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Refinance

Lower the rate, shorten the term, or take out equity.

Refinancing replaces your current mortgage with a new one. It is worth doing when the numbers work and not when they do not — and we will tell you which it is before you spend anything.

Get pre-approvedTalk it through
Quick guide

Is now the right time?

Rate drop usually needed0.75% or more
Typical closing costs2% to 5% of the loan
Break-even range12 to 36 months
Cash-out maximum80% of value, conventional
Today's rateCall for today's rate
Start pre-approval

Four ways to refinance

Which one fits depends on the loan you already have.

A rate-and-term refinance is the common one. Your balance stays roughly the same and you change the rate, the term, or both. A cash-out refinance replaces your mortgage with a larger loan and you take the difference in cash — up to 80% of the home's value on a conventional loan.

If you already hold a VA loan, the IRRRL streamline needs minimal paperwork and usually no appraisal. If you hold an FHA loan, the FHA Streamline works the same way and generally skips income verification. Both are faster and cheaper than starting over.

VA loans and the IRRRL
What to weigh up
Rate drop0.75% or more usually justifies it
Closing costs2% to 5% of the loan amount
Break-even12 to 36 months is typical
Credit score620+ conventional, 580+ FHA Streamline
Cash-out limit80% of appraised value
Seasoning6 payments and 210 days for streamlines
Time to close3 to 6 weeks

From question to keys, in four steps

1

Run your numbers

We check whether refinancing actually pays.

2

Apply and lock

Every cost explained before you commit.

3

Appraisal and review

Streamlines often skip the appraisal.

4

Close and save

Sign, and the lower payment starts.

The honest version

Sometimes the answer is no

If you plan to sell within two or three years and will not recoup the closing costs, refinancing can cost more than it saves. If the rate difference is small, the same applies.

We would rather tell you that now than take a fee for a refinance that leaves you worse off.

A brick ranch home with mature planting along the front garden

Refinancing because you are thinking of moving?

If the plan is really to sell and buy, our in-house agents list at 1.5% and return half the buyer-agent commission at closing. Worth a conversation before you pay refinance costs.

See Bundle & Save

Refinance questions

How much does refinancing cost in Virginia?
Typically 2% to 5% of the loan amount. On a $300,000 loan that is $6,000 to $15,000, covering lender fees, appraisal, title search, title insurance and prepaid items. Some programs offer a no-closing-cost option where the costs go into the rate or the balance instead, which costs more over time. We show the full breakdown before you commit.
How do I know when to refinance?
The rule of thumb is a rate drop of 0.75% or more, and staying in the home long enough to recoup the closing costs — usually two to three years. The right answer depends on your balance, the rate difference, the costs and your plans. Call and we will work it out with your actual numbers.
What credit score do I need to refinance?
620 for a conventional refinance, with the best pricing at 740 and above. An FHA Streamline typically needs 580 and is more flexible on documentation. A VA IRRRL varies by lender and is generally more lenient.
Can I refinance if I just bought the home?
Usually yes for a conventional rate-and-term refinance — there is generally no waiting period. Cash-out needs six months on title, and the loan being paid off usually needs twelve months of seasoning; FHA cash-out requires twelve months of occupancy and payments. FHA Streamline and VA IRRRL need six payments and 210 days from your first payment due date.
How does a cash-out refinance work?
Your existing mortgage is replaced with a larger one and you receive the difference at closing. If your home is worth $500,000 and you owe $280,000, you could refinance to $380,000 and take $100,000. The cap is typically 80% of appraised value on a conventional loan.

Let's run your numbers

We will give you a straight answer on whether refinancing makes sense right now — including when it does not.

Get pre-approvedBook a call
Or call (804) 593-0344