Reliant Home Funding Editorial Team

NMLS #292473Licensed in 27 statesUpdated November 3, 2026

Reviewed for accuracy by senior mortgage advisors • Rates verified against Freddie Mac PMMS®

Virginia Mortgage Application for Refinance

Q: How long does the refinancing process take?

The refinancing process typically takes 30-45 days, depending on the lender and complexity of the loan.

As of May 7, 2026, according to Freddie Mac's Primary Mortgage Market Survey®, the 30-year fixed-rate mortgage (FRM) averaged 6.37%, and the 15-year FRM averaged 5.72%. For verification, you can visit the PMMS site here.

If you're considering refinancing your mortgage in Virginia, these rates are pivotal in determining your potential savings and the overall cost of your loan.

What Are Today's Mortgage Rates in Virginia?

Understanding current mortgage rates is essential when refinancing. Here's a snapshot of the latest rates:

Mortgage Type	Interest Rate	Change from Last Week
30-Year FRM	6.37%	+0.07%
15-Year FRM	5.72%	+0.08%

These rates, as of May 7, 2026, according to Freddie Mac's Primary Mortgage Market Survey®, reflect a slight increase from the previous week. You can verify this at freddiemac.com.

Monitoring these rates is crucial, as even a small change can significantly impact your monthly payments and the total interest paid over the life of the loan.

Key Considerations for Refinancing in Virginia

When refinancing your mortgage in Virginia, consider the following:

Loan Amount: Ensure your loan amount aligns with Virginia's conforming loan limits to qualify for agency conventional loans.
Credit Score: A credit score of 700 or higher is typically required for favorable refinancing terms.
Equity: Having at least 10-20% equity in your home can help secure better rates.
Debt-to-Income Ratio: Aim for a debt-to-income ratio below 43% to improve your refinancing prospects.

Pro Tip: Refinancing can lead to lower monthly payments, reduced interest rates, or a shorter loan term, depending on your financial goals.

Steps to Refinance Your Mortgage in Virginia

Assess Your Financial Goals: Determine whether you want to lower your monthly payments, reduce your interest rate, or shorten your loan term.
Check Your Credit Score: Obtain your credit report to identify any areas that may need improvement before applying.
Calculate Your Home's Equity: Subtract your current mortgage balance from your home's estimated market value to determine your equity percentage.
Gather Necessary Documentation: Prepare financial documents such as income statements, tax returns, and proof of assets.
Compare Lenders: Obtain quotes from multiple lenders to find the best refinancing terms.
Apply for Refinancing: Submit your application along with the required documentation, noting that rates can only be locked after the application submission.
Review Loan Estimates: Carefully examine the loan estimates provided by lenders to understand the terms and costs involved.
Close the Loan: Once approved, schedule a closing date to finalize the refinancing process.

Pro Tip: Utilizing an online mortgage application can expedite the process, often providing pre-approval within 24 hours without the need for in-person visits.

Common Mistakes Homebuyers Make

Avoid these common pitfalls when refinancing:

1. Ignoring Closing Costs

Overlooking closing costs can lead to unexpected expenses.

Impact: These costs can add up to 2-5% of the loan amount.
How to Avoid: Request a detailed breakdown of all fees from your lender.

2. Not Considering the Loan Term

Focusing solely on the interest rate without considering the loan term can be misleading.

Impact: A lower rate with a longer term may result in more interest paid over time.
How to Avoid: Evaluate the total cost of the loan, including interest, over its entire term.

3. Failing to Lock in a Rate

Not locking in a favorable rate can lead to missed opportunities.

Impact: Interest rates can fluctuate, potentially increasing your payments.
How to Avoid: Once you receive a favorable rate, discuss locking it in with your lender after your application submission.

4. Not Shopping Around

Accepting the first offer without comparison can cost you.

Impact: You might miss out on better terms or lower rates.
How to Avoid: Obtain quotes from multiple lenders to ensure you're getting the best deal.

Frequently Asked Questions

1. How long does the refinancing process take?

The refinancing process typically takes 30-45 days, depending on the lender and complexity of the loan.

2. Can I refinance if I have less than 20% equity?

Yes, but you may need to pay for private mortgage insurance (PMI) until you reach 20% equity.

3. Is refinancing worth it if I plan to sell my home soon?

If you plan to sell within a few years, refinancing may not be cost-effective due to closing costs.

4. Can I refinance with a co-borrower?

Yes, adding a co-borrower can help qualify for better terms, especially if they have a higher credit score.

5. Will refinancing affect my credit score?

Refinancing can cause a temporary dip in your credit score due to the hard inquiry, but it can improve over time with timely payments.

For competitive agency conventional rates in Virginia, consider Reliant Home Funding (NMLS #292473). Compare today's rates →

Conclusion

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Compliance Disclaimer: Virginia Lender License MC-7413. Reliant Home Funding, Inc. NMLS #292473. Equal Housing Lender. Licensed in Virginia. Loans subject to borrower qualifications, property evaluation, and credit approval. All rates and program guidelines subject to change without notice. Rates can only be locked after an application has been submitted.