Chesapeake, Virginia 30-Year Fixed Mortgage Rates 2018

Compare Virginia 30-Year Fixed Conforming Mortgage rates with a loan amount of $250,000. Use the search box below to change the mortgage product or the loan amount. Click the lender name to view more information. Mortgage rates are updated daily.

30-Year Mortgage Average Rate Trends History Chart 2018

Chesapeake, Virginia 30-Year Fixed Conforming Mortgage

December 9, 2018 Average: 4.86% APR

Lender APR Rate (%) Points Fees Monthly
Learn More Compare
Quicken Loans NMLS #3030
NMLS ID: 3030
30 Yr Fixed
0.00 $0 $1,400 Learn More
Ally Bank
NMLS ID: 181005
30 Yr Fixed
0.13 $1,359 $1,305 Learn More
J.G. Wentworth Home Lending, LLC
NMLS ID: 2925
License#: MC-1875
Phone: (844) 644-9291
30 Yr Fixed
0.13 $418 $1,267 Learn More
Rocket Mortgage
NMLS ID: 3030
30 Yr Fixed
0.00 $0 $1,341 Learn More
NMLS ID: 399799
30 Yr Fixed
0.25 $2,006 $1,305 Learn More

Data from above provided by Informa Research Services, Inc.1

Navy Federal Credit Union
Updated 08/12/2018
Restrictions - See Amortization Table
4.42% 4.25% 1.00 $0.00 $1,229.85
HomeTrust Bank
Updated 09/21/2018 - See Amortization Table
4.54% 4.38% 1.00 $2,000.00 $1,248.95
Updated 08/13/2018
Restrictions - See Amortization Table
4.66% 4.63% 0.00 $3,854.00 $1,285.35
Updated 08/10/2018
Restrictions - See Amortization Table
4.70% 4.63% 0.13 $2,784.00 $1,286.10
Updated 08/12/2018
Restrictions - See Amortization Table
4.70% 4.63% 0.00 $0.00 $1,286.10
Bank of America, National Association
Updated 11/15/2018 - See Amortization Table
4.97% 4.75% 0.88 $0.00 $1,304.12
Updated 10/17/2018 - See Amortization Table
4.91% 4.75% 0.00 $3,874.00 $1,304.12
TD Bank, National Association
Updated 11/06/2018 - See Amortization Table
5.07% 4.88% 0.00 $4,715.00 $1,323.78
Updated 11/01/2018
Restrictions - See Amortization Table
4.97% 4.88% 0.00 $2,784.00 $1,323.78
Wells Fargo Bank, National Association
Updated 11/08/2018 - See Amortization Table
5.12% 5.00% 0.00 $0.00 $1,342.05
Updated 11/01/2018
Restrictions - See Amortization Table
5.17% 5.00% 1.00 $2,784.00 $1,342.05
Citibank, National Association
Updated 11/08/2018 - See Amortization Table
5.24% 5.13% 0.25 $2,739.00 $1,361.99
Updated 11/14/2018
Restrictions - See Amortization Table
5.39% 5.38% 0.38 $0.00 $1,399.93

Data provided by BestCashCow

1Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.

Rates from this table are based on loan amount of $250,000 and a variety of factors including credit score and loan to value ratios. For specific requirements please check with the lender. Rates may change at any time.


Starting Your Search for the Best Mortgage Rates 2018

Once you have found and purchased the home of your dreams, you will need to protect your investment. You will need a good understanding of the best type of loan for you as well as prevailing mortgage rates.

Securing the best mortgage isn’t simply about finding a lender who offers you the best rate. Taking out a mortgage can be a time-consuming, confusing, and even emotional process. The best mortgage lenders will guide you through the complex process with ease and treat you with respect. This makes finding the best rates from top mortgage lenders a little bit tougher than finding, say, the Best Credit Card for earning travel rewards, the Highest Yielding Online Savings Account Account or the Highest Yielding CD.

In addition to searching for the best rate, you will want to improve your credit score, identify the maximum down payment you can make and determine how long you will be in your house or apartment. Based on these factors, the following are the types of mortgage products you may wish to consider.

Fixed-rate mortgages

While fixed-rate mortgages are by far the most common type of home loan. It’s also the easiest to understand. While the proportion of your loan that is amortized will increase each month (versus interest on the balance), you still pay the same amount every month. Your interest rate is locked in when you close on the loan, so you aren’t vulnerable to sudden increases in interest rates.

Fixed-rate mortgages ordinarily require a 20% down payment (or that you pay for mortgage insurance) and are most often offered for 10-, 15- or 30-year terms, with the latter being the most popular choice. Longer terms generally mean lower payments, but they also mean it will take longer to build equity in your home. You will also pay more interest over the life of the loan.

