15-Year North Carolina Mortgage Rates

Looking for information and assistance in choosing a 15-year mortgage rate that suits your needs? First Bank has a North Carolina location nearby that can help you with your decision to invest in a 15-year mortgage.

15-year North Carolina mortgage rates can vary and depend on a number of factors with your application, but to get a rough idea of the current average rates check out the Mortgage News Daily.

15-Year North Carolina Mortgage Rates | First Bank

First Bank offers conventional fixed-rate mortgages in terms of 15, 20, and 30 years. Our 15-year fixed-rate mortgages offer predictable monthly payments, as your interest rate and your total monthly payment of principal and interest will remain the same for the duration of the loan.

Benefits include:

Predictable monthly P&1 payments allow you to budget easily
Protection from rising interest rates for the duration of the loan
Overall interest paid on 15-year mortgages will be less than other longer-term loans

15-Year Mortgage Rates

Understanding Mortgage Rates in North Carolina

One advantage of a 15-year mortgage rate is that it has a more competitive interest rate than that of its 30-year counterpart. A 15-year mortgage rate may allow the borrower to pay less interest over the duration of the mortgage and build equity more quickly.

However, the disadvantage is that your monthly mortgage payments might be higher than that of a 30-year mortgage because you are essentially paying off the mortgage in half the amount of time.

Mortgage rates come in the form of fixed or adjustable. The advantage of a fixed-rate mortgage is that your interest rate and mortgage payments will never change during the lifetime of your mortgage. Because of this stability, fixed-rate mortgages are the most popular kind of home mortgages.

Adjustable rate mortgages (ARM) come with a fluctuation of interest rates from year to year that are dictated by and reflective of the market.

Regardless of the type of the mortgage you choose, the payment of principal itself is only a portion of what’s included in a monthly mortgage payment. Borrowers also must pay the interest, and typically property tax, property insurance, and sometimes mortgage insurance.

Compare 15-Year NC Mortgage Rates at First Bank

First Bank has several convenient locations in North Carolina and offers mortgages of all types for homes and businesses. Get a free consultation from one of our mortgage experts and take the first step toward your 15-year mortgage today.

For more information about First Bank, check out some of our related articles:

What Are 15-Year Mortgage Rates

First Home Mortgage

Home Mortgage Calculator

Mortgage Basics

Loans subject to credit approval. Equal Housing Lender. NMLS #474504.

———-

Sources:

Mortgage Daily News: http://www.mortgagenewsdaily.com/mortgage_rates/north-carolina.aspx
About: http://financialplan.about.com/lw/Business-Finance/Personal-finance/15-Year-Mortgage.htm
Investopedia: http://www.investopedia.com/articles/pf/05/031605.asp

Share:

Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.

First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

FHA Loans 101: 3 Major Requirements If you have a strong understanding of the FHA loan requirements, you’ll experience a quicker and smoother loan application process. FHA loans provide homebuyers of all income levels the opportunity to purchase a home with lenient qualifying terms and lower down payment requirements. There are, however, three major requirements that prevents people from purchasing an unaffordable home. Three Major Requirements Debt-to-Income Ratio:There are two debt-to-income ratio requirements that FHA lenders will look at in order to determine if a buyer can afford a home: Mortgage payment expense to effective income: Add your total mortgage payment and divide it by your gross monthly income. The maximum ratio to qualify is 31%. Total fixed payment to effective income: Add your total mortgage payment and all recurring monthly debt and divide it by your gross monthly income. The maximum ratio to qualify is 43%. FHA Credit: FHA loans are more lenient when it comes to qualifying terms, but there are still certain credit requirements applicants must meet. If you have no credit history, filed for bankruptcy, have a history of late payments, been foreclosed on, or sent to debt collections, it will be harder to get approved for a loan. Application: Aside from financial requirements, there are a few FHA loan application requirements buyers must meet and present to their loan officer: Address (past two years) Social Security number Names and location of your employers (past two years) Gross monthly salary at your current job(s) Information for all checking and savings accounts Information for all open loans Complete information for other real estate you own Approximate value of all personal property Certificate of Eligibility and DD-214 (for veterans only) Current check stubs and your W-2 forms (past two years) Personal tax returns (past two years), current income statement, and business balance sheet for self-employed individuals If you understand the FHA loan requirements and are ready to apply for a loan, you can apply online with First Bank.* Have more questions about FHA loans? Visit the FHA’s website, or contact your local First Bank branch to learn more. *Equal Housing Lender. NMLS #474504. Loans subject to credit approval. ——— Sources: http://www.fha.com/fha_requirements_debt http://www.fha.com/fha_requirements_checklist http://www.fha.com/ 2 min read

