West Virginia Mortgage Refinance
The majesty of its rolling mountains and breathtaking scenery has made many people living in West Virginia lifelong residents. Aptly nicknamed the “Mountain State” home owners in West Virginia are working with local lenders to lower their monthly mortgage payment through refinancing. A 5/1 adjustable rate mortgage (ARM) refinance product is at 3.92% APR. For a 15 year fixed rate mortgage, borrowers are seeing rates as low as 4.55% APR to 4.79% APR. When it comes to comparing mortgage refinance products in West Virginia, borrowers should evaluate whether a fixed or ARM product is a right fit for their budget and financial goals. A more traditional borrower in West Virginia may lean more toward a fixed rate product because of the stability and certainty of payment amounts. However, an ARM is typically associated with a lower rate with rates fluctuating after an initial period. Home values should also be taken into consideration. The median home value in West Virginia is $93,900. However, home values in Charles Town (25414) range from $323,963 to $380,305, whereas home values in Fairmont (26554) range from $58,078 to $68,179. In terms of home sale price, the median price in West Virginia $118,500. Homes have sold in Huntington (25705) for $23,750 and $87,920. In Leon (25123) homes have sold for $61,801.