Durham County, North Carolina
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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
Durham Real Estate Market Update
Durham County, North Carolina, is experiencing a robust real estate market, characterized as a seller's market. As of October 2024, the median home sold price in the county was $422,627, reflecting a 4.3% increase from the previous year. The median price per square foot was $233, indicating a competitive market where homes tend to sell quickly.
The county's largest city, Durham, is a significant urban center with a population of approximately 285,000 residents. Other notable cities include Chapel Hill, which is partly in Durham County and has a population of around 60,000, known for its vibrant college-town atmosphere due to the University of North Carolina at Chapel Hill. These cities contribute to the county's dynamic cultural and economic landscape.
Durham County offers a blend of suburban and urban living, with a strong emphasis on education and healthcare industries. The presence of major universities and research institutions attracts professionals and students, contributing to a steady influx of new residents. The county's appeal includes a mix of suburban neighborhoods and rural areas, providing diverse living options that cater to various lifestyles and preferences.
2025 Mortgage Loan Limits:
Durham County, North Carolina
1 Unit
$806,500
Conforming Loans
$632,500
FHA Loans
2 Unit
$1,032,650
Conforming Loans
$809,700
FHA Loans
3 Unit
$1,248,150
Conforming Loans
$978,750
FHA Loans
4 Unit
$1,551,250
Conforming Loans
$1,216,350
FHA Loans
Questions About Refinancing in
Durham 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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