Compare mortgage rates and fees for leading lenders in Hanover, VA. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Hanover.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Hanover. Plus, shopping lenders is free and there is no obligation.
August 13, 2020
The current average rate for a 30 year fixed rate mortgage in Hanover is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Hanover. Understand how much you need to earn to afford a home in Hanover, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Hanover fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Hanover is right for you.
The median home value for Hanover, VA is $318,427
Based on current mortgage rates and a 10% down payment, you need to make $57,309 per year to buy the median priced home in Hanover
With this income, you could qualify for a $286,584 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Hanover is $1,327
The median household income for Hanover, VA is $89,597
Based on this income, you can afford a home valued at approximately $497,833
The home price you can afford to buy based on household income in Hanover is 156% of the median home value which means housing prices are average. Hanover ranks 65 out of 133 counties in Virginia and 2,423 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Hanover, VA is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Hanover below.
Conforming loan limits for Hanover, VA
FHA loan limits for Hanover, VA
VA loan limits for Hanover, VA