North Carolina Mortgage Refinance
North Carolina (population 8,856,505) home owners are lowering their monthly mortgage payment through refinancing. The “Tar Heel State” has plenty of lenders offering competitive rates on mortgage refinance products. For example, borrowers can get a rate of 5.28% APR to 5.33% APR a 30 year fixed rate product or 4.43% APR to 4.79% APR on a 15 year fixed mortgage. In addition to a fixed rate product, borrowers in North Carolina should understand the features and benefits of an adjustable rate mortgage (ARM). An ARM in North Carolina offers a low, fixed rate for a pre-determined period and then the rate adjusts annually and fluctuates with market trends. ARMS are compatible with borrowers who want an initial lower payment but are able to handle payment increases after the period. Currently, North Carolina lenders are offering a rate of 4.40% APR on a 10/1 ARM or 4.24% APR on a 7/1 ARM. Borrowers should also know their home’s value. The average home value in North Carolina is $136,200. Homes in Charlotte (28201) value at $147,500 and in Durham (27701), homes values are approximately $171,000. In terms of sale prices, the average home in North Carolina sells for $161,000. Go to Fayetteville (28301) and homes sell for an average of $123,700. In Greensboro (27395), homes sell for $124,000.