North Carolina mortgage rates became even more affordable last month as the Federal Reserve kept his promise to keep key rate low. North Carolina applicants should feel confident they are getting the best rate possible for buying or refinancing a home. If you are tired of dealing with loan brokers that do not understand your local housing market, then you will enjoy the lending process at Nationwide. North Carolina mortgage loans of all types are available to qualified borrowers. If you are considering buying a home, speak with a North Carolina lender who will help you lock in the best rate while providing great service with the pre-approval letter you need to get that offer get accepted.
Is a interest rate reflecting the cost of a mortgage as a yearly rate. This rate is likely to be higher than the stated note rate or advertised rate on the mortgage, because it takes into account point and other credit cost. The APR allows home buyers to compare different types of mortgages based on the annual cost for each loan.
A fixed or adjustable rate loan, secured by the equity in your home. Interest is usually tax-deductible to 100% CLTV. Often used for home improvement or freeing of equity for investment in other real estate or investment. Great loan for refinancing to replace or substitute for consumer loans whose interest is not tax-deductible like credit card debt and personal loans.
A loan providing you with the ability to borrow funds at the time and in the amount you choose, up to a maximum credit limit for which you have qualified. Repayment is secured by the equity in your home. Simple interest (interest-only payments on the outstanding balance) is usually tax-deductible. Often used for home improvements, major purchases or expenses, and debt consolidation.
Combined Loan to Value
Fixed Rate Mortgage
Jumbo Home Mortgage
The relationship between the unpaid principal balances of all the mortgages on a property and the property's appraised value.
A mortgage loan with an interest rate that is fixed for the term of the loan. Monthly payments are fixed evenly for a specific term.
A loan which is larger (more than $417,000) than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.
Good Faith Estimate
A FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. Scoring has become widely accepted by lenders as a reliable means of credit evaluation
A written estimate of closing costs which a lender must provide you within three days of submitting an application.
Occurs when your monthly payments are not less than the interest due. This unpaid interest is added to the unpaid balance of the loan. The danger of negative amortization is that the homebuyer ends up owing more than the original amount of the loan.
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