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!


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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....

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