Surry 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
Surry Real Estate Market Update
The real estate market in Surry County, Virginia, is currently experiencing a buyer's market, with the median home sold price at $247,500 as of October 2024, reflecting a 20.2% decrease from the previous year. Homes in the area have been selling for a median price of $146 per square foot, and the market has seen an increase in housing inventory, with 57 homes available for sale, marking a 14% rise from the previous month.
Surry County comprises several small communities, with Surry and Spring Grove being among the most notable. Surry has a median listing home price of $325,000, while Spring Grove's median listing price is $225,000. These areas offer a range of housing options and are characterized by their small-town charm and rural settings.
Living in Surry County offers a predominantly rural lifestyle, with a strong emphasis on agriculture and farming. The county's economy is largely supported by industries such as agriculture, forestry, and fishing, which play a significant role in the local job market. The area's rural appeal, combined with its affordability and proximity to larger urban centers, makes it an attractive option for those seeking a quieter, more laid-back lifestyle away from the hustle and bustle of city life.
2025 Mortgage Loan Limits:
Surry 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
Surry 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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