The best refinance rates today are the ones you can actually get, and that is rarely the number in an ad. Advertised rates assume a specific credit tier, loan-to-value ratio, point structure and lock period that may not match yours. For Virginia homeowners, from Richmond and Glen Allen to Northern Virginia and Hampton Roads, the useful question is which offer costs the least for the years you will keep the loan. Duane Buziak, an independent mortgage broker, sees the same pattern on most refinance files: the lowest headline rate often comes with the highest cost. These seven strategies turn a rate you see into an offer you can compare line by line.
1. Compare quotes on a Loan Estimate, not an advertised rate
An advertised rate is marketing. A Loan Estimate is a federally standardized three-page disclosure that lists the interest rate, points, lender credits, fees and APR in the same places for every lender. APR folds certain finance charges into a yearly cost figure, so it exposes fees that a bare rate hides. That standard layout is what lets you compare offers fairly.
Consider an illustration. Two lenders both advertise 6.25%. Lender A quotes 6.25% with no points. Lender B quotes 6.25% but includes 1.5 points and a higher origination charge. The headline rates match, yet Lender B’s APR and cash to close are noticeably higher. Only the Loan Estimate shows that.
- Request three Loan Estimates on the same day, with the same loan amount, loan type and lock period.
- Line up the interest rate, Section A (origination charges), any points or lender credits, and the APR.
- Ask each lender to explain every difference in writing, including third-party fees that could be identical across lenders.
The common mistake is comparing one lender’s rate with another lender’s rate plus points. A 6.00% rate with 2 points is a different product from a 6.25% rate with no points. Make sure each quote shows the same pricing structure before you judge it.
What to measure: total cost over the years you expect to keep the loan, not just the rate. Add upfront costs to the payments you will make over that period and compare the totals.
2. Use broker access to 500+ wholesale lenders to find the best refinance rates
A bank loan officer prices from one institution’s rate sheet. Duane Buziak, NMLS #1110647, is an independent broker with access to 500+ wholesale lenders, so he is not paid to push one bank’s products. He prices your scenario across the market and picks the lender whose guidelines and pricing fit your file. Wholesale pricing generally runs below retail pricing at the same institution, and lenders compete for the loan.
Illustration: a Richmond homeowner has a 660 score and an 85% loan-to-value ratio. One lender prices that file poorly because of mortgage insurance cost at that tier, while another is far more competitive on the same profile. The spread between the best and worst quotes can be meaningful, and you only see it by asking more than one lender.
Duane Buziak’s track record is public: Virginia Broker of the Year 2024 and 2025, Scotsman Guide Top Originator in 2025 (#114 nationally, $44.4M) and 2026 ($51.2M), UWM PRO ELITE 2025, and more than 1,400 five-star reviews across Google, Experience.com and Zillow. Those results come from volume, and volume comes from shopping files across lenders.
- Ask Duane Buziak to quote conventional, FHA, VA or jumbo options, whichever apply.
- Bring your current bank’s offer and request a side-by-side.
The common mistake is assuming a broker costs more. Broker compensation appears on the Loan Estimate like every other charge, so check it rather than guess.
What to measure: the spread between the best broker quote and your bank’s quote at equal points and equal costs.
3. Use a soft credit pull to shop without score damage
A hard inquiry can lower your score slightly and stays on your report. A soft credit pull mortgage estimate does neither, so you can see likely terms before committing to anything. Duane Buziak’s NoTouch Credit Pull works as a soft pull pre-qualification: a no hard inquiry mortgage pre approval path that shows estimated rate and payment ranges, a mortgage pre approval without hard pull that you can review at your own pace. For homeowners who want a no credit hit mortgage application at the start, this is the entry point, and a soft pull mortgage broker can compare scenarios before any hard pull happens.
Illustration: a Fredericksburg homeowner reviews estimated terms from a NoTouch Credit Pull, sees that a rate-and-term refinance would trim the payment, and decides whether to proceed with no change to her credit file.
- Start the soft-pull pre-qualification.
- Review the estimated rate, payment and program options.
- Authorize the hard pull only when you pick a lender to move forward with.
The common mistake is treating the estimate as a final approval or a locked rate. It is neither. Final terms depend on full underwriting, income and asset documentation, an appraisal where required, and the day you lock.
A related myth is that shopping wrecks your credit. Scoring models generally treat several mortgage inquiries within a short window as one, though the window varies by scoring model (commonly 14 to 45 days), so confirm it before you collect multiple hard pulls. A soft pull sidesteps the question.
What to measure: the number of hard inquiries during your shopping window. Ideally it is one or two, placed close together.
4. Raise your credit score before you lock
Lenders price in score tiers, not on a smooth scale. A file at 679 can price worse than the same file at 680, and similar breaks sit near 700, 720, 740 and 760, depending on the lender and loan type. Crossing a tier can lower the rate or the mortgage insurance cost, which makes targeted prep worth more than general advice about “improving credit.”
Illustration: a homeowner carries a card at 70% utilization. Paying it below 30% before the credit pull may move the score up a tier, which could change the rate quoted.
- Pull your reports from all three bureaus at AnnualCreditReport.com and dispute errors.
