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| Homestead Mortgage Refinance
Homestead mortgage refinance will depend on whether you want to build equity or minimize payments. A 30-year mortgage has higher rates and lower monthly payments but takes a much longer time to pay off than a 15-year mortgage. There are options whereby the term of your mortgage can be shortened. Some of the ways in which this can be done are by making lump sum payments, shifting to a bi-weekly payment schedule, and increasing the amount of monthly payments. This will not only shorten the term but will also build equity faster and save money in the long run. Find out if there are pre-payment penalties and whether the option you choose will stand you in good stead.
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The following table features housing preferences and mortgage trends in Homestead.
Homestead Mortgage Statistics |
| Mortgage-Free Homes |
28% |
| Mortgaged Homes |
72% |
| With First Mortgage Alone |
55% |
| Second Mortgage or Home Equity Loan |
17% |
| Home Equity Alone |
8% |
| Second Mortgage Alone |
9% |
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| Homestead Housing Expenses |
| Owner expenses as % of Income |
21.6% |
| Median Real Estate Taxes |
$1,352 |
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| Homestead Housing Stocks |
| Median Year Constructed |
1981 |
| Year Constructed - Owner Occupied |
1982 |
| Year Constructed - Renter Occupied |
1980 |
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| Homestead Housing Market Data |
| Median Household Income |
$29,841 |
| Total Housing Units |
14,116 |
| Average Home Price |
$124,419 |
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| Monitors the market constantly
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