Lincoln County, Washington
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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
Lincoln Real Estate Market Update
The real estate market in Lincoln County, Washington, is currently characterized as a buyer's market, with the median home sold price at $299,950 as of October 2024, reflecting a 17.6% increase from the previous year. The average home value in the county is $304,773, which has seen a modest increase of 1.5% over the past year.
Lincoln County is home to several small cities, with Davenport serving as the county seat. Davenport has a population of approximately 1,700 residents, making it one of the larger towns in the area. Other notable towns include Wilbur, with a population of around 900, and Odessa, which has about 900 residents as well. These towns serve as central hubs for the surrounding rural communities.
Living in Lincoln County offers a predominantly rural lifestyle, with agriculture being a significant part of the local economy. The county's landscape is dotted with farms and open fields, providing a serene environment for those seeking a quieter, more pastoral way of life. The top industries in the area include agriculture, manufacturing, and healthcare. The county attracts individuals and families looking for affordable housing options and a slower pace of life, often moving from more urbanized areas in search of a closer connection to nature and community.
2025 Mortgage Loan Limits:
Lincoln County, Washington
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
Lincoln 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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