Its Winter On The Outer Banks

Its Winter On The Outer Banks

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!



Alex Argiroff Headshot
Author:
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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