Home sales are up in North Carolina. In early 2006, new home sales were up 15% from the previous year, and there is little doubt that the market will slow before the end of 2006. Mountain and costal regions of Charlotte show the most number of sales, which is no surprise to experts. If you are thinking about buying a home in Charlotte, stop thinking and start looking. Now is the time to buy.
Quick Charlotte Housing Facts
Percent of Homeowners in Charlotte: 69.4%
Percent of Renters in Charlotte: 30.6%
Median Charlotte Household Income: $39,184
Average Charlotte Credit Score: 667
Best Cities to Live in Charlotte: Cary, Durham, Clemmons
Median Charlotte Home Value: $108,300
How Much Real Estate Can I Afford In Charlotte?
You don’t have to be a real estate agent or a mortgage broker to figure out how much house you can afford to buy in Charlotte. All you need is a pen, scrap of paper, a little brain power, and us. We have a little procedure you can follow that will help you determine what kind of house you can buy in Charlotte.
First, answer the following questions:
- How much am I willing to spend on monthly mortgage payments?
- What kind of payment plan will work well for me?
- What are property taxes in Charlotte?
- What are mortgage interest rate like right now in Charlotte?
Next, check out our selection of online mortgage calculators. We have many to choose from, and they are all a little different. Once you’ve completed those two steps, you should be able to ask your self this question: What is my next step? Do I want to start looking for a house? Do I want to make a bid on a house? Do I want to wait a year or so until rates improve, or I have more of a down payment?
Refinancing in Charlotte
A Refinance Mortgage is a brand new loan that pays off your existing loan. The reason people bother with refinances is because they can take advantage of more favorable terms or interest rates. The general rule of thumb is that you should refinance if the current interest rate drops a full 2% below the one you pay. A 2% drop will make a refinance worth your while, even after all the closing fees you will have to pay.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.