North Carolina Mortgage Rates

June 28, 2017 01:37 PM Eastern

Refinance rates now in Charlotte, NC [Change this]

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    Home Price (Purchase)
    When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
    Home Value (Refinance)
    This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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    Down Payment
    The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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    Credit Score
    Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.
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Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

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The Importance of North Carolina Mortgage Rates When Purchasing a Home

The nine million residents of North Carolina, the Tar Heel State, enjoy some of the best scenery and weather in the country. Being able to get great NC mortgage rates is part of the allure of owning a home in this state.

From the bustling capital of Raleigh to the secluded beaches and tourist destinations of places like the Outer Banks and Kill Devil Hills, North Carolina has relatively mild winters and long, hot summers.

Finding NC mortgage rates that you're comfortable with is an important part of financing a home in the state. North Carolina offers several programs to help people buy homes in the state, secure low NC mortgage interest rates, and finance their purchases. Taking advantage of these programs is a great way to obtain that new home you've been dreaming of. 

Special Programs for Securing Current NC Mortgage Rates

North Carolina's Making Home Affordable Program is one way the state is helping its residents afford home ownership by helping them to secure low interest rates.

Refinancing through the program can stop foreclosures and help people get caught up financially, all while giving qualified applicants a mortgage payment that they can handle. If you're buying your first home, the state of North Carolina has programs to help you, as well. The same is true if you are in a qualifying low-income bracket.

North Carolina Mortgage Rates for First-Time Buyers

North Carolina's state government offers a variety of attractive incentives to first-time homebuyers. These incentives include limited down payment assistance and competitive interest rates for qualified first-time buyers. Another incentive is a mortgage credit certificate, which can help lower homeowners' income tax liability and help them save money to pay their mortgages.


To secure these low NC mortgage rates, first-time homebuyers must:

  • be able to prove US residency
  • earn within a given income bracket
  • occupy the purchased home for at least 60 days

If these criteria are met, homebuyers can enjoy low NC mortgage interest rates and help with closing costs.

Researching North Carolina Mortgage Rates and Forming a Budget

The North Carolina Housing Finance Agency offers a variety of tools for homebuyers to help form a realistic budget and calculate NC mortgage interest rates. The agency's website offers tools to help determine "how much house" homebuyers can afford along with an NC mortgage rate calculator to help homeowners determine how much they'll be paying over time. Check out today's current mortgage rates.