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!
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