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  • Writer's pictureRebecca Richardson - Mortgage Consultant

Are You Ready to Buy a Home in Charlotte?

The Charlotte real estate market is on the rise and welcoming anyone from beginner to experienced homeowners who want a great home, at a great price.

Whenever you’re buying a home, there are a variety of factors to consider: - Neighborhood - School District - The Type of Mortgage - Price - Condition of the Home

For example, houses in popular neighborhoods will cost more but there is a great chance that they will appreciate to great heights, over time.

Additionally, if you are commuting to work or have frequent business in different parts of the city, finding a home that accommodates that can save you time in the long run.

Location and nearby school districts are factors that you cannot change once you purchase a home - but price and the condition of the house can change in most transactions.

So after considering these factors, if you’re ready to learn more about what it takes to find your perfect home in Charlotte, you may be wondering how much it will cost you.

So let’s break it down:

On average, homes in Charlotte are costing around $345,000.

Let’s walk through an example where you're putting 5% down and you're getting a 30-year fixed mortgage.

Upfront costs of buying a $345,000 home with 5% down would look like: - $17,250 in down payment - $7,000 in closing costs

Keep in mind that anything that you pay upfront in terms of earnest money or due diligence does go to the bottom line number needed at closing.

From a monthly perspective, if we're looking at a 30 year fixed rate at a 2.75% APR and a 740 credit score, your principal interest payment will be $1,334.

Your taxes would be estimated at $288 and your Homeowner’s Insurance and Private Mortgage Insurance should each be around $100 per month.

That will have your total monthly mortgage payment, not including any HOA dues, at $1,825.

This is obviously illustrative because there can be so many factors that go into what your payment will be, what the property taxes are, if there are any HOA dues, and also how your credit score impacts the rate.

You also have to keep mortgage insurance in mind but Charlotte is still an affordable city for many prospective homeowners.

It's a good idea to talk with the lender early to determine what your budget is and the best strategy to help you buy your home.

Ready to learn more about finding your dream home and starting the process?

You can contact me by emailing ( or finding me on Instagram (

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