North Carolina Mortgage Rates

If this is your first time buying a home with a mortgage, one of the most important things you should know first is the interest rate.

The interest rate is the fee charged by the lender on the mortgage. It is paid by the borrower on top of the principal balance throughout the entirety of the amortization period.

Among many things, the interest rate is a detail you should pay careful attention to when choosing and comparing lenders.

Of course, depending on the mortgage program that you choose, rates can vary greatly. Rates for fixed-rate mortgages are higher than adjustable-rate mortgages which usually kick off with low percentages.

Most government-backed home loans, for example, such as the USDA and VA loans also have very low initial rates. That is why if your main goal is to find the least rate viable for your qualifications as a borrower, it is wise to check with government-backed loans first.

Buying a home in North Carolina

Mortgage rates in North Carolina are generally lower than national averages despite being one of the most populous states of the country.

The state also offers homebuying assistance services such as USDA Rural Development – Single family loans which offers payment assistance to increase an applicant’s repayment ability. The North Carolina Housing Finance Agency also offers a down payment assistance program to the state’s first-time homebuyers, move-up homebuyers and military veterans.

If you want to start shopping now, we can get you started right away. Just click here and we can direct you to a rate comparison page where you can evaluate the best lenders available in the Old North.

Feel free to navigate through MortgageSum to find the tools and resources you need to advance through your mortgage journey.