Well its winter on the Outer Banks, 21 degrees with a sprinkling of snow and ice on Monday. 61 degrees and partly sunny on Thursday. This is one of the things I love about the winters down here. It gets cold enough to put a jacket on and light the fireplace then, a few days later, the wind shifts and its a beautiful day!
On a more serious note, along with interest rates starting to creep up (still historically low), there are 2 other changes I'd like to mention.
The loan maximum for a conventional loan in this area has been increase from $417,000 to $424,000. If you are purchasing or re-financing in this price range this may help.
Also, for all FHA loans closing on or after 1/27/2017 the cost for monthly Mortgage Insurance is dropping from 85 basis points to 60 basis points. this may help you qualify for a more expensive home or lower your monthly payment. For example, on a $270,000 loan, the MI will be about $56 less each month.
Enjoy the weather and, if you can, come on down and enjoy the Outer Banks!
Author:Alex Argiroff Phone: 252-202-8148 Dated: January 11th 2017 Views: 433 About Alex: With a degree in Marine Biology Alex has always been drawn to the ocean and so it was no surprise wh...
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I thought this article written by Bob Sullivan for credit.com gives a
"My wife and I were searching for the perfect home in the Outer Banks Corolla area with plans to one day retire in a golf course community with all the amenities we could imagine. Our expectations were high considering we had vacationed in the area for several years and thought we knew everything we needed to know to make a decision. We met Alex with Water's Edge Realty on a Saturday afternoon in mid September. Alex was extremely professional and made us feel at ease with making such an important decision. Working with Alex was like spending time with a close family advisor or friend vs. a realtor with a sale on their mind. He was patient, informative about the homes that were shown and a several we looked at more than once or twice! Being a local Alex had a great deal of knowledge about the area that again made the process fun vs. stressful. We made an offer on a home that very same weekend and closed in late October. One last point, Alex continued to be responsive well after the sale and as we made progress upgrading and making improvements on the home, Alex was always available to help with whatever we needed.... even one day when we couldn't be home for a delivery Alex went out of his way to make sure the grill of my dreams was delivered and safe and sound! Needless to say we highly recommend working with Alex for any of your realty needs! "