Getting the Best Mortgage Rates in Charlotte, NC

With a growing local economy, the Charlotte housing market is currently the strongest that it has been in a decade.

As reported by Charlotte Magazine, over 42,000 homes were sold last year, marking the highest volume of sales since 2007.

In fact, demand is so high for housing that new developers are struggling to keep up—and with such high demand, Charlotte mortgages are poised to increase.

Potential home buyers looking for the best mortgage rates in Charlotte, NC will want to pay close attention to both short-term and long-term costs of homeownership, particularly when it comes to Charlotte mortgage rates.

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Different Types of Mortgages in Charlotte, NC

Mortgage companies in Charlotte, NC provide a wide range of conventional and adjustable rate loan types, including those listed below.

Loans that carry a conventional mortgage rate in Charlotte, NC, include:

  • 10-year mortgage loans
  • 15-year mortgage loans
  • 20-year mortgage loans
  • 30-year mortgage loans

Conventional Charlotte mortgage rates are attached to loans with a fixed-interest rate that won’t change throughout the life of the loan.

This type of mortgage rate in Charlotte, NC conforms to established industry and regulatory guidelines based on size of the loan and your financial situation. Terms for conventional Charlotte mortgages typically range between 10 to 30 years.

Mortgage rates in Charlotte, NC with shorter terms (10, 15, or 20 years) tend to have lower interest rates than mortgages in Charlotte, NC with 30-year timespans.

Best Mortgage Rates in Charlotte

Charlotte, NC

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Benefits of Larger Down Payments for Mortgages in Charlotte, NC

Although some mortgage companies in Charlotte, NC require a smaller down payment of 3 percent, a great way to secure the best mortgage rates in Charlotte, NC is to put down at least 20 percent of the home’s value.

Along with getting more favorable mortgage rates in Charlotte, NC, a higher down payment also means that borrowers can avoid paying extra for private mortgage insurance (PMI).

Mortgage companies in Charlotte, NC require the purchase of mortgage insurance for smaller down payments to protect their investments in case borrowers stop making payments.

Typically, borrowers must continue paying until they reach a loan-to-value ratio of 80 percent. While it may not help you cut down costs over the long-term, it certainly does provide short-term affordability for a mortgage rate in Charlotte, NC.

According to Zillow, the average premium for PMI ranges between $30-$70 for every $100,000 borrowed. Depending on individual budgets, this could make PMI an affordable compromise for borrowers that can’t put down the full 20 percent to get better mortgage rates in Charlotte, NC.

Additional Considerations for Mortgage Rates in Charlotte, NC

When searching for the best mortgage rates in Charlotte, NC, there are a few additional pieces of information to keep in mind.

If you have a good, great, or excellent credit history and you are seeking a mortgage rate in Charlotte, NC for a loan totaling over $424,100, some lenders may be able to provide more competitive terms and rates.

For this reason, it’s important to confirm current mortgage rates in Charlotte, NC and terms for specific amounts before making a commitment.

Additionally, it’s also important to keep in mind that APR and payment estimations do not include state-specific taxes or required insurance premiums. As such, you should expect that monthly payments on Charlotte mortgages will be greater once taxes and insurance products are added.

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Conclusion – Finding the Best Mortgage Rates in Charlotte, NC

When it comes to buying a new home, finding the best mortgage rates in Charlotte, NC can make a world of difference in terms of long-term affordability. 

Short-term costs from insurance, fees, and closing can quickly add up, and it certainly helps to have the best mortgage rates in Charlotte, NC to carry you through the next few decades.

Not only will a great rate make a loan more manageable over time, but purchasing or refinancing a home with a flexible mortgage rate in Charlotte, NC can help set new home buyers up for financial success throughout the life of their mortgage.

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