Clare County, Michigan
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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
Clare Real Estate Market Update
The real estate market in Clare County, Michigan, is currently experiencing a seller's market, with the median home sold price at $146,416 as of October 2024. This represents a 10.1% increase from the previous year, with homes selling at an average price of $120 per square foot. The market is characterized by higher prices and faster sales, indicating strong demand for housing in the area.
Clare County includes several notable cities, with Clare and Harrison being among the most prominent. Clare, the county seat, offers a small-town atmosphere with a population of approximately 3,118 residents. Harrison, another key city, has a population of around 2,114. These cities serve as central hubs for the county's economic and social activities.
Living in Clare County offers a blend of rural and suburban lifestyles, with a significant emphasis on agriculture and farming. The county's economy is supported by industries such as agriculture, manufacturing, and tourism. Many people are attracted to Clare County for its affordable housing, natural beauty, and the opportunity to enjoy a quieter, more rural lifestyle while still having access to suburban amenities. This has led to a trend of people moving to the area for its quality of life and cost-effective living options.
2025 Mortgage Loan Limits:
Clare County, Michigan
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
Clare 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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