A mortgage broker in Henrico, Virginia shops your loan across multiple wholesale sources instead of selling one company’s products, and Duane Buziak has been doing that for Henrico families since 2014. This guide walks you through refinancing a mortgage in Henrico County in seven steps: deciding whether it pays off, pre-qualifying, running the break-even math, and closing the new loan.
Before you start, have three things nearby: your current mortgage statement, recent pay stubs or tax returns, and a rough idea of what your home would sell for today.
Written by Duane Buziak, NMLS #1110647 | Coast2Coast Mortgage LLC NMLS #376205
Step 1: Define What You Want the Refinance to Do
Every refinance replaces your current loan with a new one, but the goal you pick changes which loan you need. There are three common goals:
- Rate-and-term: a lower interest rate, a different term, or both, with no cash taken out.
- Cash-out: a larger loan that pays off the old one and hands you the difference, often for a renovation or to consolidate debt.
- Shorter term: moving from a 30-year to a 15-year loan to pay less total interest, usually at a higher monthly payment.
Next, decide how long you expect to stay in the home. Closing costs are paid up front and recovered through monthly savings, so a refinance that pays back in three years makes sense for someone staying ten and none for someone moving in two.
The most common mistake is refinancing only to lower the payment while restarting a 30-year clock. If you are seven years into a 30-year loan and refinance into a new 30-year, the payment drops partly because you stretched the repayment, and you may pay more total interest. Compare total interest over the life of each loan, not just the monthly figure.
Homeowners in Glen Allen, Wyndham, and Lakeside who bought several years ago may have built meaningful equity, which matters if cash-out is on your list. Appreciation varies by street and by year, so rely on a current valuation rather than a neighborhood rule of thumb. Census QuickFacts for Henrico County publishes the county’s median owner-occupied home value, which is a useful sanity check before you go further.
Step 2: Gather Your Documents and Check Your Numbers
Pulling paperwork early shortens the process later. Most refinances ask for:
- Your latest mortgage statement
- Two years of W-2s or tax returns (self-employed borrowers should expect to provide more, such as business returns and a year-to-date profit and loss statement)
- Pay stubs covering the last 30 days
- Recent bank statements
- Your homeowners insurance declarations page
Then settle three numbers: your current rate and balance, an estimated home value, and your combined loan-to-value ratio (LTV). LTV is your total mortgage debt divided by the home’s value. A $350,000 balance on a $500,000 home is 70% LTV.
LTV decides which options are open to you. A conventional cash-out refinance tops out at 90% LTV. For eligible veterans and service members, a VA cash-out refinance can go up to 100% LTV. Rate-and-term refinances generally allow higher LTVs than cash-out.
Segment A callout: Short Pump, Innsbrook, and Twin Hickory
If your balance is large, check it against the conforming limit. For 2026, FHFA’s conforming loan limit is $832,750 for most of the country, rising to $1,249,125 in the highest-cost areas. Henrico sits in the Richmond area, so confirm the exact county figure on the FHFA page. A new loan above your area’s limit is a jumbo loan, which is priced and underwritten differently, and that comparison is worth making before you commit.
Step 3: Pre-Qualify Without Hurting Your Credit
Pre-qualification gives you a realistic picture of rate, payment, and eligibility before you submit a full application. Duane Buziak uses a soft NoTouch Credit Pull for this, so you can see options without a mark on your score.
The difference matters. A hard inquiry happens when you formally apply for credit and a lender pulls your full report for a decision. It can lower your score by a few points and stays on your report for two years. A soft inquiry is a look at your credit that does not affect your score. A pre-qualification is an estimate based on the information you provide. It is not a loan approval or a commitment to lend, and final terms depend on verified income, assets, and an appraisal.
The mistake to avoid is applying with several companies in a scattered way, spread over weeks. Credit scoring models generally treat multiple mortgage inquiries within a short window as a single inquiry, because they assume you are shopping for one loan. The exact window depends on the scoring model, so keep your formal applications close together. The CFPB’s mortgage shopping guidance encourages comparing Loan Estimates from more than one provider.
To start, call Henrico Mortgage by Duane Buziak at 804-212-8663 or use the pre-qualification link on the site. You will get a first look at your numbers without any credit impact.
Step 4: Compare Loan Options and Run the Break-Even Math
A broker is not tied to one rate sheet. Duane Buziak can compare pricing across multiple wholesale sources for the same borrower profile, which matters because the same file can price differently depending on where it lands. The table shows the structural difference.
| Feature | Duane Buziak/Coast2Coast | Typical single-lender shelf | Why It Matters |
|---|---|---|---|
| Lender access | Hundreds of wholesale lenders | One company’s own products | More programs means more chances to fit unusual income, credit, or property types. |
| Credit pull type | Soft NoTouch Credit Pull for pre-qualification | Often a hard pull at application | A soft pull lets you compare without a score impact. |
| Pricing check | Compares multiple rate sheets; Dare to Compare challenge | One rate sheet | You can verify pricing instead of taking it on faith. |
| Local presence | Office at 4860 Cox Rd, Glen Allen | Often a call center or distant branch | Local knowledge of Henrico appraisals, neighborhoods, and closings. |
You can test pricing with Duane’s Dare to Compare challenge: bring a Loan Estimate from another provider and have it checked side by side.
