Virginia Mortgage Rates
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VIRGINIA CONFORMING 30 YEAR FIXED RATESToday's Average: 4.96% What does this mean?
About Mortgage Rates in Virginia
Obtaining a mortgage in Virginia is no different than any other state. You will need to do your homework in order to find the best loan option from the wide range of fixed rate and adjustable rate loans. If you are buying a home in the Hampton, Arlington, Norfolk, Chesapeake or other Virginia city you will want to ensure a low interest rate, low monthly payment and desirable features on the loan you choose.
With over 3 million housing units in the state and more than 68% of them owner occupied, Mortgage 101 can help you find the best possible mortgage loan for your financial situation. From refinancing to first time home owning we are here to help you with tools to save you money and help you understand the loan process.
Fixed Rate Mortgages in Virginia
This is your parent's mortgage loan. The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower.
In some instances, refinancing your current mortgage loan in Virginia can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.
Other Mortgage Terms
Origination Fee - The fee charged by a lender to prepare loan documents make credit checks inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.
Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.
Annual Percentage Rate (APR) - The measurement of the full cost of a loan including interest and loan fees expressed as a yearly percentage rate. Because all lenders apply the same rules in calculating the annual percentage rate it provides consumers with a good basis for comparing the cost of different loans.
Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.