2nd Mortgage Volumes are up across the colonial states as families are looking for fixed rate loans & increased savings!
Virginia mortgage rates have helped revive the DC housing market with affordable VA refinance and home loans for local borrowers. Virginia residents may qualify for a low rate second mortgage loan or refinancing offers that can benefit significantly from reduced cost exclusive loans incentives each month.
VA Refinance from Discount Virginia Mortgage Lenders
Nationwide Lenders extended their low interest rates guarantee statewide for fixed rate second mortgages to qualified borrowers residing in Virginia.
If you are you tired of drowning in high-interest credit card debt, then give us a call and we will help you lower your payments as quick as possible. Would you love to have the funds to take that dream vacation that you’ve always wanted? If you are a Virginia homeowner, you can access the equity in your home today.
Attention East Coast residents: Virginia home loans make more sense in 2024 because property values are starting to rebound. VA mortgage rates are still relatively low, so you can’t afford to wait!
Meet Virginia lenders that are excited to offer local residents new monthly loan specials that are offered exclusively to homeowners borrowing on their primary residence in the state of Virginia. Ask your mortgage broker about state specific limitations, interest rate lock guarantees, early termination fees and APR restrictions. 2nd mortgages rates can vary depending upon loan amount, amortization schedule and credit score. For FHA refinancing, make sure you consider the HUD maximum loan amounts. The 2010 FHA loans limits in Virginia have been set.
Refinance Adjustable Home Mortgages with Low Rate Fixed Interest Loans! Check out the Latest Loan Programs & Special Incentives
Free Appraisal Offer – Convert to Fixed Rate 2nd Mortgage
for 1st Time Home Buyers
If you are a Virginia homeowner, you can access the equity in your home today with a cost-effective 2nd Mortgage from Nationwide Mortgage Loans!
Second Mortgage Loan Volumes Increase Across Virginia
•Refinance with a Fixed Rate Mortgage
•125% Home Equity Loan Rates
•Mortgage Loan Consolidation
•Tax Deductible Equity Loans
• Refinance your debts into
one low monthly payment
• No PMI & No Mortgage Insurance
East coast home sales have been dipping slightly in 2007. Get the latest Virginia Home Equity Rates. Interest rates are still historically low, so you can’t afford to wait!
Virginia State Loan Update
Virginia 1st Home Mortgages
Virginia Home values have recently peaked at all-time highs. Property values in cities like Virginia Beach, Norfolk, Chesapeake, Richmond, Newport News, Arlington, Hampton, Alexandria, and Portsmouth have remained fairly steady.
VA-State Home Rate News
Richmond Mortgage Updates
Virginia Beach Home Loan Updates
Consider taking out a fixed second mortgage at a competitive home equity rates.
VA Home Loans to 100%
Are you ready to take advantage of the equity in your home to pay down high-interest debts or take out cash to finance make home improvements?
Local Tips From The Underwriting Virginia Mortgage Pros:
Did you know that you may be able to refinance your 2nd mortgage without refinancing your existing 1st mortgage? It is called subordination, and most lenders allow you to subordinate if your combined loan to value remains under 100%.- N Sullivan, Virginia Mortgage Broker at Chase Finance
Get a quick, no-obligation quote from Nationwide Mortgage Loans and get started on the path towards financial freedom! We can help you find the ideal Virginia Second Mortgage today!
Many Virginia Homeowners are cashing in with 2nd mortgages.
Mortgage broker Bryan Wilson says the rising popularity of the 2nd mortgage is rooted from Americans clinging to mortgages rates they secured during the recent “refi Boom” that saw record low rates. Consumers took advantage with 1st mortgages locking these low rates that are worth keeping. So now when these consumers need cash second mortgages have become appealing because they can keep their low rate first mortgage intact.
Second mortgage programs are becoming more popular with fixed rate loans or open end lines of credit. Ask Tim Sullivan if his second mortgage was a good idea. This resident of Virginia took out a loan secured by his home to fund his new business. After a few years Tim’s business took off, and he was able to pay off his 2nd mortgage 13 years before it was due.
