How to Compare Mortgage Rates in Virginia
The different kinds of mortgage loans you can choose from in Virginia include home purchase, refinance, home equity and debt consolidation. You can compare Virginia mortgage rates by the loan type and term using the Internet by checking lenders' sites.
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Mortgage Types
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The most common types of Virginia mortgages are fixed, adjustable rate mortgages (ARMs) and combinations of both. Fixed-rate mortgages mature after 15, 30 or 40 years. ARM's are for 3, 5, 7 and 10 years, and offer lower introductory interest rates, which change after the loan resets. Rates are tied into indexes, such as the six-month LIBOR (London Interbank Offered Rate) or the federal funds rate, so they can go up or down depending on market conditions. Calculate your monthly payments using an Internet mortgage calculator by selecting the loan term and interest rate offered.
Determining Factors
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The interest rate offered is for for consumers with excellent credit scores of 700 or higher. Rates vary by credit score, credit history and income.
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Pre-Qualified and Pre-Approved
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The lender will pre-qualify you for a loan to determine the amount of loan you can afford and your interest rate. A formal loan application must be completed to get pre-approved to obtain a loan.
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