Since the beginning of 2022, rates have been in a state of flux. They rose quickly, dropped a little, and then rose again. Until inflation is under control and the economy is more stable, rates will be in a state of flux. Consider any published interest rates you see a snapshot in time.
We are a Chapel Hill based company and are well known for the very high quality of our loan originations, and so the investors we work with are very interested in buying our loans and as a result, we have very competitive Chapel Hill mortgage rate offerings.
We do mortgages for a surprising number of people who have the ability to live anywhere, and initially it appears they choose to move to Chapel Hill out of the blue. But during the preapproval process when we are getting to know a client, we find that many clients are drawn to be amazing public school system, world class medical facilities at both UNC-Chapel Hill and Duke, the natural beauty of the area, the proximity to both the mountains and the ocean, and much, much more. As long term residents in the Triangle area, Kinsey and I are confident you will love living in this area too!
When can I lock a rate?
We can lock your rate once you have a signed purchase contract – that means it has the signatures of the buyers and the sellers. We have expertise in Conventional, Jumbo, FHA, and VA loans.
Why can’t I lock a rate now?
A rate lock is associated with a specific borrower name, a specific property address, and for a specified time period, so we need a fully signed purchase contract to know these details.
How long can I lock my rate?
Most loan programs have rate locks anywhere from 15 to 75 days – we will pick the right lock period based on your closing date. Ideally there will be a few days on your chosen lock period beyond your closing date to allow for possible delays, and to avoid the cost of lock extensions.
Are USDA loans available in Chapel Hill?
You won’t be able to use a USDA loan inside the town of Chapel Hill, but outside in the rural areas there is a possibility. If you have an address in mind, let us know and I can research the availability of USDA loans for that address.