What should residents of Richmond consider before refinancing their mortgage?

Richmond homeowners contemplating mortgage refinancing must assess various factors. Consideration should be given to the financial implications of refinancing, the existing and potential new loan interest rates, the amount of equity established in the property, the anticipated length of stay, and the individual's present income and creditworthiness. Generally, refinancing becomes advantageous when available mortgage rates are a full 2% lower than one's current loan rate.

How can Richmond property owners benefit from "no closing cost refinances"?

"No closing cost refinances" offers a solution for Richmond property owners who wish to dodge the hefty immediate fees typically linked with refinancing their mortgages. However, there is a catch: While the initial outlay is decreased, interest rates rise somewhat throughout the life of the loan. This could translate to steeper financial commitments over time.

How does cash-in refinance work, and how it can help homeowners in Richmond?

A cash-in refinance lets property owners pay extra funds into their mortgage's main amount, thereby lessening what's owed. This tactic can help Richmond homeowners reduce the loan-to-value (LTV) ratio below 80%, removing the need for private mortgage insurance (PMI) and diminishing monthly obligations. Unlike a cash-out refinance, this method doesn't involve taking on more debt than what is already owed.

What are the potential expenses Richmond residents might face when refinancing their mortgage?

Richmond property owners considering a mortgage refinance must be mindful of various expenditures. These encompass application charges, early payoff penalties on existing loans, and fees for assessing the house's current market value. Additionally, the refinancing process, just like the initial mortgage, necessitates closing fees, encompassing title examinations and legal consultations. Such costs are crucial to examine before embarking on refinancing.

What are mortgage points, and how can they be advantageous to property owners in Richmond?

Mortgage points refer to percentages of the loan sum; one point equals 1%, meaning a point on a $100,000 loan is $1,000. Discount points, paid upfront, can decrease the mortgage interest rate. For people in Richmond planning to reside in their property for several years, paying points is advisable, as monthly savings can outweigh the initial cost. Short-term residents may not benefit.

2025

Last updated: April 17, 2025

Best Mortgage Refinance Companies in Richmond, VA

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Best Mortgage Refinance Companies Serving Richmond

4461 Cox Road, Glen Allen, VA 23060

Visit WebsiteLicense: 67717

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Google: 4.6 (229)
Yelp: 4.0 (9)

Why choose this provider?

Capital Center helps the residents of Richmond and nearby areas with mortgage refinancing. It aims to streamline the process by offering a variety of tools on its website, such as a mortgage refinance calculator and an application form. Its website also provides a refinance guide to help people understand their options. Capital Center has helped over 46,000 clients achieve their home ownership goals, and its loan programs include VA, FHA, jumbo, and adjustable- and fixed-rate mortgages.

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Best Mortgage Refinance Companies Serving Richmond

4680 Cox Road, Suite 200, Glen Allen, VA 23060

Visit WebsiteLicense: 1110647

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Google: 5.0 (162)
Facebook: 5.0 (59)
Zillow: 5.0 (53)

Why choose this provider?

Duane Buziak Mortgage Maestro is a branch leader at Coast2Coast Mortgage Lending who serves Richmond and all of Central Virginia. She exclusively handles mortgage loan matters using her extensive knowledge in money management. Buziak caters to borrowers who are both prospective first-time owners and those who already have experience in applying for home loans in the past. She helps clients through the whole loaning process, offers underwriting options, and provides industry-standard property prices and closing times. Buziak has been an AVP in five banks and has several years of experience in the industries of investment, banking, management, and insurance.

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Best Mortgage Refinance Companies Serving Richmond

4198 Cox Road, Glen Allen, VA 23060

Visit WebsiteLicense: 2921

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Facebook: 4.7 (164)
Google: 5.0 (132)
Yelp: 5.0 (1)

Why choose this provider?

Since its inception in 1998, Southern Trust Mortgage, LLC, has been assisting homebuyers, owners, and residential real estate investors in Richmond with their mortgage financing needs. The company helps clients who wish to enhance their financial situation with its mortgage refinancing programs. Its mortgage specialists provide an extensive array of refinancing options depending on the client's needs. These include adjustable rate mortgages, FHA, VA, and cashout refinance. The team also assists clients with debt consolidation and private mortgage insurance elimination.

NMLS #: 39166
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Best Mortgage Refinance Companies Serving Richmond

3900 Westerre Parkway, Richmond, VA 23233

Visit WebsiteLicense: 270930

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Facebook: 4.9 (37)
Google: 4.7 (30)
Yelp: 3.7 (3)

Why choose this provider?

Dominion Capital Mortgage Inc. is a mortgage refinancing company serving clients in Richmond since 2006. It provides a wide variety of loan programs, including fixed-rate from 8 to 30 years, ARMs from 3, 5, 7 to 10 years, FHA, USDA, VA, and jumbo. They also offer conventional mortgages for single-family homes, townhomes, condos, multi-unit homes, second homes, and investment properties. Work on properties Dominion Capital Mortgage Inc. also offers home purchasing assistance, renovation loans, and home appraisals.

