Smith County, Mississippi
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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
Smith Real Estate Market Update
Smith County, Mississippi's real estate market has experienced a significant decline in home prices over the past year. As of October 2024, the median home list price is $132,500, which represents a decrease of 31.9% from the previous year. The median price per square foot is $55, indicating a challenging market for sellers but potential opportunities for buyers looking for more affordable housing options.
The county includes several small towns, with Mize, Taylorsville, and Raleigh being among the most notable. Mize is known for its community spirit and small-town charm, while Taylorsville offers a more affordable housing market with a median listing price of $155,700. Raleigh, the county seat, provides a mix of residential and agricultural opportunities, reflecting the county's rural character.
Living in Smith County is predominantly rural, with a strong emphasis on agriculture and farming. The area is characterized by its open spaces and small-town lifestyle, offering a peaceful environment away from urban hustle. The top industries in the county include agriculture, forestry, and education, which attract residents seeking a quieter, more community-focused lifestyle. Migration patterns suggest that people are moving to Smith County for its affordability and the appeal of rural living, as well as the opportunity to engage in farming and other agricultural activities.
2025 Mortgage Loan Limits:
Smith County, Mississippi
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
Smith 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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