Buying a home in North CarolinaBuying or selling a home in North Carolina can be very different than other states, thanks to local real estate laws. First off, buyers shouldn't share their personal information with a real estate agent until they've been hired. This is because any information the buyer chooses to share with the agent will not be confidential until a formal buyer-agency relationship has been established. Also, North Carolina is technically a "buyer beware" state. That's not as ominous as it sounds; "buyer beware" simply means there isn't a standard disclosure document the seller must give you outlining any issues. But it does mean you should be sure to order a home inspection and verify the house is in sound condition. Also, there's a "due diligence fee" required in North Carolina. This non-refundable fee is paid directly from buyer to seller after both parties have signed an offer letter. The amount of the fee is optional, and should be negotiated during the offer process. You won’t get that money back, even if one of your contingencies kicks in. So keep the amount as small as you can without offending the seller Finally, while it can vary from area to area, North Carolina buyers will commonly put down around 1% of the purchase price as their “good faith” or “earnest” money at the time the purchase agreement is signed. This is in addition to the due diligence fee. But the difference is, the earnest money will be put toward your closing costs when the sale is finalized.
Refinancing in North CarolinaNorth Carolina has quite a few protections for borrowers when they buy a house or refinance. However, it’s still a good idea to remain wary of deals that seem too good to be true. In North Carolina — like in other states — homeowners generally refinance with one of two goals in mind: a rate-and-term refinance or cash-out refinance. A rate-and-term refinance gives you the opportunity to achieve all or any of the following:
- Get a lower mortgage rate
- Reduce your monthly payment
- Switch from an adjustable-rate mortgage (ARM) to a fixed-rate one — or the other way around
- Get a longer or shorter loan term
Mortgage calculator: North CarolinaCalculate your mortgage payment for a home in North Carolina. Start by finding your current mortgage rate using the filters above. Then enter your rate, home price, down payment, and loan term into the mortgage calculator below to estimate your monthly payment.
North Carolina mortgage lendersNorth Carolina home buyers seem to favor regional lenders. According to customer rankings on Zillow, the five best mortgage lenders in North Carolina are: Carolina Ventures Mortgage, LowRates.com, OVM Financial, Horizon of North Carolina, and Movement Mortgage. If these companies aren’t available to you — or if you want more variety to shop around — check out our reviews of the best nationwide mortgage lenders:
- The Best Mortgage Companies for 2023
- The Best Refinance Companies for 2023
- Individual Mortgage Lender Reviews