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Loan Rate APR
30 Year Fixed Rate 3.88% 3.38%
15 Year Fixed Rate 4.06% 3.61%
5/1 Adjustable Rate 2.75% 3.37%
* These rates are averages, and might not apply to you.

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North Carolina North Carolina

Along the Atlantic coast, south of Virginia, north of South Carolina, and east of Tennessee, North Carolina is popular for its beautiful summers, gold courses, fall colors from the changing leaves, and fishing. The state is home to a Cherokee Indian village and museum, the USS North Carolina battleship of World War II, an old civil war fort, and three aquariums. Its largest populated cities are Charlotte, Raleigh, Greensboro, Durham, Winston-Salem, Fayetteville, Cary, High Point, Wilmington and Asheville.

Recent reports indicate that mortgage interest rates have dropped slightly, and in some areas of the country it has stimulated property buying. It has also made it a perfect time for home owners with mortgages at higher rates to review their existing home loans and then sign with a new North Carolina mortgage refinance. Despite this welcome news for some, unfortunately, North Carolina has suffered dramatically in the foreclosure crisis. Numbers have shot up since the second quarter of 2010 in excess of ten percent in some areas, and since last year, reports show that foreclosures have increased in excess of thirty percent. Several reasons exist for the foreclosures, so the previous Deputy Commissioner of Banks in North Carolina and other legislators took several steps to impact or influence those factors.

First, the confusion in foreclosure, as it relates to lenders and mortgage service providers, has been responsible for unnecessary seizing of homes. The problem with the two groups is each has its own goals. Lenders may be willing to to accept loan modifications in order to continue to receive payments from home owners, but the service providers act as collection agents and foreclose on the home owners. In fact, there have been instances where the lenders approved loan modifications, but the home owners lost their houses anyway, due to zealous service providers. To prevent this situation, a law was passed in North Carolina forcing mortgage servicers to cease foreclosure proceedings if home owners have requested loan modifications. Also, during this period, the accumulation of fees is not permitted.

Second, the North Carolina mortgage market had been rife with detrimental home loans known as "flipping" and "equity stripping". Both fall under the category of predatory lending. Neither of these types of loans are beneficial to home owners, but they are quite lucrative for lenders and brokers. Flipping refers to the act of continually remortgaging in short periods of time. Equity stripping is the act of losing one's existing equity. By repetitively refinancing, the equity that has been previously built up is lost to prepayment penalties (the interest penalties that the original lenders expect for paying off the loans), and the new closing fees.

Home owners who seek legitimate North Carolina mortgage refinance should really scrutinize with whom they do business, and should also review their own situations before proceeding with any lender. Assessing their existing mortgages is key to a beneficial refinance and that cannot be completed without first writing down one's goals as they relate to their homes and financial security, and then creating a spreadsheet that lists all income and expenses and determining whether the refinance brings about any positive changes.

Although several lenders chose to leave North Carolina when laws where enacted to combat predatory lending, they nevertheless returned later when they saw other lenders servicing their customers.

Third, the state of North Carolina tightened the rules for licensing in the lending market. This included brokers, lenders, and even individual loan officers. Further, laws state that mortgage originators, such as brokers, are to act in the best interests of those seeking North Carolina mortgage refinance. While it seems obvious that brokers should help borrowers, in the past unscrupulous individuals have only looked to their own pocketbooks.

Fourth, programs exist in North Carolina for resident home owners to seek financial assistance while they attend some type of educational institute in order to retrain for new types of work. The state was hard hit in 2003 when a textiles plant employing a large number of people shut down. As a result, the Home Protection Program was launched in 2004 to help residents see themselves through until they could find new jobs.

North Carolina has had her share of trials with the presence of severe storms, and battering from hurricanes, but one thing that is constant, is her residents' desire to make it a great place to live, work and play.

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