Yes! We work with clients all the time who are concerned about their current credit standing. If purchasing a home is a goal you have in the immediate or distant future, we recommend setting up a time to review your credit report and goals with our team and see what options are available to you today - you may be pleasantly surprised with what's possible for you!
If after reviewing your current financial status and defining your goals it turns out purchasing a home is an opportunity for you in the future, we can work with you to create a plan to turn your dream into a reality!
Our goal as a team is to have your loan completely ready to close within 14 days of your initial application. While extenuating circumstances may sometimes affect our ability to meet this goal, we work as efficiently as possible to have everything at your favorite attorney's closing table as quickly and accurately as possible!
First, thank you for your service.
We have a number of different loan programs to help you through the home finance process. You can learn more about all of our Veteran Affairs loan programs here.
While it may seem pretty straightforward, your monthly mortgage payment typically consists of four different components: principal, interest, property taxes, and homeowner's insurance.
Principal is the original amount of money borrowed through your loan
Interest is the amount paid in addition to the loan principal for borrowing money.
Property Taxes are paid to your local government and calculated based on the current county tax rate and your home's assesed value. This amount paid monthly is usually held in an escrow account by your lender and paid in full when your property tax bill is due annually.
Homeowner's Insurance is similar to property taxes. Based on your policy's annual premium, your lender will hold the monthly premium in an escrow account and pay the annual premium when the bill is due.
Not necessarily. While it is recommended that you escrow your taxes and insurance, we may waive this requirement depending on the downpayment made towards the purchase of the home.
A number of factors are important to consider when determining how much money you will need for a down-payment.
While it used to be common to have anywhere between 10% - 20% availble to put down on a new home purchase, a number of loan programs exist today to support homebuyers in purchasing their new home with as little as 3% down. You can compare the different programs available here or schedule a time to discuss your options with our team.
While everyone's goals and preferences are different, we truly believe that purchasing a home is one of the best financial investments you can make for yourself and your family.
While renting certainly offers you convenience and typically no cost if something were to break or require emergency maintenance, renting your home means that the monthly rent check you’re writing is going to someone else and the money is never coming back to you.
On the other hand, when you own your home, each month when you write your check to your mortgage company, you are increasing your ownership in your home and increasing your overall net worth. Additionally, the mortgage interest you pay each month can be deducted from your Federal and NC state income taxes, which can be significant given the majority of your monthly payments on the front end of your loan is typically applied towards interest.
Protecting the privacy of your information is our top priority. Our online application system, FastTrack by Blend, uses bank-grade security measures including AES-256 encryption to protect your data and undergoes constant quality checks.
Great question! There are a number of different mortage programs designed to support new and existing homeowners. The type of loan that is right for you will depend on several factors including your credit score, your long-term financial goals, and the down payment you are applying to your purchase.
We recognize no two borrowers are the same so it's important for us to spend time getting to know you and what goals you have as we move through this process. That's why we recommend scheduling a time to meet with our team whether over the phone or in person (your choice) to get clear on exactly what you'd like through your home loan.