San Juan County, New Mexico
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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
San Juan Real Estate Market Update
The real estate market in San Juan County, New Mexico, has seen a significant increase in home values. As of October 2024, the median listing home price was $377,400, marking a 16.1% rise from the previous year. This upward trend reflects a growing demand in the area, with the median price per square foot reaching $179.
San Juan County encompasses several notable cities, with Farmington being the largest. Farmington has a population of approximately 44,372 and serves as a central hub for the region. Other key cities include Aztec, with a population of around 6,763, and Bloomfield, which has about 7,817 residents. These cities contribute significantly to the county's economic and cultural landscape.
Living in San Juan County offers a blend of rural and suburban experiences. The area is known for its agricultural activities, with farming playing a vital role in the local economy. Additionally, the county's top industries include energy production and healthcare. The real estate market attracts individuals seeking a quieter lifestyle with access to outdoor recreational activities, making it an appealing destination for those looking to relocate from more urbanized areas.
2025 Mortgage Loan Limits:
San Juan County, New Mexico
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
San Juan 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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