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: 488 About Alex: With a degree in Marine Biology Alex has always been drawn to the ocean and so it was no surprise wh...
View our latest blog posts in your RSS reader. Click here to access.
FindOBXHomes.com is the home of your Full Service Outer Banks Real Estate Experts. We combine the latest in technology with exceptional personal service. We walk you through every step along the way from our first hello to closing day and beyond. Whether you are a first time buyer or a seasoned investor, our goal is to turn our first transaction into a lifelong relationship.