North Carolina Mortgage Rates
Compare North Carolina mortgage rates and choose the best option for your needs.
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Today's Mortgage Rates Trends in North Carolina
|Product||Rate||1w change||APR||1w change|
|30-year fixed-rate FHA||7.078||2.87%||8.201||2.39%|
|30-year fixed-rate VA||7.07||2.7%||7.311||2.64%|
- 30 Year Fixed
- 20 Year Fixed
- 15-Year Fixed
Mortgage in North Carolina: Top Lenders in 2023
Willing to buy a home in North Carolina State? The easiest way to do so is to use a mortgage loan, which is effective irrespective of what type of property you are searching for – a residential estate or an apartment. However, the home loan terms offered by different mortgage lenders can vary greatly (use our mortgage calculator to estimate your future expenses). In the framework of this guide, we’ll review some of the top-rated lenders and try to find out which ones are worth considering.
NC Mortgage Lenders Comparison
All the lenders reviewed are trustworthy companies with reasonable rates and solid track records. To give you the most detailed information, we’ll compare them by several key criteria – an APR, the minimal down payment, minimal requirements, and so on.
Northpointe Bank Mortgage
Northpointe Bank is based in Grand Rapids, Michigan, where it was founded back in 1999. Its mortgage services, however, are offered throughout the country, both online and through loan offices in 25 states. These encompass fixed- and variable-rate loans, both privately (when necessary) and government-insured, with the full trio of FHA, VA, and USDA. The available purposes are purchase, refinancing, and construction. Under ideal conditions (740+ credit score, 25% down payment), the APR on a 30-year loan is 6.607%, corresponding to 6.464% for 15 years. The lower end for the credit score is 620.
|Full spectrum of loan offerings, including unique offers with $0 down payment.||The official website lacks transparency on any lender fees.|
|Extensive physical network.||The average rates are not as low.|
AmeriSave has established itself as a nationwide lender since its foundation in 2002. Nonetheless, the lender originates from Georgia. As such, the state always gets some of the most tempting offers. The lender’s credibility is confirmed by its excellent rating given by BBB (A+) and Trustpilot (4.3/5).
The advertised rate of 4.899% requires a FICO score as high as 740 and 20% paid upfront. As usual, your actual rate is likely to exceed what’s advertised. The credit score needed to obtain a conventional loan is 620; government-insured plans are available starting from 600.
|Highly lucrative mortgage rates.||Not all of the lender fees included in the closing costs are transparently disclosed at the lender’s website.|
|Diversity of loan types offered. This includes purchase and refinancing with fixed and adjustable rates, as well as the three main kinds of government-backed loans (FHA, VA and USDA).|
|Easy and convenient, mobile-friendly application process.|
Quicken Loans Mortgage
Quicken Loans is the previous brand name of Rocket Mortgage, the US-wide leader in capitalization across consumer lenders, adopted in 1999. As such, you receive the same options, terms, and services as with the latter. These range from simple conventional mortgages (with fixed or adjustable rates), to jumbo loans, home equity, HELOCs, and federal-insured programs (FHA and VA), available for purchase and refinancing.
Conventional loans require at least a 620 credit score. The advertised APR for a 30-year fixed-rate mortgage is 7.199%, which is on the higher side as far as similar offers are concerned. The lender operates in all states, as well as Washington D.C.
|High availability.||No construction loans.|
|Easy application process.||Rates above the market average.|
|Plethora of experience.|
Average Mortgage Rate in North Carolina from 1978 to 2018
The chart shows average conventional mortgage 30-Year Fixed Rates in North Carolina.
Source: Federal Housing Finance Agency Monthly Interest Rate Survey
Information about the Housing Market and Real Estate Prices in North Carolina
|The median home value in North Carolina||$257,299|
|The income required to buy the median priced home in North Carolina||$42,157|
|The monthly mortgage payment required to buy the median priced home in North Carolina||$976|
|The median household income for North Carolina||$63,702|
Things to Consider When Choosing a Mortgage Lender
A mortgage loan implies undertaking a serious commitment for a term of 15 through 30 years. So you need to think twice before signing an agreement with this or that lender. There are some core aspects to consider when choosing a lending entity.
Type of Lender
Basically, there are two popular options – banks and online mortgage lenders. Banks frequently offer attractive rates but they tend to practice strict credit checks. The approval time is longer, and eligibility criteria are quite hard to comply with. Online lenders work much faster, and their requirements for homebuyers are not too severe.
APR and Fees
Every loan has its cost, and mortgage is no exception. This cost is more than just an interest rate. It also includes extra fees, such as the origination fee, mortgage insurance fee, closing costs, etc. As of writing, for a fix-rated 30-year loan, the average mortgage rate in North Carolina is 6.58%.
Terms and Conditions
Here, you need to consider the minimum size of a down payment, which often varies from 0% to 20% depending on the loan type, your current status (military, employed, self-employed, etc.). Another important parameter is the lifespan of the loan, which is its total length. Common options are 15 and 30 years.
What Mortgage Lender is the Number One in North Carolina?
The list of reliable NC mortgage lenders is extensive, so it's hard to give an unambiguous answer to this question. Everything depends. For example, one of the industry leaders is Rocket Mortgage with a loan volume of $11.5 billion for the year 2021. To take your pick wisely, check our list of recommended lenders.
First-Time Homebuyer Programs in North Carolina
Buying a home for the first time is quite challenging. Happily, residents of North Carolina can take advantage of some governmental programs aimed at raising mortgage affordability.
- Federal Housing Administration loan program. In its framework, a buyer gets insurance from the federal government. The fee for this insurance is included in the total cost of the future loan. In return for this, the homebuyer gets some serious benefits: a low interest rate and minimal credit requirements. Thus, his FICO score can be as low as 500, and the debt to income ratio – just 50%.
- USDA loan program. It is oriented toward those living in rural areas. The participants of this program can get a mortgage loan with a zero down payment. However, their annual income must not exceed 115% of the average income in this region.
- VA loan programs. They are insured by the Veteran Affairs Department. This mortgage option is available to former militaries or their spouses.
Pre-Approval: What Does It Mean?
Preliminary approval is a sort of confirmation of a prospective homebuyer’s credibility. It lets home sellers know that lenders are ready to approve a mortgage loan to the buyer. To get a pre-approval one needs to provide documentary evidence of his paying capacity. A typical document set includes earning statements, account statements, a W2 form, or an alternative proof of income for at least 2 years. Additionally, it’s necessary to fill in the Uniform Residential Loan Application form.