| The real estate market in Virginia has gone through a | | | | their home values jump from $300,000 to $600,000 in |
| significant shift in the past 10 years. Homeowners have | | | | the span of 5 years or less. |
| seen a dramatic increase in their home values. | | | | Points to consider when refinancing your mortgage |
| Whether you live in the affluent neighborhoods of | | | | loan as a cash out refinance or second mortgage |
| northern virginia or the Richmond, most Virginia | | | | home equity loan: |
| homeowners have 10%, 20% or 30% equity in their | | | | 1. As with all big decisions refinancing requires you to |
| homes. | | | | do some research. The most important aspect of |
| Virginia Homeowners are refinancing their existing | | | | getting the best loan terms, is to shop around for the |
| mortgage loans to take advantage of the equity in | | | | lowest refinance loan rate. This kind of shopping should |
| their homes to finance home improvement projects, | | | | not cost you any money. A reputable lender can offer |
| consolidate debts, pay for their children's education, | | | | no cost refinance loan quotse. |
| invest in real estate or treat themselves to a much | | | | 2. Once you get your loan quotes, compare mortgage |
| needed vacation. | | | | terms such as the interest rates, type of loan (fixed or |
| The amount of money that homeowners can draw or | | | | adjustable), prepayment penalties, points, fees, etc. |
| cash out during the refinance process depends on the | | | | 3. Ensure that you can still afford your new mortgage |
| equity in their home. Some homeowners draw $10,000, | | | | loan with some money to spare at the end of the |
| while others draw $100,000 or more. This is not | | | | month. |
| surprising as some virginia homeowners have seen | | | | |