Maybe you?re buying your first home in North Carolina, or perhaps you?re relocating to North Carolina from another state. Either way, it?s important that you educate yourself on North Carolina home loans before shopping for a home and mortgage. This article explains what you?ll need to know before buying a home in North Carolina:
The median price of a home in North Carolina is $108,300. The price of homes in North Carolina varies widely between zip codes. For example, in Outer Banks, North Carolina, the median price of a home in the summer of 2005 was $375,000; however, in Raleigh, North Carolina, the median price of a home was $197,000, and in Charlotte, North Carolina, it was $168,000. Average interest rates in North Carolina are above the national average, and job growth rates just below the national average. Homes in North Carolina appreciate at a rate less than half of that of the national average.
In 1999, North Carolina was the first state to enact anti-predatory lending laws. These laws place limitations on high-cost home loans and require that would-be borrowers of high-cost home loans receive financial counseling before entering into the transaction.
North Carolina state law prohibits prepayment penalties on home loans less than $150,000, and it does not allow balloon loans. It also prohibits flipping -- the practice of lending in which a lender repeatedly refinances an existing home with no obvious benefit to the borrower. North Carolina law also prohibits the financing of upfront single premium insurance. However, monthly payment insurance is allowed.
Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about North Carolina Mortgage Rates and Loans .
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