James City 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
James City Real Estate Market Update
In James City County, Virginia, the real estate market has been experiencing a steady increase in home values. As of October 2024, the median listing home price was $500,000, reflecting a 3.1% increase year-over-year. The median sold home price was slightly higher at $509,000, indicating a competitive market where homes are often sold at or above the asking price.
James City County includes notable cities such as Williamsburg, Jamestown, and Toano. Williamsburg is the largest city, known for its rich history and vibrant community, with a population of approximately 15,000 residents. Jamestown, famous for its historical significance, has a smaller population, while Toano offers a more rural setting with a close-knit community feel.
Living in James City County offers a blend of suburban and rural lifestyles. The area is characterized by its suburban communities, historical sites, and agricultural landscapes. The county's economy is supported by top industries such as tourism, education, and healthcare. Many people are drawn to James City County for its quality of life, historical charm, and the opportunity to live in a community that balances modern amenities with a rural atmosphere.
2025 Mortgage Loan Limits:
James City 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
James City 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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