30-Year Fixed Mortgage Rates in North Carolina A quality home inspection gives you the peace of mind of knowing your home isn’t harboring any secrets that could cost you thousands down the line. The purpose of these disclosures is to protect buyers, but a home inspection is always a smart idea to protect the integrity of the sale. This list should include information on the plumbing, electrical, water supply source, environmental conditions like asbestos and any homeowners’ association fees and services. North Carolina state law requires home sellers to provide buyers with a disclosure form listing details on the property. While you are probably not planning to buy a home with the intention of going into foreclosure in the future, it is best to be aware of where you stand and what you can expect if your circumstances were to change for the worse. Homebuyers in the state will likely get a deed of trust which allows lenders to bypass a judicial foreclosure and instead initiate a power of sale foreclosure by simply hiring a third party to auction the home.
Up to 80% financing available for the purchase of an investment property or for a no cash-out refinance of an investment property further limited to 65% loan-to-value for cash-out refinances.Lenders in North Carolina typically do not have to go to court to foreclose on a home when the owner has fallen behind on payments.Up to 90% financing available for purchases and refinances of a second home.Up to 90% financing available for purchases and refinances of primary residences.
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Cash out is defined as any funds that exceed the balance owed on the first or second mortgages being paid off, plus closing costs. 90.1% - 100% financing 3 available for purchases and no cash-out refinances of single-family primary residences.Member is responsible for appraisal costs. For purchases, maximum financing and loan-to-value financing tier determined based on the lesser of the sales price or appraised value.Private mortgage insurance is not required.No application fees or credit report fees.Origination fee 1.00% of loan amount (cap of $2,500).*Expand for additional information specific to this program and to calculate payment and APR 2. SECU ARM rates can increase or decrease a maximum of 2% every 60 months up to 6% over your initial interest rate during the life of the loan.Ĭontact your local branch for additional information. This is a variable rate loan, and the interest rate can increase over the life of the loan. Future interest rates and payments determined based on adding a margin of 2.50% to the future index (5-Year Constant Maturity Treasury Yield rounded up to the next highest one-eighth of one percentage point) at the time of the future index.
Your actual monthly payment will be greater.įuture interest rates are subject to change, so the interest rates for months 61 through the end of loan term are estimated by adding the margin to the current index rate. Taxes and insurance are not included in the estimated monthly payment amount. The rate may not change by more than 2% every five years or 6% over your initial interest rate during the life of the loan. Learn more about the SECU Fast Mortgage ® service »īecause the interest rate may only be adjusted every five years, this product offers additional protection against rising rates 1. These funds are placed in an escrow account until the tax and insurance premium payments are due and earn dividends equal to the share account rate. Funds are collected with each payment, in addition to your principal and interest payment, to allow for the disbursement of the estimated annual tax and insurance premiums that will be due. The maximum loan amount depends on many factors including the purpose of the loan, the type of loan, and occupancy status. The Credit Union offers 5-Year Adjustable Rate Mortgage (ARM) products to purchase or refinance primary residences, second homes, and investment properties located in North Carolina, South Carolina, Virginia, Georgia and Tennessee unless further restricted as outlined below.
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