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If you are in the market for a mortgage loan in North Carolina, there are many options available to you. There are several things you will need to know before choosing the right loan for you. There are numerous types of loans in North Carolina, with varied rates and fees depending on the lender and other factors such as your credit. Based on the most recent data, mortgage rates for thirty year fixed mortgages are at historic lows, and the amount of points charged varies per lender.

It is very important to consider the type of loan you need to meet your current financial situation and consider your future needs. In North Carolina, some of the loans available are fixed rate mortgages; adjustable rate mortgages (ARM), home equity loans, home equity lines of credit (HELOC), and more.

Fixed Rate Mortgage

This is your parent's mortgage loan. Prior to the internet, when most people stayed at the same job until retirement and families weren't as mobile as today; this loan was the epitome of stability. In this loan, the interest rates and payments stay the same for the term of the loan.

Mortgage Refinancing in North Carolina

In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.

The 5/5 & 5/1 Adjustable Rate Mortgage

This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.

The rates and points on each mortgage loan will vary. As with any major consideration, it is imperative to consider all of your options and utilize all of the resources available to make an educated financial decision. is an excellent resource when your goal is to save money and minimize costly errors that could affect you now and in the future. With an assortment of free loan calculators, an in-depth explanation of the Borrower's Bill of Rights and even a Loan Analyzer tool, is the first and last stop for the borrower that wants to be informed and up-to-date before choosing a loan. The Rate Directory on allow consumers to search for mortgage rates while at the same time flagging those mortgage lenders that abide by the Borrower's Bill of Rights and are in good standing with the Better Business Bureau. You should also use RealEstateABC's ABC Values™ tool to check what the current home values are in North Carolina.

Some guidelines to consider when looking for a loan are as follows:

  1. Know your current interest rate vs. your potential interest rate if you plan to refinance.
  2. Shop for the best rates and do the math - use the internet, newspapers and, most importantly, go to a few lenders and meet their loan officers, get written information about interest, points, fees and terms so you can compare.
  3. When refinancing, look carefully at your present loan's prepayment penalties to make sure the cost will not be too much to warrant a new loan.
  4. Check your tax advantages and disadvantages.
  5. If you plan to move within 2 - 3 years, be sure that getting a new loan or refinance makes financial sense.

For the most up to date loan rate, the U.S. Federal Reserve, Freddie Mac, and the Interest Rate Outlook from are exceptional resources.

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