North Carolina Mortgage Rates:
Searching online for the best mortgage rates in North Carolina might seem like a daunting task. Aurora Financial wants to make your search for low mortgage rates easier. Well show you the most current data on mortgage rates from leading lenders in your area.
Most Popular Mortgage Loan Options in North Carolina:
While looking for North Carolina mortgage rates, you need to decide on whether you would wish to borrow on a fixed rate or adjustable rate basis. Fixed rate mortgages, North Carolina offer the advantage of consistent monthly payments. On the other hand, payments tend to oscillate over the time with an adjustable rate mortgage .
The most popular mortgage loans that we offer in North Carolina are the 30-Year Fixed mortgage loan and the mortgages for loan amounts over $417,000. If you are already have a mortgage, check out our new refinancing options.
Lower Your Monthly Mortgage Payment:
Paying less towards your monthly mortgage may be a good solution for you. Lower mortgage rates mean you are able to refinance and get a lower payment option.
Why Choose Us:
We base our approach to serving you on Aurora Financials Customer Care Principles:
Take advantage of low North Carolina Mortgage Rates:
North Carolina Mortgage Rates:
For the best North Carolina mortgage rates, contact us today and our loan experts will give you a fast and effective North Carolina mortgage rate quote.
Least Expensive Places To Live In North Carolina
1. Rocky Point, NC At 18% below the national average for cost of living, people looking to buy in Rocky Point are in for some significant savings. The biggest area of savings is on housing, which is 61% below the national average in the area. The median home price in the area is $134,932 and renters should expect to pay about $422.66 per month.
2. Lexington, NC At an impressive 12% below the national average, residents of this city should expect deep savings in housing, utilities and transportation. The current average cost of a gallon of gas is slightly below $2.00. The median price of a home is $267,190 and the median rent is $836.99.
3. Thomasville, NC The cost of living in Thomasville comes in at 12% below the national average, and the median price of a home and rent are the same as in Lexington: $267,190 for the median home price and $836.99 for the median rent price.
4. Graham, NC Housing in Graham, North Carolina, is 29% below the national average. The current median home price is $247,758 and the median rent is $776.12 per month. Utility and transportation costs all come in well below the national average.
5. Hendersonville, NC With an overall cost of living that is 10% below the national average, Hendersonville is one of the least expensive cities to live in the state of North Carolina. Housing is 25% below the national average, with the median home price at $261,336 and the median rent at $818.65 per month.
Nc Home Advantage Tax Credit
The NC Home Advantage Tax Credit allows first-time homebuyers and military veterans to claim a federal tax credit for the interest on their mortgage through a Mortgage Credit Certificate . The credit is equal to 30 percent of the interest paid yearly for an existing home, or 50 percent of the interest paid yearly for a new-construction home. Borrowers can claim credits up to $2,000 per year through the program.
To claim this credit, borrowers must apply for the MCC through the NCHFA before buying their home.
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Shop Around To Different Lenders
Every lender has different criteria when it comes to formulating mortgage and refinance rates. By casting a wide net, you can maximize your chances of securing a favorable outcome, while also avoiding inflated loan rates during the negotiation process.
Speaking with multiple loan officers from different lending institutions can give you a good idea of the pros and cons of each lender. Comparative shopping helps to narrow your options, allowing the best deals to rise to the top of the pile.
Once youve pruned out all of the undesirable choices, be sure to ask your loan officer about the extra benefits of doing business with their institution, as many are willing to waive some of the back-end fees you might not have considered.
Dont forget to take advantage of free online resources when compiling your information, as narrowing down your options will likely depend on the specific qualifications and eligibility guidelines of each lender.
North Carolina State Current Mortgage Rates
Interest rates on 30-year fixed-rate mortgages in North Carolina are, on average, about 3.55% currently, assuming 20% down and excellent credit. Interest rates on 20-year loans are closer to the 3.5% mark currently, and interest rates on 15-year and 10-year loans are even lower, with both near 3% currently.
Refinance rates in the state are currently lower than traditional mortgage rates across most lending products. Interest rates on 10- and 15-year refinances are below 3%, and 30-year refinance rates are about 3.45% right now. 3/1 ARM interest rates are currently holding steady at about 3.7%, while 5/1 and 7/1 ARMs have taken a sharp dive to an average 3% interest rate.
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North Carolina Mortgage Overview
If you want to call North Carolina home, you have access to several mortgage options and first-time homebuyer assistance programs that can make the homebuying process easier and more affordable.
North Carolina conventional mortgages: To qualify for a conventional mortgage, you generally must meet the following requirements.