The BestCashCow mortgage calculator is a great way to examine the amortization schedule that you will have for different fixed rate mortgage lengths and balances (hyperlink-

Adjustable-rate mortgages (ARMs)

Typically, ARMS offer lower initial interest rates, and sometimes lower initial payments than fixed rate mortgages, making it easier for a wider range of people to qualify for better homes. The interest rate remains constant for a certain period of time, most commonly 7 or 10 years although shorter and longer terms are often available. Generally, the shorter the period, the better the rate — then rises and falls periodically according to a financial index.

ARMs offer a fantastic opportunity for homeowners to get rates lower than would be available in a fixed rate product, and are ideal for those who are not planning to be in the home for more than the term for which rates are fixed, or those who will be able to pay off the mortgage should rates rise. If you don’t fit that criteria, you run that risk of your ARM beginning to adjust when interest rates are climbing in which case your payments could be adjusted upwards quite sharply. While most products have terms limited them to more than a 2% annual increase (or decrease), given that interest rates on fixed products are currently so low, you may find yourself several years out regretting that you did not lock into a fixed rate product.

Interest-only mortgages (IOs)

Interest-only mortgages are technically a type of ARM on which only the interest is charged each month, but the outstanding loan amount does not begin to amortize until after the interest-only period (usually 5 years). These mortgages are compelling because they allow home buyers to pay only interest for a certain period at the beginning of the loan, keeping payments as low as possible. They can be a good choice for someone who expects a significant increase in income down the pike, but they are the worst choice for those seeking to build equity in their homes. They can also lead people to mistakenly buy more expensive homes than they can afford. Once the interest-only payment period is up, your payment can jump significantly when you begin to pay the principal of the loan, plus you can experience a rate increase.

FHA and VA loans

FHA and VA loans are government-backed mortgages. FHA loans require much smaller down payments than their conventional counterparts and can often be good option for those with a steady, healthy income without enough savings for a huge down payment (often as little as 2.5% down). The drawback of FHA loans is that you will likely be responsible for mortgage insurance each month in order to help the lender blunt some of the risk. VA loans are also available to those with a military affiliation and offer with low (or even no) down-payment options, minus the mortgage insurance required on FHA loans. However, the VA typically charges a one-time funding fee that varies according to down payment amount.

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What to Consider as Rates Rise: Fixed-Rate Mortgages vs. ARMs

Buying a home means more than just committing to raising a family or living out one’s golden years in a particular house. It usually comes with financial obligations in the form of a mortgage. It is therefore important to prepare for the possibility that mortgage interest rates that have been at records lows for years may be rising soon.  In particular, this could affect how a new homebuyer approaches whether to consider adjustable rate mortgages (ARMs) in addition to fixed-rate mortgages

Fixed-rate mortgages

A fixed-rate mortgage is the most traditional form of a mortgage, locking in both the interest rate and monthly payments for the life of the loan.   These mortgages can vary in length.  The standard is the 30-year mortgage, but a 15-year fixed mortgage offers purchasers a quicker amortization schedule and ownership timeline.

Regardless of the length, many prefer a fixed rate mortgage because the repayment obligations are clear from the amortization table.  They do not change the course of the loan, offering borrowers predictability —offering the peace of mind that comes with stability and avoiding interest rate fluctuations. 

To be clear, fixed rate mortgages can be appealing if you think rates are lower now than they will be in the future. With rates near historical lows and seemingly poised to rise, locking in a rate could make sense for many borrowers now.

Adjustable-rate mortgages (ARMs)

An adjustable-rate mortgage (ARM), unlike a fixed rate mortgage, has a fixed interest rate for a few years with the 5-year ARM being the most popular (3, 7 and 10-year ARMs are also common) with the amortization ordinarily extending over 30 years.   Once this initial fixed rate period ends, the monthly payments will vary as market rates change.  While many ARMs offer limits on how much your rate might increase in a given adjustment period or over the life of the loan, a purchaser selecting an ARM should understand that if rates rise from these levels there interest obligations (i.e., monthly payments) may reset at much higher levels.

For those planning to stay in their home beyond the fixed period at the beginning of an ARM, the risk to rising rates at this point in the interest rate cycle may offset any advantage to reducing near term interest payments.   Even if you might have been more likely to take on the benefits of an ARM mortgage, a fixed rate at this point may just offer you more safety, security and flexibility. 

Start exploring rates where you live here.

When Should I Refinance My Mortgage?

