Below are this morning's mortgage rates for North Carolina but first I want to provide you the definition of a note and why it is so important to review it before signing your final loan documents.

 A mortgage note is a promissory note (Definition below) associated with a specific mortgage loan; it's a written promise to repay a specified sum of money plus interest at a specified rate and length of time to fulfill the promise. While the mortgage itself pledges the title to real property as security for a loan, the mortgage note states the amount of debt and the rate of interest, and makes the borrower who signs the note personally responsible for repayment.

 A promissory note, referred to as a note payable in accounting, or commonly, just a "note" is a contract where one party (the maker or issuer) makes an unconditional promise in writing to pay a sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms. They differ from IOUs in that they contain a specific promise to pay, rather than simply acknowledging that a debt exists.)

It is critical to review your note before signing it to make sure it is accurate.  In North Carolina it is the closing attorney's responsibility to review this with the borrower(s), however mistakes can be made since the attorney was not involved in the rate lock and loan itself.  We always review the note and the HUD1 with our customers as part of our service.

Mortgage Interest Rates*

Rates as of Monday September 28, 2009:

Conforming APR Payment per $1,000 Jumbo APR Payment per $1,000 30-Yr. fixed 4.625% 4.872% $5.22   Call 0.000% $0.00 15-Yr. fixed 4.25% 4.591% $7.59    for 0.000% $0.00 7-Yr. fixed ARM 4.125% 4.291% $4.85  jumbo 0.000% $0.00 5-Yr. fixed ARM 4.00% 4.164% $4.77     & 0.000% $0.00 10 Yr. fixed ARM 5.00% 5.174% $5.37   FHA 0.000% $0.00 5-Yr. Interest Only 4.125% 4.291% $3.44  Rates 0.000% $0.00

*Rates are subject to change due to market fluctuations and borrower's eligibility.

Certain credit requirements and other conditions apply. This is not a guarantee to lend. Rates based on a 12 day lock period and a minimum loan amount of 185,000. Credit determination must be made prior to approving rate. Equal opportunity lender. Nevin's NC Lic#I139451 First Priority Financial NC Lic# B-146523-101                                                 Choose a top agent in Wake County                                                                                                                       Our services include personal budgeting, financial planning, retirement planning strategies and real estate contract review.   Calculators, current rates, buying a home, refinancing, VA, FHA, USDA, Conventional and Jumbo loans. We are a mortgage broker servicing Cary NC.  Licensed to broker loans with over 300 lenders including Bank of America, Wells Fargo, Citimortgage, Met Life, Fifth Third Bank, Flagstar, ING,Luther Burbank, Provident, Suntrust, US Bank and many more.  Find a home with our network of professional real estate agents interviewed and selected for their extensive knowledge and expertise!    Send us an e-mail with the city and state.  nevin@nevinloans.com You may also call us at (888) 206-5781 My extension is 1017 Nevin's NC Lic#I139451 First Priority Financial NC Lic# B-146523-101