A worked break-even example
These rates are illustrative, not current offers. Suppose you owe $350,000 on a 30-year loan at 7.00%. Principal and interest is about $2,328 per month. Refinance the same balance into a 30-year loan at 6.00%, and the payment is about $2,098. That saves about $230 per month.
Now divide your closing costs by the monthly savings. With $5,500 in closing costs: $5,500 / $230 = about 24 months. After roughly two years you are ahead, and if you plan to stay five, the savings run well past the cost. Note that this example restarts a 30-year term, so also compare total interest, as in Step 1.
You may also hear about no-out-of-pocket closing options, where costs are covered through a credit built into a slightly higher rate or by rolling them into the loan. That removes the cash due at closing but changes the break-even math, so run it both ways. As of this writing, rates move often, so ask for a current quote rather than relying on any published figure.
Step 5: Choose Your Loan and Lock Your Rate
With options in front of you, four decisions shape the final loan:
- Fixed or adjustable: fixed keeps the payment stable; an adjustable rate starts lower but can change, which suits only a short, defined time horizon.
- Term length: 30, 20, 15 years, or something in between.
- Points or no points: paying points buys a lower rate and lengthens your break-even.
- Closing costs: paid in cash, covered through a no-out-of-pocket option, or rolled into the balance.
A rate lock holds your quoted rate for a set period while the loan is processed. Lock periods commonly run 30 to 60 days, and longer locks can cost more. If closing slips past the lock, you may need an extension, so ask up front what that costs and who pays if the delay is not your fault.
When Loan Estimates arrive, read them line by line using the CFPB’s Loan Estimate explainer. Section A shows origination charges, which the broker or lender controls. Sections B and C cover third-party services such as the appraisal and title work, and some of those you may be able to shop for. Compare the APR, which folds in fees, alongside the interest rate. A lower rate with a much higher APR often means heavier costs.
One caution: do not lock before confirming that your home’s value and LTV can support the program. Locking a cash-out rate on a home that later appraises low can leave you with a rate attached to a loan you cannot get.
Step 6: Complete the Application, Appraisal, and Underwriting
Once you apply, an underwriter verifies your income, assets, credit, and the property. Expect conditions: a letter explaining a large deposit, an additional bank statement, or a copy of a missing page. Answer each one the same day if you can. Delays here are the most common reason a lock runs short.
The appraisal is ordered through the process, and the appraiser’s value drives your LTV. To help it go well:
- Make a list of upgrades with approximate dates and costs, such as a new roof, kitchen, or finished basement.
- Clear access to the whole home, including attic, crawl space, and garage.
- Fix visible deferred maintenance that is easy to fix.
- Note recent comparable sales on your street or in your area, whether that is Short Pump, Tuckahoe, or Glen Allen, and pass them along.
Until closing, do not change jobs, open new credit, or make large deposits you cannot document. Underwriters re-check these items shortly before closing, and a surprise can stall the file.
If the appraisal comes in low, you have options. You can switch to a different loan structure, drop a cash-out request and refinance rate-and-term instead, or ask for a value review with supporting comparables. Some refinances qualify for an appraisal waiver based on automated underwriting results, but eligibility changes with agency guidance, so ask Duane whether it applies to your file and never assume the appraisal will be waived.
Step 7: Review the Closing Disclosure and Close Your Loan
The Closing Disclosure must reach you at least three business days before closing. Put it next to your Loan Estimate and check what changed: rate, loan amount, and fees. The CFPB’s Closing Disclosure guide explains which changes are allowed and which require a new three-day wait.
For most refinances of a primary residence, federal rules give you a three-business-day right of rescission after signing, and funds are not disbursed until it passes. That means your old loan is not paid off the day you sign. Plan around it if you need the cash-out money by a particular date.
Review these Henrico-specific items before you sign:
- Recording and recordation tax charges, which appear in the closing cost section. Confirm any questions with the Henrico County Clerk of Circuit Court.
- Escrow changes for real estate taxes and insurance. The Henrico County Real Estate Assessor’s office can confirm your assessment if the escrow amount looks off.
- The payoff amount on your old loan, with a per-day interest figure in case disbursement shifts.
After closing, note the date of your first new payment, which is usually the first of the month roughly 30 to 60 days out. Cancel autopay on the old loan so you do not pay it twice, and confirm that the old servicer shows a zero balance and returns any leftover escrow money, which can take a few weeks.
After the Payoff: Compare Your Rate Before You Commit
Once the old loan shows a zero balance and your first new payment is scheduled, the refinance is done. If you are still weighing whether to start, the cheapest next move costs nothing: a side-by-side check of your numbers with a local broker. Your dream home in Henrico County is closer than you think, and a credit-safe pre-qualification protects your score while showing you what your options actually look like. Get pre-qualified today and take the first step with a local mortgage expert who understands your community. You can also call Duane Buziak at Henrico Mortgage by Duane Buziak at 804-212-8663.