Mortgage Lending in Cary, NC
The Sherry Riano Team
Are you in the market for a mortgage loan in the Cary, NC area? The Sherry Riano Team is here to help… our team of local mortgage lending experts has 20+ years of experience helping borrowers just like YOU!
When exploring different mortgage options, you’ll soon realize that this is big decision you have to make as the choices can feel overwhelming! Here at The Sherry Riano Team, we believe the loan process should be the easiest part of buying a home.
We offer the following mortgage options:
-Conventional home mortgages
-Rural Development (RD) mortgages
-First Time Homebuyers mortgages
-Refinancing and Home Equity Loans (also known as taking out a second mortgage)
-Balloon and Adjustable Rate mortgages
What do any of these mean, and which is right for you? We believe in answering as many questions as it takes so that you feel confident in your decision. Here’s what you need to know:
The conventional home mortgage is the most common type offered by mortgage lenders in Cary. This product requires you to put down a small percentage of the sales price as a down payment (usually around 5%). Typical loan terms range from 15 to 30 years.
FHA mortgages are insured by the federal government. There are no income restrictions with this program and gift funds came be used for down payment. With the FHA product there is a required 3.5% down payment for the transaction. This product typically has more lenient credit requirements.
Are you a Veteran? A VA mortgage can be a great option for you! No mortgage insurance is required. There is a one-time funding fee that varies depending on down payment. See our website for more information about how our company gives back to Community Heroes.
Rural Development mortgages, also called USDA Rural Housing Loans, are another option for 100% financing for your loan. These loans are offered only in certain designated areas for homes in the country, but you may be surprised what is considered rural by USDA eligibility. There are areas in Wake County that still qualify for USDA loans.
First Time Homebuyers Mortgages
This type of mortgage is very similar to an FHA mortgage, but is only available to someone who has not owned a home in the past three years. Credit scores and down payments can be lower, but interest rates will typically be higher. Some first-time homeowners choose FHA loans over specific first-time homebuyer loans due to a more forgiving credit score requirement.
Balloon and Adjustable Rate Mortgages
This type of loan offers a homebuyer a bit of a break in their mortgage payment for the first few years, before the rate goes up after the first adjustment. While these types of mortgages may seem like a good option, there can be unforeseen financial consequences. We always advise caution before choosing this product.
At The Sherry Riano Team, we believe that you are not just a transaction. To find out more about our mortgage lending in Cary, NC,
get started online or call us at 919-234- 7415.