- Debt-to-income ratio of no more than 45 percent
- Down payment of at least 10 percent of the loan amount
- Pay private mortgage insurance if down payment is less than 20 percent
North Carolina FHA loans: If you donât meet conventional loan requirements, you may qualify for an FHA loan. These are backed by the Federal Housing Administration, and the requirements include:
- 10 percent down payment if credit score is between 500-579
- 3.5 percent down payment if credit score is 580 or higher
- DTI between 31 percent and 41 percent
North Carolina VA loans: Insured by the Department of Veterans Affairs, VA loans are offered to qualifying veterans and active duty members of the armed forces. VA loans donât require a down payment or PMI, and can be obtained through a VA-approved lender.
Most Expensive Places To Live In North Carolina
1. Asheville, NC While most costs in the city of Asheville fall below the national average, the city is still expensive when you weigh it against the rest of the state. The median home price in the area is $318,199 and the median rent is $996.78. Grocery costs are 4% below the national average, with a loaf of bread costing about $3.20.
2. Charlotte, NC Charlotte is also slightly below the national average, but still expensive for the state of North Carolina. This city is the hub for Bank of America and has a median home price of $296,685 and a median rent of $929.39.
3. Wilmington, NC While youll save significantly on housing in Wilmington, youll pay for it in higher than the average utility, grocery and transportation costs. The median home price in Wilmington is only $280,723, but grocery costs are 3% above the national average. Expect to pay about $3.43 for a loaf of bread.
4. Fayetteville, NC Median home prices in Fayetteville are $247,758 and median rent in the city is $776.12. Utility and grocery costs in Fayetteville are below the national average but higher than what you will find in the rest of the state. The average energy bill is $158.94.
5. Gastonia, NC The median home price in Gastonia is $218,127 and the median rent is $683.30, which is higher than what youll find in most of North Carolina. Utility costs in the city are only about 8% below the national average, with an average energy bill of $153.91 per month.
*Data source: PayScale
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Learn How To Get The Lowest Mortgage Rates In Jacksonville Nc
First Bank offers more than just competitive mortgage rates. We also offer up the knowledge needed by first-time or experienced home buyers, refinancing or builders with our Mortgage Know-How collection of articles and materials helpful to all home buyers.
You can also use our mortgage calculator to estimate your monthly mortgage payment or decide whether renting or buying is best for you.
Loans subject to credit approval.
Nc 1st Home Advantage Down Payment
For NC Home Advantage Mortgage borrowers, the NCHFA also offers the 1st Home Advantage Down Payment program, which is specifically for first-time homebuyers and military veterans.
Through this program, borrowers can get up to $8,000 to assist with the down payment in the form of a deferred, zero-percent second mortgage. The second mortgage is forgiven in 20 percent increments between years 11 and 15 of the loan term, and completely forgiven at the end of year 15.
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Compare Today’s Current Mortgage And Refinance Interest Rates Popular Areas Include Charlotte Raleigh Greensboro And Durham North Carolina
In North Carolina, mortgage rates are a reflection of the nations economic state. When you look closely, however, there are many factors which not only dictate advertised mortgage rates, but determine what individual borrowers can expect to be offered by lenders. Below are some of the top factors driving individual mortgage rates in the Old North State:
FICO Score: Also known as your credit score, the FICO score represents your risk as a borrower. The FICO rating scale is broken down into four sections, designated as follows:300-499Very Poor661-780Good781-850Excellent
In North Carolina, any score above 700 is considered a good credit score, and most lenders will offer you financing. The FICO score is determined by several factors, including:
- Payment history
- Amount of outstanding debt you carry
- Record of credit use
- Amount of credit available (Are you maxing out all of your available credit?
Loan to Value Ratio: In North Carolina the more you borrow in relation to the cost of the property, the higher your payments . Your LTV ratio is the amount your want to borrow divided by the cost of the home. An 80% or less LTV is ideal for most conventional loans, with many requiring private mortgage insurance for higher LTV mortgages. One of the benefits of a physician mortgage is the opportunity to obtain a loan with less than 20% down without the need for PMI.
North Carolina Census Data
According to the United States Census an estimated 10,146,788 people live in the state of North Carolina. The state has 48,617.91 miÂ² of land area, which gave it a population density of 208.7 per miÂ². Here is a list of cities, towns, villages & Census Designated Places with more than 2,500 residents, with their estimated population as of June 2016 & the 2010 United States Census. For Census Designated Places where there was no population estimate available for 2016, the 2011-2015 American Community Survey 5-Year Estimates data was used.
All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.
Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016 Source: U.S. Census Bureau, Population Division Release Date: May 2017.
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North Carolina Fha Loans
If you have a lowercredit score, try the FHA loan. You need just a 580 credit score and a 3.5percent down payment. FHA loans have high debt to income ratio allowances of 45- 50 percent. You can use gift funds for FHA down payments but may have to contributesome of your own money if you have a 500 – 579 credit score. Lenders require a10 percent down payment and 3.5 percent of the funds must be yours.
