Refinancing for Chesapeake and Hampton Roads homeowners
See the Month Your Refi Pays for Itself.
We show the savings, the costs and the break even date before you sign anything. If it does not pay off, we say so.
30 year fixed
15 year fixed
30 year cash out
Refi Break Even Calculator
Put in your current loan and how long you plan to stay. The chart shows your savings adding up against the cost to refinance. Nothing leaves this page.
Why Chesapeake Homeowners Refinance
A lower rate is only one reason. Tap a photo to see it bigger.
Lower the Payment
Rates dropped since you bought, or your credit got better. Every month gets a little lighter.
Pay for a Roof
Cash out for a big repair at a mortgage rate, not a card rate.
Clear the Cards
Roll high rate debt into one payment, if you keep the cards paid off after.
Drop the PMI
Your home gained value. A new appraisal may show you have 20 percent equity now.
When We Tell You Not To
Some calls end with us saying wait. That is part of the job.
- You plan to move before the break even month.The costs come due now and the savings never catch up.
- The new rate is only a little lower.A small drop rarely covers the costs unless the loan is large.
- You are far into your loan.Twenty years in, most of your payment already goes to principal. A new 30 year loan can cost more in the end.
- Cash out would fund the same card habit.Then the house carries the debt and the cards fill back up.
Sample loan officer for this demo. A live site shows your team with their NMLS IDs.
What Clients Say
4.9★★★★★187 Google reviewsShe showed me I would break even in 21 months. We are staying at least ten years, so it was an easy yes.
Tonya W. Great Bridge
I called about a cash out and she talked me out of half of it. Glad she did.
Mike S. Western Branch
Went from 30 to 15 years and the payment only went up a little. Loan Estimate matched the closing papers.
Priya N. Virginia Beach
Sample reviews written for this demo. Your site shows your real Google reviews, word for word.
Refinance Questions
Straight answers. If yours is not here, call and ask.
Chesapeake, Great Bridge, Deep Creek, Western Branch, Hickory, Virginia Beach, Norfolk, Portsmouth and Suffolk.
How much does a refinance cost?
Most refinances in Hampton Roads cost about 2 to 5 percent of the loan. That covers the appraisal, title, recording fees and lender fees. We put every cost in writing on a Loan Estimate before you commit to anything.
What is a break even point?
It is the month when your total monthly savings finally cover what you paid to refinance. If you sell or refinance again before that month, the refinance cost you money.
Does a new 30 year loan cost me more in the long run?
It can. Starting the clock over lowers the payment, but you pay interest for more years. We show you a shorter term side by side so you can see both.
Can I take cash out to pay off credit cards?
Yes, up to about 80 percent of your home value on most loans. Card debt becomes debt secured by your house, so it only makes sense if you stop running the cards back up. We will tell you if we think it is a bad idea.
Will I need an appraisal?
Usually. Some loans qualify for a waiver based on data the lender already has. If an appraiser does come, it takes about an hour at the house.
Want Your Real Break Even?
Open weekdays 8 to 6. We quote from today's rate sheet, in writing.