North Carolina has everything that one could want in a place that they call home. For example, North Carolina offers its residents great weather, amazing virgin beaches, forests, and mountains. It is also boasts the internationally renowned research triangle that includes Duke University, North Carolina State University and the University of North Carolina at Chapel Hill, which is also becoming a bourgeoning cultural complex. With all of these excellent attributes, who wouldn’t want to live in North Carolina? Well, many people are moving to this great destination, which has caused housing prices to seriously inflate. This means that the already heavy mortgage payments that North Carolina residents are carrying are simply going to become more of a financial burden to some. For others, however, refinancing may be a realistic option. Refinancing is when a homeowner obtains a new loan to cover the remaining balance on their existing mortgages. This releases some of that coveted home equity, and it can result in lower mortgage payments each month.
Quick North Carolina Housing Facts:
- Percent of homeowners in North Carolina: 69.4%
- Percent of renters in North Carolina: 30.6%
- Median annual income in North Carolina: $37,315
- Average credit score in North Carolina: 667
- Best North Carolina city to live in: Huntersville, NC
- Median North Carolina home value: $108,300
When to Refinance in North Carolina
Before you commit to refinancing, do a few math problems that will ensure that refinancing is the right thing for you to do. Start by pricing out the long-term payment that you will end up making on your current mortgage. Then do the same thing with the refinancing program that you are considering. Make sure that the new refinancing program is going to save you money compared to your current mortgage. Another vital portion of the process is considering current rates. If current rates fall 1.5 to 2 percent lower than what you are paying right now, then you should refinance. Otherwise, it may be a better idea to wait before you pursue a refinancing program. Finally, it is important to determine whether your current mortgage has penalties attached to paying early. If so, make sure that these penalties are small, or you may want to consider other options. Regardless of your situation, refinancing aims to save you money; so research enough to make sure that it does just that.
How much house can I afford in North Carolina
One of the biggest problems facing North Carolina’s homebuyers is figuring out how much house you can afford. With rising rates, and all the loan programs out there it can make your head spin. Use our mortgage calculators to figure out how much you can afford and then contact us so we can find the right loan program for you.
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