Luzerne County, Pennsylvania
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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
Luzerne Real Estate Market Update
The real estate market in Luzerne County, Pennsylvania, has seen a slight increase in home values over the past year. As of October 2024, the median listing price for homes in the county is $240,000, which represents a 1.7% increase from the previous year. The average price per square foot is $135, indicating a stable market with modest growth.
Luzerne County is home to several prominent cities, including Wilkes-Barre, Hazleton, and Kingston. Wilkes-Barre, the county seat, has a population of approximately 40,000 residents. Hazleton, another major city, has a population of around 25,000, while Kingston is home to about 13,000 people. These cities serve as economic and cultural hubs within the county, offering a mix of residential and commercial opportunities.
Living in Luzerne County offers a blend of rural and suburban lifestyles, with areas dedicated to agriculture and farming alongside more developed suburban neighborhoods. The county's economy is supported by industries such as healthcare, education, and manufacturing. Recent migration patterns suggest that people are moving to Luzerne County for its affordable housing options and the balance of rural tranquility with suburban convenience. This makes it an attractive destination for families and individuals seeking a quieter lifestyle without sacrificing access to urban amenities.
2025 Mortgage Loan Limits:
Luzerne County, Pennsylvania
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
Luzerne 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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