Refinance Your Mortgage

With RIVA Mortgage

Benefits of Refinancing Your Mortgage:

  • Lower your payment. If you need flexibility in your monthly budget, a lower interest rate or changing your mortgage terms could help you reduce your monthly payment.
  • Take cash out. If you have equity in your home, you can refinance to take cash out to pay off debt or fund home renovations.
  • Shorten your mortgage loan. This is a great option if you are looking to pay off your home loan quicker which ultimately means paying less in interest over the life of the loan.

See How Much You Can Save

When you refinance with RIVA Mortgage

Calculate Your Savings

Things to Evaluate Before Refinancing:

  • Credit score. You do not need a perfect score to refinance your mortgage but knowing your credit score will help you better understand what refinance options you could be eligible for.
  • Value of your home. This is important to know if you are looking to take cash out or remove mortgage insurance. With a mortgage loan, you can only lend out what the home is worth, not how much you want.
  • Debt-to-income ratio. To calculate DTI, take all your monthly payments divided by your gross monthly income. This is one way your lender will measure your ability to repay the money you’re borrowing for your mortgage loan.
  • Monthly mortgage payment. This is beneficial for figuring out how your new payment will fit into your monthly budget. Whether you decide to have a lower or higher payment will be decided on how much you can afford monthly.

Frequently Asked Questions:

How long does it typically take to refinance a mortgage?

A typical refinance will take anywhere from 30 to 45 days, but there are many variables that can lengthen the process. Any third parties that are involved in the mortgage transaction can create a potential delay. Some examples are appraisers, inspectors, and title companies.

How much will it cost to refinance my mortgage?

Typically, your refinance will cost about 2–3% of the total amount of the loan.

How long should I own my home before refinancing?

In most cases, you'll need to be in your current home for at least a year.

Will this affect how much I pay over the life of the loan?

By refinancing the consumer's existing loan, the consumer's total finance charges may be higher over the life of the loan.

Compare Options:

RIVA Mortgage Options Loan Flexibility Rate Security Lower Down Payment No PMI
Fixed Rate      
Adjustable Rate      
VA Loan
FHA Loan  
Jumbo Loan      
First Time Home Buyer  

RIVA and Langley Federal Credit Union

Buying a house is a big decision and finding the right mortgage company is just as crucial. At RIVA Mortgage, we offer personalized service to the Richmond area. We pride ourselves on being with you every step of the way for this important purchase. We offer personalized service with expert knowledge of the home purchase process.

RIVA Mortgage is powered by Langley Federal Credit Union, which has been working for over 80 years in Virginia to help its members Save, Borrow, and Spend Wisely. With this incredible partnership, we can offer you great rates and loan programs that are uniquely tailored to you. From Fixed Rate, Adjustable Rate to VA Loans we can service any of your mortgage needs.

For additional resources to reference during your home buying journey, please visit: >>

*APR=Annual Percentage Rate. 30-Year Fixed 6.125% (6.405% APR) - up to 60% LTV. The interest rate is current as of April 11, 2024. Offer applies to borrowers with a credit score of 740 or better depending on credit qualifications. The payment on a $200,000, 30-year Fixed-Rate Loan at 6.125% (6.405% APR) is $1114. Property insurance and, if applicable, flood insurance is required. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some restrictions may apply. This rate is applicable for owner-occupied purchase or refinance (no cash out) of a single family dwelling. The stated rate may change or not be available at the time of loan commitment or lock-in.