Virginia Real Estate Fact
It now costs $618,692 to buy an average-priced home in the District, and $560,327 in Montgomery County. Prices in Northern Virginia also have maintained breathtaking heights, among the highest in the country, despite some slackening of sales. For more information, please visit varealtor.com
The VHDA offers a homeownership program that is designed to educate people for the home-buying process. Their focus is to help 1st time homebuyers prepare for making important decisions when buying a home. For more information, please visit vhda.com
VA Real Estate Industry Update
As reported by the National Association of Realtors® (NAR), the real estate market in 2005 is achieving its fifth consecutive sales record. David Lereah, NAR’s chief economist, noted that the current slowdown signifies a moderation in the robust market. Lereah added that home sales are descending from peak levels but are expected to stabilize at a high plateau, surpassing previous peaks in the housing cycle. This shift toward a more balanced market is viewed positively.
Thomas M. Stevens, the NAR President based in Vienna, Va., emphasized that homeownership has consistently been a solid investment for most families. Stevens highlighted the enduring value of homeownership, citing the Federal Reserve Survey of Consumer Finances, which indicates that the median net wealth of homeowner households is 36 times higher than that of renter households.
Stevens further stated that the national median home price has never experienced a decline since reliable record-keeping began in 1968. While acknowledging that temporary declines can occur in specific areas with weak job markets and an oversupply of homes, he emphasized that individuals who maintain their homes for a typical homeownership period generally witness favorable returns over time, albeit without guarantees. For more information, please visit realtor.org
VA State Facts
Virginia Homeownership rate 68.1%
For more information please visit commerce.gov/states/virginia.html
Is your VA mortgage rate locked?
Many people in Virginia have taken out a second mortgage or refinanced their 1st mortgage loan because the rates have been so low. Unfortunately, many borrowers are learning the hard way that their loan in process doesn’t necessarily have their rate locked. If the mortgage interest rates rise during the loan process and their rate is not locked, then they have to deal with a higher rate, and a higher monthly payment. This can cost the consumer thousands of dollars over the term of a 30 year loan.
Recent telephone calls and complaints filed with The State Corporation Commission’s Bureau of Financial is has been reporting an increase in complaints from consumers regarding rate locks. Consumers are learning that if they don’t have a rate lock in agreement, then they are risking the rate they thought the lender had committed.
The Bureau recommends that borrowers “closely scrutinize any lock-in agreements. The recurring theme of the telephone calls and complaints the Bureau has received is that the lender or broker is not honoring the lock-in, and the consumer’s interest rate or points are going to be higher at loan closing than they were told at loan application or at the time the consumer thought they “locked in.” This applies to home equity loans, purchases, and even rate & term refinancing.
A rate lock-in agreement is a mortgage lender’s promise that you’ll receive a specific interest rate with specific loan related costs. The rate lock agreements should always have a specified period that the loan must close by. Lock periods typically range from 15-45 days. Often times the lender will charge a lock-in fee in to reserve your loan with that specified rate.
Consumer Tips from State Commission
The Virginia State Corporation Commission suggests that consumers obtain a written lock-in agreement. Get it in writing. Virginia does not require a written lock-in agreement be issued, but the Bureau strongly recommends that consumers get one from the lender when your loan is first approved. The State Corporation Commission’s Bureau of Financial defines a mortgage rate lock-in agreement as a “written agreement between a mortgage lender and an applicant for a mortgage loan with written language that establishes & sets an interest rate and points to be charged in connection with a mortgage loan that is closed within the time period specified.” For more information, please visit state.va.us/scc/division/banking
Virginia Home Tips: 20 things that Can Alter the Value of Your Home
Remember when you are house-hunting that it is important to be able to identify the things that increase the value of a home and those that actually detract. For example, a seller from, Virginia Beach and his real estate agent, tried convince a homebuyer that the noisy neighborhood was just part of life, residing in a beach community. Is this the case? Beach communities in Virginia and the east Coast in general have held their values, so there may be some validity to this claim.
Additional Resources for Virginia Residents
SUFFOLK REDEVELOPMENT AND HOUSING AUTHORITY
530 East Pinner Street Suffolk, Virginia 23435
Financial Counseling: Homebuying Education Programs, Relocation Counseling
For more information, please visit Website: suffolkrha.org
VIRGINIA BEACH COMMUNITY DEVELOPMENT CORPORATION
2700 International Parkway Virginia Beach, Virginia 23452
Homebuyer Education Programs
For more information, please visit Website: vbcdc.org
MOUNTAIN SHELTER, INC
P.O. Box 743, Wytheville, Virginia 24382
For more information, please visit Website: mountainshelter.org
Home Buyer Counseling: Fair Housing Assistance
Homebuyer Education Programs & Debt Management