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Best Mortgage Refinance Companies Serving Richmond

8339 Wetherden Drive, Mechanicsville, VA 23111

Visit WebsiteLicense: 1120965

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Why choose this provider?

1st Call Mortgage is a Richmond mortgage refinance agency that specializes in refinancing options for homeowners in the area. The company offers wide options for mortgage refinancing and loans that cater to different housing units, from single-family homes to condominiums. Its team of NMLS certified loan specialists is committed to helping clients find the best option based on their budget and current financial situation. Some of its refinancing options include reducing monthly interest rates, cashing out equities, and short-term loans.

Reverse Mortgages
NMLS #: 39166

Best Mortgage Refinance Companies Serving Richmond

5300 Hickory Park Drive, Glen Allen, VA 23059

Visit WebsiteLicense: 93789

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Yelp: 1.0 (1)

Why choose this provider?

TrustMor Mortgage Company is a team of mortgage refinancing specialists that assists and counsels clients looking for mortgage refinancing options in the Richmond area. The company was founded by home-building professionals who tapped into the mortgage market due to a shortage of lenders and financing options. This first-hand experience of the clients' perspective in homeownership motivated the company to provide wider options for reducing mortgage interest rates, loan lengths, and monthly payments, as well as consolidating debt.

NMLS #: 39166
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Compare our Top Mortgage Refinance Companies

Name	Address	Promotions	Learn more
CapCenter	4461 Cox Road, Glen Allen, VA 23060	Free quote	View More
Duane Buziak Mortgage Maestro	4680 Cox Road, Suite 200, Glen Allen, VA 23060		View More
Southern Trust Mortgage - Innsbrook	4198 Cox Road, Glen Allen, VA 23060		View More
Dominion Capital Mortgage Inc.	3900 Westerre Parkway, Richmond, VA 23233		View More
1st Call Mortgage	8339 Wetherden Drive, Mechanicsville, VA 23111		View More
TrustMor Mortgage Company	5300 Hickory Park Drive, Glen Allen, VA 23059		View More

Other Virginia Mortgage Refinance Companies

Richmond, VA Mortgage Refinance FAQs

What should residents of Richmond consider before refinancing their mortgage?
Richmond homeowners contemplating mortgage refinancing must assess various factors. Consideration should be given to the financial implications of refinancing, the existing and potential new loan interest rates, the amount of equity established in the property, the anticipated length of stay, and the individual's present income and creditworthiness. Generally, refinancing becomes advantageous when available mortgage rates are a full 2% lower than one's current loan rate.
How can Richmond property owners benefit from "no closing cost refinances"?
"No closing cost refinances" offers a solution for Richmond property owners who wish to dodge the hefty immediate fees typically linked with refinancing their mortgages. However, there is a catch: While the initial outlay is decreased, interest rates rise somewhat throughout the life of the loan. This could translate to steeper financial commitments over time.
How does cash-in refinance work, and how it can help homeowners in Richmond?
A cash-in refinance lets property owners pay extra funds into their mortgage's main amount, thereby lessening what's owed. This tactic can help Richmond homeowners reduce the loan-to-value (LTV) ratio below 80%, removing the need for private mortgage insurance (PMI) and diminishing monthly obligations. Unlike a cash-out refinance, this method doesn't involve taking on more debt than what is already owed.
What are the potential expenses Richmond residents might face when refinancing their mortgage?
Richmond property owners considering a mortgage refinance must be mindful of various expenditures. These encompass application charges, early payoff penalties on existing loans, and fees for assessing the house's current market value. Additionally, the refinancing process, just like the initial mortgage, necessitates closing fees, encompassing title examinations and legal consultations. Such costs are crucial to examine before embarking on refinancing.
What are mortgage points, and how can they be advantageous to property owners in Richmond?
Mortgage points refer to percentages of the loan sum; one point equals 1%, meaning a point on a $100,000 loan is $1,000. Discount points, paid upfront, can decrease the mortgage interest rate. For people in Richmond planning to reside in their property for several years, paying points is advisable, as monthly savings can outweigh the initial cost. Short-term residents may not benefit.

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Our Recommended Top 6

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CapCenter

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Duane Buziak Mortgage Maestro

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Southern Trust Mortgage - Innsbrook

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Dominion Capital Mortgage Inc.

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1st Call Mortgage

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TrustMor Mortgage Company

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Compare our Top Mortgage Refinance Companies

Other Virginia Mortgage Refinance Companies

Richmond, VA Mortgage Refinance FAQs

What should residents of Richmond consider before refinancing their mortgage?

How can Richmond property owners benefit from "no closing cost refinances"?

How does cash-in refinance work, and how it can help homeowners in Richmond?

What are the potential expenses Richmond residents might face when refinancing their mortgage?

What are mortgage points, and how can they be advantageous to property owners in Richmond?

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