Home Loan

First home. Bigger home. Vacation home. Forever home.

Colonial, ranch, Victorian or something more modern. At Central Virginia Federal Credit Union, we have first mortgages for every type of home and everyone who wants a place of their own. Our knowledgeable team will work closely with you through the mortgage application process, answering questions and guiding you to a loan that fits your current finances and long-term needs.

  • Fixed-rate loans with stable monthly payments
  • Adjustable-rate loans that offer lower payments for the first few years (Rates then rise or fall periodically)
  • Competitive interest rates keep monthly payments under control
  • Repayment terms up to 30 years
  • Experienced mortgage lenders who are always available to advise and assist you

Refinancing options

Even if you love your current home, you might find a financial advantage in getting a new loan. Our mortgage team can help you work through the following scenarios:

  • Obtain a lower interest rate: If rates have dropped since you obtained your current mortgage, you might save a lot of money - perhaps thousands of dollars - by switching to a loan with a lower interest rate.
  • Use your home equity: If your home value exceeds your current mortgage balance, you may be able to refinance for more money than you owe. This is called a "cash-out" refinance and the extra funds are often used for renovations, debt consolidation or covering other big expenses, such as college tuition.
  • Convert to a fixed-rate loan: If you have an adjustable-rate mortgage, you may want to lock in a fixed rate. Stable monthly payment can make it easier to set a budget and plan long-term finances.
  • Change your loan term: Moving from a 30-year to a 15-year loan can eliminate debt quicker, build equity faster and save money on interest charges over the long haul. On the other hand, extending your loan term can reduce monthly payments, taking some stress off your household budget.