Compare mortgage rates and fees for leading lenders in Burlington, NC. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Burlington.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Burlington. Plus, shopping lenders is free and there is no obligation.
July 2, 2020
The current average rate for a 30 year fixed rate mortgage in Burlington is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Burlington. Understand how much you need to earn to afford a home in Burlington, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Burlington fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Burlington is right for you.
The median home value for Burlington, NC (Alamance County) is $182,820
Based on current mortgage rates and a 10% down payment, you need to make $32,903 per year to buy the median priced home in Burlington
With this income, you could qualify for a $164,538 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Burlington is $762
The median household income for Burlington, NC (Alamance County) is $46,701
Based on this income, you can afford a home valued at approximately $259,485
The home price you can afford to buy based on household income in Burlington is 142% of the median home value which means housing prices are average. Burlington (Alamance County) ranks 74 out of 100 counties in North Carolina and 2,636 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Burlington, NC is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Burlington (Alamance County) below.
Conforming loan limits for Burlington, NC
FHA loan limits for Burlington, NC
VA loan limits for Burlington, NC