Isle Of Wight 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
Isle Of Wight Real Estate Market Update
The real estate market in Isle of Wight County, Virginia, has seen a notable increase in home values. As of October 2024, the median listing home price was approximately $469,500, reflecting a 17.4% increase year-over-year. Homes in the county typically sell after an average of 48 days on the market, indicating a relatively brisk market pace.
Isle of Wight County includes several prominent cities, with Smithfield being the largest, having a median home listing price of $509,900. Carrollton follows with a median listing price of $470,000. Windsor and Rushmere are also significant, with median listing prices of $402,500 and $532,000, respectively.
Living in Isle of Wight County offers a blend of rural and suburban lifestyles, with a strong emphasis on agriculture and suburban living. The county is known for its agricultural roots, which continue to play a significant role in its economy. Many residents are drawn to the area for its peaceful rural environment and the opportunity to enjoy a suburban lifestyle with easy access to larger urban centers. The county's top industries include agriculture, manufacturing, and retail trade, attracting people seeking a quieter lifestyle while remaining connected to economic opportunities.
2025 Mortgage Loan Limits:
Isle Of Wight County, Virginia
1 Unit
$806,500
Conforming Loans
$757,850
FHA Loans
2 Unit
$1,032,650
Conforming Loans
$970,200
FHA Loans
3 Unit
$1,248,150
Conforming Loans
$1,172,750
FHA Loans
4 Unit
$1,551,250
Conforming Loans
$1,457,450
FHA Loans
Questions About Refinancing in
Isle Of Wight 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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