Virginia Mortgages

Written by Joy MacKay
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The beautiful, exciting state of Virginia entices many homeowners each year. Virginia mortgages are some of the best in the country, if you know a little bit about them. By understanding a little bit about the process, you can easily take the guesswork out of Virginia mortgages.

Virginia Mortgages & Interest Rates

We all know that nothing in life is completely free. The loans that you receive from a lender come at the cost of an interest rate. You'll want to figure for rate and terms as you begin to compare lenders for Virginia mortgages.

Types of Virginia Mortgages

Probably the most common type of mortgage is the thirty-year mortgage. With a fixed interest rate, these mortgages are usually insured by the federal government. There are many other types of mortgages that you can acquire, as well.

Adjustable Rate Mortgages, or ARMS, begin at a low interest rate, and adjust according to a schedule, and are great if you are currently in training or school. ARMS mortgages begin with a lower rate that will raise later. The balloon mortgage, which has low monthly payments, requires re-financing at the end of the initial term, which usually runs three years--making it best for those who will move or sell when the mortgage is due. THDA Mortgages have a fixed rate and are best for low- or moderate-incomefamilies of low or moderate incomes, and are offered at below-market rates.

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