- Pay down revolving balances, prioritizing the cards with the highest utilization.
- Avoid new credit applications and financed purchases until closing.
- Ask Duane Buziak whether rapid rescoring makes sense once balances are paid, since it can update the score faster than waiting for normal reporting cycles.
The common mistake is closing old accounts or opening new ones mid-refinance. Closing a card can shorten your credit history and raise utilization. A new account adds an inquiry and can trigger underwriting questions.
Lock timing matters here too. If a score gain is only weeks away and rates are stable, waiting can be cheaper than locking early. If rates are moving, the math changes.
What to measure: your score at the time of the pull compared with the tier break points in the lender’s pricing. Ask for those break points rather than guessing.
5. Price points, credits and your break-even point
Every rate has a price. Pay discount points (1 point equals 1% of the loan amount) and the rate drops. Take a higher rate and the lender can give you a credit toward closing costs. A lower rate wins only if you keep the loan long enough to recover the upfront cost. That recovery time is your break-even point.
Illustration: closing costs of $4,500 divided by monthly savings of $150 is a 30-month break-even. If you will keep the loan for seven years, you come out well ahead. If you might sell in two, you lose.
- Ask for the same loan at three pricing points: a lower rate with points, a middle option, and a higher rate with credits or no-out-of-pocket closing options.
- For each, divide the extra upfront cost by the extra monthly savings versus the next option.
- Compare each break-even with how long you realistically expect to keep the home or the loan.
The common mistake is paying points on a loan you will sell or refinance within a couple of years. The reverse is also costly: taking a credit and a higher rate on a home you plan to hold for fifteen years leaves savings on the table.
For homeowners who prefer to keep cash in the bank, the no-out-of-pocket closing options trade a slightly higher rate for little to nothing due at closing. That can be a sound choice when the monthly savings still clear your target.
What to measure: break-even months and total interest paid over your holding period, for each pricing option.
6. Match the refinance program to your situation
The loan you hold now is not the only loan you can refinance into. The right program depends on your goal: a lower rate, a shorter term, cash out, or dropping mortgage insurance. The main refinance paths each have different rules.
- Conventional rate-and-term: can remove private mortgage insurance once your equity is high enough, which an FHA loan generally cannot do the same way.
- FHA streamline: reduced documentation for existing FHA borrowers, with a net tangible benefit requirement.
- VA IRRRL: for existing VA loans, typically without a new appraisal, with a 0.5% funding fee as of this writing. Verify current rules before relying on them.
- Cash-out: many programs cap at 80% loan-to-value, though select options go higher, up to 90%.
- Jumbo: for balances above the conforming limit. FHFA set the 2026 baseline limit at $832,750, with a higher ceiling in high-cost areas such as parts of Northern Virginia.
Illustration: a Hampton Roads veteran with a current VA loan evaluates an IRRRL, while a Northern Virginia owner with a large balance compares jumbo options against a high-cost-area conforming loan.
Write down your goal first. Then have Duane Buziak price each eligible program, including VA and FHA where you qualify. VA lending can work down to a 500 FICO through his lender network, below the 620 minimums many lenders apply elsewhere.
The common mistake is limiting the search to the loan type you already have. An FHA borrower with strong equity may do better conventional.
What to measure: monthly payment, mortgage insurance cost and total interest for each program, side by side.
7. Time your rate lock and know what moves rates
Mortgage rates move with bond market conditions, inflation data, employment reports and Federal Reserve signals, and they can change more than once in a day. Nobody reliably predicts the daily low. A lock fixes your rate for a set period, so the better question is whether today’s payment meets your savings goal.
Illustration: a 45-day lock costs slightly more than a 30-day lock, but it avoids extension fees if an appraisal runs late. For a busy market like Northern Virginia or Hampton Roads, appraisal timelines are worth building into the lock length.
- Track a dated benchmark such as Freddie Mac’s weekly Primary Mortgage Market Survey, published on Thursdays, and note its date whenever you cite it. Your quote will differ from the survey average.
- Set a target payment that makes the refinance worthwhile.
- Choose a lock period that covers your realistic closing timeline.
- Get the lock confirmation in writing and ask whether a float-down option exists and what it costs.
The common mistake is waiting for the daily low and missing a workable rate. A homeowner who passes on a rate that hits the target payment, hoping for another eighth of a point, can watch the market move the wrong way.
What to measure: the locked rate against your target payment, and the cost of any lock extension you end up paying.
Where to start, and how to put the seven together
Begin with the break-even math from strategy 5 and a soft-pull estimate from strategy 3. Together they tell you whether refinancing makes sense and what a realistic offer looks like, with no credit impact. Then have Duane Buziak at Virginia Mortgage Broker by Duane Buziak compare wholesale quotes, and check each result against a Loan Estimate. Credit prep and lock timing come after you know your numbers.
Ready to see what Virginia’s top-ranked mortgage broker can do for you? Duane Buziak offers a no-hard-pull pre-approval so you can explore your options with zero credit impact. With access to 500+ wholesale lenders, you get better rates than any single bank can offer. Get your free mortgage review today.
