Ontario County, New York
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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
Ontario Real Estate Market Update
The real estate market in Ontario County, New York, is currently a seller's market, with the median home sold price reaching $302,550 as of October 2024. This represents an 8.2% increase from the previous year, reflecting a trend of rising home values in the area. Homes are selling at a median price of $174 per square foot, indicating a competitive market environment.
Ontario County is home to several key cities, including Canandaigua, Geneva, and Victor. Canandaigua, known for its scenic beauty and lakefront access, has a population of approximately 10,500 residents. Geneva, with a population of around 13,000, is a hub for education and tourism, thanks to its location near the Finger Lakes and Hobart and William Smith Colleges. Victor, a rapidly growing suburb, has about 15,000 residents and offers a mix of suburban and rural living.
Living in Ontario County offers a blend of rural and suburban experiences, with agriculture playing a significant role in the local economy. The county is known for its vineyards and farms, contributing to a strong agricultural sector. Suburban life is prominent in areas like Victor and Farmington, where residents enjoy proximity to Rochester's metropolitan amenities. The county attracts new residents due to its natural beauty, quality of life, and employment opportunities in sectors such as education, healthcare, and agriculture. This migration pattern is driven by the appeal of a balanced lifestyle and the availability of affordable housing options compared to larger urban centers.
2025 Mortgage Loan Limits:
Ontario County, New York
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
Ontario 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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