Virginia Mortgages (VA)

According to a study by Richard DeKaser, chief economist for National City Corp., real estate in Virginia is undervalued. Using long-term historic data, properties in Virginia have room to increase in current value to reach their fair value. The local economy is strong, and inventories of homes on the market is increasing, making Virginia a buyer’s market. Mortgage rates fell slightly in early April, making this a good time to purchase or re-finance a home in Virginia.

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Quick Virginia Housing facts

Percent of Virginians who own a home: 68.1%

Percent of Renters in Virginia: 31.9%

Median Virginia Household Income: $52,776

Average Virginia credit score: 689

Best City to live in Virginia: Vienna, Virginia

Median Virginia Home Value: $125,400

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How much house can I afford in Virginia

One of the biggest problems facing Virginia’s homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Some factors when choosing your mortgage loan you need to think about:

1. How long do you plan to stay in your home
2. How much of a down payment can you afford
3. What is your Credit Score.

Refinancing in Virginia

If you have a mountain of debt, or want to lock into a low fixed rate – you should probably be thinking about refinancing your current mortgage.  If you have credit card debt that has interest rates over 18%, refinancing is a great way for you to lower your monthly payments and lower your interest rate. 

Many people are also refinancing because their Adjustable Rate Mortgages (ARM) or their Interest Only (IO) mortgages are about to start fluctuating.  Refinancing now, you can still lock in a low interest rate and a payment that won’t vary from month to month.


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This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.