Accomack County, Virginia
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1 Platform, 6 Refinance Alerts
01
Alert for Lower Rates
02
Alert for Cash Out
03
Alert for Shorter Term
04
Alert for Eliminating PMI
05
Alert for Product Changes
06
Alert for Changes in Home Value
Accomack Real Estate Market Update
The real estate market in Accomack County, Virginia, is experiencing a steady increase, with the median home sold price reaching $335,000 in October 2024, reflecting a 1.7% rise from the previous year. The average home value in the county is approximately $241,286, marking a 4.6% increase over the past year. Homes typically go pending in about 21 days, indicating a balanced market where properties are reasonably priced and sell within a typical timeframe.
Accomack County is home to several notable towns, including Chincoteague, Onancock, and Accomac. Chincoteague, known for its scenic beauty and wildlife, has a population of around 2,941. Onancock, a charming town with a rich history, has approximately 1,263 residents. Accomac, the county seat, is a small community with a population of about 519, offering a quaint and historic atmosphere.
Living in Accomack County offers a blend of rural and suburban experiences, with a strong emphasis on agriculture and farming. The county's economy is supported by industries such as agriculture, aquaculture, and tourism, attracting people seeking a quieter lifestyle with access to natural beauty and outdoor activities. The migration patterns suggest that individuals are moving to Accomack County for its affordable housing, peaceful environment, and opportunities in farming and tourism-related sectors.
2025 Mortgage Loan Limits:
Accomack County, Virginia
1 Unit
$806,500
Conforming Loans
$524,225
FHA Loans
2 Unit
$1,032,650
Conforming Loans
$671,200
FHA Loans
3 Unit
$1,248,150
Conforming Loans
$811,275
FHA Loans
4 Unit
$1,551,250
Conforming Loans
$1,008,300
FHA Loans
Questions About Refinancing in
Accomack County
What is mortgage refinancing?
Refinancing is the process of replacing your current mortgage with a new one, often to secure a lower interest rate or change the loan terms.When should I consider refinancing?
Consider refinancing when interest rates drop, your credit score improves, or you want to switch from an adjustable-rate to a fixed-rate mortgage.How much does it cost to refinance?
Refinancing costs typically range from 2% to 5% of the loan amount, including closing fees, appraisal, and title fees.How long does the refinancing process take?
The refinancing process usually takes between 30 to 45 days, but this can vary based on lender efficiency and document preparation.What are the benefits of refinancing?
Refinancing can lower your monthly payments, reduce interest rates, shorten loan terms, or allow you to tap into home equity.What is cash-out refinancing?
Cash-out refinancing allows you to take out a new loan for more than your current mortgage balance and receive the difference in cash.Will refinancing hurt my credit?
Refinancing may cause a temporary dip in your credit score due to the hard inquiry, but the impact is usually minor and short-term.Can I refinance with bad credit?
It may be harder to qualify, but some lenders offer refinancing options for people with lower credit scores, though they often come with higher interest rates.How much equity do I need to refinance?
Most lenders require you to have at least 20% equity in your home to qualify for refinancing, though some programs may allow for lower equity percentages.Is it possible to refinance a rental property?
Yes, you can refinance an investment or rental property, though the terms and interest rates may be different compared to refinancing a primary residence.
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