Portage County, Ohio
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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
Portage Real Estate Market Update
Portage County, Ohio, is experiencing a seller's market in real estate, with the median home price reaching $251,654 as of October 2024, reflecting a 4.6% increase from the previous year. Homes in the area sell for an average of $137 per square foot, indicating a competitive market where properties tend to sell quickly.
The county is home to several notable cities, including Kent, Ravenna, and Aurora. Kent, the largest city, is known for its vibrant community and is home to Kent State University, contributing to its population of approximately 28,000 residents. Ravenna, the county seat, has a population of around 11,000, while Aurora, known for its suburban charm and quality schools, has about 15,000 residents.
Living in Portage County offers a mix of rural and suburban experiences. The area is characterized by its agricultural roots, with numerous farms and open spaces, yet it also provides suburban amenities and a strong sense of community. The top industries include education, manufacturing, and healthcare, attracting new residents for job opportunities and a balanced lifestyle. The county's appealing blend of rural tranquility and suburban convenience makes it an attractive destination for those seeking a quieter life with access to urban amenities.
2025 Mortgage Loan Limits:
Portage County, Ohio
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
Portage 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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