Chemung County, New York
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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
Chemung Real Estate Market Update
In Chemung County, New York, the real estate market has seen a notable increase in median home values. As of October 2024, the median listing price for homes in the county was approximately $174,133, reflecting a 7.2% increase from the previous month. The average home value in the county is $156,029, which has risen by 5.0% over the past year.
The top cities in Chemung County include Elmira, Horseheads, and Big Flats. Elmira is the largest city, with a population of approximately 27,000 residents, while Horseheads has around 19,000 residents. Big Flats, known for its suburban feel, has a smaller population of about 7,000 people.
Living in Chemung County offers a mix of rural and suburban lifestyles, with a strong presence of agriculture and small farms. The area is characterized by its scenic landscapes and outdoor recreational opportunities. Key industries include healthcare, education, and manufacturing, which attract residents seeking employment opportunities. The county has seen migration patterns influenced by its affordable housing and the appeal of a quieter, community-focused lifestyle.
2025 Mortgage Loan Limits:
Chemung County, New York
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
Chemung 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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