washington D.C., Virginia is the headquarters of numerous federal agencies and military facilities, as well as the Arlington National Cemetery.
A traditionally conservative state, Virginia has a well-balanced economy with income from very diverse sources ― including farming, business, military, and government. It has been called the “best state in the nation for business” for years and also boasts some of the wealthiest jurisdictions in the United States. Virginia is celebrated as the birthplace of the country and the Smithfield Ham, with architecture and Southern hospitality that is genuinely American. Homeowners and homebuyers in the Old Dominion State should be aware of current housing market conditions and stay informed about Virginia mortgage rates.
Virginia mortgage rates, similar to national mortgage rates, have declined steadily since the real estate crisis that began several years ago. Potential homebuyers may discover that Virginia mortgage rates are at the lowest levels they have been in a long time. Additionally, current homeowners may be able to take advantage of low Virginia mortgage rates by refinancing their loans.
Your Virginia mortgage rate will be affected by a number of factors, including your income, credit history, and debt obligations. Virginia mortgage rates may be fixed or adjustable, based on the type of loan you obtain. Note that your mortgage loan may have additional costs, such as lender processing fees and closing costs.
Declining Virginia mortgage rates have encouraged many homeowners to consider mortgage refinancing. For a successful refinance, you will need to provide the mortgage lender with proof of income, home equity, and a solid credit score. Your property will be appraised to determine its value, and if your loan exceeds 80% of the home’s value you may need to pay for mortgage insurance.
While low Virginia mortgage rates have prompted numerous homeowners to refinance their loans, you need to be sure that this is the right move for you. It’s generally advised that you refinance only if the Virginia mortgage rate being offered is at least 1% lower than your current mortgage rate. Otherwise, considering the lender fees and closing costs, a mortgage refinance may not be worthwhile.
The rate table below provides Virginia mortgage rates for refinancing a loan. It is recommended that you shop around and compare products from different lenders to find the offer that works best for you. Since Virginia mortgage rates are always changing, it is in your best interest to do the proper research and stay informed.