Mortgage Rates 101: Information You Should Know Acquiring information about mortgage rates is a vital step in the home buying process. Mortgage rates vary based on several factors, such as the amount and type of your loan and your credit score. To get better mortgage rates in your area, it’s best to contact your local lender like First Bank. First Bank’s Mortgage Center provides customers with answers to common questions about loan options, mortgage rates information, and more. Whether you are a first-time homebuyer, an experienced homebuyer, or building a new home, we provide information that can help you qualify for the loan and purchase your new home. Mortgage Rates Information from First Bank You will typically have multiple loan options to choose from before purchasing a home, including conventional mortgages, government loans, and construction loans. Two of the most popular types of home loans are conventional adjustable-rate and fixed-rate mortgages. Conventional adjustable-rate mortgages: Interest rate, monthly principal, and interest payments remain the same for an initial period of 3, 5, or 7 years, for example—then adjust periodically. Interest rate caps set a limit on how much your interest rate can increase. ARMs typically have a lower initial interest rate than fixed-rate mortgages. Monthly principal and interest payments may increase as the rate adjusts. Conventional fixed-rate mortgages: Interest rate and monthly payments stay the same for the duration of the loan. Offers protection from rising interest rates for life of the loan. Available in 15-year, 20-year, and 30-year fixed-rate loan term options. For more information on conventional mortgage rates or mortgage rates on our other home loan options, find your local First Bank loan officer today. Loans subject to credit approval. ——— Sources: Investopedia: http://www.investopedia.com/terms/c/credit_score.asp Investopedia: http://www.investopedia.com/articles/pf/05/022405.asp?lgl=mtdt-v1 2 min read

5 Mortgage Tips to Help You Get the Best Deal Applying for a home loan can be a confusing and sometimes frustrating experience for prospective home buyers, but it doesn’t have to be. By keeping these mortgage tips in mind, you can make the home-buying process easier and ensure you are getting a loan that meets your budget and needs. 5 Tips for Getting the Best Mortgage Loan 1. Check your credit. Finding out your credit score should be the first thing you do before considering your home buying options. Your credit score will impact the types of loans you are eligible for, how much money you can borrow and your interest rate. 2. Set a budget. Use a mortgage calculator to determine how much house you can afford and stick to it. You should also keep in mind how much you will have to pay in property taxes, homeowner’s insurance, maintenance costs, furnishings and utilities. According to LearnVest, you should take the top amount you are approved for take 20% off of it to make sure you can afford the extra expenses that go along with home ownership. 3. Understand your loan options. By learning about your loan options before you apply, you can make sure the lender you choose offers the best type of loan for you. Types of mortgage loans include the following: Fixed-rate mortgages Adjustable rate mortgages Government loans Construction loans Professional loans 4. Shop around. When shopping for a mortgage, you don’t have to go with the first lender you talk to. You might get a better interest rate from one lender than you do for another. You’ll likely find that local community banks like First Bank will offer the most competitive rates and best service with all their lending options. 5. Prep your documents. Find out what documents you’ll need to apply for a mortgage and gather them before you meet with a lender. Required documents typically include: Credit report Tax returns Pay stubs Two forms of ID Proof of current property owned Visit First Bank’s Financial Education Center for more tips on buying a home, or talk to a First Bank mortgage loan expert near you to learn more about our home loan options. ——— Sources: http://www.learnvest.com/knowledge-center/7-top-mortgage-shopping-mistakes-to-avoid/3/ http://www.realtor.com/advice/14-step-pre-approval-checklist/ http://www.consumerfinance.gov/askcfpb/137/how-do-i-find-the-best-loan-available-when-im-shopping-for-a-home-mortgage-loan.html 2 min read

Closing On Your Home: Just the Facts You can throw around offers and sign purchase agreements all day long, but you won’t actually own your home until you go through the closing process. 3 min read

15-Year North Carolina Mortgage Rates

Ready to talk to an expert?