Best Mortgage Lenders in North Carolina

Buying a home in Charlotte or the Outer Banks or elsewhere in the Tar Heel State? It’s a good idea to do some research before you buy your North Carolina home. It’s wise to take a closer look at the amenities each area can offer, but even more importantly, understand the terms and conditions of the home loan that makes your purchase possible. Check out Benzinga’s guide to the best mortgage lenders in North Carolina to get started.

Best Mortgage Companies in North Carolina

• Best Online Lender: Rocket Mortgage (formerly Quicken Loans)
• Best for First-Time Home Buyers: Keller Mortgage
• Best for Bank Statements Only: CrossCountry Mortgage
• Best for FHA Loans: Freedom Mortgage
• Best for VA Loans: Veterans United

Top Mortgage Companies in North Carolina

Here’s a sneak peek at our favorite mortgage companies in North Carolina.

1. Best Online Lender: Rocket Mortgage (formerly Quicken Loans)

Rocket Mortgage (formerly known as Quicken Loans) is a popular digital lender that offers a quick and easy online mortgage process. There are several mortgage types to choose from, including conventional and government-backed options. 

You can even refinance your home using a Rocket Mortgage product. Use the Rocket Mortgage website to view current mortgage rates and calculate your monthly mortgage payments. 

If you have questions, you can start an online chat or call a Rocket Mortgage expert to get the quick answers you need. 

2. Best for First-Time Home Buyers: Keller Mortgage

Keller Mortgage offers several benefits for first-time home buyers. 

First, you’ll find that Keller Mortgage’s minimum credit score requirement is only 600. Most lenders have a minimum credit score requirement of 620 for conventional loans. 

Your Keller Mortgage agent can help you gain access to its ZeroPlus program. This program offers low rates, no origination or lender fees and $1,000 to help with your closing costs. You can even benefit from the ZeroPlus program when you refinance your home.

3. Best for Bank Statements Only: CrossCountry Mortgage

Bank statement mortgages allow you to use your bank statements instead of your tax returns to verify your income — but only certain lenders offer these loans

CrossCountry Mortgage provides a bank statement program. The lender believes in customizable solutions for its customers and you can benefit from its competitive rates and requirements.

Personal or business bank statements may be submitted — or a CPA-prepared profit-and-loss statement could suffice. The Bank Statement-based mortgage accepts credit scores as low as 580 and provides loan amounts up to $6,000,000. You can borrow up to 80% of the property value.

4. Best for FHA Loans: Freedom Mortgage

Freedom Mortgage can walk you through everything you need if you’re considering an FHA loan. Freedom Mortgage is an FHA-approved lender and offers plenty of resources on its website to help you understand the requirements and benefits of an FHA loan. 

You can use the mortgage payment calculator to see your estimated monthly payments. Freedom Mortgage’s website can also walk you through choosing the right mortgage product to meet your goals. 

If you prefer to speak with someone on the phone, Freedom Mortgage’s Loan Advisors are available to help you out. You can even reach out to a loan advisor to receive a personalized offer designed to meet your mortgage loan needs.

5. Best for VA Loans: Veterans United

Veterans United specializes in offering loans for veterans and military members. You can get prequalified for your VA loan through Veterans United online. 

Its website also offers educational resources, including the service requirements you need to meet to qualify for a VA loan. Use its affordability calculator and monthly payment calculator to figure out what fits in your budget. 

Veterans United offers 24/7 customer service and its financial advisors include members of each branch of the military you can relate to.

Mortgages Explained

There are several mortgage types and terms to choose from. Mortgage types include conventional mortgages and government-backed mortgage programs. Your mortgage term is the amount of time you’ll be spending paying back your mortgage. Here are the types of of mortgage loans you can get when dealing with mortgage lenders in North Carolina.

Mortgage Types

There are several mortgage types and terms to choose from. Mortgage types include conventional mortgages and government-backed mortgage programs. Your mortgage term is the amount of time you’ll be spending paying back your mortgage. Here are the types of mortgage loans you can get when dealing with mortgage lenders in North Carolina.There are several mortgage types and terms to choose from. Mortgage types include conventional mortgages and government-backed mortgage programs. Your mortgage term is the amount of time you’ll be spending paying back your mortgage. Here are the types of mortgage loans you can get when dealing with mortgage lenders in North Carolina.

