North Carolina Mortgage Rates
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NORTH CAROLINA CONFORMING 30 YEAR FIXED RATESToday's Average: 4.95% What does this mean?
About Mortgage Rates in North Carolina
North Carolina is a beautiful place to live, finding a home mortgage for areas such as Charlotte, Jacksonville and Raleigh is easy with the over 4 million housing units available. More than 69% of the state is owner occupied and the banks are competing for your business. Whether you are a Blue Devil or Tar Heel, finding the lowest interest rate, lowest interest expenses and cheapest closing costs can be tricky with so many loans being offered.
Mortgage 101 is here to help; we will offer you the best mortgage packages in the area and with the features that are important to you. From fixed rate loans to adjustable rate mortgages you will have options that will help save you money.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage
Fixed Rate Mortgages in North Carolina
This is your parent's mortgage loan. The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower.
In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.
Other Mortgage Terms
Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.
Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.