Current North Carolina Mortgage and Refinance Rates

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Summary of the best mortgage lenders in 2023

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Refinance loans
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VA loans
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Jumbo loans
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Online mortgage experience
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FHA loans
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Home equity loans
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Mortgage loan variety
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  Learn more about how we chose our list of the best mortgage lenders.

3 first-time homebuyer programs in North Carolina

There are several programs specifically designed for first-time homebuyers in North Carolina. Let’s take a closer look at three of these programs — and how to qualify.

NC 1st Home Advantage Down Payment

The NC Home Advantage Mortgage program provides eligible applicants with $8,000 in down payment assistance through the NC 1st Home Advantage Down Payment.

This assistance is provided as a 0% deferred second mortgage. Once you reach years 11 to 15 of the second mortgage, 20% will be forgiven at the end of each year each year.

Who qualifies?

Eligible applicants include:

  • First-time homebuyers purchasing a home in North Carolina who haven’t owned a home as their principal residence in the past three years
  • Military veterans who are buying in a targeted census tract

Eligible applicants must:

  • Meet income and sales price limits
  • Occupy the home as their principal residence within 60 days of closing
  • Have a credit score of 640 or higher
  • Be a legal U.S. resident

NC Home Advantage Mortgage

Both first-time and “move-up” (those selling their home and looking to buy another) homebuyers can qualify for the NC Home Advantage Mortgage program, which provides fixed-rate mortgages and down payment assistance of up to 5%.

Borrowers do not have to repay this down payment assistance unless they sell, refinance or transfer their home before owning the home for 15 years. As with the NC 1st Home Advantage Down Payment, 20% of the down payment is forgiven each year between years 11 and 15.

Who qualifies?

First-time and move-up homebuyers purchasing a home in North Carolina must:

  • Occupy the home as their principal residence within 60 days of closing
  • Have an annual income that doesn’t exceed $92,000
  • Have a credit score of 640 or higher
  • Be a legal U.S. resident

NC Home Advantage Tax Credit

The NC Home Advantage Tax Credit aids first-time buyers who haven’t owned a home as their principal residence in the past three years and military veterans.

The program allows eligible participants to save up to $2,000 a year in federal taxes through a Mortgage Credit Certificate (MCC). Those who qualify can claim a federal tax credit for 30% to 50% (for newly built homes) of the interest they pay on an existing home.

Who qualifies?

Eligible applicants include first-time homebuyers purchasing a home in North Carolina who haven’t owned a home as their principal residence in the past three years and military veterans who are buying in a targeted census tract.

Eligible applicants must:

  • Meet the income and sales price limits
  • Apply for and be approved for the MCC before their purchase
  • Occupy the home as their principal residence within 60 days of closing
  • Be a legal resident of the U.S.

The North Carolina Housing Finance Agency will review your application before closing.

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How to refinance your mortgage in North Carolina

If you’re a homeowner hoping to get more favorable mortgage rates in North Carolina, refinancing your mortgage could be appealing.

When someone refinances a mortgage, they replace their current mortgage with a new loan. Ideally, you’ll only consider this if you can replace your mortgage with a new loan with more favorable terms, such as a lower interest rate or monthly payment amount.

The goal and outcome of refinancing can vary and may include:

  • Shortening your loan term
  • Eliminating private mortgage insurance
  • Going from an adjustable interest rate to a fixed interest rate

Identifying your refinancing goals before you start shopping for a new mortgage is key to helping you compare offers more effectively.

You can shop around for a mortgage refinance lender on a national or local level. Which lender you choose will depend on your unique situation and the offered terms.

If you want to keep things local, some lenders specialize in refinancing mortgages in North Carolina, including AlphaMortgage.

Ready to compare refinance lenders?