Since the beginning of 2022, rates have been in a state of flux.  They rose quickly, dropped a little, and then have continued to rise.  Until inflation is under control, rates will be in a state of flux, so any published interest rates you see will be a snapshot in time.  Chapel Hill mortgage rates have

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.

I do mortgages for a surprising number of people who have the ability to live anywhere, and initially it appears they chose to move to Chapel Hill out of the blue.  But during the preapproval process when I am getting to know a client, I find my clients to be 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 more.  As a graduate of UNC and long time resident of Chapel Hill, I truly love living in Chapel Hill and am confident you will 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.  Your options for a Chapel Hill mortgage will be Conventional, Jumbo, FHA, and VA, but you won’t be able to use a USDA loan unless you are purchasing outside the town in a more rural area.  We have expertise with all these types of 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 me know and I can research the availability of USDA loans for that address.