Orange 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
Orange Real Estate Market Update
Orange County, Virginia's real estate market is currently a seller's market, with a median home sold price of $413,834 as of October 2024, reflecting a 4.8% increase from the previous year. The median price per square foot stands at $213, indicating a robust market where homes tend to sell quickly and at higher prices.
The top cities in Orange County include Orange, Gordonsville, and Lake of the Woods. Orange, the county seat, has a population of approximately 4,800, while Gordonsville is home to about 1,500 residents. Lake of the Woods, a gated community, adds to the county's residential appeal with its scenic lakeside living.
Living in Orange County offers a blend of rural and suburban lifestyles, with agriculture playing a significant role in the local economy. The county's picturesque landscapes and proximity to larger cities make it attractive for those seeking a quieter, rural lifestyle while still having access to suburban amenities. The top industries include agriculture, manufacturing, and retail, and the county sees migration from urban areas as people seek more space and a slower pace of life.
2025 Mortgage Loan Limits:
Orange County, Virginia
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
Orange 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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