Conventional Loans

Conventional loans are a popular option for many home buyers. To qualify for a conventional loan, you’ll need to meet minimum income and credit score requirements. These requirements will be set by the lender. 

Unlike some of the government-backed mortgage programs, there are no additional qualifications that you’ll need to meet. Conventional loans are available in a variety of mortgage terms and include both fixed- and adjustable-rate mortgages.

FHA Loans

FHA loans are part of a home buyer program managed by the Federal Housing Administration. This mortgage type offers lower minimum credit score requirements. It also has a lower minimum down payment requirement. 

You can get an FHA loan from an approved FHA lender. To qualify, you’ll need to meet requirements set by both the lender and the FHA. 

VA Loans

VA loans are another government-backed mortgage program. This program is backed by the U.S. Department of Veterans Affairs. You must meet the service standard requirements to qualify. 

These loans allow you to finance 100% of your home’s purchase price, and there is no down payment required. VA loans also offer low-interest rates and assistance to help you avoid defaulting on your loan if you face financial hardship. 

Mortgage Term

Lenders offer a wide range of mortgage terms for you to choose from. Here are a few of the most popular mortgage term options. 

30-Year Fixed

If you choose a fixed-rate mortgage, this means that your interest rate will be set when you finalize your mortgage. Your interest rate will not change throughout the lifetime of your mortgage. 

30-year fixed mortgages mean you’ll be making the same monthly payment for 30 years. After the 30-year term, your mortgage will be paid off.

15-Year Fixed

A 15-year fixed mortgage term is similar to a 30-year fixed mortgage. Your interest rate will be locked in since you have a fixed-rate mortgage. 

With a 15-year mortgage, you can expect to have higher monthly payments because you are paying off your mortgage over a shorter period of time. You’ll also pay less interest over the lifetime of your loan since you’re making fewer mortgage payments with a 15-year term. 

5/1 ARM

You can also choose an adjustable-rate mortgage (ARM). A 5/1 ARM has a fixed interest rate for the first 5 years of your mortgage. After 5 years, your interest rate will change once per year until your mortgage is paid off. Other common ARM terms are 3/1, 7/1 and 10/1. 

How to Choose

If you want the best mortgage loan, it’s important to first find the right lender. Here are a couple of things you should consider when you’re comparing lenders. 

• What they offer: Take some time to consider what you want from your mortgage. Is there a specific mortgage type or term you’re interested in? Each lender offers different mortgage products, so you’ll want to be sure the lender you choose offers what you need.
• Customer service: When you’re comparing lenders, don’t be afraid to reach out to customer service teams to ask questions. You can use this time to get more information and gauge the quality of the customer service department.

Credit Score Minimums in North Carolina

When you apply for a mortgage lender in North Carolina, you can expect the mortgage lender to take a close look at your credit report. Your credit report includes information about your current debts, whether you make on-time payments and your credit score. 

Each lender has a minimum credit score requirement that you must meet to get approved for a mortgage. The lender will also use your credit score when deciding what interest rate it can offer you. 

Current Mortgage Rates in North Carolina

Mortgage rates are important to consider when you’re comparing mortgages. Your mortgage rate is the interest rate you’ll pay on your mortgage. Mortgage rates fluctuate much as stock prices do. 

You can follow mortgage rate trends to decide whether it’s a good time to get a mortgage. Benzinga monitors rate fluctuations and updates our current mortgage rate charts regularly to reflect the most recent data.

Average Days to Close on a Loan

When you place an offer on your home, the seller will need to accept the offer for the closing process to begin. You can start by negotiating with the seller to set the terms and conditions for the home sale. 

For example, if you want any repairs to be made, you’ll settle on an agreement during this time. You’ll also finalize your mortgage with your lender during the closing process. Your home inspection and appraisal will be completed as well. 

Once you’ve made the necessary payments and signed closing documents, you’ll be able to get your keys and move into your new home.

Frequently Asked Questions