When you refinance a mortgage you pay off your existing mortgage loan and replace it with a new mortgage.  Homeowners might want to refinance for several different reasons.  Some of the most common reasons include obtaining a lower rate, shortening the mortgage loan term, converting from a fixed-rate mortgage to an adjustable-rate mortgage (or vice versa) and tapping into the home's equity to finance a major purchase or consolidate debt.  Each case can involve benefits, but also poses pitfalls.  Since refinancing can cost as much 1% and  - just like taking an original mortgage - requires an application, title search, and appraisal fees, homeowners need to carefully analyze all of the factors involved before initiating the process to determine whether their refinancing is truly beneficial.

Again, some of the most common reasons for refinancing are:

1.  To Obtain A Lower Interest Rate 

Lowering the interest rate on an existing loan is one of the best reasons for refinancing a mortgage.  The rule of thumb historically was that it was worth refinancing if your interest rate could be reduced by 2% at least.  In the current low interest rate environment, many lenders have made the case that a savings of 1%, or even less, is enough of an incentive to refinance.  

Reducing your rate helps you save money by lowering your monthly payment.  For instance, a $100,000 home with a 30-year fixed rate mortgage that has a 3% interest rate will have a monthly payment of $421. With a 2% interest rate, the payment will be reduced to $369.  If you want to simulate more payment scenarios use this mortgage calculator

Alternatively, you could obtain a lower rate and get a mortgage that allows you to continue to pay the same payment each month ($421, in the above example) and to apply the difference between the interest you pay and the lower interest you could pay to lowering the total owed – i.e., amortizing the mortgage principal.   This strategy would enable you to pay off your mortgage years earlier. 

Check 30 year mortgage refinance rates where you live.

2.  Shorten the Loan Term 

Whenever interest rates go down, homeowners frequently have the chance to refinance their existing loans to a shorter term that enables a much quicker amortization and, hence, more home equity built.  For the $100,000 home with a straight-line 3% 30-year fixed-rate mortgage that involves a monthly mortgage payment of $421, approximately $171 is attributable to paying down or amortizing the mortgage.  If you were to refinance at 2% and shorten the term to 15 years, the monthly payment would go up to $643, but over $440 of that amount would be attributable to mortgage amortization in the first month (and that amount rises from there).   You can play with your own numbers and extrapolate how shortening your term loan would accelerate amortization of your own mortgage with BestCashCow’s mortgage calculator.

If you have a fixed-rate mortgage in a rising interest rate environment, it will make much less sense to shorten the loan term in order to pay off your mortgage quickly.  Instead, you would be better served by adding to your monthly mortgage payment or by making annual or semi-annual lump-sum payments in order to pay down the mortgage balance.  Before making any excess payments, you should be sure that your mortgage lender permits your mortgage to be paid down without a penalty.

3.  Convert Between An Adjustable-Rate Mortgage and Fixed-Rate Mortgage  

Although an Adjustable-Rate Mortgage (ARM) will often start out with a lower rate compared to a fixed-rate mortgage, frequently periodic adjustment will result in increased rates making them higher than fixed-rate mortgages that are being offered.   The impact can be costly in a rising rate environment, even though many ARMs have escalation clauses that limit the amount that the ARM can adjust upwards each year.  Converting to a fixed rate mortgage can often both lower the interest rate and fix the interest rate for the longer term.  It also eliminates the worry about interest rate increases in the future. 

On the other hand, it can be financially beneficial to convert from a fixed-rate loan to an ARM when interest rates are falling.  The ARM's periodic rate adjustments can result in lower interest rates and monthly mortgage payments that are smaller, eliminating the need to refinance in order to take advantage of lower interest rates each time they go down.  Even in a stable or rising interest rate environment, it might also benefit homeowners who are not planning to stay in their home beyond the fixed period of the ARM loan to convert to an ARM, as the rate during the fixed period (usually 5 years) is often lower than that for a long-term fixed rate mortgage.

4.  Consolidate Debt by Tapping Equity

Refinancing your home to consolidate your debt is the most common reason that homeowners refinance.  It is often attractive to pay for major expenses, such as Obamacare premiums, college education and home remodeling costs, with the equity that you have built in your home.  It is often not only a lower interest rate than the other types of loans that might be available, but because mortgage interest on your primary and secondary homes is usually tax deductible, it can be a solid tax planning strategy.   But, while it may be a financially sound idea, the reality is that, especially if you are approaching retirement, it may not be wise to increase the length and/or amounts of your monthly mortgage payment.

Those who need or want to tap into their home equity for major expenses will often find that a home equity loan is a more attractive option, as it does not require the same amount of work or the same costs. 

See the best home equity rates where you live here. 

Should I Pay Off My Mortgage Early?

Paying down, or paying off, your mortgage will open up a world of possibility.

