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Guide to North Carolina Mortgages
Maybe you are buying your first home in North Carolina, or perhaps you're relocating to North Carolina from another state. Then again, you may be a long-time North Carolina resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on North Carolina home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in North Carolina:
The median price of a home in North Carolina is $211,500. Recently, homes in North Carolina have been appreciating at rates well above the national average. As a result, income levels in many parts of North Carolina are too low to purchase a median-priced home with a conventional loan. Although average interest rates in North Carolina are below the national average, North Carolina has one of the lowest levels of home affordability in the nation.
In North Carolina, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
North Carolina's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. North Carolina law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, North Carolina law enacted a set of anti-predatory lending laws in order to help protect North Carolina homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of North Carolina, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for North Carolina FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for North Carolina's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of North Carolina also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, North Carolina's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the North Carolina Housing Finance Agency.
Last Updated: Wednesday, September 17, 2008
North Carolina Real Estate Market View
updated Wednesday, September 17, 2008
| Housing & Social Facts |
North Carolina |
United States |
| Total housing units |
3,940,554 |
n/a |
| Owner-occupied housing units |
68.2% |
66.9% |
| Renter-occupied housing units |
31.8% |
33.1% |
| Vacant housing units |
13.5% |
10.8% |
| Average Home Value |
$127,600 |
$167,500 |
| Average Mortgage Payment |
$1,089.00 |
$1,295.00 |
| Average Rental Payment |
$302 .00 |
$388.00 |
| Total Population |
8,411,041 |
n/a |
| Percentage Male |
48.9% |
49.0% |
| Percentage Female |
51.1% |
51.0% |
| Median Age |
36.2 |
36.4 |
| Under 5 years |
7.1% |
7.0% |
| 18 years and over |
74.7% |
74.6% |
| 65 years and over |
11.7% |
12.1% |
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1 Year Market Value Change for North Carolina |
| 1yr | 5yr | 10yr |
 |
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Popular North Carolina Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Asheville |
68,889 |
$32,772 |
| Burlington |
44,917 |
$35,301 |
| Cary |
94,536 |
$75,122 |
| Chapel Hill |
48,715 |
$39,140 |
| Charlotte |
540,828 |
$46,975 |
| Concord |
55,977 |
$46,094 |
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| Affordable Home Funding |
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At Affordable Home Funding (AHF), we value our new clients and our many return clients by offering what others simply promise. Our clients are our biggest assets! Quite simply, we spend the necessary time discussing with your financial goals that you want to accomplish with your home mortgage. It is our job to put together a mortgage package that meets your goals. So whether you are looking to purchase your first home, refinance your existing mortgage or need a home equity loan we can help. All too many times we hear a client say, "I wish we came to you the last time, but I am glad to know you are there now!" A few minutes on the phone and we think you will agree you have found your own personal mortgage broker. As a Mortgage Broker, we have the flexibility to tailor a financial package that best suits your needs and the expertise to help you understand the process and sometimes confusing terms. So whether you are purchasing a home or refinancing, call today to experience a different approach to home mortgages. We have helped hundreds of people in the Charlotte Metro area with their mortgage and would love the opportunity to assist you. So leave your mortgage worries with us, and Enjoy Life! Affordable Home Funding
434 Chadmore Drive
Charlotte, NC 28270
Direct: 704.362.0182
Fax: 704.442.8477 License: B-112153-103
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| Market Consulting Mortgage |
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North Carolina Mortgage Borrowers are the most important aspect of our business to which we truly value. Our goal is to make the North Carolina loan process as simple and worry-free as possible. Here at Market Consulting Mortgage we pride ourselves in offering the highest level of customer service, and appreciate the opportunity to earn your business. From mortgage processing and underwriting, to loan closing and funding, our expert mortgage staff will efficiently expedite your entire transaction. We keep you informed every step of the way and are committed to building rewarding, long-term customer relationships. Here are some of the loan programs that we have to offer: Fixed Rate Mortgages; 15 & 30 Years, Adjustable Rate Mortgages (ARM’s), Balloon Mortgages; 5 & 7 years, First Time Buyer Programs, Stated Income Programs, Interest Only Programs, No Point, No Fee Programs, Imperfect Credit Programs, Home Equity Line of Credit (HELOC) and Home Equity Fixed Loan. Market Consulting Mortgage
1213 Culbreth Drive, Suite 210
Wilmington, NC 28405
Office Phone: 800-970-8859
Fax: 910-509-7290
Toll Free Phone: 800-970-8859 We lend in the following states: North Carolina and Colorado Market Consulting Mortgage is a real estate broker licensed by the NC Dept of Real Estate License
Get a no-obligation North Carolina mortgage quote today!
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| Equity Services, Inc. |
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Equity Services is a North Carolina based Mortgage Bank whose operations extend across the United States. Founded in 1990, Equity Services provides a variety of mortgage products to assist you with meeting all your mortgage needs. We maintain a dedicated and professional staff of certified underwriters, closers, funders, and shippers that ensure a closing process that is very quick, efficient and hassle free. We offer a wide array of loan options to our customers including: Fixed Rate; 15 & 30 Years, Adjustable Rate Mortgages (ARM’s), Balloon Mortgages; both 5 and 7 Year Options, First Time Home Buyer Programs, Stated Income Programs, No Point, No Fee Programs, Imperfect Credit Programs, Home Equity Line of Credit (HELOC) and Home Equity Fixed Loan. Besides our standard loan programs, we also offer a large number of unique programs, tailored to serve your financial needs:Purchase a house with zero down, Piggyback loans 80-10-10 or 80-15-5. No PMI payments even with 5% or 10% down, Debt consolidation programs, Home Improvement Loans and even qualify if you may have been turned down for less than perfect credit before. Equity Services, Inc.
5711 Six Forks Road, Suite 201
Raleigh, NC 27609
Toll Free: (800) 870-8044
Phone: (919) 870-8107
Fax: (919) 870-8047 Equity Services, Inc., is a real estate broker licensed by the NC Dept of Real Estate License Equity Services, Inc lends in the following states: Colorado, Florida, Georgia, Idaho, Kentucky, Maryland, Montana, North Carolina, South Carolina, Tennessee, Virginia, and Wyoming.
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