Clarke 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
Clarke Real Estate Market Update
Clarke County, Virginia's real estate market is experiencing a notable increase in home values. As of October 2024, the median listing home price is approximately $654,500, reflecting a 19% rise from the previous year. The median home sold price is around $575,000, indicating a strong demand in the housing market.
The county includes several cities, with Berryville being one of the most prominent. Berryville has a median listing home price of $659,500. Other notable cities include Boyce, with a median listing price of $799,000, and White Post, which is more affordable with a median price of $550,000.
Living in Clarke County offers a blend of rural and suburban experiences. The area is known for its agricultural roots, with many farms and open spaces, providing a peaceful rural lifestyle. However, it also offers suburban conveniences, making it attractive for those seeking a balance between country and suburban living. The top industries in the county include agriculture, education, and healthcare, which contribute to its appeal as a relocation destination for families and retirees seeking a quieter lifestyle with access to essential services.
2025 Mortgage Loan Limits:
Clarke County, Virginia
1 Unit
$1,209,750
Conforming Loans
$1,209,750
FHA Loans
2 Unit
$1,548,975
Conforming Loans
$1,548,975
FHA Loans
3 Unit
$1,872,225
Conforming Loans
$1,872,225
FHA Loans
4 Unit
$2,326,875
Conforming Loans
$2,326,875
FHA Loans
Questions About Refinancing in
Clarke 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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