With world famous cities, North Carolina offers many opportunities for homebuyers. If you are in the market for a North Carolina mortgage, it is important to have information specific to the Tar Heel state.
Why Buy in North Carolina
The real estate market in North Carolina is fantastic. Home appreciation values in the state have skyrocketed in the last few years, making a North Carolina mortgage a true investment.
Cities like Raleigh and Charlotte offer historic properties, as well as single family homes, condos, and townhouses. Lake and beachfront homes can be found in Carolina Beach and other renowned beach towns.
It is estimated that tens of thousands of people move to North Carolina each year. The rush shows no sign of stopping anytime soon. This ensures that there will always be a demand for North Carolina real estate. Homeowners in the state should have no problems selling their property or acquiring equity.
North Carolina Mortgage Loans
If you are in the market for a North Carolina loan, you should easily be able to qualify for one. Because the state has such a hot real estate market, there are many lenders clamoring for business. This makes for a very competitive market, and is good news for anyone looking for a North Carolina mortgage loan.
If you are interested in learning more about financing a North Carolina home, the North Carolina Housing Finance Agency offers a wealth of information on their website. You can get current interest rates, loan program info, a housing resource guide, and much more.
Finding a Lender
Just like looking for a mortgage loan in any other state, when looking for a North Carolina mortgage, it is very important to find the right lender.
The lender you choose will determine what type of mortgage products you have to pick from, as well as the interest rate that you pay on you loan.
To make sure you find the right lender, it is a very good idea to get several mortgage quotes prior to accepting a loan approval offer. This will allow you to make comparisons in regards to lending fees, loan terms, and interest rates.
If you want to speed up the whole process, consider getting mortgage quotes online. Most lenders have a presence on the web and can provide you with an instant quote and approval right over the Internet. You can also try visiting one of the many sites that offer the opportunity to fill out one application and receive several quotes from multiple lending institutions.
North Carolina Mortgage Loan Laws
Predatory lending has become an increasingly bad problem in the lending industry. As a result, many states have enacted anti-predatory lending laws to protect borrowers. North Carolina was a leader in this process and was the first to enact legislation against predatory lending. Since the first law was passed in 1999, it is estimated that North Carolina borrowers have saved more than $100 million. Predatory laws in North Carolina prevent:
- Predatory Practices and Fees - Lenders are not allowed to charge excessive prepayment penalties meant to trap borrowers in high cost loans, give kickbacks to brokers, or finance unreasonable fees.
- Unfair Foreclosure Practices - By protection of law, homeowners are allowed to fight against a foreclosure even after a loan has been sold.
- Loan Flipping- Lenders are not allowed to repeatedly allow a homeowner to refinance a loan, knowing that the homeowner has no way to pay off the accumulating debt and fees.
Even with these lending laws in place, it is important for those who are looking for a North Carolina mortgage to be very careful-especially when shopping in the subprime lending market.