Iowa is in the heart of America’s farmland. With rolling plains and an abundance of agricultural resources that include cattle, dairy, corn, oats, and wheat, Iowa has some of the most fertile farmland in the nation. The great Mississippi River serves as a border for the state. Iowa is also the source of all of those Iowa Tests of Basic Skills, which serves as a testament to Iowa’s dedication to educational excellence. So, who wouldn’t want to raise a family in Iowa? The family-centered nature of this state cannot be paralleled, which explains why many of its inhabitants are struggling to make their mortgage payments each month. Fortunately, however, some of these families have the option of refinancing their home as a means of lowering their monthly payments and obtaining access to some of that much needed equity that they have worked so hard to build over the last several years. Refinancing is the process by which a homeowner obtains a loan in order to pay for the remaining balance on his or her existing home loan.
Quick Iowa Housing Facts:
- Percent of homeowners in Iowa: 72.3%
- Percent of renters in Iowa: 27.7%
- Median annual income in Iowa: $41,687
- Average credit score in Iowa: 700
- Best Iowa city to live in: Urbandale, IA
- Median Iowa home value: $82,500
When to Refinance in Iowa
The trick to making the most from refinancing is to be sure to do your homework prior to committing to a refinancing package. For example, invest a bit of time in reviewing the terms and conditions of your current mortgage to ensure that there are no penalties for paying your loan off early. Also, make sure that the agency from which you obtain your loan is one of a good reputation in Iowa and nationally. The current market conditions in the state of Iowa are also an important consideration when thinking about refinancing. Be sure to confirm that rates have been consistently 1.5% lower than the amount you are currently paying in order to save a significant amount from refinancing. Finally, choose to invest the money that has been liberated from your home’s equity wisely. Do not hastily spend it on a short-term investment like an automobile. Invest in something that will pay off financially or emotionally, such as a business or a child’s college education.
How much house can I afford in Iowa
One of the biggest problems facing Iowa homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Other factors to consider when looking at home loan is what is your debt-to-income ratio, and what Iowa home taxes are.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.