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Virginia has much to offer if you are looking for a mortgage loan Before choosing the mortgage loan that is right for you, it is important that you understand the costs associated with the loan, and it is important to know the rates and types of mortgage loans available in Virginia.

Based on the most recent data, mortgage rates for thirty year fixed mortgages are at historic lows, and the amount of points charged varies per lender. This is based on amount of the loan, length of the loan and your credit score, among other factors.

It is very important to consider the type of loan you need to meet your current financial situation and consider your future needs.

Fixed Rate Mortgage

This is your parent's mortgage loan. Prior to the internet, when most people stayed at the same job until retirement and families weren't as mobile as today; this loan was the epitome of stability. In this loan, the interest rates and payments stay the same for the term of the loan.

Mortgage Refinancing in Virginia

In some instances, refinancing your current mortgage loan 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.

The 5/5 & 5/1 Adjustable Rate Mortgage

This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.

The rates and points on each mortgage loan will vary. As with any major consideration, it is imperative to consider all of your options and utilize all of the resources available to make an educated financial decision.

Some ideas for choosing a loan are:

  1. Know your current interest rate vs. the rate of any loans you are considering.
  2. Shop for the best rate and do the math - use the net, the newspaper and visit several lenders, getting information about interest rates, points, fees and other charges in writing so you can compare. Remember that just because the new interest rate is lower doesn't mean you are saving money in the long term.
  3. Look carefully at your current prepayment penalties - they may offset any savings on a new loan.
  4. Factor in tax advantages and disadvantages; If you plan to move within 2 to 3 years, decide whether a new loan/refinance will be to your advantage financially. is an excellent resource when your goal is to save money and minimize costly errors that could affect you now and in the future. With an assortment of free loan calculators, an in-depth explanation of the Borrower's Bill of Rights and even a Loan Analyzer tool, is the first and last stop for the borrower that wants to be informed and up-to-date before choosing a loan. The Rate Directory on allow consumers to search for mortgage rates while at the same time flagging those mortgage lenders that abide by the Borrower's Bill of Rights and are in good standing with the Better Business Bureau. You should also use RealEstateABC's ABC Values™ tool to check what the current home values are in Virginia.

For the most up to date loan rate, the U.S. Federal Reserve, Freddie Mac, and the Interest Rate Outlook from are exceptional resources.

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