North Carolina Mortgage Rates

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What You Need to Know About Mortgage Rates

Everyone wants to have his / her own home. When you are just renting an apartment, you pay for the monthly rental fee, but you can never have full ownership in the long run. But when you avail a mortgage loan, you can definitely have an affordable payment scheme where you can loan the property in such a way that you will not have pay in full cash.

Right now, there are several credit and lending firms offering different mortgage loans and packages depending on your budget and other needs. But before finally deciding to get a mortgage loan, what are the things that you have to take into consideration.

Know More About the Mortgage Market

Just like in any other type of investment, you have to study the mortgage market. You need to know the current mortgage rates in order to assess whether this is the perfect time for you to get a mortgage and finally purchase your own home.

As the housing market starts to recover, you get to enjoy lower borrowing costs. Based on recent figures released by Freddie Mac, the average 30 year fixed mortgage rate is at 3.54%. For those who intend to loan their property, this is a good option. When you get a 30 year fixed mortgage rate, you can be assured that all through the duration of your loan, your mortgage rate will remain steady. Since you have longer terms (30 years), you can also expect for lower amortization.

On the other hand, the average rate for a 15 year fixed mortgage is at 2.74%. This is type of loan is recommended for buyers who do not want to incur high interest costs. Availing a mortgage loan with longer terms enable you to have low amortization but if you are going to calculate and sum up the total costs, you'll see that the property gets more expensive because of the yearly interest costs that you have to pay.

What Affects Your Mortgage Payment

Once you finally apply for a mortgage loan, this is now part of your financial obligation to make sure that you pay on time. It is essential that you know how much you are actually paying and the components that comprise your amortization.

Basically, you have to pay for the principal amount as well as the interest rates. But apart from these components, you also have to shoulder real estate taxes and insurance.

Which Type of Mortgage Loan to Get
North Carolina Mortgage

Consult your mortgage provider so that you can have different options. Not everyone can apply for a mortgage loan since many firms would require a down payment. If you cannot raise the 20% down payment of the property's total price, you can still have other options in order to avail a mortgage. It is possible for you to get an FHA loan where there is no need to pay for the 20% down payment. You can just access the official website to know the complete guidelines and requirements for the FHA loan application.

Countrywide Closes 12 Fulfillment Branches

Countrywide Closes 12 Regional Loan Fulfillment Locations

Published at October 3, 2007

Dear Business Partner:

First and foremost, I’d like to extend my sincere appreciation and thanks to our dedicated base of core Business Partners for your continuing support of Countrywide®, America’s Wholesale Lender®. The immense value we place on our solid, long-term relationships with you cannot be overstated.

As I’ve mentioned before in this series of communications, to prosper in this new lending environment, we must all adapt and take measures to revitalize the wholesale channel. In this note, I’d like to share information about the measures we are taking to further evolve our business model and to enhance our core strategies - all with a focus on helping you thrive in the new market paradigm.

Evolving Our Business Model

As I shared with you a few weeks ago, Countrywide, America’s Wholesale Lender recently reinvigorated its One Source lending strategy, creating a single, industry-leading sales organization dedicated to supporting our broad product line. To further evolve, we are now embarking on the next phase of adaptations to solidify the long-term success of our organization.

Earlier today, we announced changes that impacted our distributed loan fulfillment operations. I wanted you to be among the first to hear about these changes, and I wanted you to hear them directly from me. In today’s environment, it is easy to misinterpret decisive actions if media reports and/or rumors are the sole source of information. Having said that, here is a straightforward summary of this initiative:

Effective immediately, 12 of our loan fulfillment locations will be migrated into our remaining distributed fulfillment network comprised of more than 40 branches and regional centers. Our sales management and Account Executive teams will continue to be located in these 12 markets ensuring that we retain a local presence and uphold our commitment to serving our Business Partners within these important, geographic areas. As a result of this initiative, each of our remaining fulfillment locations is now positioned to serve multiple sales teams, allowing us to continue expanding our sales coverage and footprint while still retaining our strong reliance on “local” fulfillment. Even with these changes, Countrywide, America’s Wholesale Lender retains the largest distributed loan fulfillment platform among all the major wholesale lenders. The rationale behind this decisive move is very simple - the consolidation of these fulfillment locations better prepares us to expand our reach into specific markets under a more efficient and sustainable loan fulfillment operating structure. As such, we remain resolute in our commitment to the wholesale lending channel and to your success.

Please note that many of our Business Partners will not be directly impacted by these changes. However, if you are impacted by this move, I assure you that we are taking careful measures to seamlessly migrate loan files in progress at the affected locations to the new fulfillment sites. Additional communications will follow later today if your loan pipeline was impacted by this change. In addition, your Account Executive and your new loan fulfillment team is standing by, ready to assist you and your borrowers.

Your One Source for SuccessSM

Though our business model continues to adapt and evolve, our dedication to supporting and enhancing your value proposition is stronger than ever. We now have a single sales force committed to your success. This singular focus is designed to give you greater access to our broad array of lending solutions as you focus on the opportunities in your market.

Countrywide is well positioned to help you address the needs of borrowers in each of the core home loan segments. From prime to what has become “near-prime”, from home equity to government, from custom construction to reverse mortgages, Countrywide offers home loan solutions that can help drive your business. Working together, we can revitalize the wholesale channel by aligning qualified borrowers with financing options that best meet their needs.

In addition, over the past several months, we have significantly strengthened our price point within key areas of our product pricing menu in an effort to affirm our continued focus on quality. The result - we are now providing even more competitive pricing across key loan program and guideline segments, enabling you to deliver even greater price value to many of your borrowers.

Countrywide remains a clear choice—your One Source—dedicated to you and the strength of our channel. For 15 consecutive quarters, Countrywide, America’s Wholesale Lender has been ranked the #1 Wholesale Lender*, a testament to our proven ability to deliver for our Business Partners.

Thank you again for this opportunity to share our vision for success with you, and as always, thank you for your business.

Todd A. Dal PortoSenior

Managing Director & President