The majestic Ozark Mountains, hot springs, lakes, excellent universities, rivers, and beautiful national forests and parks make Arkansas one of the most desirable destinations in the country. Arkansas is also home to one of the most temperate climates in the United States. People are moving to Arkansas to be surrounded by its great natural landmarks and other characteristics, so there is a consistent increase in the average price of a home. While this may be bad news for potential residents, it is great news for many current residents who are looking to refinance their homes in order to have access to some of the equity that they have spent years establishing. Refinancing gives current homeowners a chance to lower their monthly payments, as well.
Quick Arkansas Housing Facts:
- Percent of homeowners in Arkansas: 69.4%
- Percent of renters in Arkansas: 29.6%
- Median annual income in Arkansas: $32,565
- Average credit score in Arkansas: 668
- Best Arkansas city to live in: Little Rock, AR
- Median Arkansas home value: $72,800
When to Refinance in Arkansas
If you are looking to refinance your current mortgage, there are two important timing issues to consider. The first of these is researching how much your home is currently worth and how much it is expected to increase in value over the course of time that you will own it. The second factor to consider is the current marketplace conditions. If trends indicate rates have been consistently below 1.5% to 2%, and if your home value is expected to continually increase, then it is an optimal time to refinance. One must also consider a number of other factors prior to signing on the dotted line. Be sure to determine whether there are fees associated with paying off your current mortgage early. Also, engage in some serious research to determine just how much money you will be saving by refinancing your home. Oftentimes people are so eager to lower their monthly payments and have access to equity that they do not take the time to see if refinancing will ultimately save them money. This could be completely counterproductive to the process of refinancing because you could be paying more in the long run, not even accounting for the fees associated with refinancing. Also, be sure to research the agency from which you are seeking the new refinancing program to ensure that it is a reputable establishment.
How much house can I afford in Arkansas
One of biggest problems facing Arkansas homebuyers is figuring out how much house they can afford. The first step is to request a mortgage quote, and then start to look at your finances. Some things to keep in mind are how much will taxes be in Arkansas, what is your debt-to-income ratio, and what interest rates are at currently.
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