Buying a Home Near Hillsborough?

Estimate Your Monthly Mortgage Payment!

Before you begin searching for homes in the Hillsborough, Durham, or Chapel Hill areas, it’s important to determine how you’re going to finance your investment—and figure out how much you can actually afford. If you have any questions about mortgage financing or the overall home-buying process, Emilee Collins is just a phone call away at 919-730-7040!

Let’s take a look at some of the most common loan options for North Carolina buyers—and don't forget to utilize our mortgage calculator!

Learn More About Mortgages

There are hundreds of different mortgage options available for prospective homebuyers—but it’s important to choose the right mortgage for your specific needs. Here at Collins Design Realty, we can help you narrow down your options...and maybe even score you a sweet discount!

Want to learn more about your options? Check out a few of the most popular mortgages for this area and feel free to reach out to us for more personalized recommendations.

Common Mortgage Options in North Carolina

Conventional loan

  • Frequently used by buyers with good credit, low debt, and moderate to high income
  • Most buyers need a 20% down payment to qualify 
  • Typically lasts between 15 – 30 years
  • Can have a fixed or adjustable rate 

VA loan

  • Available to most active, retired, and veteran military members and their spouses
  • Backed by the U.S. Department of Veterans Affairs and financed by approved lenders
  • Low down payment requirements without mortgage insurance 

FHA loan

  • Designed for first-time or lower-income homebuyers
  • Wide variety of lower down payment options 
  • Private mortgage insurance (PMI) required
  • Can have higher interest rates

USDA loan

  • Targeted toward buyers in more rural areas
  • Will fund up to 100% of the purchase price for an eligible home, which means you don’t have to put money down
  • Private mortgage insurance (PMI) required
  • Check the USDA’s eligibility map for more details

Balloon mortgage

  • Payments are based on a 30-year term but are paid over five to seven years
  • At the end of the term, the borrower must pay off the balance, refinance, or sell
  • Suitable for commercial properties or buyers who don’t plan to stay in their homes for very long

Lender-specialty loans

  • Available to niche groups such as first-time and lower-income buyers
  • Can have lower interest rates or down payment requirements
  • Requires additional research to shop around and find the best deal—contact your lender for more information

Ready to Calculate Your Monthly Payments?

Now that you’ve learned more about the different mortgage options available, it’s time to start crunching some numbers. Use our mortgage calculator to accurately estimate your monthly payments—and if you have any questions, Collins Design Realty is more than happy to help! 

Start Your Calculation

Questions? Ask Away

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