Its Winter On The Outer Banks

Dated: 01/11/2017

Views: 673

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!

Blog author image

Alex Argiroff

With a degree in Marine Biology Alex has always been drawn to the ocean and so it was no surprise when he moved to the Outer Banks with his wife and 3 children in 1989 from Stone Harbor,NJ. Having o....

Latest Blog Posts

Springtime And Old Glory On The OBX

The weather is warming, birds are chirping, flowers are blooming and SPRING IS IN THE AIR!  This scene just caught my eye and reminded me that its a great time to visit the Outer

Read More

Christmas Wish

From our home to yours, Merry!

Read More

Wright Memorial Bridge Closure And History

The eastbound lanes of the Wright Memorial bridge, which land in Kitty Hawk, are now closed. the traffic has been diverted to one of the westbound lanes.Repairs and refurbishing should be completed

Read More