Recommended Companies In North Carolina
There are a number of reputable lending institutions throughout North Carolina, so it can be overwhelming to start searching for deals on your mortgage and refinance loan. The best pathway forward is to contact multiple lenders with a laundry list of questions about their rates and services.
Asking questions is always commitment-free, so dont be afraid to shop around. Some of the top mortgage lenders in North Carolina include:
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Useful Information & Links
– Biden faces a battle to secure Child Tax Credit extension
– IRS to send out final Child Tax Credit payment of 2021 on 15 December.
– What is the deadline to claim stimulus check plus-up payments in 2021?
– Senior Citizens League urges Congress to grant additional stimulus check for Social Security recipients.
– Some states in the US could distribute a fourth stimulus check to their inhabitants.
More than 169 million payments have been sent out in the third round of stimulus checks, but groups are continuing to push for a fourth as inflation continues to bite, as well as the emergence of a new covid-19 variant, Omicron, that is scaring markets.
Earlier this fall, the Senior Citizens League , a non-partisan advocacy group, started a pressure campaign to push Congress to send those receiving Social Security additional stimulus money. In a letter to leaders of Congress, TSCL Chairman Rick Delaney .
Rep. Katie Porter sits down on MSNBC to discuss the Build Back Better bill
During the interview, Rep. Porter spoke to the origins of the Build Back Better bill and how it had been tied to the Bipartisan Infrastructure bill which has been passed by both chambers of Congress.
Biden lauds Child tax Credit expansion
Advance Child Tax Credit payments needed to keep recovery going
Other Areas Worth A Look
North Carolina’s coastal region
While specializing in luxury housing, the North Carolina coast is another region that is experiencing population growth. Supported by the fishing industry and tourism, the weather and leisure activities are a big draw. The area is also home to the Camp Lejeune Marine base and a major film studio in Wilmington.
Asheville, located in the western portion of the state, is known for its support of the arts, Art Deco architecture and its outdoor leisure options. This city is continually growing and the housing market is following its lead. A view of the mountains and short distances to summer and winter sporting activities is appealing to many, while the climate remains moderate.
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Bethpage Federal Credit Union Best Credit Union Lender
Bethpage Federal Credit Union is based in New York, but North Carolinians can take advantage of membership, too. By opening a $5 savings account, you can access the credit unionâs competitive rates on a wide range of home loan products.
Strengths: Mortgage rates displayed online also offers home equity lines of credit
Weaknesses: No branch locations in North Carolina fee information not easily accessible
Read Bankrate’s Bethpage Federal Credit Union review
North Carolina Jumbo Loan Rates
North Carolina county conforming loan limits are generally at $548,250 with some variability throughout the state. Three counties Camden, Pasquotank and Perquimans have limits as high as $625,500. You can expect higher real estate prices in these areas. If you need to take out a home loan in North Carolina that exceeds the conforming loan limit in that particular county, you will be taking on what is considered a jumbo loan. Conforming loans can be re-sold on the secondary mortgage market and they qualify for normal interest rates. Jumbo loans are riskier for lenders because more money is at stake, as such they come with higher interest rates. Note that jumbo loan rates are currently lower than fixed rates in North Carolina.
The average 30-year fixed jumbo loan rate in North Carolina is 2.52% .
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Find A Bank Of America Lending Specialist In Your City
At Bank of America, we know there are many North Carolina mortgage loan officers to choose from. Thats why its important to do your homework and find the one that best meets your needs. Our North Carolina home loan offices and lending specialists provide tailored guidance for your unique situation, and online resources and mortgage calculators and mortgage rate information that help clarify the home buying process from beginning to end.
Whether youre buying a home or refinancing your current home, your local Bank of America mortgage loan officer will review your unique situation and give you customized information so you can decide how much you can comfortably afford for a home.
Refinancing In North Carolina
North Carolina has quite a few protections for borrowers when they buy a house or refinance. However, its still a good idea to remain wary of deals that seem too good to be true.
In North Carolina like in other states homeowners generally refinance with one of two goals in mind: a rate-and-term refinance or cash-out refinance.
A rate-and-term refinance gives you the opportunity to achieve all or any of the following:
- Get a lower mortgage rate
- Reduce your monthly payment
- Switch from an adjustable-rate mortgage to a fixed-rate one or the other way around
- Get a longer or shorter loan term
However, you cant take any cash out with one of these.
With a cash-out refinance, you may still benefit from some of those bullet points. But the main goal is to take out some of the equity youve built up in your home as a cash lump sum. Equity is simply the amount by which the current market value of your home exceeds your mortgage balance.
Both forms of refinance are common in North Carolina, and there arent any specific rules homeowners need to be aware of when they go either route.
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