There are a lot of people who often wonder whether they should think about paying off their mortgage early. The answer is rather simple.  Most of the time, the answer to any given situation would be a resounding “yes”.

There can be a world of freedom and happiness out there for you once you have the biggest monthly expense no longer looming over your head. 

Regardless of what stage you are at in life, it is important to recognize that the most successful and happiest retirees are those who eliminated their mortgage payment or at least drastically reduced it before they started in on their retirement.    Quite simply, no matter what you are age, the stress of a mortgage being lifted will end up being well worth its weight in gold. After all, paying off your mortgage will end up taking a huge concern off of your plate.

Of course, having a outstanding mortgage can give you the flexibility to essentially walk away from a bad purchase with limited liability, as many people did in 2008 and 2009.  And, you never know just how the market is going to go and there is no guarantee it will go up.

Nevertheless, in an ordinary environment, you do not easily walk away from a mortgage with complete impunity.  It is a liability that is not going to easily be forgiven, and any proper retirement planning does not involve defaulting on a mortgage.  If you are able to pay your mortgage off by the time that you retire, you will have added peace of mind. It cuts back on the amount of income that your safety net for retirement will need to take care of. If the burden of paying your mortgage goes away, you will have more freedom with your budget for the happier things in life.

At any stage in life, extinguishing a mortgage creates what is known as a deflationary moment. A deflationary moment is something that will not happen often in life, as there are not a lot of services and goods in our daily life that are becoming less expensive.  (It doesn't matter if you are looking at daycare, gasoline, land, groceries or something else, things are always getting pricier. With this sort of inflation, when will you see deflation? The answer is actually rarely, if ever.)  The prices will generally always be on an upward climb.

The deflationary moment happens because you deflate the money that goes out the window for daily life without impacting your lifestyle.  After you no longer have a hefty mortgage, you gain flexibility that allows you to live where you want and in the size home that you want. Some folks will choose a home that is a bit smaller and fits their needs a bit better after retirement.

When you own a home without a mortgage, you can easily transition into a smaller home that is a lot easier to maintain. Maybe you want to have the money so that you can buy two homes that are in very different locations, such as the one that is in the mountains, or one that is at the beach. When you want to spend several months in one location with your grandchildren or extended family, or you are hoping to take care of someone in need, you will not have to worry about a mortgage payment while you are away. 

The flexibility will dramatically increase after you pay off your home, which will give you a chance to live where you want and how you want.

When should you think about pulling the trigger to pay off your mortgage?

Whenever people ask how much they have to have in the bank for paying off their mortgage, it is difficult to have an actual number. The best advice is the one-third rule. This means that if you can pay off your mortgage while not using any more than one-third of the non-retirement savings that you have, you should consider paying off your mortgage today. 

As an example, if you owe about $55,000 on your house and you have roughly $190,000 in your savings, excluding any IRA or 401(k) funds, you can look at the one-third rule. You will have the ability to pay off the mortgage, plus you will have plenty of cushioning left over for any unexpected expenses. If it will cost you more than one-third of any non-retirement savings that you have to pay your mortgage off, you should wait. It can cause more stress over the long term if you are lacking the cash in your bank simply because you paid off your mortgage. 

Here are 5 steps that you can follow early in life to pay off your mortgage faster:

1. Buy A Home You Can Afford

When you are looking to finance a house, you will need to be prequalified. The bank is going to look at the overall picture of your finances and then spit out an amount that you can get a loan for. Some will use this amount to set a budget for housing. However, keep in mind that the bank is just guessing. Examine own your monthly budget and determine what you want to spend on a home.  If you are a prudent financial planner, you may decide that is is much less than what the bank tells you that you can afford.

2. Get A 15-Year Mortgage

When you calculate the differences between 15 and 30-year mortgages, a 15-year will involve higher monthly payments as there is greater amount allocated to the amortization component monthly, but the advantage is that you save on total interest over the life of the loan due to the shorter term and, usually, lower interest rate.   

Check out the best 15-Year Mortgage rates where you live now.

3. Set A Target Payoff Date

Take a look at BestCashCow’s online mortgage payment calculator to help you determine a goal for a payoff. Post reminders of the goal so that you can remember that you have a strong plan in place.

4. Start Automatic Payments

Most loan providers will allow you to set up automatic bi-weekly payments, but some may only do so for a fee. You can call your mortgage company to go over all of your payment options to see what works best. However, you will see that an automatic payment will be easier to deal with than trying to remember to send out a payment each month or every two weeks. 

5. Cut Expenses And Increase Earnings

Review your budget all the way through and try to cut expenses where you can, while also working to boost your earnings. This could be as simple as cutting out the use of your credit card, as those purchases can really add up and your finances take a blow because of it.