Island County, Washington
Mortgage Rate Alerts
Never Miss A Refinance
Opportunity
Always on mortgage monitoring without hurting your credit.
Instant email and text alerts.
A Better Mortgage In 3 Easy Steps
Sign up
Provide some basic info, no SSN required
Start getting alerts
For refinance via email and texts
Apply and close
The new loan and start saving money
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
Island Real Estate Market Update
Island County, Washington, has a dynamic real estate market with a median home sale price of approximately $635,000 as of September 2024. This represents a slight decrease of 2.3% compared to the previous year. Homes in the county typically sell after an average of 39 days on the market, indicating a moderately active market.
The county is home to several notable cities, including Oak Harbor, Coupeville, and Langley. Oak Harbor is the largest city with a population of around 23,000 residents, serving as a hub for the surrounding areas. Coupeville, with its historic charm, has a smaller population of about 2,000, while Langley, known for its artistic community, has around 1,100 residents. These cities contribute to the county's diverse cultural and economic landscape.
Island County offers a mix of rural and suburban living, with a strong presence of agriculture and small farms alongside suburban neighborhoods. The top industries in the area include tourism, agriculture, and the military, with Naval Air Station Whidbey Island being a significant employer. The county attracts new residents due to its scenic beauty, outdoor recreational opportunities, and a slower-paced lifestyle compared to urban centers, making it an appealing destination for those seeking a balance between rural and suburban living.
2025 Mortgage Loan Limits:
Island County, Washington
1 Unit
$806,500
Conforming Loans
$603,750
FHA Loans
2 Unit
$1,032,650
Conforming Loans
$772,900
FHA Loans
3 Unit
$1,248,150
Conforming Loans
$934,250
FHA Loans
4 Unit
$1,551,250
Conforming Loans
$1,161,050
FHA Loans
Questions About Refinancing in
Island 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.
Never Miss A Refinance Opportunity
Always on mortgage monitoring. Instant email and text alerts.
