Mortgage Refinance....To Do or Not To Do?

When does a  mortgage refinance make financial sense for Virgina Homeowners?

A mortgage refinance makes sense where your goals and overall plan for your home meet in the middle. Every persons financial situation is different but typically a mortgage refinance can be good for homeowners looking to lower monthly payments and overall interest cost of the loan.

However homeowners must know there is a “cost of refinancing” that has to be considered.

Here are my general rules of thumb for FHA streamline Refinance, VA Streamline Refinance, or Conventional Loan Refinance

1.       Have you owned the home less than five years?

2.      Will you recoup the investment/cost in less than the future you plan to move?

3.       Is the rate at least a half or point lower than your current interest rate?

There are other scenarios to consider such as converting an adjustable rate mortgage to a fixed rate, or going from a fifteen year to a thirty year and vice versa.

Or the newly upgraded HARP 2.0 Refinance for underwater homeowners in Virginia.

Here is our mortgage refinance calculator to run your scenario. Need more information for your specific mortgasge refinance scenario call 703-497-3936 I will be glad to run the numbers, afterall the numbers DON'T LIE.

Contact Markita Aldridge-Woods at (703) 929-2274 or via email for custom tailored mortgage solutions.

Let's stay connected:

Let's Connect!   LinkedIn  Twitter  My YouTube Channel...Tune in to Mortgage Queen TV  

Powered by Fairway Independent Mortgage, NMLS#2289, Equal Housing Lender

Comment balloon 3 commentsMarkita Woods NMLS#196099 • April 13 2012 06:30AM


These are great guidelines to help homeowners think through their options on whether it makes sense to refinance or stay put.

Also, I just added a link on my blog to your site.  Apologies for the delayed response, but I just saw the comment.  Thx for adding mine, too.

Posted by Debbie Gartner, The Flooring Girl & Blog Stylist -Dynamo Marketers (The Flooring Girl) over 8 years ago

Thanks for dropping by Debbie, the numbers don't lie!

Posted by Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA (Fairway Independent Mortgage) over 8 years ago

Markita, I wish the refinance programs worked better. Many second lien holders are not playing nice. PNC Bank is the worst of them all.  They will not subordinate on a refi.  It's just plain bad faith and not dealing fairly. They are already subordinate so not agreeing to subordinate to allow a refinance is just plain criminal ... except it is perfectly legal. 

Posted by Kathleen Daniels, Probate & Trust Specialist, Probate Real Estate (KD Realty - 408.972.1822) over 8 years ago