Virginia - Key Steps To Save Money Refinancing Your Mortgage

Mortgage and Lending with Ameritime Mortgage Company, LLC.
Zach Dahl
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March 11, 2008

Virginia - Key Steps To Save Money Refinancing Your Mortgage

Refinancing With Your Current Lender Will Save You Money!

As a homeowner, refinancing your mortgage can be a daunting task for one simple reason:  the cost.  Many of us forgo this process because the cost of refinancing can outweigh the benefit of acquiring a lower interest rate.  Thankfully, there are a few ways to shave thousands of dollars off your closing costs, some of which are offered specifically to Virginia residents, and here is how:

  • Refinance with your current mortgage lender:  doing so will reduce, if not exempt you from paying state and county transfer taxes required if moving your mortgage from one lender to the next.  These costs can be hundreds, if not thousands of dollars added on to your closing bill.
  • Avoid Pre-Paid Interest:  Think of pre-paid interest as a pro-rated mortgage payment for the month that you close.  If your loan funds the 15th of the month and there are 30 days in that month to be accounted for then you will be paying roughly 15 days of prepaid interest at closing.  Closing/funding your loan at the beginning of the month(interest credit option for first five days) or at the end of the month will reduce the amount of interest collected at when your mortgage funds.  And remember, be sure to calculate from the day your loan FUNDS, not when you close.
  • Inquire about Low-to-No Closing Cost Mortgage:  Make sure to have all options available to you.  With interest rates low, a low-to-no closing cost mortgage can be more cost effective for loans held between 3-7 years.

 If you would like to discuss some of these options availabe to you, I am always available and ready to help you Qualify & Close your home loan!

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313 2nd St. SE Suite 112
Charlottesville, VA 22902

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