Buying a Home in the Triangle?

Estimate Your Monthly Mortgage Payment!

Thinking of buying a home in the Triangle area? Use our handy mortgage calculator to estimate your monthly payments based on various home prices, interest rates, down payments, loan terms, and more! Not sure what your mortgage options are? Learn a little more about loans commonly used by Triangle 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 Triangle area home buyer? Take a look at some of the most common morgages used by borrowers in this area. Keep in mind, though, that there are literally hundreds of different types of loans, so this is only a small sampling of what's out there! The best way to determine which loan will work best for you is to start contacting banks or mortgage brokers to find out what types of loans you might qualify for. You can also ask your local real estate experts!

Conventional Loan

  • Usually 15 or 30 year term
  • Can be fixed or adjustable interest rate
  • Typically requires high credit score
  • Often requires a 10% – 20% down payment

VA Loan

  • Available to most active military and veterans
  • As little as 0% down payment
  • NO mortgage insurance
  • May requie a one-time funding fee

FHA Loan

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

USDA Rural Loan

  • Targeted to buyers searching in "rural" areas
  • As little as 0% down payment
  • Targets buyers with "steady, low, or modest income"

Balloon Mortgage

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

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

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
  • Enquire with specific lenders to find these!

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

Ready to Calculate Your Monthly Payments?

With our mortgage calculator, you can estimate your monthly mortgage payments at various home price points, interest rates, down payments, insurance and tax costs, and more. Find a payment that fits comfortably into your budget!

Start Your Calculation

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