Gogebic 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
Gogebic Real Estate Market Update
The real estate market in Gogebic County, Michigan, has seen a notable increase in home values over the past year. As of October 2024, the median home sold price was approximately $124,900, reflecting a 7.7% increase from the previous month. The average home value in the county is reported to be around $117,943, marking an 8.6% rise over the past year.
Gogebic County includes several key cities, with Ironwood being one of the largest. Ironwood has a median listing home price of $138,000 and offers 64 homes for sale. Another notable city is Watersmeet, which has a higher median listing home price of $587,000.
Living in Gogebic County offers a predominantly rural lifestyle, with a mix of suburban areas. The county is known for its natural beauty, making it attractive for those seeking a quieter, more agricultural lifestyle. The top industries include tourism and outdoor recreation, which draw people looking for a change from urban environments. The county's appeal lies in its scenic landscapes and opportunities for outdoor activities, which are significant factors for those considering relocating to the area.
2025 Mortgage Loan Limits:
Gogebic 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
Gogebic 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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