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The Smart Way to Shop for the Best Mortgage Rates
At VA Rate Shopper, we believe getting the best mortgage rate doesn’t have to be complicated. That’s why we make it fast, easy, and hassle-free to compare mortgage options and find the lowest rates available—without wasting hours searching or negotiating with lenders.
With over 20 years of mortgage expertise, our team specializes in helping homebuyers, refinancers, and real estate investors secure the best possible loan terms—whether you’re purchasing a new home, refinancing for a lower rate, or tapping into your home’s equity.
FAQ’s
Your Questions About Refinancing & HELOCs Answered
At Viginia Rate Shopper, we believe in making the refinancing process simple and transparent. Here are answers to some of the most common questions homeowners ask when considering a refinance or Home Equity Line of Credit (HELOC).
1. What is the lowest credit score needed to refinance my home?
2. How do I know if refinancing is right for me?
3. How much equity do I need to refinance or get a HELOC?
Most lenders require at least 20% home equity to qualify for a traditional refinance or HELOC. However, some programs allow refinances with less equity.
4. What’s the difference between a cash-out refinance and a HELOC?
Cash-Out Refinance: Replaces your existing mortgage with a new, larger loan, and you receive the difference in cash.
HELOC: A revolving line of credit that lets you borrow against your home’s equity as needed. You only pay interest on what you borrow.
5. How much money can I get with a cash-out refinance?
Depending on the loan type, you may be able to borrow up to 80-90% of your home’s value (or more with VA loans).
6. How long does it take to refinance or get a HELOC?
Most refinances and HELOC approvals take 2 to 4 weeks, but timing can vary based on your lender and documentation requirements.
7. What documents do I need to refinance?
Typically, lenders will ask for:
Pay stubs (last 30 days) Tax returns & W-2s (last 2 years) Mortgage statement & homeowners insurance info Identification (Driver’s License or Government ID)
If it’s an FHA Streamline Refinance, you may not need income documents since this program is designed to reduce paperwork and make refinancing faster for existing FHA borrowers.
8. Can I refinance if I have bad credit?
9. What are the closing costs for refinancing?
Closing costs typically range from 2% to 5% of the loan amount. However, some lenders offer no-closing-cost refinances, where fees are rolled into the loan.
10. Will refinancing affect my credit score?
A refinance may cause a temporary dip in your credit score due to the credit inquiry, but over time, a lower mortgage payment or better loan terms can improve your credit score.
11. Can I refinance if I’m self-employed?
Yes! If you’re self-employed, you can refinance with bank statement loans or other non-traditional income documentation programs instead of standard W-2s.
12. What happens if home values drop after I refinance or get a HELOC?
13. What options are there for refinancing an investment property?
If you own an investment property and want to refinance, you typically have two main options:
Conventional Loan Refinance: Requires income verification, tax returns, and a good credit score (usually 640+). Lenders will look at your debt-to-income (DTI) ratio, meaning your personal income must support the loan.
DSCR (Debt Service Coverage Ratio) Loan: This option allows investors to qualify without personal income verification. Instead, the lender looks at the rental income from the property. If the rental income covers the mortgage payment, you may qualify—making it a great choice for investors with multiple properties.
Key Differences:
Conventional loans may offer lower interest rates but require personal income documentation. DSCR loans allow for easier qualification based on property cash flow and are ideal for investors scaling their portfolios.
14. How do I start the refinancing or HELOC process?
It’s easy! Call us today at 571-549-6800 for a free consultation. Our experts will review your options and help you secure the best rates and terms.
"Not only did we get a better interest rate, but also a 25-year loan instead of the 30-year, saving us more than $30,000.00."
Susie G.
New Homeowner
