Washington County, Tennessee
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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
Washington Real Estate Market Update
The real estate market in Washington County, Tennessee, is currently experiencing a seller's market, with the median home sold price at $320,359 as of October 2024. This represents a 5.8% increase from the previous year, and the median price per square foot is $182. This trend indicates a competitive market where homes are selling relatively quickly and often at higher prices.
Washington County is home to several notable cities, with Johnson City being the largest and most prominent. Johnson City has a population of approximately 67,000, making it a significant urban center in the region. Other important cities include Jonesborough, which is known for its historic charm and has a population of around 5,000, and Gray, a smaller community that contributes to the county's suburban feel.
Living in Washington County offers a mix of rural and suburban experiences, with a strong presence of agriculture and farming alongside suburban developments. The county's economy is supported by industries such as healthcare, education, and manufacturing, which attract new residents. People are moving to Washington County for its affordable housing, quality of life, and the scenic beauty of the Appalachian region, making it an attractive destination for both families and retirees.
2025 Mortgage Loan Limits:
Washington County, Tennessee
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
Washington 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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