We offer two refinancing options: Rate/term: Change the structure of your first mortgage, meaning get a new rate or length of the loan, without advancing new money on the loan. You might choose this option to take advantage of lower rates or to convert from an adjustable-rate loan to one with fixed rates. Cash Out: Take money out of your equity–which is the money you’ve paid into your home. You can use that to pay for home improvement or debt consolidation. Features & benefits Refinance loan for primary residences, second homes, investment properties and land in Virginia Close loan within 60 days Refinancing calculator No closing costs1refinance option saves you even more, with designated limits Experienced local mortgage loan officers match you to an affordable refinancing option Fixed-rate or adjustable-rate loans 1 See our Limitations of Offer. Refinance your loan Refinance your mortgage to get more for your money. Get started Home Refinance Resources See More Resources Refinancing Checklist Here’s a list of information you may be asked to provide when you submit your refinance application. Why Refinance? Refinancing is the process of paying off an existing loan with the proceeds from a new loan, and using the same property as collateral. Refinancing Costs It’s important to understand the costs and fees you’ll have to pay for refinancing and how long it will take you to recover those costs.