Clay County, Tennessee
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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
Clay Real Estate Market Update
The real estate market in Clay County, Tennessee, is currently experiencing a neutral phase, with the median home sold price at $236,500 as of October 2024. This represents a significant decrease of 31.4% compared to the previous year. Homes in the area are selling for a median price of $167 per square foot, indicating a market where prices are reasonable and properties tend to stay on the market for a typical duration.
Clay County is home to several small towns, with Celina being the county seat. Celina has a population of approximately 1,500 residents, making it one of the larger communities in the area. Other notable towns include Moss and Hermitage Springs, which contribute to the county's rural charm and close-knit community atmosphere.
Living in Clay County offers a predominantly rural lifestyle, with agriculture playing a significant role in the local economy. The county's landscape is characterized by farms and open spaces, providing a peaceful environment away from urban hustle. The top industries include agriculture and small-scale manufacturing, attracting individuals seeking a quieter, more self-sustained way of life. Migration patterns suggest that people are moving to Clay County for its affordable housing and the appeal of rural living, which offers a contrast to the busier suburban areas.
2025 Mortgage Loan Limits:
Clay County, Tennessee
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
Clay 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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