Select Page

North Carolina is a state located along the Atlantic seaboard of the United States. The state was one of the 13 original colonies and is still a common place for businesses to operator and people to reside. The state is the 28th largest state in terms or land area and the 9th largest in terms of population. Today, the state has an estimated population of around 10 million people.

Mortgage Laws in North Carolina

North Carolina mortgage laws have gone through a lot of change over the past few years. In an attempt to protect buyers from predatory lending and being forced into unaffordable loans, the state has enacted several new mortgage laws. Today, mortgage lenders are no longer able to provide loans with either no amortization or negative amortization. Further, lenders in the state have to abide by stricter credit requirements and income tests that will help to ensure that a buyer can comfortably afford their mortgage payment going forward.

North Carolina Interest Rates

The interest rate environment for mortgage lenders and borrowers has been great for the past few years. While interest rates have increased a bit over the past year, the rates are still considered to be very attractive for long-term buyers. Those that are looking for the standard 30-year fixed-rate mortgage can qualify for a rate of under 4.20% if they meet the basic underwriting requirements. Those that are willing to accept either a shorter amortization schedule or an adjustable rate mortgage will be able to get an interest rate for under 3.25%.

Housing Outlook in North Carolina

The housing market in North Carolina has varied quite a bit from one market to the next. Charlotte and Raleigh are two of the fastest growing cities in the country and have seen a considerable amount of housing price appreciation over the past few years. The other major cities in the state have fared well, but have not quite kept up with Charlotte and Raleigh. The area of the state that struggled the most were the coastal communities that were largely made up of vacation homes. While the prices in these towns have improved over the past few years, the towns used to suffer from higher rates of foreclosure and depressed values. Most experts believe that the North Carolina housing market will see some gains in the coming years.

Largest Cities in North Carolina

North Carolina is well known for having a number of big cities spread throughout the state. Overall there are six cities with populations in excess of 200,000 residents and nine with over 100,000 residents. The largest city in North Carolina, and also the economic hub of the state, is Charlotte, which has a population of nearly 800,000 people. The second largest city in the state is Raleigh, which has a population of 435,000 people and has gone through a significant amount of growth in recent years. Greensboro, Durham, and Winston Salem are the third, fourth, and fifth most populated cities in North Carolina and all have populations of around 210,000.