Estimate Your Monthly Mortgage Payment

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Estimate Your Monthly Mortgage Payment

Buying a Home on the Crystal Coast?

Thinking of buying a home on the Crystal Coast? Use our handy mortgage calculator to estimate your monthly payments. Not sure what your mortgage options are? Learn a little more about loans commonly used by Crystal Coast home buyers. Still have questions or ready to get started? Contact us at any time!

Learn More About Mortgages

Not sure what loan options are available to you as a Crystal Coast homebuyer? Take a look at some of the most common mortgages used by borrowers in this area. Keep in mind, though, that this is by no means an exhaustive list—there are literally hundreds of options out there! The best way to determine which loan will work best for you is to start contacting banks, lenders, or mortgage brokers to find out what types of loans you might qualify for… or you can also ask your local real estate experts!

Conventional Loan

  • Usually 15 or 30 year duration
  • Can be fixed-rate or adjustable-rate interest
  • Typically requires great credit and financial history
  • Often requires a 10% – 20% down payment
  • Second home loan requirements may vary to include down payments of 30%, higher cash reserves, and higher credit scores

USDA Rural Loan

  • Targeted to buyers searching in “rural” areas, though definitions may be generous
  • As little as 0% down payment
  • Targets buyers with “steady, low, or modest income”
  • Restricted to primary residences

FHA Loan

  • Flexible income and credit requirements
  • 3% – 5% down payment options
  • Requires mortgage insurance
  • May have higher interest rates
  • Restricted to primary residences

VA Loan

  • Available to most military service members and veterans
  • As little as 0% down payment
  • NO mortgage insurance
  • May require a one-time funding fee
  • Restricted to primary residences

Balloon Mortgage

  • Has a short term of 5 – 7 years but payments based on a 30-year loan
  • At the end of the loan, borrower must pay off the balance, refinance the loan, or convert the loan
  • May have lower interest rates and credit requirements

NCHFA Home Advantage

  • Offered by the North Carolina Housing Finance Authority
  • Affordable, fixed-rate loans
  • Down payment assistance up to 5%
  • More flexible credit and income requirements
  • Restricted to primary residences

Lender-Specialty Loans

  • Some mortgage brokers may offer their own specialty loan programs
  • May offer lower down payments or credit requirements, or reduced fees
  • Often geared towards first-time buyers or low-to-moderate income buyers
  • May be geared towards second-home buyers

LGFCU Second Home Loan

  • Financing up to 90% of the appraised value
  • Only available to buyers in North Carolina, South Carolina, Virginia, Georgia, and Tennessee
  • 5-year adjustable rate mortgage or fixed-rate loan with 10 or 15 year terms
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