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Interested in finding out more about purchasing a home, refinancing a home, mortgages, or loans? We serve clients in Wilmington, Raleigh, Cary, Apex, Durham, Greensboro, Charlotte & beyond. Give us a call, or fill out the contact form on this page to get in touch with us. We’ll provide a free quote with no cost and obligation. We look forward to hearing from you!
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F.A.Q.
WHAT IF I CAN’T AFFORD A LARGE DOWN PAYMENT?
There are low and even no down payment options! Down payment assistance and programs like Equity Zero may help make buying a home possible with less money upfront. We can help you explore the options you may qualify for.
DO YOU OFFER CUSTOM LOAN PROGRAMS?
Loan programs and financing options are always evolving. We offer a wide variety of loan programs and work to find the financing option that best fits each client’s individual needs. Unlike some big banks that may have a more limited selection of mortgage products, we have a broad range of financing options available. Call us today and let us show you what we can do for you.
CAN I USE SOME OF MY IRA OR 401(K) PLAN FOR A DOWN PAYMENT?
Yes you can. However, the rules regarding this issue are constantly changing. Your best bet would be to contact your accountant. Your accountant can inform you of your best options in regards to this.
WHAT’S THE DIFFERENCE BETWEEN A FIXED AND ADJUSTABLE RATE MORTGAGE?
With a fixed rate mortgage, the interest rate and the amount you pay each month remain the same over the entire mortgage term. With an adjustable rate mortgage (ARM), the interest rate is fixed for a certain number of years, and then fluctuates according to the index the ARM is tied to. Initial interest rates of ARMs are typically lower than fixed rate mortgages — however, there is the uncertainty of what the rate will adjust to after the initial fixed rate period. Different ARMs are tied to different financial indexes, some of which fluctuate up or down more quickly than others. To avoid constant and drastic changes, ARMs typically regulate (cap) how much and how often the interest rate and/or payments can change in a year and over the life of the loan.
IS A FIXED OR AN ADJUSTABLE RATE MORTGAGE BETTER?
It depends. Because interest rates and mortgage options change often, your choice of a fixed or adjustable rate mortgage should depend on: the interest rates and mortgage options available when you’re buying a house, your view of the future (generally, high inflation will mean ARM rates will go up and lower inflation that they will fall), and how willing you are to take a risk. When mortgage rates are low, a fixed rate mortgage is the best bet for most buyers. Over the next 5, 10 or 30 years, interest rates are more apt to go up than further down. Even if rates could go a little lower in the short run, an ARM’s teaser rate will adjust up soon and you won’t gain much. In the long run, ARMs are likely to go up, meaning most buyers will be best off to lock in a favorable fixed rate now and not take the risk of much higher rates later. Keep in mind that lenders not only lend money to purchase homes; they also lend money to refinance homes. If you take out a loan now, and several years from now interest rates have dropped, refinancing will probably make sense.
WHAT IS PRIVATE MORTGAGE INSURANCE (PMI)?
Private Mortgage Insurance (PMI) is insurance that may be required on a conventional mortgage when the borrower has less equity in the home. It protects the lender if the borrower is unable to repay the loan. Premiums are usually paid monthly or can be financed. With the exception of some government and older loans, you may be able to drop the mortgage insurance once your equity in the house reaches 20% and you’ve made timely mortgage payments.
